Outside Equity
建模了现金流和资产价值不可验证时的股权融资，说明内部人必须共同投资并支付足够股息以维持外部投资者参与，并解释了公司上市的原因及代理成本产生的必然性。
Equity financing is modeled when cash flows and asset values are not verifiable. Investors have enforceable property rights to the firm's assets, but cannot prevent insiders (managers or entrepreneurs) from capturing cash flow. Insiders must coinvest and pay in each period a dividend sufficient to ensure outside investors' participation for at least one more period. Intervention by the investors must be limited by an agreement with insiders or by costs of collective action. Basic models are extended to show why firms go public and why agency costs necessarily arise when the act of investment is not immediately verifiable.