罗斯的著作。
The determination of financial structure:the incentive-signallinga pproach
Stephen A. Ross
Professor of Economics and Finance
University of Pennsylvania

The Modigliani-Miller theorem on the irrelevancy offinancial structure
implicitly assumes that the market possesses full information
about the activities of firms. If managers possess inside information,
however, then the choice of a managerial incentive schedule and of a
financial structure signals information to the market, and in competitive
equilibrium the inferences drawn from the signals will be validated.
One empirical implication of this theory is that in a cross
section, the values of firms will rise with leverage, since increasing
leverage increases the market's perception of value.