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The Effects of Financial Risks on Inventory Policy
Lund University. (Supply Chain Studies)
Växjö universitet, Fakulteten för matematik/naturvetenskap/teknik, Institutionen för teknik och design.
2005 (engelsk)Inngår i: Management science, ISSN 0025-1909, E-ISSN 1526-5501, Vol. 51, nr 12, s. 1804-1816Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

The effect of financial risks on (R, Q) inventory policies is analyzed in a real options framework. Simple adjustments of the usual formulas for R and Q are suggested and tested. Stochastic demand and purchase costs are considered, both with known systematic (business-cycle-related) risk.

The systematic risk of stochastic demand has typically a negligible effect on the optimal values of R and Q, although an improvement may be achieved by a simple adjustment of R.

The systematic risk of the purchase price, c, has a significant effect on R and Q. The capital holding cost should be estimated as r · c, where r is the sum of the risk-free interest rate, the expected price decrease, and the risk premium associated with the systematic risk of c.

For goods quoted on commodity exchanges, r may be estimated directly from the prices on forward contracts. Its size (and sign) varies considerably for different commodities.

sted, utgiver, år, opplag, sider
INFORMS: Institute for Operations Research, Providence, R.I. , 2005. Vol. 51, nr 12, s. 1804-1816
Emneord [en]
inventory control, inventory costing, capital cost, real options
HSV kategori
Forskningsprogram
Ekonomi, Logistik
Identifikatorer
URN: urn:nbn:se:vxu:diva-4402DOI: 10.1287/mnsc.1050.0435OAI: oai:DiVA.org:vxu-4402DiVA, id: diva2:204360
Tilgjengelig fra: 2007-03-29 Laget: 2007-03-29 Sist oppdatert: 2017-12-13bibliografisk kontrollert

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