WorldWideScience

Sample records for cash flow

  1. Cash-Flow Tax

    OpenAIRE

    Parthasarathi Shome; Christian Schutte

    1993-01-01

    The cash-flow tax has been proposed as an alternative to corporate income tax on grounds of clarity and simplicity in defining the tax base in the face of widespread departures from the comprehensive income tax in actual practice. Variants of the tax, with their advantages and disadvantages, demonstrate that it would require careful design. Simplicity is not an obvious property because of expectable administration problems related to tax avoidance and evasion through transfer pricing; to infl...

  2. Improve your CASH flow

    DEFF Research Database (Denmark)

    Brown, Christopher; Loidl, Hans-Wolfgang; Berthold, Jost;

    2010-01-01

    symbolic computation. In this paper we describe a new component of SymGrid-Par known as CASH: the C omputer Algebra SH ell. CASH is a system that allows direct access to SymGrid-Par via GHCi. CASH thus allows Haskell programmers to exploit high-performance parallel computations using a system designated...

  3. Improve your CASH flow

    DEFF Research Database (Denmark)

    Brown, Chris; Loidl, Hans-Wolfgang; Berthold, Jost;

    2011-01-01

    . Additionally, users of computer algebra systems can exploit the rapidly growing Haskell code base and its rich set of libraries. In particular, CASH provides a simple and effective interface for users of computer algebra systems to parallelise their algorithms using domain-specific skeletons written in Haskell.......This paper describes CASH (the Computer Algebra SHell), a new interface that allows Haskell programmers to access the complete functionality of a number of computer algebra systems directly and interactively. Using CASH, Haskell programmers can access previously-unavailable mathematical software...

  4. Understanding the Cash Flow-Fundamental Ratio

    OpenAIRE

    Chyi-Lun Chiou

    2015-01-01

    This article investigates the use of cash flow-fundamental ratio in forecasting stock market return and examines implications behind this ratio. By presuming the dynamics of cash flow-fundamental ratio I identify the relationship between economic uncertainty and risk premium. The evidence shows that cash flow-fundamental ratio is procyclical and is a predictor of cash flow growth and excess returns. The cash flow-fundamental ratio is proved to be negatively associated with risk premium. I als...

  5. An Investigation into Cash Flow Forecasts Practices

    OpenAIRE

    Kum, Chi Leng

    2010-01-01

    Cash flow forecasts are the most important step in the capital budgeting process in terms of planning effectively to finance for cash deficit and invest cash surplus for capital expenditure decisions. Despite its importance, little progress has been made in its estimation process, due to the difficulty of producing accurate cash flow numbers for the analysis of capital budgeting decisions. This management project details the investigation of the cash flow forecasts practices and highlights so...

  6. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    OpenAIRE

    Tănase Alin-Eliodor; Calota Traian-Ovidiu

    2013-01-01

    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  7. Management of Agricultural Enterprise Cash Flows

    OpenAIRE

    Tamara Kucherenko; Inna Tkachuk

    2014-01-01

    Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

  8. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  9. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    Directory of Open Access Journals (Sweden)

    MELANIA ELENA MICULEAC

    2012-01-01

    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  10. Cash flow forecasting in startup companies

    OpenAIRE

    Zhou, Yang

    2016-01-01

    This study examines cash flow forecasting practices in the context of the startup company phenomenon in Finland. The first objective of this study is to investigate that how cash flow forecasting has been practiced in startup companies. A startup company is a young innovative organization founded to seek a scalable and repeatable business model, in this sense growth has become the most important topic for startup companies. Therefore, secondary objective of this study is to investigate how a ...

  11. Does direct cash flow presentation help in predicting future operating cash flow?

    OpenAIRE

    Simões, Flavio Manuel Vilas-Boas

    2012-01-01

    Research literature and regulators are unconditional in pointing the disclosure of operating cash flow through direct method a section of unique information. Besides the intuitive facet, it is also consistent in forecasting future operating cash flows and a cohesive piece to financial statement puzzle. Bearing this in mind, I produce an analysis on the usefulness and predictive ability on the disclosure of gross cash receipts and payments over the disclosure of reconciliation between net inco...

  12. CASH FLOW REPORTING AND CREATIVE ACCOUNTING

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available Within the wide field of creative accounting, the main preoccupation of researchers surrounded earnings management. The current study comes to acknowledge that creative cash flow may distort the assessment of financial performance and should therefore, become a subject of the same interest for analysts and investors, as earnings management is. In order to reach the objective proposed, there are two hypotheses formulated, to be validated within the research: H1: Creative accounting distorts cash flow reporting within the boundaries of current regulations. H2: Real activity manipulation alters significantly the operating cash flow. The steps followed were analyzing the accounting standard related to cash flow statement, IAS 7, in order to uncover issues not taken into account, or options of allocation provided for accountants, which could lead to opportunistic choices and lack of comparability. The relevant literature was reviewed, so as to identify the opinions of accounting and finance specialists related to this subject, the results of their scientific process. The final step was a synthesis of relevant results and observations, which lead to the acceptance of the hypothesis of the research. Moreover, several techniques were identified, both related to creative accounting and to real activity manipulation, influencing mainly the figure reflecting operating cash flow, and thus the image on the potential of business continuity. Main conclusions were that the techniques applied were within the limits set by the standard: opportunistic allocation of dividends and interest collected or paid misallocation of certain activities like sale of receivables, but mainly recording non-recurring events into the operating cash flow, without separate notes of information or adjustments. Real activity manipulation should also be considered as it is even more difficult to detect, unless analysis is also performed on notes to financial reports and the figures

  13. Life Insurance Cash Flows with Policyholder Behavior

    Directory of Open Access Journals (Sweden)

    Kristian Buchardt

    2015-07-01

    Full Text Available The problem of the valuation of life insurance payments with policyholder behavior is studied. First, a simple survival model is considered, and it is shown how cash flows without policyholder behavior can be modified to include surrender and free policy behavior by calculation of simple integrals. In the second part, a more general disability model with recovery is studied. Here, cash flows are determined by solving a modified Kolmogorov forward differential equation. We conclude the paper with numerical examples illustrating the methods proposed and the impact of policyholder behavior.

  14. Cash flows: The Gap Between Reported and Estimated Operating Cash Flow Elements

    Directory of Open Access Journals (Sweden)

    Mark Hughes

    2010-03-01

    Full Text Available The FASB and the IASB recently released a joint Discussion Paper “Preliminary Views on FinancialStatement Presentation” (International Accounting Standards Board 2008, which contains a major proposalrequiring companies to report operating cash flows using the direct method and it also requires that theindirect method of calculating operating cash flows be disclosed in the notes. This is a departure from currentrules and has generated considerable debate among respondents’ comment letters on the Discussion Paper.This paper adds to this debate by providing some evidence as to the size of the gap users confront when usingthe indirect method to estimate the major operating cash flow elements, such as cash collected fromcustomers and cash paid to suppliers. Using a sample of Australian companies which reported operating cashflows using the direct method, and presented the indirect method in the notes, we find significant differencesbetween reported and estimated figures for both cash collected from customers and cash paid to suppliers.These findings support the discussion paper’s proposal that companies be required to report cash flows usingboth the direct and indirect methods.

  15. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

    The FASB's Statement of Financial Accounting Concepts No. 7, Using Cash Flow Information and Present Value in Accounting Measurements (Statement No. 7), presents the board's views regarding how cash-flow information and present values should be used in accounting for future cash flows when information on fair values is not available. Statement No. 7 presents new concepts regarding how an asset's present value should be calculated and when the interest method of allocation should be used. The FASB proposes a present-value method that takes into account the degree of uncertainty associated with future cash flows among different assets and liabilities. The FASB also suggests that rather than use estimated cash flows (in which a single set of cash flows and a single interest rate is used to reflect the risk associated with an asset or liability), accountants should use expected cash flows (in which all expectations about possible cash flows are used) in calculating present values.

  16. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Directory of Open Access Journals (Sweden)

    Odd A. Asbjørnsen

    1983-10-01

    Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  17. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    OpenAIRE

    Odd A. Asbjørnsen

    1983-01-01

    The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  18. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    OpenAIRE

    Negrea Laura Georgeta; Matis Dumitru; Mustata V. Razvan

    2011-01-01

    The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, "Cash Flow is King", while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy...

  19. Developing a planning model to estimate future cash flows.

    Science.gov (United States)

    Barenbaum, L; Monahan, T F

    1988-03-01

    Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal. PMID:10302282

  20. How Do Firms Finance Large Cash Flow Requirements?

    OpenAIRE

    Huang, Zhangkai; Mayer, Colin; Sussman, Oren

    2008-01-01

    How do firms finance large cash flow requirements? We examine this in the context of firms that are subject to substantial cash flow requirements. We find that trade credit, inventory and cash stock reductions are all important in the short term for mild requirements. Larger and longer cash flow shortages give rise to more equity than debt finance. After the shocks, firms gradually adjust their leverage back to pre-shock levels by retiring debt and issuing equity. Financing patterns during a ...

  1. How Do Firms Finance Large Cash Flow Requirements?

    OpenAIRE

    Huang, Zhangkai; Mayer, Colin; Sussman, Oren

    2008-01-01

    How do firms finance large cash flow requirements? We examine this in the context of firms that are subject to substantial cash flow requirements. We find that trade credit, inventory and cash stock reductions are all important in the short term for mild requirements. Larger and longer cash flow shortages give rise to more equity than debt finance. After the shocks, firms gradually adjust their leverage back to pre-shock levels by retiring debt and issuing equity. Financing pat...

  2. Assets Expropriation via Cash Dividends?Free Cash Flow or Tunneling

    Institute of Scientific and Technical Information of China (English)

    Jeng-Ren Chiou; Yenn-Ru Chen; Ting-Chiao Huang

    2010-01-01

    This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms’ dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  3. Cash flow management in construction firms

    OpenAIRE

    Mutti, Cristine do Nascimento; Hughes, Will

    2002-01-01

    The level of insolvencies in the construction industry is high, when compared to other industry sectors. Given the management expertise and experience that is available to the construction industry, it seems strange that, according to the literature, the major causes of failure are lack of financial control and poor management. This indicates that with a good cash flow management, companies could be kept operating and financially healthy. It is possible to prevent failure. Although there ...

  4. Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

    OpenAIRE

    Pitkänen, Annika

    2016-01-01

    The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

  5. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    OpenAIRE

    Harold Fletcher; Thomas Ulrich

    2010-01-01

    This paper addresses one of the more difficult topics in teaching MBA level financial management, the statement of cash flows. By employing financial statement equations in preparing the statement of cash flows, students: (1) are employing tools that they are more familiar and comfortable with which mitigates their anxiety and enhances their understanding, (2) are better able to understand the logic of the statement of cash flows and the relationships that exist between it and the income stat...

  6. Determinants of technology usage in outsourced cash flow forecasting service

    OpenAIRE

    Kangas, Antti-Jussi

    2011-01-01

    Cash flow forecasting is an emerging cash management function and business tool that hasn’t received much scientific attention outside the finance and accounting field. Recent technological development of business process automation and networked services has enabled accounting companies to better service their clientele, focusing more towards value-added services. The purpose of this study is to examine the cash flow forecasting services offered by the accounting companies in the SME sect...

  7. Cash Flow Analysis Using Methods of Measuring Financial Flows by Type of Activity

    OpenAIRE

    Spineanu-Georgescu Luciana

    2011-01-01

    Analysis of financial balance through cash flows used to estimate future cash needs based on past situation, their knowledge would be useful to both shareholders interested in the existence of sufficient cash to pay dividends and creditors who are interested in recovering loans. Equally, knowledge of future cash flows of interest to potential investors updated cash flow method is a method of evaluation of the company.

  8. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  9. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

    Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

  10. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

  11. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a... reliable than the assumptions on which they are based. Most important of these assumptions are—...

  12. Cash Flow Prediction Using a Grey-Box Model

    OpenAIRE

    Pang, Yang; Opong, Kwaku; Moutinho, Luia; Li, Yun

    2015-01-01

    This paper tackles the problem of financial forecasting by extending methods developed in automation, engineering and computing science. Current methods existing in the literature for firm-level cash flows are first analysed. Then a grey-box modelling method is developed to elevate the performance of cash-flow prediction. Linear panel data modelling is used as a benchmark model. Experiments with out-of-sample tests are used to validate the grey-box approach. Encouragingly, nonlinear grey-box ...

  13. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

    Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

  14. Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

    Directory of Open Access Journals (Sweden)

    Wang Fusheng

    2015-01-01

    Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

  15. Preparing Statement of Cash Flows from Taoist Perspectives

    OpenAIRE

    Yu-Je Lee; Jie He; Mei-Fen Wu; Ying-Qing Li; Ching-Ho Chen

    2013-01-01

    The preparation of cash-flow statement under the indirect method involves adjustments of many items. This is a highly complex process prone to errors, due to a lack of philosophical guidance. This paper finds that the concept of natural equilibrium of Chinese Taoism “… is the way of heaven to take from what has in excess in order to make good what is deficient...” can lend intellectual support to the preparation of cash flows statement under the indirect method. This approach will greatly enh...

  16. Minority Interest and Agency Costs: Implications for Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Arthur E. Young

    2015-02-01

    Full Text Available There has been extensive research involving the utilization of free cash flow within an agency theory framework. This study investigates the relationship between minority interests and free cash flow on a sample of 37 firms using time-series analysis. In particular, we improve on previous studies by bringing in a time-series approach. Our data ranges from 1991 to 2008. We additionally study these relationships using the averages on both variables. Using a bivariate vector autoregressive (VAR model that captures dynamic relationships, we find that a minority interest positively affects free cash flow, whereas the opposite relationship is less evident. This is also backed by Granger causality tests. By means of impulse responses, we find that a once and for all standard deviation increase to a minority interest causes a statistically significant positive reaction on free cash flow, by the second year. Findings from the times-series analysis are consistent with previous literature stating that investors can benefit from the minority interests’ monitoring of the resources available for utilization at the managers’ discretion.

  17. Cutting risk, boosting cash flow and developing marginal fields

    International Nuclear Information System (INIS)

    To minimize financial risk and accelerate return on investment, oil companies are using low-cost, reusable production systems. The scope of these development options is illustrated by looking at three offshore case studies that range from extended well test to marginal field development. In each case, production systems technology has been deployed to provide superior data, early oil or both, thus reducing economic uncertainty and delivering accelerated cash flow. 10 figs., 23 refs

  18. Key input factors for discounted cash flow valuations

    OpenAIRE

    Kramná, Eva

    2014-01-01

    Business valuation becomes requisite not only because of the recent trend of mergers and acquisitions but of course regarding to identification of economic value creation sources. This paper examines weighted average cost of capital and terminal growth rate as the key input factors that is needed for discounted cash flow valuation and can alter the valuation results considerably. A practical example of this implication is given using sensitivity analysis. A special emphasize is being put on t...

  19. Free Cash Flow, Signaling and the Dividend Puzzle

    OpenAIRE

    Alan V. Douglas

    1990-01-01

    The work in this paper contributes to two of the most topical issues in the study of corporate financial policy: Free Cash Flow theory and the Dividend providing a new explanation for the dividend puzzle. It is argued that two types of asymmetric information problems are inherent in the relationship between shareholders (as principles) and managers (as the shareholders' agents), and therefore the payment scheme between them will be designed to mitigate these problems. The conflict of interest...

  20. Cash Flow Analysis on the Example Cormans Ltd. Galati

    Directory of Open Access Journals (Sweden)

    Carmen SIRBU

    2010-08-01

    Full Text Available Finding appropriate ways to use cash flows to achieve financial diagnosis is one of the hardest tasks for financial analysts. Literature stressed the advantages for financial diagnosis users, when using flow information, without offering as many practical waysto achieve it. In a market economy, the enterprise should be regarded as a system that runs through its relations with third parties (investors, creditors, budgeting, suppliers,etc... relationships which materialize through estate flows. According as these flowstake liquidity shape are interested both third parties (for reclaiming of amounts invested and gaining benefits or claiming of some claims, as well as the management unit, for only thus can the system work.

  1. Time Series Prediction Method of Bank Cash Flow and Simulation Comparison

    OpenAIRE

    Wen-Hua Cui; Jie-Sheng Wang; Chen-Xu Ning

    2014-01-01

    In order to improve the accuracy of all kinds of information in the cash business and enhance the linkage between cash inventory forecasting and cash management information in the commercial bank, the first moving average prediction method, the second moving average prediction method, the first exponential smoothing prediction and the second exponential smoothing prediction methods are adopted to realize the time series prediction of bank cash flow, respectively. The prediction accuracy of th...

  2. Designing a portfolio management programme to optimize cash-flow

    International Nuclear Information System (INIS)

    The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)

  3. CASH-FLOW vs. MARKET-VALUE CDOs

    Directory of Open Access Journals (Sweden)

    SILVIU EDUARD DINCA

    2016-02-01

    Full Text Available During the past few years, in the recent post-crisis aftermath, global asset managers are constantly searching new ways to optimize their investment portfolios while financial and banking institutions around the world are exploring new alternatives to better secure their financing and refinancing demands altogether with the enhancement of their risk management capabilities. We will exhibit herewith a comparison between the cash-flow and market-value CDO securitizations as financial markets-based funding, investment and risks mitigation techniques, highlighting certain key structuring and implementation specifics on each of them.

  4. A Tutorial on the Discounted Cash Flow Model for Valuation of Companies

    OpenAIRE

    Jennergren, L. Peter

    1998-01-01

    All steps of the discounted cash flow model are outlined. Essential steps are: calculation of free cash flow, forecasting of future accounting data (income statements and balance sheets), and discounting of free cash flow. There is particular emphasis on forecasting those balance sheet items which relate to Property, Plant, and Equipment. There is an exemplifying valuation included (of a company called McKay), as an illustration. A number of other valuation models (abnormal earnings, adjusted...

  5. An evaluation of the usefulness of cash flow ratios to predict financial distress

    Directory of Open Access Journals (Sweden)

    L. Jooste

    2007-12-01

    Full Text Available Purpose: With the introduction of the cash flow statement it became an integral part of financial reporting. A need arose to develop ratios for the effective evaluation of cash flow information. This article investigates cash flow ratios suggested by various researchers and suggests a list of ratios with the potential to predict financial failure. Design: The cash flow ratios suggested by researchers, from as early as 1966, are investigated and eight cash flow ratios selected for inclusion in an analysis to predict financial failure. Ten failed entities are selected for a cash flow evaluation by means of the selected ratios for five years prior to failure. For a comparison, non-failed entities in similar sectors are selected and also evaluated by means of the cash flow ratios. The mean values of each ratio, for each year prior to failure, were then calculated and the means of the failed entities were compared to the non-failed entities. Findings: The comparison revealed that cash flow ratios have predictive value with the cash flow to total debt identified as the best indicator of failure. It was also determined that, although failed entities have lower cash flows than non-failed entities, they also had smaller reserves of liquid assets. Furthermore, they have less capacity to meet debt obligations and they tend to incur more debt. The ratios of the failed entities were unstable and fluctuated from one year to the next. Finally, bankruptcy could be predicted three years prior to financial failure. Implications: Income statement and balance sheet ratios are not enough to measure liquidity. An entity can have positive liquidity ratios and increasing profits, yet have serious cash flow problems. Ratios developed from the cash flow statement should supplement traditional accrual-based ratios to provide additional information on the financial strengths and weaknesses of an entity .

  6. An Extension of the Internal Rate of Return to Stochastic Cash Flows

    OpenAIRE

    Gordon Hazen

    2009-01-01

    The internal rate of return (IRR) is a venerable technique for evaluating deterministic cash flow streams. Part of the difficulty in extending this measure to stochastic cash flows is the lack of coherent methods for accounting for multiple or nonexistent internal rates of return in deterministic streams. Recently such a coherent theory has been developed, and we examine its implications for stochastic cash flows. We devise an extension of the deterministic IRR, which we call the stochastic r...

  7. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    OpenAIRE

    GHEORGHE LEPADATU

    2011-01-01

    Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main ...

  8. Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Ahsan Habib

    2011-12-01

    Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

  9. Decision models for cash-flow DSS (part 1

    Directory of Open Access Journals (Sweden)

    Razvan PETRUSEL

    2006-01-01

    Full Text Available The goal of this paper is to present some of the work conducted in order to create a cash-flow DSS that aims to improve the financial decisions of Romanian small and medium enterprise managers. In order to create the desired DSS two major stages were followed: the construction of models for various financial decisions and the implementation of those models within the knowledge base of the DSS. The present paper covers the first stage while the second stage will be presented in the next article. For a better understanding, the paper is divided into three parts: theoretical considerations, practical application of theory and conclusions. The theoretical part builds up on basic definitions and previous decision theory research, and, taking into consideration different modeling methodologies, establishes the necessary steps and tools that will be used in the second part. The second part establishes the decisional situations that will be modeled, briefly describes each of them and shows the models devised according to particularities of small and medium enterprises. The goal of this part is to create a model (variables, relations between them, etc that is suited for implementation in a cash-flow DSS. In the final part some conclusions are stated and the future research direction is established.

  10. Time Series Prediction Method of Bank Cash Flow and Simulation Comparison

    Directory of Open Access Journals (Sweden)

    Wen-Hua Cui

    2014-11-01

    Full Text Available In order to improve the accuracy of all kinds of information in the cash business and enhance the linkage between cash inventory forecasting and cash management information in the commercial bank, the first moving average prediction method, the second moving average prediction method, the first exponential smoothing prediction and the second exponential smoothing prediction methods are adopted to realize the time series prediction of bank cash flow, respectively. The prediction accuracy of the cash flow time series is improved by optimizing the algorithm parameters. The simulation experiments are carried out on the reality commercial bank’s cash flow data and the predictive performance comparison results show the effectiveness of the proposed methods.

  11. Investment - Cash Flow Sensitivity and Financing Constraints: New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    Pallathitta, Rejie; Kabir, Rezaul; Qian, Jing

    2010-01-01

    A controversy exists on the use of the investment – cash flow sensitivity as a measure of financing constraints of firms. We re-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment – cash flow sensitivity for both group-affiliated and independ

  12. Investment–cash flow sensitivity and financing constraints: new evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; Qian, J.

    2011-01-01

    A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent fi

  13. PRE-HARVEST PRICING STRATEGIES IN OHIO CORN MARKETS: THEIR EFFECT ON RETURNS AND CASH FLOW

    OpenAIRE

    Zulauf, Carl R.; Larson, Donald W.; Alexander, Christopher K.; Irwin, Scott H.

    2001-01-01

    This paper contributes to the debate on whether pre-harvest pricing strategies can improve returns over cash sales at harvest. It also examines cash flow needs of such strategies. The analysis is conducted for Ohio corn produced from 1986 through 1999. The pre-harvest strategies evaluated (short futures, long put, synthetic long put, put-call fence) did not statistically improve returns over cash sales at harvest. However, if implemented during or before planting, these naïve strategies reduc...

  14. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  15. A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

    Science.gov (United States)

    Wang, Ting J.

