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Firms as Portfolios: A Mean-Variance Analysis of Unquoted UK Companies

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Author Info
Hay, Donald A
Louri, Helen

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Abstract

This 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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File URL: http://links.jstor.org/sici?sici=0022-1821%28198912%2938%3A2%3C141%3AFAPAMA%3E2.0.CO%3B2-7&origin=bc
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Industrial Economics.

Volume (Year): 38 (1989)
Issue (Month): 2 (December)
Pages: 141-65
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Handle: RePEc:bla:jindec:v:38:y:1989:i:2:p:141-65

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  1. 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, May. [Downloadable!] (restricted)
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This page was last updated on 2009-12-19.

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