We introduce a new class of strategies for hedging derivative securities in the presence of transaction costs assuming lognormal continuous time prices for the underlying asset We do not assume necessarily that the payo is convex as in Leland or that transaction costs are small compared to the price changes between portfolio adjustments as in Hoggard Whalley and Wilmott The type of hedging stra...

A model is developed in which an industry of N $ 1 firms is privatised. The ‘participation’ method of privatisation is used, whereby firms are sold for cash, but the state retains a proportionate share of ownership. In each firm the new private owner has the opportunity to make a reorganisational investment, before output is produced. This investment is unobservable by the state, and therefore ...

Introduction This paper primarily examines the advantages of bond mutual funds over portfolios of directly held bonds for both institutional and individual investors. First, we review the structural advantages of bond mutual funds, which, compared with separately managed and laddered portfolios of individual bonds, generally provide greater diversification; more regular cash flows that promote ...

Electronic cash (or e-cash) is an electronic payment solution that is usually viewed as an attempt to emulate electronically the main characteristics of regular cash. In particular, e-cash and other payment solutions should protect the privacy of users during a purchase. The main distinction of e-cash with respect to other electronic payment systems is that electronic coins are stored on a devi...

In general, every company, both small and large, must have Cash Out. has a central position in maintaining smooth operations. also the nature that its ownership cannot be proven is easily transferred, so it easy to misappropriate or embezzle. Therefore, necessary carry out strict cash supervision, there proper reporting of use. The company careful carrying activities related Out, meaning recipi...

The humanitarian sector has gone through a major shift toward injection of cash into vulnerable communities as its core modality. On this trajectory direct currency injection, something new happened: namely the empowerment to create their own local currencies, tool known Complementary Currency systems. This study mobilizes concepts endogenous regional development, import substitution and market...

Consumer payments in the United States gradually have been shifting away from paper checks for past several years. Cash use has declined as well, although at a much slower pace. As number of check decreased, those replaced with electronic and card payments. However, transition to bills not proceeded same way purchases. Using detailed consumer survey panel data collected over nine years, we trac...

The purpose of the research is to contribute development technology in financial sector, give influence community terms cashless, then also provide insight into on literacy by using QRIS (Quick Response Code Indonesian). MSMEÂ use facilitate their business activities implementing fintech transaction management and role technology, Indonesian) application as a means payment. method used Payment ...

With the emergence of Bitcoin and recently proposed stablecoins from BigTechs, such as Diem (formerly Libra), central banks face growing competition private actors offering their own digital alternative to physical cash. We do not address normative question whether a bank should issue currency (CBDC) or not. Instead, we contribute current research debate by showing how could so, if desired. pro...

Treasury departments of financial institutions often view the management of physical cash as an unavoidable but necessary part of their business – and usually not as core to their business activities. Yet, on the other hand, cash is perceived as sensitive and in most cases cannot be outsourced completely. At the same time, even after many years of ongoing payment innovations, cash is by far sti...