    2010-01-01

    This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

  16. Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

    Directory of Open Access Journals (Sweden)

    Jonas Alm

    2015-09-01

    Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

  17. A study on the relationship between operational cash flow and the return of stockholders

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

    Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

  18. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    Directory of Open Access Journals (Sweden)

    Ezzeddine Ben Mohamed

    2014-06-01

    Full Text Available Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969, we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a to show the impact of CEOs’ optimism in the relationship between investment and internal cash flow. Our results report a positive and significant coefficient of investment to cash flow for the full sample. While, on estimations of our model using sub-sample of more and less constrained firms, we find that the sensitivity exists stronger only for totally constrained group. We find also that board characteristics can reduce investment policy’s distortions.

  19. EMPIRICAL STUDY CONCERNING THE VIEWS ON THE FORMAT OF CASH FLOW STATEMENTS

    Directory of Open Access Journals (Sweden)

    LUCIAN IOAN SABĂU

    2012-11-01

    Full Text Available Following the proposals about the new IFRS that would replace the existing standards on financial statement presentation in IFRSs, IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows, we conduct an empirical study on the opinions regarding the format of the cash flow statement, and the most appropriate method of presentation. The objective of this research is to develop a critical analysis based on this literature, regarding the most appropriate method of presenting cash flow statements. The results of our research is that the direct method is the most adequate for statement of cash flows, being confirmed by most studies reviewed, most researchers considering this method of reporting as the most appropriate and useful, compared with reporting by using the indirect method.

  20. Internationale Cash Flow-Rechnungen aus Eigner- und Gläubigersicht

    OpenAIRE

    Becker, Gernot M.; Seeger, Norbert

    2003-01-01

    Cash flow statements have gained popularity worldwide and are now mandatory also under German GAAP for listed companies. Based on International Accounting Standard No. 7 we review their analytical value from both a shareholder’s and a creditor’s point of view. Cash flow patterns do vary from earnings patterns. Income earned is not identical with cash received. Enron and some other spectacular insolvency cases are just examples of this. In the first part of this working paper we present the co...

  1. Cash Flow Forecasting as an Element of Integrated Reporting: An Empirical Study

    OpenAIRE

    R. G. Kaspina; L. A. Molotov; L. E. Kaspin

    2015-01-01

    The article is devoted to the practical aspects of integrated reporting cash flow forecasts. The proposed formationmethod is based on the fuzzy logics and the procedure of expert evaluations.As the result of a premade theoretical analysis of integrated reporting, an algorithm for cash flow forecasting hasbeen developed. Additionally, an example of practical application of the covered method based on integratedreporting data of JSC Nizhnekamskneftekhim has been included.

  2. Cash flow statement in financial statement analysis for small and medium sized enterprises

    OpenAIRE

    Hyvönen, Valtteri

    2016-01-01

    BACKGROUND AND MOTIVATION A new EU's accounting directive (2013/34/EU) focuses on the reliefs for financial statement disclosures of SMEs. Although directive 2013/34/EU is not taking a stand on cash flow preparation, in Finland a working group set by the Ministry of employment and economy has proposed that only large companies would be obliged to prepare cash flow statement as a part of financial statement. The Finnish parliament accepted the proposal in the part of renewed accounting law...

  3. ACFAC: a cash flow analysis code for estimating product price from an industrial operation

    International Nuclear Information System (INIS)

    A computer code is presented which uses a discountted cash flow methodology to obtain an average product price for an industtrial process. The general discounted cash flow method is discussed. Special code options include multiple treatments of interest during construction and other preoperational costs, investment tax credits, and different methods for tax depreciation of capital assets. Two options for allocating the cost of plant decommissioning are available. The FORTRAN code listing and the computer output for a sample problem are included

  4. Probabilistic Business Failure Prediction in Discounted Cash Flow Bond and Equity Valuation

    OpenAIRE

    Skogsvik, Kenth

    2006-01-01

    The purpose of the paper is to incorporate probabilistic business failure predictions in discounted cash flow (DCF) models for the valuation of company bonds and owners´ equity. The analysis shows that period-specific probabilities of business failure are instrumental to the assessment of expected values of cash flows in such models. Under somewhat restrictive conditions the failure risk can alternatively be accommodated through an adjustment of the discount rate, i.e. expected values of futu...

  5. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

    Full Text Available Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main restriction of the financial management of the enterprise. Treasury embodies the results of operations and how to achieve financial balance of compliance. Not always an entity that ends year with benefits, has a positive cash (cash at bank and in availability. And this, because the gap between the recording and accounting of revenue and expenditure receipts and payments as they fall due, that gap can be decisive for the fate of the enterprise. This is a major requirement of the accrual. Therefore, an efficient management of the economic entity comprises both the asset management flows (revenues / expenses and cash management, i.e. the flows of receipts and payments. The statistical evidence shows that most of the failures are due to weaknesses in treasury management.

  6. An Experiment of Student Understanding of Accruals versus Cash Flows

    Science.gov (United States)

    Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

    2007-01-01

    The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

  7. The Moderating Effect of Ownership Structure on the Relationship between Free Cash Flow and Asset Utilisation

    OpenAIRE

    Takiah Mohd Iskandar; Rina Br Bukit; Zuraidah Mohd Sanusi

    2012-01-01

    Based on agency theory, ownership structure plays a role in monitoring managerial opportunistic behaviour. This study examines how different forms of ownership structures including foreign ownership, government ownership, and managerial ownership moderate the relationship between free cash flow and asset utilisation. This cross-sectional study involves companies listed on Bursa Malaysia. The results of a hierarchical multiple regression analysis show a negative relationship between free cash ...

  8. The Governance Slack Model: A cash flow approach for the budgeting and accountability of some corporate governance issues

    OpenAIRE

    Apreda, Rodolfo

    2002-01-01

    This paper introduces a cash flow model to budget and monitor distinctive matters usually arising in corporate governance. By enlarging the standard cash flow model widely used in Finance, and avoiding some of its downsides, it sets up a composite of cash flows called governance slack, which amounts to a comprehensive budget for the most usual governance issues. This slack has a dual structure whose dynamics keeps track of uses and sources of its components, preventing likely agency problems ...

  9. ANALISIS FREE CASH FLOW DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PUBLIK DI INDONESIA

    Directory of Open Access Journals (Sweden)

    R. Anastasia Endang Susilawati

    2010-06-01

    Full Text Available The main objective of this research is to examine behavior public company in Indonesia to manage of free cash flows and the role namagerial ownership on corporate debt policy. The using dependent variable on this research is debt, so independent variables are free cash flows and managerial ownership. The sample used was the public companies listed in the Jakarta Stock Exchange (JSX. There were 59 companies which have and during the period from 2005-2009. Data collected by purposive sampling. The result examination is that public company in Indonesia have low investment opportunity set (IOS when free cash flow high attending by using debt for cost operation company. This result robust because evidence with chow test the result that significant difference regression stability between free cash flow to corporate debt policy have low and high investment opportunity set. Although, when dividend based big company have low investment opportunity and small company have low investment opportunity, both have the same effect between free cash flow on corporate debt policy. The result chow test suggest examination there are not statistically significant difference. Managerial ownership association negative with debt policy, this result evidence that agency cost of debt can be reduce by managerial ownership

  10. A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity

    Directory of Open Access Journals (Sweden)

    Mohammad Reza karimi Torghabeh

    2014-08-01

    Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

  11. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-01-01

    Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

  12. CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

    Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

  13. Voluntary disclosing cash flow statement in non-listed medium sized companies

    DEFF Research Database (Denmark)

    Schøler, Finn

    2012-01-01

    . For this reason we conducted a multiple-case study, where we formulated a structured questionnaire and made partly open-ended interview with each one of the case-companies’ accountably responsible persons, i.e. one of the guys who signed the annual report. Among the majority of the answers we found a common......In Denmark, like some other EU Member States, medium-sized companies are requested to present a cash flow statement, but there are exemption rules similar to those for subgroups’ exemption to their presentation of consolidated financial statements. In a sample consisting of the paper versions...... of annual reports from 385 Danish non-listed medium-sized companies who were disclosing a cash flow statement as part of their annual report, we found that in a few cases, the companies were exempted to presentation of consolidated financial statements, but disclosing the cash flow statement voluntarily...

  14. Cash flow in the context of economic equation of continuity

    Directory of Open Access Journals (Sweden)

    Fernando Gómez Villarraga

    2006-07-01

    Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

  15. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

    Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

  16. Geothermal loan guaranty cash flow model: description and users' manual

    Energy Technology Data Exchange (ETDEWEB)

    Keimig, M.A.; Rosenberg, J.I.; Entingh, D.J.

    1980-11-01

    This is the users guide for the Geothermal Loan Guaranty Cash Flow Model (GCFM). GCFM is a Fortran code which designs and costs geothermal fields and electric power plants. It contains a financial analysis module which performs life cycle costing analysis taking into account various types of taxes, costs and financial structures. The financial module includes a discounted cash flow feature which calculates a levelized breakeven price for each run. The user's guide contains descriptions of the data requirements and instructions for using the model.

  17. PERFORMANCE ASSESSMENT OF MAJOR U.S. AIRLINES VIA CASH FLOW RATIOS

    OpenAIRE

    Stepanyan Armen

    2013-01-01

    The paper addresses the assessment of major U.S. airlinesâ€(tm) liquidity and solvency based on information disclosed in the statements of cash flows as part of their 10-K Form annual reports filed with the Securities and Exchange Commission. Conducting financial statement analysis for major U.S. airlines has generated deep interest in and a significant importance towards using various frequently used cash flow ratios to gauge U.S. airlinesâ€(tm) viability both in the short term and long term...

  18. Who Bears Firm-Level Risk? Implications for Cash Flow Volatility

    OpenAIRE

    Xiaolan Zhang

    2014-01-01

    Public firms in the United States that provide better insurance against productivity shocks to their workers experience higher cash flow volatility. Difference in intra-firm risk sharing between workers and capital owners accounts for more than 50\\% of the variation in firm-level cash flow volatility. I develop a theory in which wages can act either as a hedge or as leverage, depending on the history of the productivity shocks the firm has faced. Heterogeneous roles of workers in the firm are...

  19. APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

    Directory of Open Access Journals (Sweden)

    Diana Elena Vasiu

    2014-10-01

    Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

  20. A Multi-Objective Fuzzy Linear Programming Model for Cash Flow Management

    Directory of Open Access Journals (Sweden)

    A. M. El-Kholy

    2014-08-01

    Full Text Available Although significant research work has been conducted on cash flow forecast, planning, and management, the objective is constantly the maximization of profit/final cash balance, or minimization of total project cost. This paper presents a multi-objective fuzzy linear programming model (FLP for resolving the optimization problem of three conflicting objectives: final cash balance, cost of money, and initial cash balance. The proposed model depends on Jiang et al. (2011 Model. In the new formulation, both the advanced payment and delay of owner's progress payment one period were considered. Literature concerned with cash flow studies and models for construction projects was reviewed. Fuzzy linear programming applications in literature was presented and it's concept was then described. Jiang et al. (2011 Model is presented. The proposed model development was then presented. The proposed model was validated using an example project. An optimization of each individual objective was performed with a linear programming (LP software (Lindo that gave the upper and lower bounds for the multi-objective analysis. Fuzzy linear programming was then applied to optimize the solution. Four cases are considered: considering advanced payment and delay of owner's progress payment one period simultaneously, then separately, and neglecting advanced payment and delay of owner's progress payment. Penalty of delayed payment have been also considered. Analysis of the results revealed that the model is an effective decision making tool to be used by industry practitioners with reasonable accuracy.

  1. Cash flow rights versus voting rights: Corporate governance and firm value of Dutch listed firms

    NARCIS (Netherlands)

    C. Pepping; T. van der Goot

    2008-01-01

    The paper examines the relation between different forms of ownership and firm performance on the Dutch stock market. By using unique data on both cash flow and voting rights in the possession of a firm's board of directors and its large shareholders, the paper presents detailed analyses of corporate

  2. Jak lze využít údaje z výkazu Cash flow v řízení firmy

    OpenAIRE

    Bradáčová, Lenka

    2010-01-01

    This bachelor's thesis deals with analysis of the cash flow statement. The aim is to analyze the cash flow statement of Rybářství Velké Meziříčí, a. s. for the three past financial years and apply the investment evaluation methods to the specific investment of the company. Then the cash flow is used in certain indicators and business is evaluated by one of the methods using cash flow.

  3. SOFTWARE SOLUTIONS FOR MEASURING AND FORECASTING THE CASH GENERATING UNIT FLOWS RELATED TO INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-08-01

    Full Text Available In light of the difficulties encountered in assessing the value of the CGU (Cash Generating Unit and of the cash flows associated with goodwill or other intangible assets of a company and after performing the impairment test as provided by the IAS 36-Intangibile Asset and the forecasts related to it, the aim of this paper is to identify and suggest software instruments that would assist in the measurement and forecasting of these elements. The employment of the SPSS and the NeuroShell programmes in analyzing and forecasting the changes in CGU and CGU flows has helped compare the results and the ensuing error margins, thus giving the business entity the possibility to select the best software option, depending on certain variables identified on a micro or a macroeconomic level that may affect the depreciation or the increases in value of the underlying assets for CGU or CGU flows.

  4. The management of subsurface uncertainty using probabilistic modeling of life cycle production forecasts and cash flows

    International Nuclear Information System (INIS)

    The subject pertains to the implementation of the full range of subsurface uncertainties in life cycle probabilistic forecasting and its extension to project cash flows using the methodology of probabilities. A new tool has been developed in the probabilistic application of Crystal-Ball which can model reservoir volumetrics, life cycle production forecasts and project cash flows in a single environment. The tool is modular such that the volumetrics and cash flow modules are optional. Production forecasts are often generated by applying a decline equation to single best estimate values of input parameters such as initial potential, decline rate, abandonment rate etc -or sometimes by results of reservoir simulation. This new tool provides a means of implementing the full range of uncertainties and interdependencies of the input parameters into the production forecasts by defining the input parameters as probability density functions, PDFs and performing several iterations to generate an expectation curve forecast. Abandonment rate is implemented in each iteration via a link to an OPEX model. The expectation curve forecast is input into a cash flow model to generate a probabilistic NPV. Base case and sensitivity runs from reservoir simulation can likewise form the basis for a probabilistic production forecast from which a probabilistic cash flow can be generated. A good illustration of the application of this tool is in the modelling of the production forecast for a well that encounters its target reservoirs in OUT/ODT situation and thus has significant uncertainties. The uncertainty in presence and size (if present) of gas cap and dependency between ultimate recovery and initial potential amongst other uncertainties can be easily implemented in the production forecast with this tool. From the expectation curve forecast, a probabilistic NPV can be easily generated. Possible applications of this tool include: i. estimation of range of actual recoverable volumes based

  5. FUNDAMENTAL ANALYSIS AND DISCOUNTED FREE CASH FLOW VALUATION OF STOCKS AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Nadica Ivanovska

    2014-06-01

    Full Text Available We examine the valuation performance of Discounted Free Cash Flow Model (DFCF at the Macedonian Stock Exchange (MSE in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very close to average market prices which suggests that market prices oscillate near their fundamental values. We can conclude that DFCF models are useful tools for the companies’ enterprise values calculation on long term. The analysis of our results derived from stock valuation with DFCF model as well as comparison with average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used for stocks analyses at MSE.

  6. REVERSE CHARGE AND THE CASH FLOW OF THE PUBLIC BUDGETS IN THE CZECH REPUBLIC

    Directory of Open Access Journals (Sweden)

    Kohoutková Růžena

    2015-12-01

    Full Text Available Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.

  7. The incremental information content of earnings, working capital from operations, and cash flows

    OpenAIRE

    Simin Banifatemi Kashi; Mohsen Hamidian; Ali Baghani

    2015-01-01

    This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that ...

  8. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    OpenAIRE

    Dian Agustia

    2013-01-01

    The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method,...

  9. Two essays on share repurchases, diversification discount and analyst cash flow forecasts

    OpenAIRE

    Wang, Huoxin; 王火欣

    2014-01-01

    This thesis consists of two essays. The first essay examines the effect of share repurchase on the diversification discount of multi-segment firms. The second essay investigates how firms’ decisions of share repurchases are influenced by analysts’ cash flow forecasts (CFF). In the first essay, I investigate the relation between the market reaction to share repurchase announcements and multi-segment firms’ diversification discount. Prior studies have shown that information asymmetry causes...

  10. A Comparison between Discounted Cash Flow and Residual Earning Models for Use in Equity Valuation

    OpenAIRE

    Niu, Jie

    2005-01-01

    This paper mainly tries to answer three questions by comparing the discounted cash flow model (DCF) and residual earning model (REM). Firstly, which model will perform better in the valuation of equity? Secondly, how about the robustness of the different model? That is, will they give the same result under different assumptions, such as growth rates, evaluation horizons? Thirdly, which model has better explainability on the share price of traded firms? The empirical research result indicates ...

  11. FUNDAMENTAL ANALYSIS AND DISCOUNTED FREE CASH FLOW VALUATION OF STOCKS AT MACEDONIAN STOCK EXCHANGE

    OpenAIRE

    Nadica Ivanovska

    2014-01-01

    We examine the valuation performance of Discounted Free Cash Flow Model (DFCF) at the Macedonian Stock Exchange (MSE) in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very close to average market prices which suggests that market prices oscillate near their fundamental values. We can conclude that DFCF models are useful tools for the companies’ enterprise values calcula...

  12. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    OpenAIRE

    Jurica Lucyanda; Lilyana -

    2012-01-01

    Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009). Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhad...

  13. An Examination of Free Cash Flow Hypothesis in Indian Repurchase Decisions

    Directory of Open Access Journals (Sweden)

    Hyderabad, R.L.,

    2013-01-01

    Full Text Available Repurchase of shares by Indian firms are on the rise in recent years. What motivates Indian firms to repurchase their own shares? Signalling and free cash flow hypotheses are two competitive and popular explanations identified in empirical research in US and other countries. Do Indian firms buy back their shares to correct market misvaluations or to return excess funds? In the present paper an effort is made to decipher the motives behind repurchase decisions of Indian firms. Since there are positive returns only on announcement day and not in post-announcement days the signalling hypothesis cannot be an explanation for positive overall CAR in Indian announcements. The study hypothesizes that Indian firms use repurchases as a part of overall corporate restructuring mechanism of distributing excess funds and build promoters' stake holding. The evidence shows that low-q firms with higher free cash flow ratio earn higher abnormal returns than other firms. The cross-sectional analysis generates positive coefficient for low-q firms with higher cash flow and promoters' control.

  14. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  15. ALGEBRAIC GENERALIZATION OF THE CASH FLOW STATEMENT: REFLECTIONS BY MEANS OF AN ALGEBRAIC ALGORITHM

    Directory of Open Access Journals (Sweden)

    José Roberto Kassai

    2012-09-01

    Full Text Available Starting on January 1, 2008 it became mandatory for all Brazilian public companies and private companies with net worth greater than two million reais (about one million dollars as of this writing to publish a cash flow statement (CFS as part of their financial statements, making this statement another important source of information for investors. This article proposes an algebraic generalization for the CFS. Working papers can help fill in a gap in teaching about cash flow statements and produce an indirect method and a direct method, side by side with their equivalence highlighted, in a single matrix by means of algebraic algorithms. This study is normative in nature and stresses the transversal relationship between accounting and mathematics, showing that accounting reports and their structures can be seen as matrices and be subjected to algebraic deductions about the events recorded by double entries. As a result, we demonstrate a mathematical algorithm with matrices and submatrices and a script in the format of working papers, compatible with the normative orientations of the Federal Accounting Council (CFS and Brazilian legislation, permitting formulation of clear, reliable and effective cash flow statements.

  16. Preparation of Financial Statements for Sme’s in Romania. Interest for Cash-Flow Statement

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

    Full Text Available The purpose of this article is to obtain feedback about the transition to IFRS standards and their implementation in the context of small and medium-sized enterprises in Romania in terms of the cashflow situation. Research methodology is based on a quantitative survey carried out in order to verify the importance and usefulness of perception on the cash-flow statement. The investigation based on testing four hypotheses has been carried out within the framework of small and medium-sized enterprises in Western Romania and the categories of respondents to the study were: upper management and accounting specialists. The results highlight the fact that there are differences between the categories of users of the cash-flow statements, fact highlighted and illustrated by our findings. The article ends with the conclusions of the authors regarding the importance and usefulness of the use and implementation of the cash-flow statement of the small and medium enterprises in Western Romania.

  17. Cash Flows versus Accounting Earnings in Managing Exchange Rate Exposures: An Empirical Study of Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems...

  18. 煤炭企业现金流管理研究%Study on Cash Flow Management of Coal Enterprise

    Institute of Scientific and Technical Information of China (English)

    赵金鹏

    2012-01-01

    分析了企业现金流管理的目标和原则,对企业经营活动产生的现金流、投资活动产生的现金流和筹资活动产生的现金流如何管理提出了建议。%The paper analyzed the target and principle of the cash flow management for the enterprise.The paper provided the proposals on how to manage the cash flow occurred from the enterprise business activities,the cash flow occurred from the investment activities and the cash flow occurred from the financing activities.

  19. What does free cash flow tell us about hospital efficiency? A stochastic frontier analysis of cost inefficiency in California hospitals.

    Science.gov (United States)

    Pratt, William R

    2010-01-01

    Hospitals are facing substantial financial and economic pressure as a result of health plan payment restructuring, unfunded mandates, and other factors. This article analyzes the relationship between free cash flow (FCF) and hospital efficiency given these financial challenges. Data from 270 California hospitals were used to estimate a stochastic frontier model of hospital cost efficiency that explicitly takes into account outpatient heterogeneity. The findings indicate that hospital FCF is significantly linked to firm efficiency/inefficiency. The results indicate that higher positive cash flows are related to lower cost inefficiency, but higher negative cash flows are related to higher cost inefficiency. Thus, cash flows not only impact the ability of hospitals to meet current liabilities, they are also related to the ability of the hospitals to use resources effectively. PMID:20973372

  20. Relationship between Working Capital, Operating Cash Flows and Operating Income: Empirical Evidences from Listed Firms in Tehran Stock Exchange

    OpenAIRE

    Hashem Valipour; Zakieh Shooshtarian; Esmail Ostovari

    2012-01-01

    The main purpose of this research is to investigate the relationship between working capital, operating cash flow and operating income, in the companies that listed in Tehran Stock Exchange. Panel analysis is applied to sample of 52 companies during the period 2000-2009. The results show that there is a positive relationship between working capital and operating profit. But there is not meaningful relationship between operating cash flows and working capital.

  1. Information asymmetries and the value-relevance of cash flow and accounting figures: empirical analysis and implications for managerial accounting

    OpenAIRE

    Rapp, Marc Steffen

    2010-01-01

    While some of the modern performance measures used in managerial accounting rely on cash flow based figures others try to take advantage of the information content of accounting figures. However, whether the additional information content in the accrual components of earnings improves the internal performance measurement is an open empirical question. To shed light on this question, I examine the correlation between operating cash flows and earnings with firm's total shareholder returns. Usin...

