Haugen, Robert A.; Senbet, Lemma W. - In: Journal of Financial and Quantitative Analysis 23 (1988) 01, pp. 27-38
We support and generalize our original results (1978) in light of potential impediments to a pure market solution to agency problems and potential causal links between liquidation and bankruptcy. In the case of bankruptcy costs, market impediments are easily eliminated through the inclusion of...