You may find some comments and some references to other papers in the following link: https://www.researchgate.net/publication/44628095_Metabolic_and_hormonal_parameters_in_post-menopausal_women_10_years_after_transdermal_oestradiol_treatment_alone_or_combined_to_micronized_oral_progesterone
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Article Metabolic and hormonal parameters in post-menopausal women 1...
Ideally the SHBG concentration should fluctuate inversely towards the serum levels of estrogens. But low serum estrogen levels are not the only factor which lowers SHBG concentration. High levels of prolactin, growth hormone and insulin are shown to effect the SHBG concentration negatively. Obesity has also been shown to reduce SHBG concentrations.