Financing Multiple Investment Projects
研究多产品公司如何通过选择股票和债券的最优发行安排来提升总市场价值，并分析多个项目应在一个公司内运营还是分设子公司。
Although the finance literature has rigorously analyzed many dimensions of the "capital structure" question, little has been written about the optimal means of issuing multiproduct firms' securities. We show in this paper that a multiproduct firm can importantly influence its total market value by choosing the most appropriate arrangement for its stock and debt issues. Consider a firm which wishes to invest in two risky projects, whose initial owners must issue external debt and/or equity to implement these projects. We determine whether multiple projects should be operated within a single firm, or in separate legal subsidiaries of a holding company.