Traditional cash flow estimation techniques focus on generating net cash flow estimates period-by-period, which are then discounted by the firm's cost of capital. While conceptually strong, this aggregation approach can be insensitive to the fine-grained detail so important to managing project cash flows, in particular, that investment returns are always a combination of growth (renewal) and de...

Analyzing cash flows and undertaking project financing are important for contractors in managing construction projects. Traditional methods for cash flow analysis are based on the manual integration of time and cost information. However, the manual integration process can be automated by using five-dimensional building information modeling (5D BIM). Previous studies on 5D BIM have focused on es...

BACKGROUND The Supply Chain Management System (SCMS) is a contract managed under the Partnership for Supply Chain Management (PFSCM) consortium by the United States Agency for International Development (USAID). SCMS procures commodities for programmes supported by the US President's Emergency Plan for AIDS Relief (PEPFAR). From 2005 to mid-2012, PEPFAR, through SCMS, spent approximately $384 mi...

In the contractual business, construction firms are generally more concerned with short-term financial strategies than the longterm ones. Working capital management is the central issue of all short-term financial concerns. Thus, it’s urgent to study the cash portion of working capital management to rationalize the amount of cash and current assets possessed in certain time. The S-curve is quit...

We analyze an actuarial approach for the pricing and reserving of minimum death guarantees in unit-linked life insurance. After summarizing some results on mono-period risk measurement, we explain two possible strategies to deal with multi-period capital allocation problems. The first one uses no future information whereas the second one does. We explain how a cash-flow model can be used to per...

In this paper we develop a novel valuation model and methodology to value a pharmaceutical R&D project based on real options approach. The real options approach enables the possibility of optimally abandon the project before completion whenever the investment cost turns out to be larger than the expected net cash flow stream. On the other hand, the proposed model accounts for two different sour...

Dual-class common stock allows for the separation of voting rights and cash flow rights across the different classes of equity. We construct a large sample of dual-class firms in the United States and analyze the relationships of insider’s cash flow rights and voting rights with firm value, performance, and investment behavior. We find that relationship of firm value to cash flow rights is posi...

The response of business capital to user costs is central to economic evaluations of tax and monetary policies. Despite intensive research effort though, no consensus about the size of this elasticity has been achieved. The divergence in prior estimates may arise because previous studies have neglected cointegration among capital, its user costs, and sales. Using German firm-level panel data, t...

Achieving a strong and efficient monetary cycle is of great importance and necessity due to the dependency of corporates on banks in Iran. Owing to the importance of cash management in firms, this study assesses the impact of bank health on Cash flow sensitivity of cash of listed corporates on Tehran Stock Exchange (TSE) by analyzing 102 firms which have received facilities from 20 active Irani...