Capital Structure with Information about the Upside and the Downside
引入资产上行和下行两个维度的不确定性，在信息不对称下分析资本结构，发现仅含股权时可能最优，解释了创新企业低杠杆和生命周期中期企业不发风险债务的现象。
Abstract I introduce two dimensions of uncertainty, about the upside and the downside of an asset, in a model of asset valuation under asymmetric information. This justifies capital structures with equity and risky debt for information revelation purposes. However, a capital structure with only one information-sensitive security, equity, can be optimal when investors are less informed about the dimension that matters more for valuation. This is relevant for innovative firms with a large upside subject to strong information asymmetries, which often have abnormally low leverage, and for firms at an intermediate stage of their life cycle that do not issue risky debt.