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

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  • Hay, Donald A
  • Louri, Helen

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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  • Hay, Donald A & Louri, Helen, 1989. "Firms as Portfolios: A Mean-Variance Analysis of Unquoted UK Companies," Journal of Industrial Economics, Wiley Blackwell, vol. 38(2), pages 141-165, December.
  • Handle: RePEc:bla:jindec:v:38:y:1989:i:2:p:141-65
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    Cited by:

    1. 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;Central Eastern European University Network (CEEUN), vol. 17(1), pages 1-21, May.
    2. Tomoe Moore & Christopher Green & Victor Murinde, 2005. "Portfolio Behaviour in a Flow of Funds Model for the Household Sector in India," Journal of Development Studies, Taylor & Francis Journals, vol. 41(4), pages 675-702.
    3. Tomoe Moore & Christopher Green, 2005. "Other financial institutions' portfolio behaviour and policy implications: A study of India," International Economic Journal, Taylor & Francis Journals, vol. 19(4), pages 543-562.
    4. 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.
    5. Silva, Evandro & Resende, Marcelo, 2006. "Demands for Short-Run Assets and Liabilities in Brazil: a Portfolio Approach," Revista Brasileira de Economia - RBE, FGV/EPGE - Escola Brasileira de Economia e Finan├žas, Getulio Vargas Foundation (Brazil), vol. 60(1), January.
    6. Greet Asselbergh, 1999. "A Strategic Approach on Organizing Accounts Receivable Management: Some Empirical Evidence," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 3(1), pages 1-29, March.

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