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Buffer Stock Money and the Company Sector.

Abstract:

This paper investigates the role of financial buffer stocks in company sector decisions. A stylized analytic model is used to consider how adjustment costs in changing dividends can generate a role for a financial buffer stock in any expenditure decision by the firm which has a influence beyond the current period. Cointegration techniques are then used to focus on the desired holding of financial buffers by the U.K. industrial and commercial companies. When included in a number of company sec...

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Journal:
Oxford Economic Papers
Volume:
44
Publication date:
1992-01-01
URN:
uuid:32762df3-0cc9-4035-93be-50696095f912
Local pid:
oai:economics.ouls.ox.ac.uk:11234
Language:
English

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