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1、ATheoryofDebtBasedontheInalienabilityofHumanCapitalAuthor(s):OliverHartandJohnMooreSource:TheQuarterlyJournalofEconomics,Vol.109,No.4(Nov.,1994),pp.841-879Publishedby:OxfordUniversityPressStableURL:http://www.jstor.org/stable/2118350.Accessed:17/04/201323:38YouruseoftheJSTORarchiveindicat
2、esyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoinc
3、reaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..OxfordUniversityPressiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheQuarterlyJournalofEconomics.http://www.jstor.orgThiscontentdownloadedfrom147.8.10.82onWed,17
4、Apr201323:38:48PMAllusesubjecttoJSTORTermsandConditionsATHEORYOFDEBTBASEDONTHEINALIENABILITYOFHUMANCAPITAL*OLIVERHARTANDJOHNMOOREConsideranentrepreneurwhoneedstoraisefundsfromaninvestor,butcannotcommitnottowithdrawhishumancapitalfromtheproject.Thepossibilityofadefaultorquitputsanupperboun
5、donthetotalfutureindebtednessfromtheentrepreneurtotheinvestoratanydate.Wecharacterizetheoptimalrepaymentpathandshowhowitisaffectedbothbythematuritystructureoftheprojectreturnstreamandbythedurabilityandspecificityofprojectassets.Ourresultsareconsistentwiththeconventionalwisdomaboutwhatdete
6、rminesthematuritystructureoflong-termdebtcontracts.I.INTRODUCTIONConsideranentrepreneurwhohasaccesstoaprofitableinvestmentproject,butdoesnothavethefundstofinanceit.Inanidealworldtheentrepreneurwouldraisethecapitalfromanoutsideinvestor(e.g.,abank),promisinginreturnasufficientfractionoffutu
7、recashflowsthattheinvestorbreakseven.Suchanexantedivisionofsurplusmaybeunenforceable,however,iftheentrepreneurcannotcostlesslybereplaced(possiblybecausehehasspecialskills),andifhecanalwaysthreatentorepudiatethecontractbywithdrawinghishumancapital.Weshowthatthethreat
