Main thrust is in explaining ownership structure of the firm as an institution designed to limit agency costs. debt holders get fixed amount, and are generally "first in line" if bankruptcy occurs.

Main thrust is in explaining ownership structure of the firm as an institution designed to limit agency costs. debt holders get fixed amount, and are generally "first in line" if bankruptcy occurs.

To address growing capacity needs, the region’s airport authority will issue $1 billion of investment-grade municipal debt on ...