  2. Areva - 2013 annual results: breakeven free operating cash flow objective reached despite a difficult environment

    International Nuclear Information System (INIS)

    The Areva group reached a major milestone in 2013 in turning performance around by meeting a key objective of its Action 2016 plan: the return to breakeven of free operating cash flow. For the first time since 2005, cash generated by the Group's operations allowed it to fully fund strategic capital expenditures essential to the group's profitable growth. To achieve this result, Areva built on robust growth in nuclear operations, on contributions from its cost reduction plan and on strict management of capital spending. However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income. On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage. The Group continues to implement the Action 2016 plan to pursue its recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, the Group forecasts further performance improvement and significant growth in cash flow generation by the end of the plan

  3. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    International Nuclear Information System (INIS)

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  4. The incremental information content of earnings, working capital from operations, and cash flows

    Directory of Open Access Journals (Sweden)

    Simin Banifatemi Kashi

    2015-09-01

    Full Text Available This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

  5. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  6. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    OpenAIRE

    Mohsen Sohrabi Araghi; Sharifaldin Attari

    2013-01-01

    One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in d...

  7. Statement of Cash Flows - Concrete Aspect of the Convergence of Global Accounting in the Context of the Paradigm of New Economy

    OpenAIRE

    Gheorghe Lepadatu

    2013-01-01

    Statement of cash flows presents useful information about changing the company's financial position, allowing assessing the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury forecasts are intended to contribute to financial security and enterprise profitability by reducing financial costs. Treasury of an economic entity can be considered its strong point. The manner in which they man...

  8. THE INFLUENCE OF FREE CASH FLOW ON THE FIRM VALUE USING DIVIDEND POLICY AS A MEDIATING VARIABLE

    OpenAIRE

    Iriany Kereh, Soraya

    2015-01-01

    Purpose of this study is to investigate whether the dividend policy can mediates the influence of free cash flow on the firm value in all industrial firms contained in IDX. Regression is the model used by this study to test the mediating variable in this case the dividend policy as measured by the dividend payout ratio (DPR) to the free cash flow as independent variable on the firm value as dependent variable. As well as firm size as control variable. Sample in this study are the entire firm ...

  9. ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

    Directory of Open Access Journals (Sweden)

    Jie-Sheng Wang

    2015-06-01

    Full Text Available In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO algorithm combined with the least squares method (LMS to optimize the adaptive network-based fuzzy inference system (ANFIS model parameters. Through the introduction of metric function of population diversity to ensure the diversity of population and adaptive changes in inertia weight and learning factors, the optimization ability of the particle swarm optimization (PSO algorithm is improved, which avoids the premature convergence problem of the PSO algorithm. The simulation comparison experiments are carried out with BP-LMS algorithm and standard PSO-LMS by adopting real commercial banks’ cash flow data to verify the effectiveness of the proposed time series prediction of bank cash flow based on improved PSO-ANFIS optimization method. Simulation results show that the optimization speed is faster and the prediction accuracy is higher.

  10. Vehicle Infrastructure Cash-Flow Estimation--VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Mitchell, G.

    2015-04-02

    This presentation discusses the differences between the original Vehicle and Infrastructure Cash-Flow Evaluation (VICE) Model and the revamped version, VICE 2.0. The enhanced tool can now help assess projects to acquire vehicles and infrastructure, or to acquire vehicles only.

  11. Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; Qian, J.

    2005-01-01

    Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine thi

  12. Teaching the Indirect Method of the Statement of Cash Flows in Introductory Financial Accounting: A Comprehensive, Problem-Based Approach

    Science.gov (United States)

    Brickner, Daniel R.; McCombs, Gary B.

    2004-01-01

    In this article, the authors provide an instructional resource for presenting the indirect method of the statement of cash flows (SCF) in an introductory financial accounting course. The authors focus primarily on presenting a comprehensive example that illustrates the "why" of SCF preparation and show how journal entries and T-accounts can be…

  13. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  14. CEO’s personal characteristics, ownership and investment cash flow sensitivity: evidence from NYSE panel data firms

    Directory of Open Access Journals (Sweden)

    Ezzeddine Ben Mohamed

    2014-12-01

    Full Text Available This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO’s financial education, CEO’s ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow’s relationship.

  15. Analytical solution to the circularity problem in the discounted cash flow valuation framework

    Directory of Open Access Journals (Sweden)

    Felipe Mejía-Peláez

    2011-12-01

    Full Text Available In this paper we propose an analytical solution to the circularity problem between value and cost of capital. Our solution is derived starting from a central principle of finance that relates value today to value, cash flow, and the discount rate for next period. We present a general formulation without circularity for the equity value (E, cost of levered equity (Ke, levered firm value (V, and the weighted average cost of capital (WACC. We furthermore compare the results obtained from these formulas with the results of the application of the Adjusted Present Value approach (no circularity and the iterative solution of circularity based upon the iteration feature of a spreadsheet, concluding that all methods yield exactly the same answer. The advantage of this solution is that it avoids problems such as using manual methods (i.e., the popular “Rolling WACC” ignoring the circularity issue, setting a target leverage (usually constant with the inconsistencies that result from it, the wrong use of book values, or attributing the discrepancies in values to rounding errors.

  16. EBITDA/EBIT and cash flow based ICRs: A comparative approach in the agro-food system in Italy

    Directory of Open Access Journals (Sweden)

    Mattia Iotti

    2012-05-01

    Full Text Available The interest coverage ratios (ICRs are used to quantify the ability of firms to pay financial debts; ICRs are then considered by banks such as covenants in the financing term sheet, and are used by researchers and the rating agencies to estimate the probability of default of firms. Typically, ICRs calculation is based on profit margins, such as EBITDA and EBIT; EBITDA and EBIT approximate, but do not directly express, cash flows available to pay financial debts. The article aims to evaluate whether there are significant differences in results using ICRs based on EBITDA or EBIT and ICRs based on different definitions of cash flow (CF. The application is made to a sample of firms characterized by high absorption of capital operating in the Italian agro-food sector. The article highlights that there are statistically significant differences using ICRs EBITDA and EBIT based and ICRs based on different CF definitions.

  17. Incorporating a Time Horizon in Rate-of-Return Estimations: Discounted Cash Flow Model in Electric Transmission Rate Cases

    International Nuclear Information System (INIS)

    Electric transmission and other rate cases use a form of the discounted cash flow model with a single long-term growth rate to estimate rates of return on equity. It cannot incorporate information about the appropriate time horizon for which analysts' estimates of earnings growth have predictive powers. Only a non-constant growth model can explicitly recognize the importance of the time horizon in an ROE calculation. (author)

  18. Market rewards to patterns of increasing earnings: effects of cash flow patterns, accruals manipulation, real activities manipulation and conservative accounting

    OpenAIRE

    Liu, Su-Ping

    2013-01-01

    In this dissertation I investigate whether market rewards to a pattern of increasing earnings vary with certain signals of whether the pattern is genuine or fabricated. Among these signals, I examine growth in cash flows, accrual-based earnings management, earnings management through the manipulation of real operating activities, and conservative accounting. The findings show that market participants assign higher price-earnings multiples to firms when their pattern of increasi...

  19. Managerial Use of Discounted Cash-Flow or Accounting Performance Measures: Evidence from the U.K. Life Insurance Industry

    OpenAIRE

    Klumpes, Paul J.M.

    2005-01-01

    Owing to the increasing prevalence of value-based methodologies and the competitive and political pressures faced by the industry to improve its performance, the U.K. life insurance industry provides an interesting environment in which to examine whether senior management uses accounting vs. projected cash-flow-based financial performance measures for both managerial performance evaluation and strategic budgetary planning and control purposes. A survey is employed to examine what economic and...

  20. Budgetary cash flows in the EU and their impact on national budget liquidity: the case of Slovenia

    Directory of Open Access Journals (Sweden)

    Tanja Markovič Hribernik

    2005-12-01

    Full Text Available On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member states’ budgets is posed by the time lags between inflows and outflows of EU funds. These lags are mainly because of delayed payments from the EU budget and problems with some member state’s absorption capacity. This article deals with the dynamics and the scale of budgetary cash flows between the Slovenian budget and the EU budget until 2006. A couple of likely scenarios are presented, which could happen in case of delayed payments of European funds. Consequently, both an unexpected state budget liquidity deficit and an additional burden arising from interest on delayed payments to the Brussels are possible for Slovenia.

  1. A study on relationship among free cash flow, firm value and investors’ cautiousness: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-09-01

    Full Text Available Financial statements as well as financial standards are always considered as primary sources for getting rich information of firms. The standards are normally divided in two categories of economic and accounting and each of these standards shows one of the specifications of the company and has its own advantageous and disadvantageous. There are different standards, which are used for firm assessment. Therefore, a company with more gained prominences has more change to succeed in attracting credits and financing from the capital market. Under such circumstances, such a company can attract more finance and it can be sold sooner on the stock exchange. This paper tries to investigate on the free cash flow as an effective factor in specifying the real value of the business enterprises on 56 selected firms from Tehran Stock Exchange. The results of this study have disclosed that, there was a direct and meaningful relationship between free cash flow of the business enterprises and their real values. Second, the real values of the business enterprises are more than their predicted values. Finally, the predicted value of the business enterprises on the basis of the free cash flow is more than their market value.

  2. Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet: Vehicle Infrastructure Cash-Flow Estimation -- VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Gonzales, John

    2015-04-02

    Presentation by Senior Engineer John Gonzales on Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet using the Vehicle Infrastructure Cash-flow Estimation (VICE) 2.0 model.

  3. The Effect of Surplus Free Cash Flow on the Relationship between the Board Structure and Earnings Quality of Companies Listed on Tehran Stock Exchange

    OpenAIRE

    Farzad Karimi; Masoud Foladi; Nasim Shirazi

    2014-01-01

    In this study, is evaluated the effect of surplus free cash flow on the relationship between board structure and earnings quality of listed companies in Tehran Stock Exchange. This study attempts to empirically examine the role of surplus free cash flow (SFCF) as a moderator on the relationship between board structure and earnings quality. The statistical society this study consisted of all companies listed on Tehran Stock Exchange during the period 2008 to 2012 that after applying the restri...

  4. Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

    Directory of Open Access Journals (Sweden)

    Alan Nader Ackel Ghani

    2015-04-01

    Full Text Available This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

  5. PENGARUH PROFITABILITAS, FREE CASH FLOW, DAN INVESTMENT OPPORTUNITY SET TERHADAP DIVIDEND PAYOUT RATIO (Studi Empiris Pada Perusahaan Perbankan Yang Terdaftar Di BEI)

    OpenAIRE

    Pradana, Salvatore Wika Lingga

    2014-01-01

    Penelitian ini bertujuan untuk mengetahui dan menganalisis faktor-faktor yang mempengaruhi Dividend Payout Ratio (DPR) seperti profitabilitas, free cash flow, dan investment opportunity set (IOS) pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI). Model regresi berganda (multiple regression) merupakan model analisis yang digunakan peneliti untuk menguji beberapa variabel yang diduga mempengaruhi dividend payout ratio, yaitu profitabilitas, free cash flow, dan investment op...

  6. INSTRUMENTS FOR THE IMPROVEMENT OF CASH FLOW AND FOR THE RATIONALIZATION OF SHORT-TERM FINANCIAL INVESTMENT APPLIED BY MULTINATIONAL COMPANIES

    Directory of Open Access Journals (Sweden)

    DOREL MATES

    2012-11-01

    Full Text Available The cash flow of the company is an essential element for the application and development of a fluency activity where the payment terms are considered according to the agreement and contracts. Concerning the multinational companies, it is the finance controller’s task to perform a strict, realistic and predictive record regarding the subsequent cash flow of the company. The most important items that influence the existence and the assessment of a realistic operational cash flow are the following: accounts receivable, external open credit lines, headquarter treasury approved amounts, accounts payable, wages. Another tool to improve the global performance of the company is the cash-pool that can be used only for same currencies for the main countries involved in.

  7. Pengaruh Agency Cost of Free Cash Flow Terhadap Tingkat Konservatisme dan Pengujian Efek Moderasi Kebijakan Hutang, Pendistribusian Kas, Persistensi Kas, dan Tata Kelola Perusahaan

    Directory of Open Access Journals (Sweden)

    Hendro Hendro

    2015-01-01

    Full Text Available This research investigates whether the J-type firm (high agency cost of free cash flow provide more conservative financial statements than non J-type firm. Besides, this research also aim to examine the moderating effects of debt, dividend, stock repurchase, cash persistency, and corporate governance on the relationship between the level of agency cost of free cash flow and conservatism level of financial statements. This research uses two measurement of conservatism, namely accrual conservatism and market value conservatism. Research sample includes manufacturing companies listed in the Indonesian Stock Exchange for the year 2007, 2008 and 2010. The result proves that there is a positive and significant relationship between the level of agency cost of free cash flow and the two measurement of conservatism level of financial stataments. However, this research shows that there is no effect of the moderating variables on that relationship.

  8. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohsen Sohrabi Araghi

    2013-01-01

    Full Text Available One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in decisions of financial statement users in listed companies on Tehran stock exchange, information content of operating cash flows and accruals in the connection with decision-making criteria used by different groups using financial statement has been examined. In this study, we use eliminating sampling and implied limitations and the sample size includes 203 companies to examine six hypotheses. The results of this research indicate that there is a significant different between accruals and operating cash flows information content in relation to various decision-making criteria but utilizing accruals and operating cash flows supplementary and simultaneously in profit frame depending on the selection criteria may or may not be include information value-added.

  9. 公司现金流与资本成本研究%On Corporate, Cash Flow and Capital Cost

    Institute of Scientific and Technical Information of China (English)

    马克林

    2015-01-01

    The investment formed capital over a period of time gives the company a sustainable cash flow , and cash flow to a discount rate that is used to meet the total risk of the company is the market value of the company . Meanwhile , the cash flow generated by the company ’ s assets can basically be divided into pay interest , taxes and shareholders income , and the three are discounted by different discount rate and the total value may also mean the company’s market value.This indicates that the company ’s market value has nothing to do with the proportion of the interest , taxes and the shareholders ’ income in the company ’ s total cash flow , and the company ’ s weighted cost of capital has nothing to do with the interest , taxes, and shareholders’ income value ratio.Therefore, it is be-lieved that there are no connections between corporate value , capital cost and capital structure .%公司投资而形成的资本经过一段时间会给公司带来一个持续的现金流,将该现金流用一个与公司总风险相适应的折现率折现而求得的价值即是公司的市场价值。同时,公司资产产生的现金流基本上可以分解为支付利息、税收和股东所得,三者分别按不同的折现率进行折现后所得的现价值之和也表示公司的市场价值。这表明公司的市场价值与利息、税收、股东所得在公司总现金流中的比例无关,而公司的加权资本成本与利息、税收、股东所得三者现价值比例也没有关系。因此,可以认为,资本结构同资本成本与公司价值无关。

  10. Scheduling Multi-Mode Projects under Uncertainty to Optimize Cash Flows: A Monte Carlo Ant Colony System Approach

    Institute of Scientific and Technical Information of China (English)

    Wei-Neng Chen; Jun Zhang

    2012-01-01

    Project scheduling under uncertainty is a challenging field of research that has attracted increasing attention.While most existing studies only consider the single-mode project scheduling problem under uncertainty,this paper aims to deal with a more realistic model called the stochastic multi-mode resource constrained project scheduling problem with discounted cash flows (S-MRCPSPDCF).In the model,activity durations and costs are given by random variables.The objective is to find an optimal baseline schedule so that the expected net present value (NPV) of cash flows is maximized.To solve the problem,an ant colony system (ACS) based approach is designed.The algorithm dispatches a group of ants to build baseline schedules iteratively using pheromones and an expected discounted cost (EDC) heuristic.Since it is impossible to evaluate the expected NPV directly due to the presence of random variables,the algorithm adopts the Monte Carlo (MC)simulation technique.As the ACS algorithm only uses the best-so-far solution to update pheromone values,it is found that a rough simulation with a small number of random scenarios is enough for evaluation.Thus the computational cost is reduced.Experimental results on 33 instances demonstrate the effectiveness of the proposed model and the ACS approach.

  11. Conditional E-Cash

    Science.gov (United States)

    Shi, Larry; Carbunar, Bogdan; Sion, Radu

    We introduce a novel conditional e-cash protocol allowing future anonymous cashing of bank-issued e-money only upon the satisfaction of an agreed-upon public condition. Payers are able to remunerate payees for services that depend on future, yet to be determined outcomes of events. Once payment complete, any double-spending attempt by the payer will reveal its identity; no double-spending by the payee is possible. Payers can not be linked to payees or to ongoing or past transactions. The flow of cash within the system is thus both correct and anonymous. We discuss several applications of conditional e-cash including online trading of financial securities, prediction markets, and betting systems.

  12. THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Adhy Listya Paramitha

    2014-01-01

    Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

  13. Využití údajů z výkazu Cash flow v řízení firmy

    OpenAIRE

    Zíková, Kristýna

    2010-01-01

    The main objective of this thesis is to define the application of the cash flow Statement used within Chazep a.s., a company whose main business activity is based on groundwork, and its interconnection regarding other statements. In Chazep a.s. the given statement has been analysed with the aim to emphasise the possibility of further application of data within the company management. This thesis analysed the cash flow Statement of Chazep a.s. for the years 2007 -- 2009 by using the indicators...

  14. Operating Cash Surplus Determinations

    Directory of Open Access Journals (Sweden)

    Teodor HADA

    2009-01-01

    Full Text Available The paper defines the concept of operating surplus. Then, it is compared to thegross operating surplus and the differences are identified. The two calculationmethods are presented next: (1 operating revenue less operating charges and(2 the gross operating surplus less ΔWCN (Working capital needs lessimmobilised production less stored production less other operating revenues.Then, a three year study is presented (2005-2007 and the results areinterpreted. Then, there is a correlation between the operating cash flow surplusand the operating cash flows.

  15. Optimal portfolio selection in a Lévy market with uncontrolled cash flow and only risky assets

    Science.gov (United States)

    Zeng, Yan; Li, Zhongfei; Wu, Huiling

    2013-03-01

    This article considers an investor who has an exogenous cash flow evolving according to a Lévy process and invests in a financial market consisting of only risky assets, whose prices are governed by exponential Lévy processes. Two continuous-time portfolio selection problems are studied for the investor. One is a benchmark problem, and the other is a mean-variance problem. The first problem is solved by adopting the stochastic dynamic programming approach, and the obtained results are extended to the second problem by employing the duality theory. Closed-form solutions of these two problems are derived. Some existing results are found to be special cases of our results.

  16. Family Income and Cash Flow of Rural Households in South East Nigeria: A Comparative and Gender – Based Analysis

    Directory of Open Access Journals (Sweden)

    Olajide, O. Adeola

    2011-12-01

    Full Text Available This study focused on the income generating capacity offarm family’s own resources and examined the vulnerabilityto financial risk among the remote and peri-urban farmingsystems of Imo state. Primary data was collected using thefarming and rural systems approach to randomly select and interview 120 households. Descriptive statistics and Mann whitneytest were used in assessing between group differences while regression analysis was used to test the determinants of familyincome spread within the households. The results showed thatthe farming systems differed significantly in terms of rewards toresource use and efficiency. It also showed that remotely locatedhouseholds were more likely to be vulnerable to financial risks.A comparison of Male and Female Headed Households showedthat the households had similar income generating potentials butwith the cash flow analysis a safe conclusion may be reachedthat Female Headed Household were more financially unhealthy.

  17. A new method to estimate risk and return of non-traded assets from cash flows: The case of private equity funds

    NARCIS (Netherlands)

    J. Driessen; T.-C. Lin; L. Phalippou

    2008-01-01

    We develop a new GMM-style methodology with good small-sample properties to assess the abnormal performance and risk exposure of a non-traded asset from a cross-section of cash flow data. We apply this method to a sample of 958 mature private equity funds spanning 24 years. Our methodology uses actu

  18. ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

    OpenAIRE

    Jie-Sheng Wang; Chen-Xu Ning

    2015-01-01

    In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO) algorithm combined with the least squares method (LMS) to optimize the adaptive network-based fuzzy inference s...

  19. Cash Holdings and Finance Constraints in Indian Manufacturing Firms

    OpenAIRE

    Vikash Gautam; Ashish Singh; Sarthak Gaurav

    2014-01-01

    This paper attempts to explore the effect of finance constraints by examining the propensity of firms to save cash out of cash flows. Drawing on cash-cash flow sensitivity (CCFS), we overcome the errors in attributing information in cash flows to real and financial components. We employ endogenous regime switching model for our empirical exercise. This model allows for multiple sorting variables, does not require finance constraints to increase monotonically with the sorting variables and ena...

  20. 会计利润与现金流量的矛盾及其协调%Contradiction between Accounting Profits and Cash Flow and Its Coordination

    Institute of Scientific and Technical Information of China (English)

    曾璐; 孙玺

    2016-01-01

    会计利润和现金流量都是评价企业业绩的重要指标,两者既有联系又有区别,在现实中,企业的会计利润和现金流量的数量关系始终处在矛盾中,难以协调,容易给会计信息使用者做出决策带来迷惑.本文分别从利润表和现金流量表的勾稽关系、会计利润和现金流量的区别进行分析,并使用一家上市公司——方大集团的财务数据进行具体说明,提出当一家企业会计利润和现金流量不一致时,企业可以从制定合理的应收账款信用政策、加强存货管理控制、协调企业各项活动现金流量之间的比例、准确合理地计提各项资产减值准备、同步企业和税务局对损益的认定标准、提高企业会计人员的职业道德修养等方面采取措施.%Accounting profit and cash flow are the important indexes to evaluate enterprise performance, there are both connection and difference between the two. In real life, the number relation between accounting profit and cash flow in the enterprise is always in contradiction, it is difficult to coordinate them. So, it will bring the captivation for accounting information users to make decisions. This paper analyzes the statement checked relationship between the income statement and cash flow and the difference between accounting profit and cash flow and it uses the financial data of China Fangda Group Co., Ltd. which is a public company to carry out the detailed description. It is put forward that when the accounting profit and cash flow are not consistent, the enterprise can take measures from formulating the reasonable account receivable credit policy, strengthening the inventory management control, coordinating the cash flow ratio among the activities, accurately and reasonably withdrawing the provision for diminution in value, bringing the profits and losses standards of enterprises and the revenue into step, enterprise accounting personnel's professional ethics

  1. 自由现金流理论或自由现金流“悖论”--基于A股白酒行业的实证研究%Free Cash Flow Theory or Free Cash Flow Paradox---An empirical study based on liquor industry in A-share market

    Institute of Scientific and Technical Information of China (English)

    郑蓉; 蒲亚

    2014-01-01

    近年进入低成长期的白酒行业,不仅其价格的大起大落及相关政策的不断出台使其处于发展变化的风口浪尖上,而且其行业内部分公司所表现出的高自由现金流、高收益与“高派现”和谐并存的局面更是令我们疑惑不解:难道自由现金流理论在中国真的被推翻了?文章通过对2003年到2012年间白酒行业派现、自由现金流及代理成本的实证研究发现:尽管自由现金流水平的高低与企业的单位派现水平无显著相关性,但由于高自由现金流企业的派现意愿普遍更强,并且高股利支付率与企业的代理成本水平有显著负相关关系。即白酒行业的表现并未推翻自由现金流理论,只是国内上市公司股利支付水平普遍偏低,又缺乏高派现的内在动力,这才是导致自由现金流“悖论”假象产生的真正原因。%Application and interpretation of the theory of free cash flow must fit to some corresponding prerequisite, while both the external environment in Chinese stock market and corporate governance structure of domestic listed company do not fully meet these conditions. In recent years, some companies with high-yield and high free cash flow in the low-growth liquor industry have caused the public attention. Is the free cash flow theory ineffective in explaining the behavior of domestic enterprises? Based on the empirical study of the liquor industry's cash dividends, free cash flow and agency costs from 2003 to 2012, it can be concluded that there has not any significant correlation between the unit cash payment level and free cash flow. But the businesses with a high free cash flow generally has a relative stronger desire to pay cash dividend, and the high dividend payout ratio shows a significant negative correlation with the level of corporate agency costs. That proved that the free cash flow theory cannot be overthrown. It is just the low level of dividend payment in

  2. Prognozowanie cash flow w przedsiębiorstwach sektora innowacyjnego i tradycyjnego – analiza spółek notowanych na GPW w Warszawie

    OpenAIRE

    Bolek, Monika; Grosicki, Bartosz

    2014-01-01

    W artykule autorzy rozważają problematykę związaną z możliwością prognozowania cash flow z działalności operacyjnej przedsiębiorstwa na podstawie wskaźników rentowności i wskaźników płynności. Wskaźniki płynności wskazują na strategię zarządzania kapitałem pracującym, co powinno determinować poziom cash flow generowanego przez przedsiębiorstwo, a cykl konwersji gotówki jest nie tylko dynamiczną miarą płynności, wskazującą na szybkość odzyskiwania gotówki zainwestowanej w cykl obrotowy, lecz t...

