Modelling Smaller UK Corporations: A Portfolio Analysis

Donald Hay and Helen Louri

Oxford Bulletin of Economics and Statistics, 1991, vol. 53, issue 4, 425-49

Abstract: This paper reports an attempt to model the balance sheet behavior of a sample of smaller U.K. corporations with respect to items such as investment in inventories, trade credit and debt, and borrowing. Estimation of a mean-variance portfolio model supported the following hypothesis: (1) decisions about balance sheet items can be effectively modeled as a simultaneous system; (2) movements in short-term assets and liabilities are consistent with restrictions implied by portfolio theory; and (3) sectoral differences are important. Copyright 1991 by Blackwell Publishing Ltd

Date: 1991
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