In this paper we study algorithms for pricing of financial contracts using a lattice process of interest rates. If the cash-flows generated by the contract depend on the history of the interest rates (path dependent contracts), then the pricing algorithms are typically of exponential complexity. We demonstrate that for some models, there exist polynomial algorithms for path dependent contracts....

This paper presents electronic cash as a catalyst to electronic commerce. Electronic Cash facilitates business transactions not only between customers and merchants, but also between customer to customer transactions. This paper discusses a survey regarding electronic cash that was done in University of Puerto Rico in 2004. This survey analyses what the students think about electronic cash as a...

Article history: Received 17 January 2014 Received in revised form 28 May 2014 Accepted 29 May 2014 Available online 12 June 2014 This article investigates the impact of the observation that managers can use cash to defer bankruptcy on default risk and corporate financial policies. I show that with managerial cash use to defer default, the impact of cash on default risk depends on two opposing ...

This paper studies the impact of both solvency and liquidity concerns on corporate …nance. The …rm optimally chooses capital structure, cash holdings, dividends and default while facing stochastic cash ‡ows with two sources of uncertainty. The expected cash ‡ows are uncertain and low pro…tability leads to solvency distress. Moreover, cash ‡ows are subject to liquidity shocks that cause liquidit...

A PC based system called CASH MANAGER is presented. It is a knowledge-based decision support system designed for financial managers. The system contains financial manager knowledge and management science expertise. It is designed to support decisions made by financial managers, who are not management science experts, yet desire to employ the capabilities of management science tools. CASH MANAGE...

Many firms face a problem of managing cash balances to maximize the availability of cash for investment and to avoid the risk of insolvency. In this paper, we consider a cash management model in which the two types of funds are available when a manager adjusts cash level. We suppose that the rate of utilizing the two funds for the amount of adjustment is constant. Our objective is to minimize t...

This paper provides an empirical analysis about the relationship of corporate governance and cash dividend policy in China. The results show that equity structure and the cash dividends are related. Other factors such as executive pay are related to cash dividends. This paper also analyzes the requirement of cash dividends on behalf of the corporate governance or big shareholders "Tunnel behavi...

Cash crop expansion has been a major land use change in tropical and subtropical regions worldwide. Quantifying the determinants of cash crop expansion should provide deeper spatial insights into the dynamics and ecological consequences of cash crop expansion. This paper investigated the process of cash crop expansion in Hangzhou region (China) from 1985 to 2009 using remotely sensed data. The ...