  3. The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

    Directory of Open Access Journals (Sweden)

    Jalal Golmohammadi

    2015-12-01

    Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

  4. A study on relationship between operating cash flows and performance evaluation criteria based on the theory of constraints (TOC versus traditional method

    Directory of Open Access Journals (Sweden)

    Mohammad Sadegh Arabi Ashtiani

    2013-08-01

    Full Text Available This study presents an empirical investigation to measure the relationship between traditional accounting performance measurement as well as theory of constraint-based figures with operating cash flow. Traditional accounting measurement includes net profit and return of investment and theory of constraint method includes net profit and return of investment based on theory of constraints. The study selects 69 firms list on Tehran Stock Exchange over the period 2000-2010. Using panel data and fixed effect, the study performs regression analysis and the results confirm that there was a positive relationship between net profit measured by theory of constraints and cash flow and it can be effectively used for performance measurement.

  5. A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-10-01

    Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

  6. Corporate rent-seeking and the managerial soft-budget constraint: An incremental cash flow approach to some corporate governance issues

    OpenAIRE

    Apreda, Rodolfo

    2004-01-01

    This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive framework of analysis that hinges on incremental cash flows. Firstly, it claims that both rent-seeking behavior and the soft-budget constraint are worthy of being applied to corporate governance learn...

  7. The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Omid Imani Khoshkhoo

    2013-12-01

    Full Text Available Information content of earnings and its components and other issues except the earnings such as the operating cash flow (OCF have been tested widely in the accounting and finance literature. Since they have had an essential role in most cases including financial reporting, contracts and evaluation models, specifying the items and financial variables that have had a significant relationship with these two variables are expected to be of utmost importance. One example of these variables and indicators is the value added. Although this variable has an economic concept, reporting of value added to the beneficiaries of business entity as the value-added statement has been observed in the field of accounting theories for many years. The main objective of this study was to investigate the effect of net value added (NVA as the basic result of value-added statement in predicting the accounting earnings and operating cash flow. For this purpose, the relationship of changes in net value added with the changes in accounting earnings and operating cash flow of listed companies in Tehran Stock Exchange from 2007 to 2011 was tested. Firstly the Single variable cross-sectional regression was analyzed and then the panel data analysis with the PLS technique was used to do a pooled analysis. The results of testing research hypothesis imply the significant relationship between changes in net value added and accounting earnings in the listed companies as cross-sectional and pooled forms. The results showed no significant relationship between changes in net value added and operating cash flow in the listed companies neither in cross-sectional nor pooled form.

  8. Analisis Pengaruh Free Cash Flow, Insider Ownership, Likuiditas, Profitabilitas Dan Leverage Terhadap Dividend Payout Ratio (Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia)

    OpenAIRE

    Panggabean, Rindang Natasya

    2015-01-01

    This study aims to test and find out about the influence of free cash flow, insider ownership, liquidity, profitability and leverage either partially or simultaneously on dividend payout ratio of manufacturing companies in consumer goods industry sector listed on the Indonesia Stock Exchange 2010-2013. The research is a quantitative study and the type of data used are secondary data obtained by researchers indirectly from the object of study. The data collection method used is the study ...

  9. Surveying the relationship between financial performance, free cash flow, capital structure as well as related or unrelated diversification in Tehran Stock Exchange

    OpenAIRE

    NEMATİ, Zahra; NONAHAL NAHR, Ali Akbar

    2015-01-01

    Abstract. This study, investigate the relationship between financial performances, free cash flow, capital structure and related and unrelated diversification. Test research hypotheses on 90 companies listed in Tehran Stock Exchange during the period 1386 to 1391 using the panel data show that diversification on firm performance by the index Q Tobin measure is effective and positive relationship between these two variables is significant and there are so related and unrelated diversification ...

  10. Analisis Pengaruh Corporate Life Cycle dan Free Cash Flow to Equity Terhadap Kebijakan Dividen pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2014

    OpenAIRE

    Mufliha, Titis Audiary

    2016-01-01

    The aim of study was to analyze the effect of Corporate Life Cycle (RETE) dan Free Cash Flow to Equity (FCFE) on Dividend Policy (Dividend Payout Ratio) in manufacturing companies listed in Indonesia stock exchange. This study used the secondary data from www.idx.co.id. The sampling was based on the criteria in accordance with the objectives of the study. This study used casual associative design to determine the casual relationship between a variable to another variable. Th...

  11. A study on relationship between operating cash flows and performance evaluation criteria based on the theory of constraints (TOC) versus traditional method

    OpenAIRE

    Mohammad Sadegh Arabi Ashtiani

    2013-01-01

    This study presents an empirical investigation to measure the relationship between traditional accounting performance measurement as well as theory of constraint-based figures with operating cash flow. Traditional accounting measurement includes net profit and return of investment and theory of constraint method includes net profit and return of investment based on theory of constraints. The study selects 69 firms list on Tehran Stock Exchange over the period 2000-2010. Using panel data and f...

  12. Pengaruh Perspektif Positive Accounting Theory, Growth Opportunities dan Operating Cash Flow Terhadap Konservatisme Akuntansi Pada Perusahaan Jasa yang Terdaftar di BEI Periode 2010-2013

    OpenAIRE

    Utami, Ayu Nindi

    2016-01-01

    This research aims to determine the effect of positive accounting theory perspective (managerial ownership, public ownership, leverage, Firm Size, capital intensity), Growth oppurtunities and operating cash flow partially or simultaneously toward conservatism accounting services companies listed on the Indonesia stock exchange periodic 2010-2013. The population of this research is the services companies listed in Indonesia stock exchange in periodic 2010-2013. The samples taken are as many...

  13. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    OpenAIRE

    Emine ÇINA BAL; Öztürk, Veli

    2013-01-01

    Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or los...

  14. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    Directory of Open Access Journals (Sweden)

    Emine ÇINA BAL

    2013-06-01

    Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

  15. The Relationship between Earnings before Interest and Taxes and Operating Cash Flow and Stock Return under the Condition of Information Asymmetry in Abadan and Arak Petrochemical Companies through Markov-Switching Approach

    Directory of Open Access Journals (Sweden)

    Abolghasem Masihabadi

    2015-06-01

    Full Text Available This research investigated the relationship between earnings before interest and taxes and operating cash flow and shareholders’ return in Abadan and Arak Petrochemical Companies. This relationship was tested under the condition of information asymmetry. Nonlinear Markov-Switching approach was adopted to test the hypotheses. The results of empirical tests through the data in 2001-2010 indicated that in Arak Petrochemical Company, both variables of earnings before interest and taxes and operating cash flow had significant relationship with stock return of company. However, in Abadan Petrochemical Company, only the variable of earnings before interest and taxes had significant and positive relationship with stock return of company. Increase in information asymmetry showed that variable of operating cash flow had a stronger relationship with stock return of companies than the variable of earnings before interest and taxes. In other words, under the condition of information asymmetry, cash flow variables had higher correlation with stock return of companies than accrual variables.

  16. Free Cash Flow and Mutual Fund Smart Money Effect%自由资金流动与基金智钱效应研究

    Institute of Scientific and Technical Information of China (English)

    申宇

    2015-01-01

    Over-marketing phenomena may exist in Chinese mutual fund market. We control cash flow of marketing effect and construct the free cash flow index( FCF) to study the smart money effect. Choosing the Chinese open-ended funds data from 2005 to 2012 and using Carhart four fac-tors model to adjust investment risk, we find that the yearly excess return of free cash inflows funds portfolios is 5. 2%—6. 6%, which outperformance 2. 3%—4. 9% than free cash outflow funds. This result confirms smart money effect exists in Chinese funds market. Considering the momturm effect and size effect, we set the static and dynamic panel data model, the results show that FCF is positive correlated with funds return in statistic and free cash flow increase 1 unit, funds return in-crease 4—13 bits. Further result shows that funds private information and depth index of asset allo-cation may account for mutual fund smart money effect.%本文构建基金营销与正常资金流动模型,修正我国基金自由资金流动指标,研究基金的智钱效应。选取2005—2012年的开放式基金数据,采用Carhart四因子模型对基金投资组合的研究发现,我国基金市场存在明显的智钱效应,自由资金流入的组合每年超额收益为5.2%—6.6%,比自由资金流出组合收益率显著高出2.3%—4.9%。固定效应和系统GMM模型结果表明,自由资金流动与基金业绩显著正相关,自由资金每提高1%,基金业绩提高0.04%—0.13%。进一步的研究发现,自由资金流动显著提高了基金资产配置的私有信息含量,也增加了基金资产组合投资的深度,本文的研究为智钱效应的原因提供了一种可能的解释。

  17. Research on the Supply Chain Coordination of Cash Flow Controlling in Context of Time-sensitive Demand%时间敏感型供应链的资金流协同问题研究

    Institute of Scientific and Technical Information of China (English)

    陈书智; 关旭; 马士华

    2011-01-01

    This paper briefly analyzes the concept of supply chain cash flow service provider and the effect of them in suppl chain cash flow operation. Considering a situation in a time-sensitive supply chain, the manufacturer could not achieve the optimal purchase and production decition due to the financial constraint. With the involvement of cash flow service provider, manufacturer can increase the purchase and production quantities by raising funds from the cash flow service providers. Firstly, the two-stage Stackelberg model about dynamic interactive decision-making behaviors between manufacturer and cash flow service provider is analyzed. Then an improved operation model that ensures the supply chain profits optimized through the way of effective cash flow controlling by cash flow service provider. Finally,a simulation example shows the effectiveness of the conclusion.%考虑在一个时间敏感型的供应链环境中,市场需求由制造商的承诺交货时间来确定.制造商由于自身资金有限无法实现最优的采购和生产决策,因此需要向资金流服务商贷款来增加其采购和生产的数量.在此模式下,首先分析了制造商和资金流服务商在主从博弈情况下各自的最优选择;然后提出改进模式:资金流服务商通过对供应链资金流的控制,促使供应链的整体收益达到最大.研究结果证明,快速地为企业提供资金支持能够有效增大供应链整体绩效.

  18. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  19. 基于现金流量表的会计收益质量分析%Analyses of Accounting Earnings Quality Based on Cash Flow Statement

    Institute of Scientific and Technical Information of China (English)

    董佳宁; 赵息

    2014-01-01

    针对现有权责发生制下对会计收益确认和计量中存在的局限性,使财务报告的会计收益不能体现企业的真实收益的情况,在阐述如何运用现金流量表各项目和现金流量指标分析会计收益质量的基础上,以2007年至2011年A股上市公司为例进行实证研究,分别构建了包含和不包含现金流量指标的会计收益质量指数EQI和ZEQI,发现前者与会计收益质量具有较高的相关性,并根据EQI值分析不同行业的会计收益质量情况,发现电力、煤气及水的生产和供应业,以及传播与文化产业总体会计收益质量较高但水平不均衡。%Because of the limitations of accrual basis in earning recognition and measurement, the reported accounting earn-ings cannot reflect the real earnings.It was discussed that how to use components and cash flow indexes of cash flow statement to analyze accounting earnings quality.The empirical studies were conducted with the examples of A-share listed companies from 2007 to 2011;and accounting earnings quality index EQI which includes cash flow indicators and ZEQI which excludes cash flow indicators were constructed respectively.It was found that EQI has a high relativity with accounting earnings quality.By compa-ring EQI of different industries, it was also found that electricity, gas and water production and supply industry and communica-tion and cultural industry have better accounting earnings quality but the levels are not balanced.

  20. Inflation, operating cycle, and cash holdings

    Institute of Scientific and Technical Information of China (English)

    Yanchao; Wang; Yu; Ji; Xu; Chen; Chunlei; Song

    2014-01-01

    A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash.At the macrolevel,firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation.At the microlevel,the operating cycle,which indicates the speed and turnover of corporate cash flow,also influences the corporate cash-holding strategy.Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment,which is referred to as the cash adjustment strategy.We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period.Consistent with our predictions,the empirical results indicate a significant negative association between cash holdings and the CPI,but the relationship is reversed when the CPI reaches a certain level.There is also a U-shaped relationship between operating cycle and cash holdings,and this relationship is similarly influenced by changes in the inflation level.In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously,our findings supplement the literature on firms’cash-holding strategies and provide theoretical and practical implications.

  1. The Investment-Cash Flow Sensitivity of Internet Innovation%互联网式创新的投资-现金流敏感性研究

    Institute of Scientific and Technical Information of China (English)

    白骏骄; 李芮

    2015-01-01

    互联网企业创新投入的不确定性非常强,因而内部现金流的支持非常重要。不同模式创新的投资-现金流敏感性不同。狭义的互联网式创新不同于传统的科技式创新,主要以商业模式创新为主,这种创新形式的特殊性决定了其创新投资与现金流敏感性的独特关系。根据系统GM M法,上市互联网企业的创新投资与现金流之间存在显著正向关系,而且不同创新模式具有不同的创新投资-现金流敏感性,中外互联网企业的资金使用情况也有所不同。在互联网式创新理论分析和实证数据检验的基础上,应当看到中国目前典型的互联网式创新在利用现金流和中国人力资源等方面的优势,通过基础设施、政策法规、人才培养、管理体制四个方面,加快发展中国式互联网创新。%Internet companies'investment on innovation of is supported by cash flow .But different innovation models have distinct Innovative investment‐cash flow sensitivities . T he narrow definition of internet innovation is one kind of business model innovation and systematically differentiated with the technical innovation .Based on system GMM method ,publicly traded Internet firms have positive relation between innovative investment and cash flow and the difference between two models of internet innovations .Based on the internet innovation theory and empirical analysis ,it is clear that the China's unique version of internet innovation is good at using its current advantage in cash and human capital and other areas ,which further suggested that China should actively facilitate Internet innovation with stronger basic facilities ,law s regulations ,and human resources .

  2. Řízení cash flow při minimální ceně stavební zakázky

    OpenAIRE

    Šmýdová, Lucie

    2013-01-01

    Obsahem této diplomové práce je řízení cash flow při minimální ceně stavební zakázky „Intenzifikace čističky odpadních vod Sokolov – I. etapa“. Jsou zde srovnány dvě varianty řízení cash flow zakázky, které se liší smluvními podmínkami mezi stavebním podnikem a zhotovitelem subdodávky. V první variantě podnik požaduje splatnost faktur 90 dnů a zajištění záruk pomocí bankovní garance po subdodavateli. V další variantě subdodavatel poskytl podniku možnost využit 9% skonta při splatnosti faktur ...

  3. 高管激励与现金流操控关系及调节作用研究%Research on the Relationship between Senior Executive Incentive and Cash flow Manipulation and Its Moderating Effect

    Institute of Scientific and Technical Information of China (English)

    郭慧婷; 张俊瑞; 李彬

    2015-01-01

    This paper explores the reasons of cash flow manipulation from the perspective of senior executive incentive of list⁃ed companies, and classifies senior executive incentive into explicit incentive and implicit incentive. Meanwhile, the paper, taking three types of report motivation of cash flow manipulation as moderating variables, probes into whether the relationship between senior executive incentive and cash flow manipulation will be affected by the report motivation factors. After making an empirical test on the data of Chinese A-share market from 1999 to 2012, we find that senior executive incentive stimulates cash flow manipulation, the proportion of senior incentive shareholding restrains cash flow manipulation, implicit gains of se⁃nior executive reduce cash flow manipulation, and companies with a high senior executive turnover rate breed easily cash flow manipulation. We also notice that three types of report motivation moderate the relationship between senior executive incentive and cash flow manipulation significantly.%文章从上市公司高管激励的视角探求公司现金流操控行为产生的原因,具体将高管激励划分为显性激励和隐性激励,同时以现金流操控的三类报告动机为调节变量,探究高管激励与现金流操控的关系是否受到报告动机因素的干扰。通过对我国A股上市公司1999-2012年数据实证检验,发现高管薪酬刺激了现金流操控,高管持股比例能抑制现金流操控,高管隐性收益减少现金流操控,频繁的高管变更易滋生现金流操控;三类报告动机均显著调节了高管激励与现金流操控的关系。

  4. Research on Free Cash Flow Holding under the Perspective of Corporate Governance%公司治理视角下自由现金流持有水平研究

    Institute of Scientific and Technical Information of China (English)

    刘想; 刘银国; 张琛

    2014-01-01

    Free cash flow holding is affected by corporate governance factors .T his paper uses the mod‐el of free cash flow holding under the influence of corporate governance factors ,selects 639 listed com‐panies in Shanghai and Shenzhen stock market in 2003~2012 as balance panel data ,and empirically tests how the different corporate governance factors affect the free cash flow holding .The results show that there is a gap between the free cash flow holding in Chinese listed companies and the best free cash flow holding ,the free cash flow holding adjustment is positively related with corporate in‐vestment level and the ratio of the largest shareholder and is negatively related with financial con‐straint ,and non‐state‐owned enterprise's free cash flow holding adjustment speed is faster than that of state‐owned enterprise .The research of this paper provides reference for the enterprise to determine the best free cash flow holding and improve the use efficiency .%自由现金流的持有会受到公司治理相关因素的影响。文章利用自由现金流持有水平在公司治理因素影响下的调整模型,以2003-2012年沪深两市639家上市公司的平衡面板数据为样本,就企业不同的公司治理因素如何影响自由现金流的持有水平进行实证检验。研究结果显示,我国上市公司自由现金流持有水平与最佳持有量存在一定差距;自由现金流持有水平的调整与企业投资水平、第一大股东持股比例呈正相关关系,与融资约束程度呈负相关关系;非国有企业的自由现金流持有水平调整速度快于国有企业。本文的研究可为企业确定最佳自由现金流持有水平并提高其使用效率提供参考。

  5. Cash Reconciliation Tool

    Data.gov (United States)

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create...

  6. Cash Use in Australia

    OpenAIRE

    Eden Hatzvi; Jessica Meredith; Rose Kenney

    2014-01-01

    This article uses results from the 2013 Survey of Consumers’ Use of Payment Methods and regression analysis to examine trends in cash use in Australia. The results show that cash remained the most common form of payment, though its use relative to other payment methods has declined over recent years. Older participants were more likely to use cash than younger participants and all participants were more likely to use cash for low-value transactions relative to other payment methods. In additi...

  7. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    OpenAIRE

    Irene Clara Pisón Fernández; Félix Puime Guillén; Miguel Ángel Crespo Cibrán

    2015-01-01

    En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégi...

  8. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    Directory of Open Access Journals (Sweden)

    Irene Clara Pisón Fernández

    2015-06-01

    Full Text Available En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégico dentro de la economía española de las próximas décadas.

  9. Classification of the Causes of Debt Structure f rom the Cash Flow Statement%基于现金流量表的债务成因分类

    Institute of Scientific and Technical Information of China (English)

    周爱香

    2014-01-01

    T he debt in the cash flow statement mainly causes from the operating activities ,the financing and investing activities .According to the economic activities of enterprise ,this paper classifies debts in-to operating debt ,financing debt and investing debt ,providing a new analytical thinking for financial theory and practice study .%债务主要成因于企业的经营活动、筹资活动和投资活动。根据企业的经济内容,把债务细分为经营性债务、融资性债务和投资性债务,为财务理论和实务研究提供一种新的分析思路。

  10. 浅谈现金流量表与企业财务状况%Cash Flow Statement and Enterprises' Financial Situations

    Institute of Scientific and Technical Information of China (English)

    辛利清

    2012-01-01

    现金流量表是企业一定期间的经营活动、投资活动的动态财务报表,也是世界上通行的主要会计报表之一。是分析企业财务管理水平和制定营运资金计划,以加强财务管理和用好资金的重要依据。%The cash flow statement is the dynamic financial statement of the business and investment activities of enterprises in a certain period and one of the major accounting statements in the world.It is an important basis to analyze the levels of financial management of enterprises and to make plans of operating funds to enhance financial management and make better use of the operating funds.

  11. Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method

    Directory of Open Access Journals (Sweden)

    Mustafa KIRLI

    2005-01-01

    Full Text Available Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Value Driver Model and Economic Profit Method.Second approach does not consider the cash flows after explicit forecast period and suggests Liquidation Value Method and Relative Valuation Method.In the applications of corporate valuation,continuing value accounts for anywhere from 50 percent to 125 percent of total company value,therefore these models and methods separetely must be analysed and their results must be evaluated.

  12. Is electronic cash possible?

    OpenAIRE

    Schmidt, Max; Schunter, Matthias; Weber, Arnd

    1998-01-01

    Cash-like payments in electronic commerce and at the traditional point of sale are expected to be beneficial, e.g., because of privacy protection, low transaction costs, and irrevocability. Therefore, we discuss how to design electronic cash in a way that it both mirrors the most important characteristics of raditional cash, but also fulfils the expectations which arise towards electronic means of payment. We analyse the problems and trade-offs between the different characteristics to be impl...

  13. 延迟支付方式下的供应链现金流风险模型%A Cash Flow Risks Model of Supply Chain under Conditions of Permissible Delay in Payments

    Institute of Scientific and Technical Information of China (English)

    张保银; 车佳玮

    2014-01-01

    Based on cash conversion cycle theory, the model of cash flow risks caused by late collection of the manufacturer which is in the middle position of a closed supply chain system was established.Each payment was set and the discount rate was added to improve cash flow model.Meanwhile, cost of sales ratio represented costs.When the optimal model of net cash inflow was set up, the corresponding of proportion of each payment, cash discounts and discount rate could be obtained;and their rela-tions could also be analyzed.It is suggested that if the cost of sales ratio is constant and the company determines the proportion of each payment, in accordance with a net cash inflow of risk minimization analysis, there will be some corresponding cash discounts and discount rates.Cash discounts and installments payment ratio are positively correlated but with a steeper changes.The higher the cost, the more stringent payment terms enterprises require.%基于现金循环周期理论,针对封闭供应链系统中间位置的制造商,建立了其应收账款延迟支付下的现金流风险模型。设定每期付款比例和加入贴现率以改善现金流模型,并引入销售成本率表示成本。以净现金流入风险最小为目标,得到由每期付款比例、现金折扣和贴现率组成的解集,并分析其变化关系。研究表明,销售成本率一定,当企业确定每期支付比例时,在净现金流入风险最小的约束下,以一定的现金折扣和贴现率与之对应。现金折扣与每期付款比例正相关,且其变动幅度更大,成本越高,企业要求的付款条件越苛刻。

  14. A Cash Management Model.

    Science.gov (United States)

    Boyles, William W.

