昔,David L. Yermack先生の授業で出てきた時に印象に残ったにもかかわらず,文献名を知らなかったのですが,思い出して調べて見たところ,15分ほどで見つかりました。
- Stewart, G. Bennett, III, and David M. Glassman, 1988, The motives and methods of corporate restructuring, part II, Journal of Applied Corporate Finance 1, 79-88
Equity is soft, debt hard. Equity is forgiving, debt insistent. Equity is a pillow, debt a sword. Equity and debt are the yin and yang of corporate finance. Equity lulls management to sleep, forgiving their sins more readily than a death-bed priest. A surplus of stock muffles the alarms that should be heard when earnings decline. Forgive and forget is equity’s creed. Debt’s edge jabs management awake, demanding attention. A staggering debt load is a credible threat, compelling necessary changes and exceptional performance.
Damodaran先生は,pillowではなく,cushionを使っているようです1 。どちらの方が良いのでしょうか2 。