We examine whether and how a US cross-listing mitigates the risk that insiders will turn their firm’s cash holdings into private benefits. We find strong evidence that the value investors attach to excess cash reserves is substantially larger for foreign firms listed on US exchanges and over-the-counter than for their domestic peers. Further, we show that this excess-cash premium stems not only...

Abstrac t . We propose a micro-cash technique based on a one-time signature scheme: signing a message more than once leads to disclosure of the signer's private key. In addition to usual cash properties such as off-fine bank for payment and spender's anonymity, the technique also provides a number of useful features. These include: identifying double spender with strong proof, cash revocable fo...

Electronic Invoice Presentment and Payment (EIPP) can assist corporate treasurers in cash management and can be integrated with e-marketplaces and other B2B financial settlement activities. Its interactive approach to dispute resolution and robust payment options are critical if corporate financiers are to secure the advantages of B2B marketplaces and straight through processing (STP). Cash man...

We use China as a laboratory to test the effect of government quality on cash holdings. We build on, and extend, the existing literature on government expropriation and its interaction with firm-level agency problems by proposing a financial constraint mitigation argument. We find that firms hold less cash when local government quality is high, which is not consistent with the state expropriati...

We study two types of robust contracting problem under hidden action in continuous time. In type I problem, the principal is ambiguous about the project cash flows, while he is ambiguous about the agent’s beliefs in type II problem. The principal designs a robust contract that maximizes his utility under the worst-case scenario subject to the agent’s incentive and participation constraints. We ...

We analyze the risk characteristics and the valuation of assets in an economy in which the investment opportunity set is described by the real interest rate and the maximum Sharpe ratio. It is shown that, holding constant the beta of the underlying cash flow, the beta of a security is a function of the maturity of the cash flow. For parameter values estimated from U.S. data, the security beta i...

Cash Transfers and Child Labour Cash transfer programs are widely used in settings where child labour is prevalent. Even if many of these programs are explicitly implemented to improve children’s welfare, in theory their impact on child labour is undetermined. This paper systematically reviews the empirical evidence on the impact of cash transfers, conditional and unconditional, on child labour...

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...

Credit-card issuers in the United States have begun to explore the idea of introducing electronic-cash products. Seven financial giants, including Wells Fargo, Chase Manhattan, and MasterCard, have agreed to market the Mondex electronic cash product in the United States.1 VISA is developing a separate product. These products consist of a plastic payment card and other accessories, and consumers...