Article2007

U.S. Retail and Wholesale Inventory Performance from 1981 to 2004

Hong Chen · Murray Z. Frank · Owen Q. Wu

155 citations0/0 files storedManufacturing & Service Operations Management

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Working Capital and Financial Performance Financial Markets and Investment Strategies Supply Chain and Inventory Management

Abstract

This paper examines the inventories of publicly traded U.S. retail and wholesale companies between 1981 and 2004. First, we document that inventory holdings have been reduced. The median of wholesale inventory holding periods was reduced from 73 days to 49 days. Retail inventory did not start to decline until about 1995. Second, we document that firms with abnormally high inventories have abnormally poor long-term stock returns. Third, we illustrate these effects for the cases of Wal-Mart, 7-Eleven (Japan), and some related firms.

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References

1993Common risk factors in the returns on stocks and bonds 2000Designing and managing the supply chain : concepts, strategies, and case studies 2000Designing and Managing the Supply Chain Concepts, Strategies, and Case Studies 2024The Triple-A Supply Chain 2003The effect of supply chain glitches on shareholder wealth 2005Association Between Supply Chain Glitches and Operating Performance 1994Making supply meet demand in an uncertain world 2005An Econometric Analysis of Inventory Turnover Performance in Retail Services

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