Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis We advance the feedback/cash as ammunition hypothesis, namely that firms hold cash to address feedback from stock prices to cash flows and growth opportunities. Firms with more liquid stocks are expected to hold more cash, the opposite of the prediction from a standard information asymmetry perspective o...

Electronic cash (E-cash) is the digital counterpart of cash payment. They allow users to spend anonymously unless they “double spend” their electronic coins. However, it is not possible to prevent users from misbehaving under some other subjective definitions of misbehavior, such as money laundering. One solution is to incorporate a trusted third party (TTP), which, upon complaint, uses its pow...

C urrently U.S. corporations have record-high cash holdings. Many argue that this phenomenon is related to the sluggish recovery of the economy: Firms holding more cash are investing less, and this prevents the economy from taking off. While referring to the cash holdings of Apple, the president of a business association stated “Why wasn’t Apple spending that money on expansion, new products an...

Several non-cash record-keeping systems are formulated in a randommatching model. The crucial informational friction is that a seller’s endowment, which may be a random variable, and the transfer of goods to a buyer can only be observed by the traders in a pairwise meeting. With this friction monitoring of the payment is distinguished from monitoring of the complete transaction. For each implem...

A new scheme for electronic money is described where e-cash is created for a specific recipient in any transaction. This has benefits for the efficiency of implementing measures against double spending. Details of the scheme are provided to show that anonymity and transferability are still possible with recipient specific e-cash. The scheme ensures both authentication and integrity of the elect...

" Offshoring will grow faster and gain more traction in 2004 " " Offshoring will spread to other BPO processes. " " Order to cash, customer relationship management, and commercial real estate may become prominent outsourced processes using a transaction engine this year. " [9]

In this paper, we investigate the effect of a sharp cash level fluctuation resulting from the inflow and outflow of a large amount of cash and how the cash balance is managed. We describe the cash level evolution as stochastic jump-diffusion process with double exponential distributed jump size, and formulate a cash management model for minimizing the sum of the transaction and holding-penalty ...

The World Health Organization estimates that malaria annually causes hundreds of millions of illnesses, and more than half a million deaths. Surely these transaction costs of mosquito bites vastly exceed the value of the blood actually taken. In payment instruments, of course, a major goal is to reduce transaction costs, and intuitively cutting those costs seems especially urgent when they are ...

In this paper we study a fundamental issue in the theory of modeling of financial markets. We consider a model where any investment opportunity is described by its cash flows. We allow for a finite number of transactions in a finite time horizon. Each transaction is held at a random moment. This places our model closer to the real world situation than discrete-time or continuous-time models. Mo...

This exploratory study aims at identifying the influencing factors of customer satisfaction of Automated Teller Machines (ATMs). From the literature review and experts’ suggestions, a research model has been developed which consists of six factors namely cash availability, transaction speed, long queue, perceived quality, ease of use and ease/certainty of fee payment. A newly designed questionn...