Firms as Portfolios: A Mean-Variance Analysis of Unquoted UK Companies
AbstractThis paper adopts a mean-variance portfolio framework to model the balance sheet behavior of unquoted companies with respect to choice items such as fixed investment, investment in stocks, trade credit, and borrowing. Econometric results for a sample of thirty-nine U.K. firms are consistent with many of the restrictions implied by portfolio theory, in particular that these balance sheet items are jointly determined. Copyright 1989 by Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Industrial Economics.
Volume (Year): 38 (1989)
Issue (Month): 2 (December)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-1821
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- Tomoe Moore & Christopher Green, 2005. "Other financial institutions' portfolio behaviour and policy implications: A study of India," International Economic Journal, Korean International Economic Association, vol. 19(4), pages 543-562.
- Dimelis, Sophia P. & Lyriotaki, Maria-Niki, 2007. "Inventory investment and foreign ownership in Greek manufacturing firms," International Journal of Production Economics, Elsevier, vol. 108(1-2), pages 8-14, July.
- Tomoe Moore & Christopher Green & Victor Murinde, 2005. "Portfolio Behaviour in a Flow of Funds Model for the Household Sector in India," The Journal of Development Studies, Taylor and Francis Journals, vol. 41(4), pages 675-702.
- Josef Brada & Arthur King & Chia-Ying Ma, 2010. "Investing in Turbulent Times: The Investment Behavior of Polish Firms in the Early Transition," Transition Studies Review, Springer, vol. 17(1), pages 1-21, May.
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