Class shares and economies of scope
研究多业务公司发行基于各业务绩效的类别股份的资源配置作用，在范围经济和技术不确定性下，发现所有公司为每项业务发行类别股份可实现投资者一致同意和约束帕累托最优。
This paper examines the allocative role of class shares that pay dividends based upon the performance of the individual activities of multi-activity firms. The firms considered operate under economies of scope and technological uncertainty in an incomplete asset market. Investor unanimity about the choice of production plans and a constrained Pareto optimum are attained when all firms in the economy issue a class of shares for each of their activities. Partial issuance of class shares leads to a Pareto superior allocation if the ensuing changes in production plans are individually rational.