I develop and estimate a model of cash auction bankruptcy using data on 205 Swedish Þrms. The results challenge arguments that cash auctions, as compared to reorganizations, are immune to conßicts of interest between claimholders but lead to inefficient liquidations. I show that a sale of the assets back to incumbent management is a common bankruptcy outcome. Salebacks are more likely when they...

Previous researchers have noted that the ‘categorical’ Medicaid eligibility accompanying the welfare programs Aid to Families with Dependent Children (AFDC) and Supplemental Security Income (SSI) often far exceeds the value of these programs’ cash benefits. It may be the case that the accompanying health insurance, not the cash benefit, is often the decisive factor in welfare participation. If ...

Many central banks are contemplating whether to issue a bank digital currency (CBDC). A CBDC has certain potential benefits, including the possibility that it can bear interest. However, using is costly for agents. I study optimal monetary policy when only cash, CBDC, or both cash and available If cost of not too high, more efficient allocations be implemented by than first best achieved. Havin...

We consider optimal hedging decisions for a firm whose stock returns are affected by market returns and an idiosyncratic factor that is orthogonal to the market return. We show that the level of firm’s cash flows depend on the level of the market and the level of the idiosyncratic factor multiplicatively because of compounding. Minimizing the variance of the cash flow requires a substantial off...

M-Pesa, a service operated by the mobile phone network Safaricom in Kenya, allows users to deposit money onto their telephone handsets, transfer e-money to another user with a simple text message, and withdraw cash at one of thousands of outlets throughout the country. The system is safer, cheaper, and far faster than the money transfer systems that it replaced. Although only five years old, M-...

The Covid-19 pandemic has caused changes in human behaviour, including payment transaction methods from cash to non-cash. In addition, the National Non-Cash Program (GNTT) by Bank Indonesia (BI) also supports this new behaviour. This non-cash occurs donation payments, zakat, infaq, alms and other Islamic social funds. research analyses factors influencing user behaviour (UB) towards online stud...

This paper examines the financial development of Republic Croatia as measured by dimensions financialization, deepening and inclusion through interaction with two social exclusion, such income inequality at-risk-of-poverty rates. The aim is to determine how affect risk poverty. In terms research has shown that overall sector relative GDP reduces rates, while growth banking assets increases at-r...

With the development of electronic systems, ideas have repeatedly arisen to create an analogue cash for remote payment. Cryptocurrency technology was originally aimed at absence a trusted node - one whose actions are guaranteed be true and who can confirm correctness other people's operations. For first time, this problem solved in Bitcoin system due artificial complication making changes trans...