    1975-01-01

    In 1973, Ronald G. Lykins presented a model for cash management and analysed its benefits for Ohio University. This paper attempts to expand on the previous method by providing answers to questions raised by the Lykins methods by a series of simple algebraic formulas. Both methods are based on two premises: (1) all cash over which the business…

  15. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  16. Quantifying the value of investing in distributed natural gas and renewable electricity systems as complements: Applications of discounted cash flow and real options analysis with stochastic inputs

    Energy Technology Data Exchange (ETDEWEB)

    Pless, Jacquelyn; Arent, Douglas J.; Logan, Jeffrey; Cochran, Jaquelin; Zinaman, Owen

    2016-10-01

    One energy policy objective in the United States is to promote the adoption of technologies that provide consumers with stable, secure, and clean energy. Recent work provides anecdotal evidence of natural gas (NG) and renewable electricity (RE) synergies in the power sector, however few studies quantify the value of investing in NG and RE systems together as complements. This paper uses discounted cash flow analysis and real options analysis to value hybrid NG-RE systems in distributed applications, focusing on residential and commercial projects assumed to be located in the states of New York and Texas. Technology performance and operational risk profiles are modeled at the hourly level to capture variable RE output and NG prices are modeled stochastically as geometric Ornstein-Uhlenbeck (OU) stochastic processes to capture NG price uncertainty. The findings consistently suggest that NG-RE hybrid distributed systems are more favorable investments in the applications studied relative to their single-technology alternatives when incentives for renewables are available. In some cases, NG-only systems are the favorable investments. Understanding the value of investing in NG-RE hybrid systems provides insights into one avenue towards reducing greenhouse gas emissions, given the important role of NG and RE in the power sector.

  17. 论现金流量表在企业财务分析中的作用%On the Role of Cash Flow Statement for Financial Analysis

    Institute of Scientific and Technical Information of China (English)

    卢雪英

    2011-01-01

    In the past we often use a single financial ratios analysis method when we evaluate and analysis financial statements.However,the simple contrast cannot give good explanation.Therefore,it is necessary to introduce a cash flow statement analysis for the financial analysis for a more accurate reflection of the company's financial position and operating yields.We tried to discuss views on this issue.%对财务报表进行分析评价时,以往我们常常采用单一的财务比率分析的方法,简单对照并不能很好地说明问题。因此,在财务分析时很有必要引入现金流量表分析来作为财务分析的补充,以便更加确切地反映企业的财务状况和经营成果。本文试对此问题谈自己的一些看法。

  18. Did the Adoption if IAS/IFRS by German Firms in 2005 Improve Earnings' Predictive Power with regard to Forecasting Future Operating Cash Flows? : An Empirical Analysis of German Publicly Listed Firms

    OpenAIRE

    Berndt, Thomas; Gossner, Stephan

    2013-01-01

    This study examines whether the adoption of International Accounting Standards and International Financial Reporting Standards by German firms in 2005 improved earnings' predictive power with regard to forecasting future operating cash flow. We consider earnings' predictive power as one dimension of accounting quality. We use a data sample of German DAX and MDAX firms ranging from 2001 to 2011. The sample is split into two distinct subsamples (time period before and after 2005, the year of th...

  19. Pengaruh Firm Size, Leverage, Return On Investment (Roi) Free Cash Flow (Fcf), Dividend Payout Ratio (Dpr),Dan Price Earning Ratio (Per) Terhadap Earning Management Pada Perusahaan Manufakturyang Terdaftar Di Bursa Efek Indonesia

    OpenAIRE

    Siallagan, Evi Handayani

    2015-01-01

    The purpose of this research is to analyze the influence of firm size, leverage, free cash flow, return on investment, dividend payout ratio, and price earning ratio on earning management. Earning management is measured by discretionary accruals using Kaznik Model. This study uses secondary data were taken from the manufacturing companies which are listed in . Sample selection is done by purposive sampling method and sample obatained from this researh were 36 of a total 141 companies. Met...

  20. The investigation of the difference between accounting data error in future operational cash flow predication , before and after adjust, due to inflation in accepted companies in Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Daryoush Javid

    2014-07-01

    Full Text Available The present research examines the difference between accounting data error in future operational cash flow predication before and after adjust due to inflation the population in this research include the accepted companies in Tehran stock exchange. The sample member companies financial statements by mean of current value – constant Rials were adjusted and were accounting data error in future and before adjust due to accounting inflation. After examination of the accounting data prediction before and after adjust, statistical data were tested by means of jariko method so that their normality by examined. The obtained results of jariko-Bera test indicate that the statistical data distribution is not normal. Therefore the sample couple signal Nonparametic test is used for investigation of difference between accounting data error in future cash floe prediction before and after adjust. the research hypothesis is : The accounting data error based on historical values is move than accounting data error based on current values in future period operational cash flow. The obtained results of sample even signal in relation to research hypothesis indication that we can accept the research hypothesis Normal 0 false false false EN-US X-NONE AR-SA

  1. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    by the issuance of new shares. Taxable cash dividends financed by the issuance of new shares then can be considered a positive kind of money burning whose role is to signal a firm's high quality. The implications of the models are consistent with several important empirical facts about dividends and share......Firms pay out cash using both dividends and share repurchases. In many aspects these twomeans are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides...... repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends financed...

  2. Research on Management Shareholding, Free Cash Flow and Enterprise Excessive Investment%管理层持股、自由现金流与企业过度投资行为研究

    Institute of Scientific and Technical Information of China (English)

    骆希亚; 施文

    2015-01-01

    Under the modern enterprise system, management shareholding can transform the entrenchment effect between shareholders and managers into convergence interest effect, and reduce the excessive investment behavior of managers. Empirical research shows that there is conical relationship between management shareholding and enterprise excessive investment-free cash flow. There is a positive u-shaped relationship sensitivity between the excessive investment of free cash flow and management shareholding. When the management shareholding reaches a certain proportion, enterprise excessive investment has minimum sensitivity to free cash flow, so it has the maximum effect to restrain excessive investment at this point.%在现代企业制度下,通过管理层持股将股东与管理层之间的堑壕效应转化为利益协同效应,能有效减少管理层的过度投资行为。通过实证研究发现,管理层持股与企业过度投资—自由现金流存在二次曲线关系,过度投资对自由现金流的敏感性与管理层持股呈正U型关系。当管理层持股达到一定比例时,企业过度投资对自由现金流敏感度最低,对企业抑制过度投资的作用最大。

  3. 公司战略评估中现金流量折现法的应用分析%The application analysis of discounted cash flow method in the assessment of corporate strategy

    Institute of Scientific and Technical Information of China (English)

    洪相铁; 郭长兴

    2015-01-01

    现金流量折现法作为目前最流行的一种评估公司战略的方法,在评估公司中发挥着非常重要的作用。将现金流量折现法应用到企业战略的评估中可以使公司从公司价值的角度综合分析公司未来发展,为公司制定出更加个性化的战略方案。通过对现金流量折现法及公司战略评估的详细介绍,运用基本理论和模型分析现金流量折现法评估公司战略的实例。通过实例的应用指出该方法在运用中遇到的障碍并进一步分析该方法的改进策略。最终评价了该方法的优势及不足,并预测其发展前景。%As one of the most poplar method in current enterprise evaluation,discounted cash flow method plays a very important role in evaluating a company.Here,the discounted cash flow method applied to the evaluation of enterprise strategy can make the enterprise comprehensively analysis the company′s future development from the perspective of the value of the company.It can develop a more personalized strategy for the company.Through the discounted cash flow method and the evaluation of the company′s strategy in detail,uses the basic theory and model analysis of discounted cash flow method to assess the instance of company strategy.By an example of application,it figure out the weakness of the method and further analyze the improvement of this method.Finally,evaluates the advantages and disadvantages of this method and predicts the development prospect.

  4. Monetary Policy,Financial Flexibility and Investment-cash Flow Sensitivity%货币政策、财务柔性与投资-现金流敏感性

    Institute of Scientific and Technical Information of China (English)

    肖明; 李松

    2016-01-01

    财务柔性是指企业储备一定的财务资源,以提升未来应对不利事件冲击和把握有利机遇的能力。通过在投资-现金流敏感性方程中增加财务柔性变量,分析了财务柔性如何影响投资-现金流敏感性。采用中国上市公司2000—2013年度的数据进行了模型估计,结果显示财务柔性对非国有控股企业的投资-现金流敏感性有显著的下调作用;如果把货币政策考虑进来,无论是国有控股还是非国有控股企业,财务柔性都可以有效缓解货币政策紧缩背景下企业的投资-现金流敏感性。%Financial flexibility is an ability by which an enterprise reserves certain financial resources to deal with shocks from future adverse events and grasp favorable opportunities. By adding financial flexibility into the equations of investment-cash flow sensitivity, the ways how financial flexibility affects investment-cash flow sensitivity were analyzed.Based on the model estimation of the listed companies’annual data from 2000 to 2013 in China,the results showed that financial flexibility has a significant downward effect on non-state-owned enterprises’investment-cash flow sensitivity.If monetary policy is taken into account,no matter whether an enterprise is state-owned or non-state-owned, financial flexibility can effectively alleviate investment-cash flow sensitivity in the context of monetary policy tightening.

  5. 企业非相关多元化经营的现金流定量研究%The Quantitative Study of the Cash Flow Condition in the Unrelated Diversification

    Institute of Scientific and Technical Information of China (English)

    王丹; 郑文燕

    2015-01-01

    结合企业非相关多元化经营特点,研究了非相关多元化经营对现金流状况的影响。选取代表性指标作为解释变量,以非相关多元化水平为被解释变量,利用 SPSS 19进行了多元回归模型分析。分析结果表明,过高的非相关多元化水平对现金流状况产生负面影响。根据研究结果,企业可以采取更有效、更有针对性的措施降低财务风险。%In combination with the characteristics of the unrelated diversification enterprise, it studies the unrelated diversification impact on the cash flow condition.Representative indicators are selected as the independent variables,while the unrelated diversification level as the dependent variable.And then it does the multiple regression model analysis by using SPSS 1 9.Analysis results show that high level of unrelated diversification will have a negative effect on cash flow situation.On the basis of the quantitative study,enterprises can adopt more effective and targeted measures to reduce financial risk.

  6. From Gas to Cash

    OpenAIRE

    World Bank

    2015-01-01

    Mozambique has enjoyed strong economic growth but poverty levels are still unacceptably high. Mozambique is now in a transition period with an opportunity to plan for how resource revenues can contribute to poverty reduction and inclusive growth. Any policy to scale-up a cash transfer program will operate with a limited budget, meaning that decisions will need to be made on the optimal des...

  7. Solar energy, a cash machine

    International Nuclear Information System (INIS)

    A first article outlines that the solar energy sector attracts investors which are looking for secure returns. It is notably the case in the United States where companies are undergoing spectacular growth: solar installations are perceived as cash flow factories. A second article comments the consequences of this evolution of investments: the photovoltaic sector is now competitive and thus enters a new dimension with a mass development (indicators of installed power as it is in 2014 and will be 2019 are given for the main markets which are USA, Chile, Europe, South Africa, India, China, Japan and Australia). A third article comments this increase of investors who decide to invest in industries related to energy transition as they perceive these investments less risky on the long term, notably in relationship with climate. The success of crowd-funding practices is briefly evoked for projects related to sustainable development

  8. Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Atif Kafayat

    2014-06-01

    Full Text Available The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008- 2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

  9. Otimização de fluxos em rede na gestão financeira do caixa: aplicação em uma empresa agroindustrial Cash management network flow optimization: application within an agroindustrial company

    Directory of Open Access Journals (Sweden)

    José Vinícius de Avila Pacheco

    2010-01-01

    Full Text Available Neste estudo, formulou-se o problema de gestão do fluxo de caixa encontrado em uma típica empresa agroindustrial como um modelo de otimização de fluxos em rede (com perdas e ganhos proposto em Golden, Liberatore e Lieberman (1979. O objetivo é maximizar o retorno dos recursos financeiros do caixa no final de um horizonte de planejamento multiperíodos e finito. Dois exemplos são estudados aplicando-se programação linear: no primeiro, o modelo original de fluxos em rede é usado para apoiar decisões operacionais de fluxo de caixa e, no segundo, o modelo é estendido para tratar de um planejamento tático de pagamentos de empréstimos. Os modelos matemáticos são resolvidos usando-se a ferramenta de otimização de um software de planilha eletrônica bem conhecido na prática de empresas. Os resultados numéricos obtidos mostram que os modelos são flexíveis e eficazes, sendo capazes de gerar soluções tão boas ou melhores do que as da tesouraria da empresa.In this study we formulate the cash flow management problem encountered in a typical agroindustrial company as a network flow optimization model (with gains and losses proposed in Golden, Liberatore e Lieberman (1979. The objective is to maximize the cash return of the financial resources at the end of a multi-period and finite planning horizon. Two examples are studied applying linear programming: in the first, the original network flow model is used to support operational cash flow decisions and in the second, the model is extended to deal with a tactical planning of loan payments. The mathematical models are solved using the optimization tool of a widely-used software spreadsheet package. The numerical results obtained show that the models are flexible and effective, being able to generate solutions, equal to or superior to the company solutions.

  10. Application of Discounted Cash Flow Method to Listing Coal Company%贴现现金流量法在煤炭上市公司价值评估中的应用

    Institute of Scientific and Technical Information of China (English)

    张朋程

    2012-01-01

    The paper introduced the discounted cash flow rate method applied to evaluate the resources value of a listing coal company and thus further to realize the evaluation of the listing company value.Meanwhile think this method was applied to evaluate the resource value of Jingyuan Coal and Electric Power Company and the listing company value.%介绍了采用贴现现金流量法评价煤炭上市公司资源价值,从而进一步实现对上市公司价值的评价的方法。同时使用该方法对靖远煤电公司的资源价值以及上市公司价值进行了评估。

  11. E-Cash Payment Protocols

    Directory of Open Access Journals (Sweden)

    Shweta Srivastava

    2012-09-01

    Full Text Available E-cash is a payment system designed and implemented for making purchases over open networks such as the Internet. Need of a payment system which enables the electronic transactions are growing at the same time that the use of Internet is growing in our daily life. Present days electronic payment systems have a major problem, they cannot handle the security and the users anonymity and at the same time these systems are secure on the cost of their users anonymity. This paper shows the payment protocols for digital cash and discusses how a digital cash system can be formed by presenting a few of the present days digital cash systems in details. We also provide a comparison and determine them together to see which one of them fulfils the properties for digital cash and the required security level.

  12. 治理环境、两权分离与公司投资行为%Governance Environment, Separation of Control Right and Cash Flow Right and Corporate Investment Behaviour

    Institute of Scientific and Technical Information of China (English)

    汪剑锋

    2011-01-01

    本文以我国上市公司2004-2008年的数据为样本,结合我国特有的制度背景,对我国上市公司的投资行为进行探讨。结果表明,我国上市公司更多的是发生了过度投资行为,而非投资不足;并且随着最终控制人两权分离程度的加大,过度投资将更加严重。而最终控制人拥有的现金流权的增加却能对过度投资行为起到一定的缓解作用;同时,良好的公司治理环境对公司的过度投资行为也能起到显著的抑制作用。%Using the data of listed companies in China from 2004 to 2008, this paper analyses the investment behaviour of listed companies under China's special institutional background. The results show that listed companies frequently display over-investment behaviour rather than under-investment behaviour, and the separation of control right and cash flow right of the ultimate controllers aggravates the over-investment. But the increase of cash flow right of ultimate controllers can mitigate over-investment to some extent. At the same time, the improvement of governance environment also can markedly restrain the over-investment behaviour.

  13. 自由现金流的代理成本效应检验:基于在职消费视角%Cost Effect of Free Cash Flow:Based on Position-related Consumption

    Institute of Scientific and Technical Information of China (English)

    刘银国; 张琛

    2012-01-01

    Free cash flow (FCF) is cash flow in excess of that required to fund all projects that have positive net present values when discounted at the relevant cost of capital. Jensen published a treatise named "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers" in 1986, puts forward FCF agency costs hypothesis, opened the link between FCF and agency costs, corporate governance. Because of the separation of ownership and manage- ment rights in modem enterprise, managers always make their own benefit maximization, and then resulting in the principal-agent problem and high agency costs. Managers have an incentive to use FCF for the excessive invest- ment, low efficiency acquisitions and discretionary revenue expenditure, and cause the decline in corporate per- formance finally. Is Jensen's agency costs hypothesis exists in the real China? How to control the Chinese state- owned enterprises' FCF reasonably; reduce position-related consumption and over-investment in senior manage- ment; and improve corporate performance, which becomes common issues need to address in the field of finance and corporate governance. This paper selected the sample of 2007 ~ 2010 Shanghai-listed company data, and em- pirically tested the correlation between FCF and position-related consumption, corporate performance in China's lis- ted companies. On this basis, the paper proposed the policy recommendations of optimization and control of FCF, and improvement of the corporate governance structure. From the study, we could see that Companies hold certain cash flow, indicating that companies have the ability to reward investors and selfvmanagement, but because incon- sistent with the objectives and information asymmetry between business owners and operators, there is differences in using FCF. Excess cash flow can often make the executives more easily for personal gain or the lack of due care and full consideration in disposing cash flow. At the same time as the management contract in

  14. Prudency reviews, cash management issues emerge

    Energy Technology Data Exchange (ETDEWEB)

    1985-06-01

    Utility management is paying increasing attention to the broadening of regulatory commission prudency reviews to cover operating generating plants as well as those under construction. Utilities can expect a prudency review after a major outage, and should investigate the possibility for legal action against a third party or be prepared to defend itself. The Shoreham nuclear plant serves as a warning to utilities of the need for on-going documentation of cost-benefit analyses conducted during the construction period. Utility managers should demand a prudency standard from their regulators, and minority owners in large projects should make independent prudency findings. There is also a growing need for utilities to develop intelligent strategies for handling excess cash. Methods for handling cash flow include the financial investment, grid refurbishment, dividend payout, decapitalization, and diversification.

  15. Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

    Directory of Open Access Journals (Sweden)

    Mustapha Gimba Kumshe

    2013-04-01

    Full Text Available The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all times for efficient and unconstrained implementation of the annual budget. The primary goals of a good cash management system are to maintain adequate cash at hand to meet the daily cash requirements of the local government while maximizing the amount available for investment and to obtain the maximum earnings on invested funds while ensuring their safety. The local governments obtain their revenue through internal and external sources, the external sources of revenue includes federal statutory allocations and loans obtained from financial institutions and other agencies; while among the internal sources are revenue from market fees, fees collected from motor parks, street hawking fees, shop fees and other miscellaneous sources. Some of the cost effective methods of revenue collections are contracting out of revenue collections to private collection agency, designating collection points for convenience, application of e-collection method where the local governments device a means of allowing tax payers to pay their taxes online. It is recommended that proper management of funds, efficient accounting and auditing system is necessary for proper cash management.

  16. Empowering cash managers to achieve cost savings by improving predictive accuracy

    OpenAIRE

    Salas-Molina, Francisco; Martin, Francisco J.; Rodríguez-Aguilar, Juan A.; Serrà, Joan; Arcos, Josep Ll.

    2016-01-01

    Cash management is concerned with optimizing the short-term funding requirements of a company. To this end, different optimization strategies have been proposed to minimize costs using daily cash flow forecasts as the main input to the models. However, the effect of the accuracy of such forecasts on cash management policies has not been studied. In this article, using two real data sets from the textile industry, we show that predictive accuracy is highly correlated with cost savings when usi...

  17. 基于现金流量项目的企业财务困境分析%Analysis of Corporate Financial Distress Based on the Cash Flow Project

    Institute of Scientific and Technical Information of China (English)

    张倩

    2012-01-01

    The paper selects 127 ST companies in 2011 as financial distress companies, and each company is found in pair. Mak- ing use of the cash flow project data of the financial distress companies and non-financial distress companies from the yearT - 1 to the yearT-6, based on the test of the paired sample T, the conclusion has been reached that the financial distress is caused due to the funds raising beyond scale and main business gliding.%选取2011年127家ST公司为财务困境公司,并对每个困境公司进行配对,利用财务困境公司和非财务困境公司T-1年至T-6年现金流量项目数据,通过配对样本T检验,得出财务困境是因超规模筹资和主营业务下滑所导致的结论.

  18. Research on Relationship between Internal Governance and Free Cash Flow%公司内部治理与自由现金流关系研究——基于我国民营上市公司实证研究

    Institute of Scientific and Technical Information of China (English)

    马迪; 姜乃平

    2011-01-01

    This paper is based on the sample of data of private listed companies during the period from 2006 to 2009,study the relationship between the internal governance of board of directors in private-owned enterprises and free cash flow.Our study derives the following two conclusions: ①there is no correlation between the scales of private listed company and its free cash flow,while the company's free cash flow is not relevant to whether board chairman and general manager is the same person neither;②the company's free cash flow has remarkable negative relation with proportion of independent directors in board of directors and the times of annual conference.%以我国民营上市公司2006-2009年数据为样本,分析民营企业董事会内部治理与自由现金流量的关系。研究得出以下结论:①我国民营上市公司董事会规模和董事长与总经理的两职分任与公司的自由现金流量不存在相关性;②董事会中的独立董事比例和董事会年度会议次数与企业自由现金流量呈现显著的负相关关系。

  19. Free Cash Flow and Position-related Consumption: Empirical Study Based on the Ownership and Corporate Governance%自由现金流与在职消费——基于所有制和公司治理的实证研究

    Institute of Scientific and Technical Information of China (English)

    刘银国; 张琛

    2012-01-01

    Free cash flow(FCF) is the cash flow freely dominated by corporate executives. The more free cash flow corporate has, the more likely corporate executives are to impair the interest of the owners. This may lead to position-related excessive consumption and uhimately lead to performance decline. This paper selects the 2006-2010 data of Shanghai-listed companies, empirically tests the relationship between free cash flow and the degree of position-related consumption in China's listed companies, and further tests the ownership' s and the level of corporate governance' s impact on the relationship between FCF and position-related consumption. Finally, this paper provides policy suggestions for improving corporate governance structure and constraining agent behavior reasonably.%自由现金流量是企业高管可以自由支配的现金流量。自由现金流量越多,企业高管越有可能出现损害所有者利益的行为,过度在职消费,从而最终导致企业绩效下降。本文选取2006—2010年沪市上市A股企业数据为样本,实证检验我国上市公司自由现金流和在职消费程度的关系,并进一步考察不同的所有制性质和公司治理水平对自由现金流和在职消费之间关系的影响。为完善公司治理结构、合理约束代理人行为提供政策建议。

  20. Modeling and Treatment Applicable in the Establishment of the Necessary Variables for Testing the Mathematical Model Regarding the Contribution of the Amortization Method to The Estimation of the Cash Flows from the Use of Fixed Assets – Case Study Applied to the Groups of Societies within the European Space

    Directory of Open Access Journals (Sweden)

    Marinela - Daniela MANEA

    2012-11-01

    Full Text Available The paper sets out to tackle with the problem of modeling the variables necessary for testing the suggested mathematical model – the net cash flows from using the tangible fixed assets for the year of analysis, the discount rate of the future cash flows, respectively the annual and cumulative amortization. In our attempt to prove that, starting from a given set of rules regarding amortization and complying with the considerations of the American implicit interest depreciation method, we can obtain a model through which the net cash flow from exploitation of an asset/group of assets can be expressed according to measure of the annual amortization, we considered it necessary to gradually present the successive steps of modeling the above mentioned aggregates in the practice of the societies within the European area. Likewise, there have been mentioned the limitations encountered in our research process in the set of annual financial situations of the groups of societies within the European area connected to the measurement of the above mentioned variables.

