把通货膨胀率和红利支付率融入优先级债务和次级债务的激励效应模型。
A model of incentive effects of senior debt and junior debt is developed in the paper, in which both the rate of inflation and the rate of dividend yield are incorporated.
危机前，传统智慧认为无论怎样人们都会竭尽所能保有自己的房子，按揭款的优先级将高于其他债务。
Before the crisis the conventional wisdom had been that people would do whatever they could to stay in their houses, giving priority to mortgage payments over all other forms of debt.
实际上，企业发行各种类型的债务时，不仅要决定其数量，还要决定其期限、优先级、限制性条款、有无担保、是否可转换以及是否可赎回等许多方面。
In fact, when a company wants to issue debt, it should determine not only the magnitude but also the maturity, seniority, mortgage, convertibility and callability, etc.
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