Original source for our coverage of the underinvestment problem

For what it’s worth, our discussion last Thursday concerning how corporate risk management “fixes” the underinvestment problem is based upon the following journal article:

Garven, James R. and Richard D. MacMinn, 1993, “The Underinvestment Problem, Bond Covenants and Insurance,” Journal of Risk and Insurance, Vol. 60, No. 4 (December), pp. 635-646. (cited 84 times according to Google Scholar)

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