Demands for short-run assets and liabilities in Brazil: a portfolio approach

Revista Brasileira de Economia

Evandro Silva²  Marcelo Resende¹ 

[1] ,Banco Nacional de Desenvolvimento Econômico e Social

关键词: portfolio selection;    industrial firms;   

DOI  :  10.1590/S0034-71402006000100004

来源: SciELO

【 摘 要 】

The study explores the behavior of the short run demands for assets and liabilities in the Brazilian industry during the 1990-1998 period based on portfolio theory. The implied set of demand equations is estimated for different sub-periods indicating that short-term demand patterns do not substantially differ when one compares the overall sample for 1990-98 and the sample pertaining a more stable period during 1994-98. Good support was found for explanatory factors referring to the stock of long term (nonchoice) items and variables approximating the activity level of the firm and the economy. The responsiveness of short-run assets and liabilities to relative returns (costs) of those items was weaker than previous studies for the U.K (Hay and Louri (1989, 1991, 1996)).

【 授权许可】

CC BY   
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