Incentive Conflicts, Bundling Claims, and the Interaction among Financial Claimants
发现特定资本结构下，股东有动机收购其他债权以改变投资策略，从而最大化自身与收购债权的总价值，这可能重新引发代理问题，而捆绑债权或分散所有权可消除该问题。
We show that for certain capital structures equity has an incentive to buy out another claim and alter the firm's investment strategy so as to maximize the combined value of equity and the acquired claim. This restructuring may reintroduce agency problems into capital structures which appear to avoid agency conflicts. By bundling claims, it is possible to avoid this agency problem. The agency problem is also eliminated by dispersed ownership of the claims.