where u1 is the proportion of the portfolio held in stocks, and u2 is the consumption rate. Evidently it is natural to take 0 ≤ u1 ≤ 1 and u2 ≥ 0, but in fact we shall allow −∞ < u1 <∞. If u1 > 1 then the cash part of the portfolio is negative, so we are borrowing money to buy stocks. If u1 < 0 then the stock part of the portfolio is negative, so we are so called shorting the stock. The goal is...

Spending the big bucks may seem inevitable to a cash-strapped city goer. This is especially true if you're a student pressed between a heavy load of school work and a tight budget. But have no fear ? the city that never sleeps offers a plethora of opportunities to learn, explore, and enjoy without blowing all your savings. You could start by checking out NYC: The Official Guide [2]. You can als...

Cash takeover bids financed from internally generated cash reserves could be a function of capital market imperfections (Myers and Majluf 1984) or symptomatic of “free-cash-flow” problems (Jensen 1986, 1988). We find that bids financed from cash reserves outperform those that use debt financing. Further, ‘free cash flow’ firms outperform ‘non-free cash flow’ firms. The majority of cash bids are...

The Japanese economy changed its features in the 1990’s, compared with the 1980’s. It shifted down to an extremely lowered growth trend. Its continuous depression with economic difficulties has gathered international concern among the advanced countries. Among the major causes for such difficulties were clearly the swell of huge bubbles in speculative trading of shares and real estate in the la...

This article describes an expert system for cash flow analysis called CFA--Cash Flow Analyzer. which uses knowledge based on ratio analysis and the budgetary statement of changes in cash flow. The system uses "If ••• Then ••• " rules to capture the expertise necessary to diagnose the source of cash flow problems and make recommendations on how to mitigate those problems. 1. AN EXPERT SYSTEM FOR...

Cash-flow Notation: We use (c0, c1, . . . , ci, . . . , cn) to denote the series of cash-flows where ci is received at time t = i . The length of a period, i.e. the interval of time between t = i and t = i + 1, will usually be understood from the context. Negative cash-flows refer to cash payments. The initial cash-flow, c0, will often be negative while the remaining cash-flows are positive. Th...

The problem of capital shortage for Ukrainian commercial organizations has been clarified, which makes the theoretical and methodological provisions its increase preservation relevant. Insufficient investment processes is a significant obstacle to development most business entities in Ukraine. analysis recent research publications on topic work showed that issues tools estimating point zero dep...

The decline in cash revenue in Russia has been the key macroeconomic policy failure of the transition. During 1994–98, a sharp deterioration in cash compliance was offset by a rise in non-cash revenue, as the government increasingly financed its spending through mutual arrears write-offs. This paper argues that the fall in cash compliance emerged when money printing was replaced with a method o...

This study aims to investigate the impact of deviation from optimal level of cash holdings on adverse selection and moral hazard problems. The data set includes 106 listed firms of Tehran Stock Exchange during the period of 2005-2016 and both panel data and cross-sectional data multivariate regressions were utilized in different stage of analysis to test the hypotheses. According to the optimal...