Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims
NBER Working Paper No. 14480
---- Acknowledgements ----
I would like to thank Narayana Kocherlakota, Jon Pogach, Andy Postelwaite, Martin Schneider, Vasiliki Skreta and Xi Weng for their comments. I gratefully acknowledges support from the National Science Foundation. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.