  1. Integrating profitability prospects and cash management

    OpenAIRE

    Décamps, Jean-Paul; Villeneuve, Stéphane

    2015-01-01

    We develop a bi-dimensional dynamic model of corporate cash management in which shareholders learn about a firm's profitability and weigh the costs and benefits of holding cash. We explicitly characterize the optimal payout policy. We explain how the evolution of the strength of shareholders' beliefs about profitability and changes in corporate cash management are intertwined. The model predicts that both cash target levels and target dividend payout ratios are increasing in profitability pro...

  2. Entrepreneurial Vision, Information, and Cash

    NARCIS (Netherlands)

    A. Boot; V. Vladimirov

    2014-01-01

    We analyze when entrepreneurial firms hoard more cash and when instead they raise more external financing to co-finance new investments. Our simple dynamic model focuses on differences in vision between the firm's manager and financiers: they may disagree about the attractiveness of new investment o

  3. Pawn Shop,Cash Cow

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    An expat in Beijing once wrote these words on his blog,"If you are anxious to exchange your valuables for cash,or want to collect some treasures in Beijing,you may visit Bao Rui Tong Pawn Shop which features agreeable environment,reliable credit,guaranteed quality and profes- sional service."That releases the com-

  4. Converting accounts receivable into cash.

    Science.gov (United States)

    Folk, M D; Roest, P R

    1995-09-01

    In recent years, increasing numbers of healthcare providers have converted their accounts receivable into cash through a process called securitization. This practice has gained popularity because it provides a means to raise capital necessary to healthcare organizations. Although securitization transactions can be complex, they may provide increased financial flexibility to providers as they prepare for continuing change in the healthcare industry. PMID:10145096

  5. 基于现金流量的企业财务预警实证研究——来自我国房地产业上市公司数据%Financial early-warning research based on cash flow on real estate industry

    Institute of Scientific and Technical Information of China (English)

    张艳秋

    2012-01-01

    Financial crisis is the fundamental threat of a going-concern enterprise.Financial early-warning plays more important role in the business operation especially after global financial crisis.Cash is the blood of business and cash flow information can forecast financial crisis effectively as the direct reflection of business financial condition.The thesis takes empirical research on real estate industry using selected cash flow indicators,then establish cash flows financial early-warning model for real estate industry,can put forward thought to prevent financial crisis combined with real estate industry practice.%财务危机是威胁企业持续经营的根本性危机,财务预警作为经济运行的晴雨表和企业经营的警示灯,在全球金融危机后其重要性更加凸显。现金是企业的血液,现金流量信息作为企业实体资源和财务状况最直接的反映,对企业财务危机具有较强的财务判别和预警能力。本文以现金流量指标对房地产企业进行实证研究,建立房地产业的现金流财务预警模型并检验其预测财务危机能力,为房地产企业提供可操作的规避财务风险的思路。

  6. 出口退税政策与出口型外贸企业现金流运行均衡管理研究%A Research on Export Tax Rebate Policy and Balanced Management of Cash Flow of Export-oriented Foreign Trade Enterprises

    Institute of Scientific and Technical Information of China (English)

    陶云龙; 施汉忠; 章贵桥

    2014-01-01

    The previous studies on export tax rebate pay much more attention to the regulatory role of export tax rebate policy in macro-economy,there is little research literature on how the policy conducts and affects cash flow of microscopic export enter-prises. The paper starts from analyzing and comparing the export tax rebate policy before and after the financial crisis,based on this,then it analyzes how the export tax rebate policy adjusted comprehensively affects cash flow run of microscopic export-ori-ented foreign trade enterprises. It tentatively explores the rules and characteristics of cash flow of China’s export-oriented for-eign trade enterprises based on the export tax rebate policy after the financial crisis, in order to generalize and summarize the general characteristics of how the export tax rebate policy conducts and influences cash flow of export-oriented foreign trade en-terprises. The paper also puts forward different cash flow management measures and strategies for different situations in order to provide some insights for export-oriented foreign trade enterprises to achieve balanced management of cash flow and prevent the drying up risk of cash flow in the post-crisis era.%对于出口退税研究以往较多关注出口退税政策对宏观经济调控作用,但其如何传导及影响微观出口型企业现金流,学者们对此领域的研究文献却不多见,文章分析与比较了危机前后的出口退税政策,并以此展开研究,分析调整后的出口退税政策如何综合作用于微观外贸出口型企业现金流运行。尝试性探索金融危机后基于我国出口退税政策特质出口型外贸企业现金流运行规律与特征,以期归纳与总结出出口退税政策如何传导并作用于出口型外贸企业现金流运行的一般特性,并针对性提出不同现金流管理措施与策略,以期为后危机时代外贸出口型企业实现现金流运行均衡管理,防范现金流运行

  7. Fair Electronic Cash Based on Double Signatures

    Institute of Scientific and Technical Information of China (English)

    陈晓峰; 王常杰; 王育民

    2002-01-01

    In order to decrease crimes such as money laundering, blackmailing etc. inelectronic cash systems, fair electronic cash has been a major focus of academic research inelectronic commence. When a bank finds some dubious cash or owner, the trusted entity ortrustee can help him to revoke the anonymity of the cash. In the previous protocols, the trusteeknows all the information of the cash whether he is trusted or not, that is, he can trace the useror cash unconditionally. Furthermore, the dishonest trustee may deceive a user, which meansthat he may withdraw cash while tracing other users. Such cases are unfair to the honest users.A new fair electronic cash protocol based on untrustworthy trustees is proposed in thispaper. The key idea is that the coin structure should include the signatures of both the trusteeand the bank so that the trustee shares the information of the cash with the bank, while we donot use the secret sharing scheme. In contrast with the previous protocols, neither the trusteenor the bank can trace the money without the help of the other entity. In this way, the privacyof the user is protected furthest. Also, the trustee is off-line in the protocol, which meansthat he will not be involved in withdrawing the cash. Therefore, the protocol is efficient forimplementation.

  8. Análise da Produção Científica sobre os fluxos de caixa e a demonstração dos fluxos de caixa: um estudo da Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009 = Analysis of Scientific Literature on the Cash Flows and the Cash Flows Statement: a study of the Journal of Accounting and Finance, of the University of São Paulo from 1989 to 2009

    Directory of Open Access Journals (Sweden)

    Débora Gomes Machado

    2011-09-01

    Full Text Available Em mercados cada vez mais competitivos, as empresas precisam de um diferencial que lhes traga vantagens em relação à concorrência. Esse diferencial deve contribuir para que a empresa se mantenha saudável no mercado e para com a administração, no intento de gerir de forma eficaz os seus fluxos de caixa. Neste enfoque, o presente estudo situa-se na gestão financeira e tem como objetivo verificar a produção científica sobre os fluxos de caixa e a Demonstração dos Fluxos de Caixa – DFC, na Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009. O estudo foi realizado por meio de uma pesquisa bibliométrica, procurando identificar as características dos artigos analisados. Trata-se de uma pesquisa descritivo-exploratória, documental e de abordagem qualitativa. Verificou-se que as publicações científicas referentes aos fluxos de caixa e a Demonstração dos Fluxos de Caixa, na Revista Contabilidade e Finanças, não possuem um número expressivo de publicações relacionadas ao assunto, nos últimos 21 anos. Dentre as publicações identificou-se a quantidade de autores por artigo, as instituições de ensino superior a qual os mesmos estão vinculados, o autor seminal do tema, o tipo e origem das referências utilizadas e os principais temas abordados.In increasingly competitive markets, companies need a differential that will bring them advantages over the competition. This differential should help the company to remain healthy for the market and with the administration, in an attempt to effectively manage their cash flows. In this approach, this study lies in financial management and aims to verify the scientific literature on the cash flows and the Cash Flows Statement, in the Journal of Accounting and Finance, University of São Paulo, from 1989 to 2009. The study was conducted through a bibliometric research, aiming to identify the characteristics of the articles analyzed. This is a

  9. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-01-01

    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  10. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2015-01-01

    Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit...... structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling...

  11. The Unique Minimal Cash Flow Competitive Equilibrium

    OpenAIRE

    Martin Shubik

    1986-01-01

    The exchange economy E can be reformulated as a strategic market game. In particular the point of concern here involves the introduction of a specified amount of credit or fiat money to monetize exchange. Dubey and Shubik (1979) and Shubik and Wilson (1977) have studied the possibility of introducing a fixed amount M of money to finance trade. When one formulates exchange as a game of strategy using any form of credit or fiat money where there is any possibility whatsoever that an individual ...

  12. The Market for Electronic Cash Cards

    OpenAIRE

    Shy, Oz; Tarkka , Juha

    1998-01-01

    We develop a theoretical framework aimed to model the pricing of electronic money (electronic cash cards) and the market domain in which it will be used. We first calculate the fee structures of electronic cash- and charge-card industries for the monopoly and competitive cases. We show that the different market structures do not affect the domain of electronic cash cards and the displacement of currency in daily transactions. We provide a welfare analysis to determine whether a market equilib...

  13. Measuring the Default Rate of Chinese Listed Real Estate Companies Based on Cash Flow Simulation%基于现金流量模拟的我国房地产上市公司违约率测度

    Institute of Scientific and Technical Information of China (English)

    赵昕; 李明宝

    2014-01-01

    The real estate industry is a capital intensive business which relies heavily on loans from commercial banks for financing.Meanwhile,the estate sale is quite vulnerable to the market and credit risks.All the traits mentioned above bring the liquidity problem to top agenda during their daily operation.Based on the analysis of cash flows in each property enterprise,this model sets the default threshold on the basis of the method of American options,and simulates the randomness in the sales of estate and the credit status of homebuyers in method of Wiener process.This paper gets the default probability for each listed real estate company by employing Monte Carlo simulations based on financial data of each company in 2012.The empirical results show that the model could identify the default risk in listed real estate companies with great fitness,which could be broadly utilized in practice.%房地产行业属资金密集型产业,银行贷款为其主要融资方式,其销售又面临市场与购房者信用风险,以上使得房产企业流动性问题突出.本文基于美式期权分析得出企业的违约条件,并运用维纳过程对房产的销售收入以及购房者信用状况变化的随机性进行模拟,得出企业各期现金流量.模型结合2012年各上市房地产公司的财务数据得出其违约概率.结果表明,该模型能较好地识别上市房地产公司的信用风险,具有较强的应用价值.

  14. Finance theory and hospital cash balances.

    Science.gov (United States)

    Rivenson, Howard L; Smith, Dean G

    2013-01-01

    Competing financial theories have been offered to understand hospitals' cash holding with scant recent evidence. Using data from a national sample of 608 not-for-profit hospitals, we find support for the trade-off theory which posits targeted cash balances. We do not find support for the financial hierarchy theory which posits a preference for use of cash to pay for capital investments. Findings apply to holdings of cash and marketable securities, but not board-designated funds where no model provided meaningful explanatory power.

  15. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

  16. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  17. Finance theory and hospital cash balances.

    Science.gov (United States)

    Rivenson, Howard L; Smith, Dean G

    2013-01-01

    Competing financial theories have been offered to understand hospitals' cash holding with scant recent evidence. Using data from a national sample of 608 not-for-profit hospitals, we find support for the trade-off theory which posits targeted cash balances. We do not find support for the financial hierarchy theory which posits a preference for use of cash to pay for capital investments. Findings apply to holdings of cash and marketable securities, but not board-designated funds where no model provided meaningful explanatory power. PMID:23614264

  18. Uma Análise comparativa dos indicadores financeiros da Petrobras por meio da avaliação da demonstração dos fluxos de caixa do período de 2005 a 2007 = A Comparative Analysis of Petrobrás Inc. Financial Indicators Through an Evaluation of its Cash Flow Statement from 2005 to 2007

    Directory of Open Access Journals (Sweden)

    Letícia Goulart dos Santos

    2009-03-01

    Full Text Available Uma das principais mudanças ocorridas no cenário atual foi a aprovação da Lei 11.638/07, que, entre outras alterações, determina a substituição da Demonstração de Origense Aplicações de Recursos – DOAR pela Demonstração dos Fluxos de Caixa – DFC. Essa, mudança é considerada benéfica para os investidores e usuários da informação por ser considerada de linguagem mais simples e clara. O objetivo do presente estudo é demonstrar a situação financeira da empresa Petrobras, no período de 2005, 2006 e2007, por meio da análise dos indicadores vinculados à Demonstração dos Fluxos de Caixa, que avaliam a liquidez. Uma ferramenta ainda pouco utilizada pelos acionistas são alguns indicadores que facilitam a interpretação da situação financeira da empresa por meio do fluxo de caixa. Os índices foram classificados em quatro grupos, relacionados à cobertura do caixa, à qualidade do resultado, ao dispêndio de capital e ao retorno do fluxo de caixa. Esses têm o propósito de avaliar desde a capacidade de pagamento a téas taxas de retorno de caixa. Em termos metodológicos, a pesquisa caracteriza-se, quanto os objetivos, como um estudo descritivo, e, quanto aos procedimentos, como um estudo de caso. Por meio deste estudo pode-se por fim demonstrar a importância dessa análise comparativa para que os envolvidos tenham uma visão mais profunda da verdadeiras atuação da empresa e das condições de continuidade do seu negócio.One of the most important changes that happened on the present economical scenery itwas the approval to the law n. 11.638/07, which sets, among other alterations, thereplacement of the Statements of Source and Application of Funds for the Cash FlowStatement.This switch is considered a benefit for both investors and users of this termdue to its simple and clear words. In this way, the purpose of this study is to report onthe financial situation of the Petrobras Inc. over the period of 2005,2006 and

  19. 23 CFR 140.612 - Cash management.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will...

  20. 25 CFR 141.19 - Check cashing.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Check cashing. 141.19 Section 141.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES BUSINESS PRACTICES ON THE NAVAJO, HOPI AND ZUNI RESERVATIONS General Business Practices § 141.19 Check cashing. (a) A reservation...

  1. Secure Electronic Cash Scheme with Anonymity Revocation

    Directory of Open Access Journals (Sweden)

    Baoyuan Kang

    2016-01-01

    Full Text Available In a popular electronic cash scheme, there are three participants: the bank, the customer, and the merchant. First, a customer opens an account in a bank. Then, he withdraws an e-cash from his account and pays it to a merchant. After checking the electronic cash’s validity, the merchant accepts it and deposits it to the bank. There are a number of requirements for an electronic cash scheme, such as, anonymity, unforgeability, unreusability, divisibility, transferability, and portability. Anonymity property of electronic cash schemes can ensure the privacy of payers. However, this anonymity property is easily abused by criminals. In 2011, Chen et al. proposed a novel electronic cash system with trustee-based anonymity revocation from pairing. On demand, the trustee can disclose the identity for e-cash. But, in this paper we point out that Chen et al.’s scheme is subjected to some drawbacks. To contribute secure electronic cash schemes, we propose a new offline electronic cash scheme with anonymity revocation. We also provide the formally security proofs of the unlinkability and unforgeability. Furthermore, the proposed scheme ensures the property of avoiding merchant frauds.

  2. 12 CFR 220.8 - Cash account.

    Science.gov (United States)

    2010-01-01

    ... Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CREDIT BY...; cancellation or liquidation—(1) Full cash payment. A creditor shall obtain full cash payment for customer... additional payment period. (4) Cancellation; liquidation; minimum amount. A creditor shall promptly cancel...

  3. Szacowanie podstawy opodatkowania w przypadku umowy cash poolingu

    OpenAIRE

    Witczak, Radosław

    2013-01-01

    In the article the tax effects of cash pooling were presented. The scope and types of cash pooling contract were presented. The rules concerning the VAT and tax on civil law transactions and cash pooling were described. The tax effects of cash pooling caused by corporate income tax were discussed. The areas of tax risk concerning the use of cash pooling in respect of transfer pricing were given. The possibility of tax assessment in case of cash pooling was discussed.

  4. An Internet Based Anonymous Electronic Cash System

    Directory of Open Access Journals (Sweden)

    Israt Jahan

    2015-04-01

    Full Text Available There is an increase activity in research to improve the current electronic payment system which is parallel with the progress of internet. Electronic cash system is a cryptographic payment system which offers anonymity during withdrawal and purchase. Electronic cash displays serial numbers which can be recorded to allow further tracing. Contrary to their physical counterparts, e-cash have an inherent limitation; they are easy to copy and reuse (double-spending. An observer is a tamper-resistant device, issued by the Internet bank, which is incorporated with the Internet user’s computer that prevents double-spending physically, i.e., the user has no access to her e-cash and therefore he cannot copy them. In this paper, we shall present an anonymous electronic cash scheme on the internet which incorporates tamper-resistant device with user-module.

  5. International evidence of nexus between positive operating cash activities and cost of debt

    Directory of Open Access Journals (Sweden)

    Harit Satt

    2015-08-01

    Full Text Available This paper identifies the affiliation between the ending cash balance of the operating section in the cash flow statement and the bonds ratings. Our sample includes 600 companies from 26 countries. The study was conducted over a period of 18 years. An Ordered Probit regression analysis had been applied to identify how the positive cash balance of the operating section in the cash flow statement shapes the probability of escalating the bonds ratings. We find burly proof that the positive operating cash balance considerably affects the bonds ratings. In other words, when a company is able to generate enough cash from its main operating activities, the likelihood of having higher bonds ratings raises;  this entails a low cost of debt since higher bond ratings have been proven to lessen the company’s cost for raising funds (in the form of bonds. The results add more confirmation to the creditors’ rights shields and how it affects the cost of debt.

  6. Demonstração dos fluxos de caixa – uma análise de artigos científicos publicados em periódicos nacionais = Cash flows statement - an analysis of scientific papers published in national journals

    Directory of Open Access Journals (Sweden)

    Mariana Costa da Roza

    2012-07-01

    to analyze scientific articles that addressed the Cash Flow Statement - DFC, which were published during the period 2005 to 2009 in national journals, evaluated by the Coordination of Improvement of Higher Education Personnel - CAPES, graded B1 and B2 in the area of concentration 27 - Administration, Accounting and Tourism. The methodology of this research, towards its goals, is descriptive as to the procedures is a documentary research and on the approach to the problem, is characterized as a qualitative research. Among the population of 11 national scientific journals, totaling 1305 analyzed articles, less than 1% of these have focused on the DFC.

  7. Anonymous Fingerprinting Based on Electronic Cash

    Institute of Scientific and Technical Information of China (English)

    CHENXiaofeng; ZHANGFangguo; WANGJilin; WANGYumin

    2003-01-01

    A new anonymous fingerprinting protocol based on the principle of electronic cash is proposed in this paper.Redistributing a data item is equal to doublespending electronic cash.Contrasting with the previous coin-based anonymous fingerprinting protocol,we use the real electronic cash to trace traitors instead of the "coins" which serve only as a cryptographic primitive and have no monetary value,so it is easily understood and the bank does not need key-distribution and registration to prepare the "coina".

  8. 47 CFR 36.182 - Cash working capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES JURISDICTIONAL SEPARATIONS... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if...

  9. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  10. A study on the effects of banks’ cash management on their share value

    Directory of Open Access Journals (Sweden)

    Syed Behzad Zakaria

    2014-09-01

    Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

  11. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  12. Forecasting Daily Demand in Cash Supply Chains

    OpenAIRE

    Michael Wagner

    2010-01-01

    Problem statement: Previous studies focused on explaining the long run determinants of currency demand offering limited insight into the short-run determinants and co-variability of daily demand in cash supply chains. Approach: This study contrasted competing techniques of forecasting daily demand in cash supply chains in order to determine the overall performance and the potential of joint forecasting for integrated planning. A joint forecasting approach was compared with...

  13. Determination of Optimal Cash Position of Mutual Fund

    Institute of Scientific and Technical Information of China (English)

    陈铭新; 张世英

    2003-01-01

    Cash position, held by mutual fund with purpose to satisfy investors′ redemption, will inevitably generate certain amount of cost. In this paper, the total cost caused by cash position is divided into opportunity cost and shortage cost, and a model is constructed to describe the relationship between total cost and cash position along with investors′ purchase and redemption, from which the formula of optimal cash position is deduced. Finally, the adjustment of optimal cash position in different market situations is discussed.

  14. 债务治理、高质量审计与自由现金流过度投资——来自我国A股上市公司的经验证据%Debt Governance, High Quality Audit and Overinvestment of Free Cash Flow

    Institute of Scientific and Technical Information of China (English)

    廖义刚

    2012-01-01

    以2003~2009年我国A股上市公司为样本,考察高质量审计与银行借款的交互作用对自由现金流过度投资的影响。研究发现:银行借款可以显著地缓解自由现金流过度投资问题,该缓解效应主要来自于短期借款;随着高质量审计的引入,银行借款缓解自由现金流过度投资的效应更显著,表明高质量审计与债务治理机制之间存在协同效应;进一步检验还发现,高质量审计与银行债务治理机制间的协同效应更显著地存在于金融发展程度高的非国有上市公司中。%Selecting a sample of A-Share listed firms from 2003 to 2009, this paper investigates the effect of the interrelation- ship between high-quality auditing and bank loans on overinvestment of free cash flow. The main findings as following: bank loans can relieve the overinvestment of free cash flow, and this alleviating effects are mainly caused by short-term loans; with the introduction of high-quality auditing, the alleviating effects of overinvestment of free cash flow induced by bank loans are more significant, which im- plicates that there are synergistic effects between high-quality auditing and the governance mechanism of loans. Further research sug- gests that the synergistic effects of high-quality auditing services and the governance mechanism of loans are more significant for non- state-owned listed firms in the high financial development market.

