Search results for "Cash"
showing 10 items of 112 documents
Exploring Countercyclical Fiscal Policy in Local Government: Moving Beyond an Aggregated Approach
2014
There is a renewed interest in the fiscal health of local governments in the United States, which is being driven in part by academic research, professional organizations, and the economy. This renewed interest also includes how local governments use their cash reserves for countercyclical fiscal policy, which is a stream of research that has received minimal attention in the literature. We respond in this article by exploring how 97 North Carolina counties used their cash reserves from 2005 to 2012, which includes the great recession of 2008 and 2009. Our findings provide some evidence of countercyclical fiscal policy in local government when exploring the use of cash reserves from an aggr…
Fusion of technology management and financing management - Amazon's transformative endeavor by orchestrating techno-financing systems
2020
Amazon became the world R&D leader in 2017 by rapidly increasing R&D investment. Its R&D investment in 2017 was double that of 2015, 5 times that of 2012, and 10 times that of 2011. This rapid increase continued in 2018, and Amazon accomplished a skyrocketing increase in its market capitalization, closing to being the world's biggest company. Such a rapid increase in R&D and subsequent market value has raised questions about how to conduct R&D and secure a large amount of funds needed for high-risk investments. Amazon has provided hypothetical answers to both of these questions. Amazon has been conducting innovative R&D to transform routine or periodic alterations into significant improveme…
Institutional systems inducing R&D in Amazon- the role of an investor surplus toward stakeholder capitalization
2020
Abstract Amazon demonstrated a conspicuous increase in R&D and became the world's top R&D firm in 2017 with a skyrocketing increase in market capitalization, making it close to being the world's biggest company. Such a remarkable accomplishment can be attributed to Amazon's institutional systems, which orchestrate techno-financing systems that fuse a unique R&D transformation system and a sophisticated financing system centered on the cash conversion cycle (CCC). These institutional systems support and endorse aggressive investment in R&D that incorporates the characteristics of uncertainty, a long lead time, and successive inflows of very large amounts of funding without interruption. Whil…
Sensitivity of external resources to cash flow under financial constraints
2014
Abstract This paper explores the external financing–cash flow relationship in capital structure theory by comparing unlisted (financially constrained) and listed (financially unconstrained) companies. We postulate that investment is determined endogenously in the case of unlisted firms, as they are strongly dependent on internally generated funds (cash flow). Consequently, unlisted firms invest their cash flow in profitable projects, using any residual cash flow to increase their holdings of safe assets. In turn, listed companies determine their investment exogenously and may reduce leverage if they raise an excess of cash flow. As a result, listed companies would react more negatively to s…
A Portfolio Problem with Uncertainty
2000
In this paper we present two models for cash flow matching with an uncertain level of payments at each due date. To solve the problem of minimising the initial investment we use the scenario method proposed by Dembo, and the robust optimisation method proposed by Mulvey et al. We unify these optimisation methods in a general co-ordinated model that guarantees a match under every scenario. This general model is also a multi-objective programming problem. We illustrate this methodology in a problem with several scenarios.
Functional Data Analysis for Optimizing Strategies of Cash-Flow Management
2017
The cash management deals with problem of automating and managing cash-flow processes. Optimization of the management processes greatly reduces overall cash handling costs. The present analysis is an empirical study of cash flows, from and to bank branches, deriving an underlying theoretical framework, which can in a reasonable way be connected with the optimal strategy. Functional data analysis is considered an appropriate framework to analyze the dynamics of the time series behavior of cash flows: since the observations are not equally spaced in time and their number is different for each series, they are converted into a collection of random curves in a space spanned by finite dimensiona…
Smart multi-carrier energy system: Optimised energy management and investment analysis
2016
This paper proposes an optimised Energy Management System for a multi-carrier hub, which integrates two energy distribution networks, for hydrogen and electricity. The economic sustainability of a real-life instantiation of such a system has been analysed as well. The Energy Management System has been developed by means of a multi-objective optimisation algorithm, the Non-dominated Sorting Genetic Algorithm II, implemented using MATLAB®. The achieved results consist in a series of set-points defining the working conditions of the plant for a chosen time horizon. Data provided by this process also show the effectiveness of the adopted optimisation approach. The financial analysis is performe…
Investor Inattention to All-Cash Acquisition Announcements: A Joint Day-Time Analysis in the Spanish Market
2021
Prior studies suggest that investors have limited attention, which determines the speed with which information is incorporated into share prices and, in turn, affects the efficiency of the markets. Unlike other corporate events, the information contained in an acquisition announcement is generally less standard and more complicated to process. Therefore, investor inattention is less likely around this event. In this study we test the existence of investor inattention for a sample of all-cash acquisition announcements of listed and unlisted target firms released by listed Spanish firms from 1998 to 2018. Cash acquisitions allow us to control for the strategic behavior of overvalued companies…
Touch, threats, and transactions: Pandemic influences on consumer responses and the mediating role of touch likelihood when shopping for fruits and v…
2022
The COVID-19 pandemic has influenced consumer behavior in numerous ways. Most of the public health measures have centered around minimizing social contact and physical touch. In the present study, we investigate the impact of such touch restrictions, introduced during the pandemic, on consumers’ shopping responses and payment preferences in the context of a perishable food category amenable to tactile evaluation (fresh fruits and vegetables). The study used a single-factor between-subjects design (during vs. before the COVID-19 pandemic), with the data collected in a scenario-based online experiment from a sample of 729 participants. The results revealed significantly less favorable shoppin…
Multiple-criteria cash-management policies with particular liquidity terms
2019
Abstract Eliciting policies for cash management systems with multiple assets is by no means straightforward. Both the particular relationship between alternative assets and time delays from control decisions to availability of cash introduce additional difficulties. Here we propose a cash management model to derive short-term finance policies when considering multiple assets with different expected returns and particular liquidity terms for each alternative asset. In order to deal with the inherent uncertainty about the near future introduced by cash flows, we use forecasts as a key input to the model. We express uncertainty as lack of predictive accuracy and we derive a deterministic equiv…