论文标题
封闭式的解决方案，以实现次级调试者的冒险动机
A closed-form solution to the risk-taking motivation of subordinated debtholders
论文作者
论文摘要
Black and Cox（1976）声称，当公司的价值较低时，初级债务的价值正在增加资产风险。我们使用封闭式解决方案表明，大三债务的价值是驼峰形的。这对银行初级债务的市场 - 学科角色具有有趣的影响。
Black and Cox (1976) claim that the value of junior debt is increasing in asset risk when the firm's value is low. We show, using closed-form solution, that the junior debt's value is hump-shaped. This has interesting implications for the market-discipline role of banks' junior debt.