  15. 人民币汇率波动、成本粘性与企业自由现金流--来自A股上市公司2003-2011年经验证据%RMB Exchange Rate Fluctuations, Cost Stickiness and Free Cash Flow of Corporations

    Institute of Scientific and Technical Information of China (English)

    章贵桥

    2015-01-01

    人民币汇率波动对进出口商品价格具有显著传导效应,研究发现,当企业销售量下降、营业收入减少时,企业成本粘性增强,企业自由现金流下降明显,这表明我国上市公司确实存在成本粘性行为,宏观经济政策调控是导致企业成本粘性行为之一。当企业存在成本粘性特质时,研究发现,企业收入呈负增长,人民币升值幅度较快,成本粘性加剧,企业自由现金流下降趋势更加显著,人民币汇率波动作用于微观企业现金流或通过成本粘性机制来实现。%Fluctuations of RMB exchange rate have a significant conductive effect against the import and export commodi-ty prices, and generate impact on the cost, sales and income of export-oriented enterprises.In this study it is found that when business sales falls and operational income decreases, corporate free cash flow decreases significantly and corporate costs stick-iness is enhanced.This demonstrates that there are indeed cost sticky behaviors in companies in China.The study finds that in businesses with a cost sticky quality, corporate free cash flow declines quickly and cost stickiness intensifies significantly when the corporate income shows negative growth during rapid appreciation of RMB.

  16. El flujo de caja como determinante de la estructura financiera de las empresas españolas. Un análisis en tiempos de crisis || Cash flow as determinant of financial structure of Spanish firms. Analysis in a crisis period

    Directory of Open Access Journals (Sweden)

    Rodríguez-Masero, Natividad

    2016-06-01

    Full Text Available Este trabajo propone el uso de la variable Flujo de Caja Contable de la Explotación (FCE como un factor con incidencia significativa en la estructura financiera de la empresa española en un periodo (2008-2012 caracterizado por dificultades para la financiación empresarial. En la literatura previa son escasos los trabajos que tienen en cuenta esta variable, midiendo la liquidez en la mayoría de los casos con datos obtenidos del Balance y la Cuenta de Resultados y no del Estado de Flujos de Efectivo (EFE. Metodológicamente se usa un análisis multivariante con datos de panel aplicados a una muestra de grandes empresas españolas no cotizadas. Adicionalmente, este trabajo se inserta en el debate teórico existente en la literatura acerca de los factores determinantes de la estructura financiera de las empresas. Los resultados indican que un modelo basado en datos del EFE, principalmente el FCE tiene capacidad predictiva de dicha estructura financiera. || This paper proposes the use of the Cash Flow from Operations (CFO obtained from Cash Flow Statement (CFS as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012 that was characterized by dificulties in business finance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the financial structure of firms. The results indicate that a data model based on figures from CSF, mainly the CFO, has predictive ability of the financial structure.

  17. A Fair E-Cash Payment Scheme Based on Credit

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    A new fair e-cash payment scheme based on credit is present in this paper. In the scheme, an overdraft credit certificate is issued to user by bank. Using the overdraft credit certificate, user can produce e-cash himself to pay in exchanges. Merchant can verify the e-cash received from user. Bank can make a fair dispute resolution when there is a dissension between user and merchant. It can avoid the problem of partition e-cash for changes, prevent from reusing e-cash and faking e-cash. It fits justice, anonymity, non-deny and impartiality.

  18. VAT Cash Accounting Scheme in Romania

    Directory of Open Access Journals (Sweden)

    BUNEA-BONTAS Cristina Aurora

    2013-05-01

    Full Text Available VAT cash accounting enables the small enterprises to account for VAT on the basis of payments received and made, instead of on tax invoices issued and received. Accordingly, the VAT payable or repayable for each accounting period is the difference between the total amount of VAT included in payments received from the customers and the total amount of VAT included in payments made to the suppliers. The VAT cash accounting scheme, recently introduced for the Romanian companies by Government Ordinance no. 15/2012, entered into force on January 1st, 2013. This article reviews the basic principles of VAT cash accounting and highlights its benefits and disadvantages. It also discusses the impact and the challenges for the Romanian companies, due to the particularities of the system.

  19. An Efficient Fair Electronic Cash System

    Institute of Scientific and Technical Information of China (English)

    Guo Tao(郭涛); Li Zhitang; Tan Yunmeng; Wu Shizhong

    2003-01-01

    In this paper, an efficient fair e-cash system is presented. Based on the improved Brands' e-cash scheme, it is expanded by adding two roles, government and judges. The user can keep unconditionally anonymous in normal transactions. Authorized by the judges, the government can remove the identity of an illegal user with the help of the bank. So such misuse as blackmailing or money laundering can be prevented. Therefore, this scheme is more efficient, more suitable for adopting pre-processing and post-processing and more practical. In the paper, the details of the scheme are described, its security is proved, and its efficiency is analyzed.

  20. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    OpenAIRE

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim

    2012-01-01

    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

  1. CASH ACCOUNTING STANDARDIZATION IN THE PUBLIC SECTOR

    OpenAIRE

    Cenar Iuliana

    2010-01-01

    An important component of public institutions’ accounting is represented by cashaccounting. At the same time, the normalization, harmonization and convergence of accounting arethe chronological stages generated by globalization. The paper approaches aspects regarding therole of the budget within public institutions’ accounting, the management of public financialresources, the cohabitation need between cash accounting and accrual accounting, the provisionsof international accounting referentia...

  2. Why Cash "Doesn't" Motivate...

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  3. 34 CFR 668.166 - Excess cash.

    Science.gov (United States)

    2010-07-01

    ... funds that an institution receives from the Secretary under the just-in-time payment method. (b) Excess...; and (2) Providing funds to the institution under the reimbursement payment method or cash monitoring payment method described in § 668.163(d) and (e), respectively. (Authority: 20 U.S.C. 1094)...

  4. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or...

  5. The Farm Level Economic Impacts of Increased Cash Lease Rates

    OpenAIRE

    Raulston, J. Marc; Knapek, George M.; Richardson, James W.; Outlaw, Joe L.; Anderson, David P.

    2008-01-01

    Higher commodity price expectations have led to increases in cash lease rates nationwide. This study evaluates the farm level impacts of higher cash lease rates. Current levels of cash rents along with land tenure arrangements of specific farms are instrumental in determining the impacts of increases in lease rates.

  6. 家族企业外聘 CEO 类型、两权分离度与企业特质信息披露%Non-family CEO Type,the Separation between Control Right and Cash Flow Right,and Firm Specific Information Disclosure in Family Firms

    Institute of Scientific and Technical Information of China (English)

    许静静

    2015-01-01

    Specific information disclosure is the basis of efficient firm investment decision and resources allocation of stock market ,so relevant regulatory authorities and other stock market participants should pay attention to the effect of external big shareholder engaged to be CEO on specific information disclosure .This paper studies the effect of non-family CEO type on firm spe‐cific information disclosure based on family firms in Chinese SM E board from 2005 to 2012 ,to discuss the economic consequences of different sources of non-family CEO in family firms .Specif‐ically speaking ,it pays attention to firm specific information disclosure w hen non-family CEOs are the big ten non-family natural person shareholders and the effect of the separation between control right and cash flow right as for family controlling shareholders on this relationship .It shows that compared to non-family CEO from other sources ,firms with the big ten non-family natural person shareholders engaged to be CEOs have less firm specific information disclosure and this correlation is only found in family firms with the separation between control right and cash flow right .The results demonstrate that big ten non-family natural person shareholders engaged to be CEOs give rise to the reduction in information asymmetry between controlling and non-con‐trolling shareholders ,the attenuation of more serious second-layer agency problem resulting from the separation between control right and cash flow right ,thereby decreasing the demand for firm specific information disclosure .%特质信息披露是企业有效投资决策及市场有效资源配置的基础,因此有关监管方及市场参与者对于外部大股东担任CEO对特质信息披露的影响应当予以关注。文章基于中国中小板2005-2012年家族企业样本,重点关注家族企业外聘CEO类型对企业特质信息披露的影响,借以探讨家族企业不同来源外聘高管的经济后果。文章重点

  7. 宏观经济运行对企业投资现金流敏感性有影响吗?——基于1993至2004面板数据的实证研究%Does macro-economy have any effect on firm investment-cash flow sensitivities?——An empirical study based on panel data, 1993-2004

    Institute of Scientific and Technical Information of China (English)

    应惟伟

    2007-01-01

    对1993-2004年的上市公司投资现金流敏感性进行实证研究,发现宏观经济运行对企业投资现金流敏感性有显著影响.还发现样本公司在经济不景气的1998-2001年阶段,为了保持一定水平的固定资产投资,大幅度减少营运资本,即通过调整营运资本水平来使固定资产投资平滑化,而经济不景气阶段企业固定投资对现金和销售收入的敏感性系数并没有系统性地高于经济景气的阶段.%We conduct an empirical study on Chinese listed firms' investment- cash flow sensitivities in different stages of the macroeconomic cycle during 1993-2004, and find that macro-economy has a significant effect on investment- cash flow sensitivities. When economic slowdown occurred between 1998 and 2001, sample firms reduced working capital substantially to maintain some necessary investment level of fixed assets, that is, firms stabilized fixed assets investment by adjusting working capital. However, the sensitivity coefficients of fixed assets investment to cash or sales revenue were not systematically higher in the depressed stage than in the booming stage.

  8. Money matters: cash transfers for adaptation

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Rachel Godfrey

    2011-04-15

    Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

  9. Poker Cash Game: a Thermodynamic Description

    CERN Document Server

    Javarone, Marco Alberto

    2015-01-01

    Poker is one of the most popular card games, whose rational investigation represents also one of the major challenges in several scientific areas, spanning from information theory and artificial intelligence to game theory and statistical physics. In principle, several variants of Poker can be identified, although all of them make use of money to make the challenge meaningful and, moreover, can be played in two different formats: tournament and cash game. An important issue when dealing with Poker is its classification, i.e., as a `skill game' or as gambling. Nowadays, its classification still represents an open question, having a long list of implications (e.g., legal and healthcare) that vary from country to country. In this study, we analyze Poker challenges, considering the cash game format, in terms of thermodynamics systems. Notably, we propose a framework to represent a cash game Poker challenge that, although based on a simplified scenario, allows both to obtain useful information for rounders (i.e., ...

  10. Portfolio Optimization with Random Parameters and Stochastic Cash Flow for Quadratic Utility Maximization%随机参数和随机资金流环境下基于二次效用函数的投资组合优化

    Institute of Scientific and Technical Information of China (English)

    常浩; 荣喜民

    2011-01-01

    研究完全市场下基于二次效用最大化的带有随机资金流的动态投资组合选择问题,其中假设无风险利率、股票收益率和波动率矩阵都是一致有界随机过程.通过应用线性二次控制方法和向后随机微分方程理论得到了最优投资组合的解析表达式.%This paper is concerned with a dynamic portfolio selection problem with stochastic cash flow in a complete financial market for quadratic utility maximization, in which interest rate, appreciation rates and volatility coefficients are allowed to be uniformly bounded stochastic processes. The optimal portfolio in the explicit forms is constructed via linear quadratic control technique and results from backward stochastic differential equations (BS-Des) theory.

  11. 现金分红、盈余管理方式选择与企业价值%Cash Dividends,Earnings Management Choice and Corporate Value

    Institute of Scientific and Technical Information of China (English)

    刘衡; 苏坤; 李彬

    2013-01-01

    In recent years,there is increasing public concern about the phenomena of em-phasizing on financing and ignoring investors‘return of China‘s listed companies.The China Securities Regulatory Commission has issued a series of announcements designed to strength-en cash dividends of listed companies and strengthen the awareness of the investor‘s returns. Cash dividends and earnings management are hot issues of capital market,but accrual-based earnings management is the main content of the traditional earnings management research,re-al earnings management has been neglected.In theory,the behavior of cash dividend reduces the level of corporate cash flow,the change of earnings management can improve the level cash flow and the corporate performance,which eventually leads to the change of corporate value. Using China‘s A-share market listed companies panel data from 1 998 to 2010,this paper studies the relationships between cash dividends,earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant-ly lower than the corresponding extent of non-cash dividends companies,and the extent of ac-crual-based earnings management of cash dividend companies is greatly higher than the corre-sponding extent of non-cash dividends companies,which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management,and there is the phenomenon of collusion between real earnings management and accrual-based earnings management.The cash dividend company has a higher corporate value than the non-cash divi-dend company,which indicates that the listed company‘s cash dividend behavior helps to en-hance the corporate value.Further research suggests real earnings management and accrual-based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value.These conclusions provide helpful insight for revealing the

  12. Determination of Boundary Parameters of Cash Flows Regulation of Bank Contractors Using Methods of Financial Analysis Определение предельных параметров регулирования движения денежных потоков контрагентов банка

    OpenAIRE

    Azarenkova Galina M.; Piskunov Roman A.

    2012-01-01

    The selected risk forming factors of cash flow value is determined with the help of hierarchical system of interconnected methods and models of different types. The boundary parameters of cash flows regulation between economic agents by taking into account the coefficient of credit resource of bank contractor in the period of lending bank service for contractor is determined by expansion of parametric model.В исследовании с помощью иерархической системы взаимосвязанных методов и моделей разны...

  13. A Divisible E-cash System Using Secret Sharing

    Institute of Scientific and Technical Information of China (English)

    CHEN Kai; XIAO Guozhen

    2001-01-01

    Divisibility of an e-cash is an impor-tant requirement for a practical e-cash system but hasno practical solution up to now.In this paper,a divis-ible e-cash system for some special applications is pro-posed using the secret sharing scheme.A verifiable se-cret sharing scheme based on the intractable discretelogarithm problem is put forward as the building blockin constructing the e-cash system.The e-cash systemis smart-card oriented and the card is denoted as thehonest dealer to divide the coin in the payment proto-col.The security of the divisible e-cash system can bederived directly from the security of the well-knownSchnorr identification and signature schemes and thesecurity of intractable discrete logarithm problem.

  14. Corporate governance and cash policies of multinational corporations

    OpenAIRE

    Beuselinck, C.; DELOOF, M; Vanstraelen, A.

    2012-01-01

    This study investigates cash policies of multinational corporations (MNCs) for a large sample of European MNCs and their subsidiaries in the period 1998-2004. The results are consistent with the hypothesis that cash holdings depend on a trade-off between the superior knowledge of the subsidiary over headquarters and the agency costs of discretionary behavior by the subsidiary’s management. We find that foreign subsidiaries hold more cash than domestic subsidiaries, although geographical dista...

  15. From cash transfers to basic income: An unfolding Indian Agenda

    OpenAIRE

    Standing, Guy

    2014-01-01

    This article provides a review of the arguments for and against cash transfers in India, taking care to distinguish between different types of cash transfer schemes, which include a universal unconditional basic income as well as conditional schemes. The article sets out some principles by which any social policy should be judged and goes on to discuss cash transfers alongside other instruments of social policy, namely the Public Distribution System (PDS) and the Mahatma Gandhi National Ru...

  16. Cash Holdings, Corporate Governance Structure and Firm Valuation

    OpenAIRE

    Kin-Wai Lee; Cheng-Few Lee

    2009-01-01

    Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher expected managerial entrenchment, those with higher proportion of outside director on the board and smaller board size have lower cash holdings. We also find that firm value is negatively associated with cas...

  17. Less cash on the counter: Forecasting Finnish payment preferences

    OpenAIRE

    Jyrkönen, Hanna

    2004-01-01

    Finnish payment methods have changed rapidly as payment cards have gained increasing popularity and have, to an extent, replaced cash. This article examines this phenomenon and the trends in cash and electronic payment methods in Finland. It starts with an introduction to the statistical data on different payment methods used at points of sale and their electronification, after which learning curve and dynamic regression models are employed to analyse changes in the share of cash payments. Fi...

  18. A NEW ANONYMITY CONTROLLED E-CASH SCHEME

    Institute of Scientific and Technical Information of China (English)

    Zhang Fangguo; Wang Changjie; Wang Yumin

    2002-01-01

    E-cash is a type of very important electronic payment systems. The complete anonymity of E-cash can be used for criminal activities, so E-cash should be anonymity controlled.Moreover, Elliptic Curve Cryptography(ECC) has been regard as the mainstream of current public cryptography . In this paper, a new anonymity controlled E-cash scheme based on ECC for the first time and using a new technology-one-time key pairs digital signature is designed, and its security and efficiency are analyzed. In our scheme, the coin tracing and owner tracing can be implemented.

  19. 上市公司现金储备量的实证研究%An Empirical Study on Public Company Cash Reserves

    Institute of Scientific and Technical Information of China (English)

    熊风; 龚群子

    2014-01-01

    通过利用2003~2013年中国上市公司的面板数据,研究影响上市公司现金储备量的因素,并对比金融危机前后公司的现金储备行为。研究发现,公司现金流量、资产负债率和净资产收益率的增加会引起公司现金储备量的增加,并且公司规模越小,现金储备比例越大,托宾q与公司现金储备无明显关系,金融危机使上市公司现金储备偏好进一步增强。%The study presenting public companies between 2003 and 2013, examines the factors and their respective impacts on cash reserves held by public company in China, as well as the cash reserves changes in global financial crisis. The empirical result shows that the increase of cash reserves can be caused by the rise of cash flow, asset-liability ratio or ROE. Moreover, the smaller the company’s size, the more the cash reserves added. There is an ambiguous relation between Tobin q and cash reserves. Increasing cash reserves happened after financial crisis.

  20. Influência do cálculo de depreciação no imposto de renda e no fluxo de caixa de uma atividade de transporte florestal Influence of methods for calculating depreciation on the income tax and cash flow of a forest transportion activity

    Directory of Open Access Journals (Sweden)

    Luis Carlos de Freitas

    2007-04-01

    Full Text Available Este trabalho buscou ilustrar um cenário de alternativas na cobrança de impostos, baseado em diferentes métodos de depreciação. A referência foi a atividade de transporte florestal, sendo o estudo desenvolvido para o caminhão bitrem. O fluxo de caixa foi calculado antes e depois dos impostos, sendo estes determinados com base num porcentual incidido sobre a renda tributável, que variou em função das metodologias utilizadas no cálculo da depreciação. Após a elaboração do fluxo de caixa pós-impostos, realizou-se um estudo econômico utilizando o Valor Presente Líquido (VPL. O impacto do imposto de renda ocasionou retrações na VPL de 53,36%, 52,22%, 50,54%, 48,07% e 47,72% quando se consideraram, respectivamente, os seguintes métodos de depreciação: soma inversa dos dígitos, fundo de renovação, linear, exponencial e soma dos dígitos. A metodologia mais compatível para o bitrem foi a mesma que apresentou maior VPL (soma dos dígitos, indicando que o método adotado pelo governo pode acarretar sobrecarga tributária. Isso reflete a necessidade de se estabelecerem critérios mais justos na cobrança de impostos, através da adoção de metodologias mais adequadas às realidades dos equipamentos.This work sought to illustrate a scenario of alternatives to taxation, based on different methods of depreciation. The parameter was the forest transportation activity, being the study developed for the Bitrem truck. Cash flow was calculated before and after taxation, which values were determined on the basis of a percentage on the taxable income, varying according to the methodologies used for calculating depreciation. After drawing up the post-taxation cash flow, an economic study was carried out using Net Present Value (NPV. The impact of the income tax caused a reduction in NPV of 53.36%, 52.22%, 50.54%, 48.07% and 47.72% respectively when considering the following methods of depreciation: inverse sum of the digits ; sinking fund

  1. 31 CFR 206.6 - Cash management planning and review.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Cash management planning and review... planning and review. (a) An agency shall periodically perform cash management reviews to identify areas...) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL...

  2. 7 CFR 273.20 - SSI cash-out.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false SSI cash-out. 273.20 Section 273.20 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM CERTIFICATION OF ELIGIBLE HOUSEHOLDS § 273.20 SSI cash-out. (a) Ineligibility. No individual who receives supplemental security income (SSI) benefits and/or State...

  3. Do Consumers Pay More Using Debit Cards than Cash?

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits of the pr...

  4. Family Control, the Voting and Cash-flow Rights Divergence and Debt Maturity: Empirical Evidence from Chinese Listed Companies%家族控制、两权分离与债务期限结构选择——来自中国上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    苏忠秦; 黄登仕

    2012-01-01

    Given the poor creditor fights protection in China, we examine the effects of controlling shareholder moral hazard on debt maturity from the perspective of agency cost of debt, using Chinese family-controlled firm data during 2002-2008. Ceteris paribus, we find strong evidence that the family's control right and the divergence between the largest ultimate owner's control rights and cash-flow rights have a negative and significant effect on debt maturity. Moreover, our results suggest that manager appointment by controlling family has a negative and significant effect on debt maturity.%本文利用我国2002—2008年家族控制上市公司数据,在控制相关变量下,从债务代理成本视角经验检查在中国债权人法律保护较弱的背景中,终极控制股东(家族)是否影响公司债务期限结构。本文提供的经验证据表明,终极控制股东显著影响公司债务期限结构。具体而言:(1)终极控制股东的控制权越大,公司具有显著低的长期债务水平;(2)终极控制股东的控制权与现金流量权分离度与公司债务期限显著负相关:(3)终极控制股东在上市公司中指派高管与公司债务期限显著负相关。

  5. Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

    OpenAIRE

    Olausson, Jonas; Löfgren, Christoffer

    2013-01-01

    Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

  6. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    Directory of Open Access Journals (Sweden)

    Newton Arata

    2015-05-01

    Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.

  7. Cash-based interventions: lessons from southern Somalia.

    Science.gov (United States)

    Mattinen, Hanna; Ogden, Kate

    2006-09-01

    Commodity distributions, the predominant relief response, are subject to growing criticism, while donors and humanitarian actors are increasingly viewing cash-based interventions as a viable alternative. This paper aims to contribute to the current debate on cash-based interventions by drawing on the experience of Action Contre la Faim in southern Somalia, where it has implemented cash for work programmes since 2004. The authors conclude that cash-based interventions are a feasible option in complex emergencies as well as in highly insecure environments as long as appropriate modalities are employed and objectives are clearly set in accordance with the needs and the context. Cash as a relief response offers wide-reaching possibilities for the future from both the perspective of the donor/agency and the standpoint of the beneficiary. It enables the beneficiaries to take control of the relief themselves and to adapt it to their individual requirements in a timely manner.

  8. On the use of continued fractions for electronic cash

    Directory of Open Access Journals (Sweden)

    Amadou Moctar Kane

    2010-03-01

    Full Text Available This paper presents an electronic cash scheme using the theory of continuedfractions. Continued fractions have already some utilities in cryptography such asin the cryptanalysis of RSA [17] or in the design of some stream ciphers [9]. Inorder to achieve our prepaid e-cash scheme, we will use the continued fractionexpansion of some irrationals numbers, although the same scheme can beobtain with a block cipher algorithm like AES or with some pseudo-randomgenerators. Our e-cash scheme has two aims: the first one is to create apayment system independent of current constraints such as the revocation ofanonymity (in the double spending case or the obligation for those who want touse the e-cash, to have a bank account.The second aim is to propose here a solution which prevents the copy of our ecoinsand allows if necessary the reimbursement of the user with e-cash.

  9. Piping cash out of provincial pockets

    International Nuclear Information System (INIS)

    The Vancouver Island Gas Pipeline Project (VIGAS) received funding in 1988, but the project ran into political delays, environmental impact studies and design changes. By the time it was finished in 1991 VIGAS was $110 million over its capital budget of $250 million. Furthermore, it was facing losses of as much as $449 million, a risk that the Province was unwilling to take on. Under a new agreement with Westcoast Energy Inc., the province will pay $120 million cash to Pacific Coast Energy Co., and cede future gas royalties to Centra Gas Inc. It will also defer repayment of $75 million in interest-free loans. The province will then phase out its subsidy for VIGAS customers over the next six years, at which point the pipeline will become an entirely commercial venture with prices based on the market rate

  10. Analysis of non-cash Transactions in the Czech Republic

    OpenAIRE

    Boučková, Petra

    2010-01-01

    The thesis is focused on non-cash payments. It is divided into theoretical and practical part. The theoretical part describes the historical development of payment cards and forms that are accessible to the citizens. There are described current news and trends in non-cash payments. The practical part is focused on the development of non-cash transaction in the Czech Republic and comparison of the Member States of the European Union with Czech Republic. Attention is also given access to banks ...

