The Bond Scheduling Problem of the Multi-Subsidiary Holding Company
为多子公司控股公司（如AT&T或GTE）的债券发行排程问题建立决策模型，目标是最小化所有子公司的债券发行总成本，包括投资者收益率、发行费用和延迟惩罚成本，并提出了一个高效的动态规划算法。
This paper presents a decision-theoretic model of the bond scheduling problem faced by a multi-subsidiary holding company such as AT&T or GTE. The objective is to minimize the total cost of bond flotations across all subsidiaries, where total cost is the sum of the yield paid to investors, the flotation expense associated with the preparation of each issue and the opportunity expense to each subsidiary of not meeting its request at the desired time. Our model suggests that the timing of bond issues is primarily a problem in trading off the diseconomies of issuing many bonds in one month with the penalty costs of delay. An efficient dynamic programming algorithm for solving the problem is also presented along with an example.