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Cited by 360

The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.

Monitoring and Structure of Debt Contracts

Park, Cheol·2000·The Journal of Finance
DOI 10.1111/0022-1082.00283
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Abstract

This paper presents a theory of optimal debt structure when the moral hazard problem is severe. The main idea is that the optimal debt contract delegates monitoring to a single senior lender and that seniority allows the monitoring senior lender to appropriate the full return from his monitoring activities. The theory explains (i) why debt contracts are prioritized, (ii) why short‐term debt is senior to long‐term debt, and (iii) why financial intermediaries usually hold short‐term senior debt whereas long‐term junior debt is widely held. Another implication of the theory is that covenant and maturity structures will be set to conform to the seniority structure.

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Crossref · 10.1111/0022-1082.00283

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Metadata

Authors
Park, C.
Venue
The Journal of Finance
Publisher
Wiley
Published
2000-10
Volume
55
Issue
5
Pages
2157-2195
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/0022-1082.00283
OpenAlex
W2017126962
Cited by
360
References
33
FWCI
39.77
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Monitoring and Structure of Debt Contracts. https://app.cochat.ai/papers/10.1111/0022-1082.00283
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Park, C. (2000). Monitoring and Structure of Debt Contracts. The Journal of Finance. https://doi.org/10.1111/0022-1082.00283

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.