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The empirical relationship between UK net corporate borrowing and stockbuilding

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  • Paul Mizen

Abstract

The literatures on net corporate borrowing and stockbuilding by firms are both based on a simple linear-quadratic (L-Q) model, but they have been developed independently. This paper explores the possibility that a firm may jointly optimise its borrowing and stockbuilding decisions, where previous papers have imposed 'decision rule decompositions'. The resulting model is estimated using UK corporate data and demonstrates that net corporate borrowing and stockbuilding are indeed used as substitutes in production smoothing. Copyright 2003, Oxford University Press.

Suggested Citation

  • Paul Mizen, 2003. "The empirical relationship between UK net corporate borrowing and stockbuilding," Oxford Economic Papers, Oxford University Press, vol. 55(2), pages 287-313, April.
    • Handle: RePEc:oup:oxecpp:v:55:y:2003:i:2:p:287-313
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    Cited by:

    1. Anindya Banerjee & Paul Mizen, 2006. "A re‐interpretation of the linear quadratic model when inventories and sales are polynomially cointegrated," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(8), pages 1249-1264, December.
    2. Andrew Brigden & Paul Mizen, 2004. "Interactions between Money, Lending and Investment in the UK Private Non‐Financial Corporate Sector," Manchester School, University of Manchester, vol. 72(1), pages 72-99, January.

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