We investigate equilibrium debt dynamics for a firm that cannot commit to a future debt policy and is subject to a fixed restructuring cost. We formally characterize equilibria when the firm is not required to repurchase outstanding debt prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy generates tax benefits that are similar to those obtained by a benchmark policy with commitment. For positive but arbitrarily small issuance costs, there are maturities for which shareholders extract essentially the entire claim to cash-flows.

中文翻译：

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固定发行成本的债务动态

我们调查了一家公司的均衡债务动态，该公司无法承诺未来的债务政策并且受制于固定的重组成本。当公司不需要在发行额外债务之前回购未偿债务时，我们正式描述了均衡。对于发行成本和债务期限的现实价值，无承诺政策产生的税收优惠类似于有承诺的基准政策所获得的税收优惠。对于正数但任意小额的发行成本，有一些到期日，股东基本上可以提取对现金流的全部要求。