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Capital Budgeting in a Multidivisional Firm

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Author Info
Anil Arya
Jonathan Glover
Richard A. Young

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Abstract

The purpose of this paper is to study capital budgeting in a setting where emphasis is on control over project selection. We construct a model of a multidivisional firm in which there are no constraints on investment and all projects have a positive net present value. Nevertheless, we show that it is optimal for the center to use relative project ranking in determining which projects are to be funded.

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Paper provided by Ohio State University in its series Corporate Finance & Organizations with number _005.

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Handle: RePEc:wop:ohstfi:_005

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This page was last updated on 2009-12-2.

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