Design and Marketing of Financial Products
在Allen和Gale（1988）的证券设计框架中引入营销成本，发现将企业现金流拆分到多个产品能增强对投资者的吸引力并降低营销成本，并解释了如何避免极端产品设计，以及债务、股权或权证在简单情况下的最优性。
Marketing costs are introduced into the security design environment outlined in Allen and Gale (1988). It is shown that splitting the firm's cash flow between products enhances their investor appeal and reduces marketing costs. We also explain how the extremal product design in Allen and Gale is thereby avoided and how in simple cases, debt, equity, or warrants can be optimal. Furthermore, we illustrate in general terms how the optimal solution employs portfolios of option-type products, and we give an example of two optimal products that share profits in seven of eight states.