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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