Optimal Working Capital Policies: A Chance-Constrained Programming Approach

L. J. Merville and L. A. Tavis

Journal of Financial and Quantitative Analysis, 1973, vol. 8, issue 1, 47-59

Abstract: The current assets and current liabilities of a firm are the stock reflections of closely interrelated operational and financial cash flows. The net effect of these combined flows must be recognized in searching for the optimal credit, inventory, or short-term borrowing policies. Yet, the vast majority of models for short-term investment and borrowing decisions do not allow for the interrelationships of this system.

Date: 1973
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