  11. The Variability of Velocity in Cash-In-Advance Models

    OpenAIRE

    Robert J. Hodrick; Narayana Kocherlakota; Deborah Lucas

    1989-01-01

    Early cash-in-advance models have the feature that the cash-in-advance constraint always binds, implying that the velocity of money is constant. Lucas (1984) and Svensson (1985) propose a change in information structure that potentially allows velocity to vary. By calibrating a version of these models using a new solution algorithm, and using U.S. time series data on consumption growth and money growth, we find that in practice the cash-in-advance constraint almost always binds. This result i...

  12. Atomic and efficient e-cash transaction protocol

    Institute of Scientific and Technical Information of China (English)

    王茜; 杨德礼

    2004-01-01

    Atomicity is necessary for reliable and secure electronic commerce transaction and to guarantee the participants'interests. An atomic and efficient e-cash (electronic cash) transaction protocol based on the classical e-cash scheme is presented. The delivery of digital goods is incorporated into the process of payment in the protocol. Apart from ensuring all three levels of atomicity, the novel protocol features high efficiency and practicability with unfavorable strong assumption removed. Furthermore, the proposed protocol provides non-repudiation proofs for any future disputes. At last, analysis of the atomicity and efficiency is illustrated.

  13. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  14. Optimising cash flows in APVIOBPCS using control theory.

    OpenAIRE

    White, Anthony S.; Prior, Stephen D.; Censlive, Michael; Karamanoglu, Mehmet

    2010-01-01

    This paper describes the investigation of the effects on profitability of production for an Automatic Pipeline, Variable Inventory and Order Based Production Control System (APVIOBPCS) production system using as an example electronic RAM production. The investigation includes varying the order up to inventory and WIP using PID control to illustrate the profit gain from using control analysis. The results show that greater PID gains for a controlled production system will increase profitabil...

  15. Financing Constraints, Cash-Flow Risk, and Corporate Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Viswanatha, Marc

    2011-01-01

    level of liquid funds that eliminates agency costs by implementing the first-best investment policy for a given capital structure. In a second step we generalize the framework by introducing a tax advantage of debt, and we show that an interior solution for liquidity and capital structure optimally......This paper examines the effect of debt and liquidity on corporate investment in a continuous-time framework. We show that stockholder-bondholder agency conflicts cause investment thresholds to be U-shaped in leverage and decreasing in liquidity. In the absence of tax effects, we derive the optimal...... trades off tax benefits and agency costs of debt....

  16. Optimizing model. 1. Insemination, replacement, seasonal production and cash flow.

    NARCIS (Netherlands)

    Delorenzo, M.A.; Spreen, T.H.; Bryan, G.R.; Beede, D.K.; Arendonk, van J.A.M.

    1992-01-01

    Dynamic programming to solve the Markov decision process problem of optimal insemination and replacement decisions was adapted to address large dairy herd management decision problems in the US. Expected net present values of cow states (151,200) were used to determine the optimal policy. States wer

  17. Cryptanalysis of One Fair E-cash System

    Institute of Scientific and Technical Information of China (English)

    LIU Li-hua; SHEN Hao

    2006-01-01

    The security of Canard-Traore fair e-cash system scheme was believed to depend on the strong-RSA as sumption and the Decision Diffie-Hellman assumption in groups of unknown order. But it is not the case. The ryptanalysis on Canard-Traore fair e-cash system was presented. An algorithm was designed to show that Canard Traore fair e-cash system is insecure: It is forgeability. Further, two drawbacks on Canard-Traore fair e-cash system scheme were pointed out. One is that those integer intervals for si(i= 1,…, 9) are unappropriate. The other is that the datum s3 in signature data is redundant. Moreover, a minute description of the technique to shun the challenge in the scheme was presented. The technique is helpful for designing new group signature schemes in the future.

  18. A study on management of corporate cash in consumer durable sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-02-01

    Full Text Available Cash plays essential role in modern business and economy and it is the life blood of all businesses. Therefore, cash management is the art of managing a company’s short-term resources for its ongoing activities, mobilizing funds and optimizing liquidity. Inefficient cash management may lead the company to bankruptcy. In this paper, we highlight different perspectives in which we can control the corporate cash including Cash Conversion Cycle, Cash Holding and Creditworthiness. The term Cash Conversion Cycle can be considered as a length of time between purchase of raw-materials and collection of cash from debtors. Cash holding is one of the most important financial decisions that the manager of the concerned organization has to make for the organizations. In this paper, we try to interlink among different items to control cash so that bankruptcy could be prevented and profitability would be improved by investigating on five companies from Consumer Durable sector.

  19. CASH 2021: Commercial access and space habitation

    Science.gov (United States)

    Aldrin, Andrew; Amara, Adam; Aris, Lodewijk; Baierl, Nida; Beatty, Patrick; Beaulieu, Catherine; Behnke, Torsten; Castegini, Roberta; Chauhan, Amitabh; Cojanis, Philip; Dayawansa, Pelawa; Diop, Marie; Eito, Kinya; Engle, Steve; Ferretti, Stefano; Gassama, Hamet; Genova, Bojana; Goulding, Colin; Janjua, Jameel; Jansaeng, Thidarat; Jousset, Frédéric; Kopik, Anatoly; Laurin, Catherine; Leggatt, Jason; Li, Hengnian; Mezzadri, Monica; Miura, Amane; Nolet, Simon; Ogami, Satoshi; Patry, Johanne; Patten, Laryssa; Payerne, Cyril; Peer, Guy; Prampolini, Marco; Rheaume, Caroline; Saary, Joan; Spehar, Daniela; Sufi, Atiya; Sun, Baosheng; Thompson, J. Barry; Thomson, Ward; Trautner, Roland; Tursunmuratov, Murat; Venet, Vrata; Wilems, Elizabeth; Wilson, Helen; Wittwer, Karl; Wokke, Frank; Wu, Yansheng; Zhou, Shaobin; Zilioli, Ilaria

    2002-07-01

    Issues about commercialization of space have been a growing concern in the past decade for the space community. This paper focuses on the work from a team of 51 students attending the Summer Session Program of the International Space University in Bremen, Germany. CASH 2021 (Commercial Access and Space Habitation) documents a plan that identifies commercial opportunities for space utilization that will extend human presence in space, and will chart the way forward for the next 20 years. The group selected four commercial sectors that show the most promise for the future: tourism, entertainment, space system service, assembly and debris removal, and research and development/production. The content of this document presents the results of their research. Historical activities in each of the commercial sectors are reviewed along with the current market situation. To provide a coherent background for future commercialization possibilities a scenario has been developed. This scenario includes a postulated upon ideal future and includes social, political and economic factors that may affect the space industry over the timeline of the study. The study also presents a roadmap, within the limited optimistic scenario developed, for the successful commercialization of space leading to future human presence in space. A broad range of commercially viable opportunities, not only within the current limits of the International Space Station, but also among the many new developments that are expected by 2021 are discussed.

  20. How cash transfers promote the case for basic income

    OpenAIRE

    Standing, Guy

    2008-01-01

    There has long been a minority view that providing people with cash is an effective way of combating poverty and economic insecurity while promoting livelihoods and work. The mainstream view has nevertheless been that giving people money, without conditions or obligations, promotes idleness and dependency, while being unnecessarily costly. This paper reviews recent evidence on various types of schemes implemented in developing countries, including several pilot cash transfer schemes, assessin...

  1. Conditional cash transfers, adult work incentives, and poverty

    OpenAIRE

    Skoufias, Emmanuel; Di Maro,Vincenzo

    2006-01-01

    Conditional cash transfer (CCT) programs aim to alleviate poverty through monetary and in-kind benefits, as well as reduce future levels of poverty by encouraging investments in education, health, and nutrition. The success of CCT programs at reducing poverty depends on whether, and the extent to which, cash transfers affect adult work incentives. The authors examine whether the PROGRESA program of Mexico affects adult participation in the labor market and overall adult leisure time, and they...

  2. Looking forward : the role for government in regulating electronic cash

    OpenAIRE

    Stacey L. Schreft

    1997-01-01

    With the year 2000 rapidly approaching, stored-value cards are already popular in some countries and are being introduced into the United States by private companies. Stored-value cards are one form of electronic cash—electronic substitutes for paper currency. Digital cash (also known as cybercash or ecash) is the other form of electronic cash coming into use today. It consists of bits and bytes in cyberspace and substitutes for paper currency in transactions made over the Internet.> Someday ...

  3. Are Corporate Cash Holdings and Debt Mutual Substitutes?%公司持有现金和负债是相互替代的吗?

    Institute of Scientific and Technical Information of China (English)

    韩忠雪; 尚娟; 程蕾

    2012-01-01

    Using the 2001-2008 financial data of Chinese listed companies and GMM dynamic panel analysis,this paper researches the company's cash holdings and debt ratio in changing of cash flow situation.Although empirical results show that,all listed firms have evidently positive cash-cash flow sensitivity and negative debt-cash flow sensitivity and substitute relations between cash and debt,the preference of cash holding and debt varies largely when financial constrain and hedging demand are considered.Furthermore,strict relation of substitution exits mainly in the low cash flow firms to be financially constrained.This shows that listed companies in China have similar cash flow management policy as those in developed countries,and there is also our own financial best financial behavior according to our imperfect capital market.%通过利用2001-2008年上市公司财务数据,采用GMM动态面板分析方法,研究了公司持有现金和债务比例的相互关系以及两者随现金流变动的变化规律。尽管总体样本表明,我国上市公司都存在显著的正的现金-现金流敏感性和负的债务-现金流敏感性,且现金持有和负债存在显著的替代关系。但是,在逐步考虑融资约束和对冲需求的条件下,公司持有现金和降低债务的偏好随之发生较大的差异和分化,而且,现金和债务的严格替代关系主要存在于未来现金流紧张的融资约束公司中。这些实证结果说明,我国上市公司既有与发达国家相似的持有现金与债务择机而变的现金流管理政策,同时也存在与我国资本市场不完善条件下自有的财务最优行为。

  4. Cash transfers for HIV prevention: considering their potential

    Directory of Open Access Journals (Sweden)

    Lori Heise

    2013-08-01

    Full Text Available Introduction: Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. Discussion: This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1 understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2 addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3 evaluating and enhancing the wider impacts of cash transfers on health and development. Conclusions: Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

  5. Demonstração dos fluxos de caixa: uma análise da captação de recursos nas empresas do setor de construção civil listadas na BM&F Bovespa = Cash flow statements: an analysis of resource acquisitions by the civil architecture enterprises listed at BM&F Bovespa

    Directory of Open Access Journals (Sweden)

    Mariane Lohn

    2012-05-01

    . Recent changes in the organizational concepts and legislation present new challenges to the accounting procedures which must guarantee trustworthiness to the decisions made in accordance with recent information. In this scenery, characterized by changes and instability, the present research had as its objective to identify the forms of acquiring financial sources used by the civil architecture enterprises which negotiate their shares at BM&F Bovespa. With this aim in mind a bibliographical research was undertaken as well as data collection. The latter covered the financial statements of 2007, 2008 and 2009, and it was noticed that more than 80% of the organizations under scrutiny acquired resources through financing activities. It was noticed that in the year of 2007 the main financing activity consisted in the capital increase of the enterprises. In the years of 2008 and 2009, however, the main forms of capitalization consisted in loan capital, financing aids and the launching of debentures. It was realized that the cash flow report is a very dynamic statement concerning information on the financing sources of enterprises besides contributing to accounting harmonization, something quite important vis-à-vis the present economic sceneries in which frequent new norms and procedures demand a dynamic flux of information as well as dynamic accounting procedures.

  6. Do Firms Announcing Cash Refund Capital Reductions have Investment Value?

    Directory of Open Access Journals (Sweden)

    Su-Yin Cheng

    2016-05-01

    Full Text Available Cash refund capital reduction is a unique financial tool used by listed firms in Taiwan. This study investigates announcements of cash refund capital reductions to explore two topics. First, we examine the short-term, mid-term, and long-term buy-and-hold excess returns after the announcement. The results indicate that no excess returns are seen in the short and midterm,whereas long-term excess returns are positive and statistically significant. Second, we investigate the critical determinants of long-term excess return. The findings suggest that if a firm announces a cash refund capital reduction becomes more attractive to investors, the firm shall accompany with reduced firm size, reduced capital expenditure ratio, and improved return on equity (ROE and an increased debt ratio.

  7. Day care schemes and cash for-care at home

    DEFF Research Database (Denmark)

    Eydal, Gudny; Rostgaard, Tine

    2012-01-01

    The purpose of this chapter is to analyse and compare Nordic day-care policies, i.e. ECEC services as well as cash-for-care for children under school age. The chapter examines the legislative purpose behind the provision of the services and the cash benefits as well as the take-up rates. The review...... of day-care will also look at how the programmes are organised and funded, and at the quality indicators of the care provided. In this context, the Nordic countries will be compared with the EU average. The review of cash-for-care will assess the key elements of the programmes: the length of time...

  8. IFCN Cash Crop: Benchmarking Farms Globally Oilseed Production Costs

    OpenAIRE

    Plessmann, Frank; Ebmeyer, Christian; Goerg, Konrad

    2005-01-01

    Vegetable oil production has become one of the fastest expanding cash crop sectors in the last 50 years and it is still increasing rapidly. However the regions of expansion, the sources of plant oil and their importance vary over time. To shed light on this development it is necessary to look at the farm level production systems and their production costs for a variety of countries and oilseeds. In this paper we present the first results of the IFCN Cash Crop Network covering the internationa...

  9. 民营上市公司实际控制人与现金股利研究%A Study on Ultimate Controlling Shareholder and Cash Dividend of Private Listed Company

    Institute of Scientific and Technical Information of China (English)

    王爱国; 宋理升

    2012-01-01

    Ultimate controlling shareholder of a listed company has an important influence on cash dividend.This paper selects private listed companies of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2004 to 2006 as samples,and presents an empirical study on the relationship between ultimate controlling shareholder and cash dividend.The result shows that ultimate controlling shareholder acquiring control right through IPO has a significantly positive relation to cash dividend,control right and cash flow right has a significantly positive relation to cash dividend,and divergence between control right and cash flow right and pyramid control mode has a significantly negative relation to cash dividend.For ultimate controlling shareholders acquiring control right through IPO,control right and cash flow right have a more significant influence on cash dividend,and cash dividend is more when there is divergence between control right and cash flow right and when applying pyramid control mode if compared with other ultimate controlling shareholders.%实际控制人对上市公司的现金股利分配具有重要影响。本文以2004-2006年沪深证券交易所的民营上市公司为样本,对实际控制人与现金股利之间的关系进行了实证研究。研究结果证实,实际控制人通过IPO的方式获得上市公司的控制权同现金股利显著正相关,控制权与现金流权同现金股利显著正相关,控制权与现金流权发生分离和采用金字塔控制方式同现金股利显著负相关。而且,与通过非IPO的方式获得上市公司控制权的实际控制人相比,通过IPO的方式获得上市公司控制权的实际控制人其控制权与现金流权对现金股利的影响更加显著,控制权与现金流权发生分离和控制方式为金字塔时发放的现金股利更多。

  10. 一融资约束对公司现金持有政策的影响%The Effect of Financial Constraints on the Corporate Cash Holdings Policy

    Institute of Scientific and Technical Information of China (English)

    李金燕; 郝洪

    2014-01-01

    This paper examines the effect of financial constraints on the corporate cash holdings policy,with the sample of 314 listed manufacturing firms over the period of 2003 -2012. The results show that the cash holdings of the financial constrained firms are significantly higher than those of the unconstrained firms. For the financial constrained firms,the change of cash holdings has a positive relation to operating cash flows,which implies that these firms will save cash out of operating cash flows to meet future investment needs. Because of unrestricted access to external capital,unconstrained firms' cash savings are not significantly related to operating cash flows.%以2003-2012年持续存在的314家制造业上市公司为研究样本,研究融资约束对企业现金持有政策的影响。研究结果显示:有融资约束企业的现金持有水平显著高于无融资约束企业;有融资约束企业的现金持有量的变化与公司经营现金流显著正相关,说明有融资约束的企业会为了把握未来的投资机会而从当前经营现金流中储备现金。无融资约束企业因其外部融资能力较强,其现金持有量的变化不受企业经营现金流的显著影响。

  11. Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

  12. Shareholder Rights and the Effects of Acquirer Cash Holdings on Merger Performance

    OpenAIRE

    Ning Gao and Abdulkadir Mohamed

    2015-01-01

    In the U.S., cash-rich acquirers perform better in the presence of strong shareholder rights both at deal announcement and in the long run after mergers. Cash-rich acquirers underperform only when they are less financially constrained and when their shareholders possess weak rights. In the U.K., this positive cash effect on acquirer performance persists on average. In both countries, positive cash holdings effects are stronger when an acquirer is more financially constrained and can be explai...

  13. Use and Impact of a Cash Subsidy Program.

    Science.gov (United States)

    Herman, Sandra E.

    1991-01-01

    The use and impact of a $256 monthly cash subsidy by 1,283 Michigan families with children with severe disabilities were examined. Families reported such uses as the purchase of clothing, toys, sitters, special foods, adaptive equipment, and professional services. Families indicated that the subsidy had improved family life, eased financial…

  14. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    2007-01-01

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously p

  15. Using cash cover crops to provide pollinator provisions

    Science.gov (United States)

    To date, the use of winter cover crops in MN and SD has been slow to be adopted. The short growing season and potential for late wet springs make cover crops risky to farmers with little economic return. The use of cash cover crops in this area offers the standard advantages of other cover crops, wi...

  16. 45 CFR 400.52 - Emergency cash assistance to refugees.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Emergency cash assistance to refugees. 400.52 Section 400.52 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT...

  17. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information (C... HOMES PROGRAM (HOPE 3) Grants § 572.230 Cash and Management Information (C/MI) System. Disbursement of HOPE 3 grant funds is managed through HUD's Cash and Management Information (C/MI) System for the...

  18. 20 CFR 416.261 - What are special SSI cash benefits and when are they payable.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false What are special SSI cash benefits and when... Work Despite A Disabling Impairment § 416.261 What are special SSI cash benefits and when are they payable. Special SSI cash benefits are benefits that we may pay you in lieu of regular SSI...

  19. 20 CFR 416.262 - Eligibility requirements for special SSI cash benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Eligibility requirements for special SSI cash... Disabling Impairment § 416.262 Eligibility requirements for special SSI cash benefits. You are eligible for special SSI cash benefits if you meet the following requirements— (a) You were eligible to receive...

  20. 31 CFR 206.10 - Operation of and payments from the Cash Management Improvements Fund.

    Science.gov (United States)

    2010-07-01

    ... SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND § 206.10 Operation of and payments from the Cash Management Improvements Fund. (a) The Cash... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Operation of and payments from...

  1. 26 CFR 20.2031-5 - Valuation of cash on hand or on deposit.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of cash on hand or on deposit. 20.2031-5 Section 20.2031-5 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY... § 20.2031-5 Valuation of cash on hand or on deposit. The amount of cash belonging to the decedent...

  2. Does EVA performance evaluation improve the value of cash holdings? Evidence from China

    Institute of Scientific and Technical Information of China (English)

    Yongjian; Shen; Lei; Zou; Donghua; Chen

    2015-01-01

    This paper investigates the influence of the economic value added(EVA)performance evaluation,issued in 2010 by the State-owned Assets Supervision and Administration Commission of the State Council,on the value of the cash holdings of central state-owned enterprises(CSOEs).We find that EVA performance evaluation has some influence on the overinvestment of CSOE cash holdings and significantly increases the value of CSOE cash holdings compared with the cash holdings of local state-owned enterprises.The greater value of CSOE cash holdings derives from underinvestment modification and overinvestment restraint.The value of cash holdings increases more for companies with better accounting performance.Thus,the EVA performance evaluation policy increases CSOE efficiency.This study contributes to the emerging literature related to cash holdings and the economic consequences of the EVA performance evaluation policy.It expands the literature related to investor protection in countries experiencing economic transition.

  3. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    Directory of Open Access Journals (Sweden)

    BEATRIX LIGHEZAN BREUER

    2012-12-01

    Full Text Available The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidity/cash and liquidity ratios representing the liquidity as current assets, assets implied in the determination of liquidity ratios. The end of the paper consists of the conclusions drawn from the issues presented in the paper but also our views on this research topic.

  4. Motorola cash management: The evolution of a global system

    OpenAIRE

    Holland, CP; Lockett, G; Richard, JM; Blackman, ID

    1993-01-01

    The set of interorganizational information systems used for global cash management in business markets is analyzed. A longitudinal case study of Motorola is presented. Their strategy has evolved from an internal cost saving focus to a cooperative one, yielding significant strategic benefits by the inclusion of trading partners. The financial aspects of Motorola's business relationships with trading partners and its principal bank have been transformed through a process of organizational learn...

  5. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    OpenAIRE

    BEATRIX LIGHEZAN BREUER; MIHAELA LESCONI FRUMUŞANU; ADELA BREUER; ANDRA MANCIU

    2012-01-01

    The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidit...

  6. The Long Term Impact of Cash Transfers to Poor Families

    OpenAIRE

    Anna Aizer; Shari Eli; Joseph P. Ferrie; Adriana Lleras-Muney

    2014-01-01

    We estimate the long-run impact of cash transfers to poor families on children's longevity, educational attainment, nutritional status, and income in adulthood. To do so, we collected individual-level administrative records of applicants to the Mothers' Pension program--the first government-sponsored welfare program in the US (1911-1935) --and matched them to census, WWII and death records. Male children of accepted applicants lived one year longer than those of rejected mothers. Male childre...

  7. Liquid money or hard cash? Drowning into granular material

    OpenAIRE

    Bagnoli, Franco

    2016-01-01

    In British English, the term "hard cash" refers to the form of payment using coins or bill, rather than cheques or credit or money transfer. In American English, it is often prefixed by the adjective "cold". On the contrary, in Italian the equivalent expression "denaro liquido" can be literary translated as "liquid money". In French the expression is equivalent with the additional factor, with respect to the rest of this discussion, that money becomes "argent". We have therefore two very diff...

  8. The impact of retail payment innovations on cash usage

    OpenAIRE

    Ben S.C. Fung; Huynh, Kim P.; Sabetti, Leonard

    2012-01-01

    Many predict that innovations in retail payment may render cash obsolete. We investigate this possibility in the context of recent payment innovations such as contactless-credit and stored-value cards. We apply causal inference methods on the 2009 Bank of Canada Method of Payment survey, a representative sample of adult Canadians' shopping behaviour for retail consumption over a three-day period. We find that using contactless credit cards and stored-value cards lead to a reduction in average...

  9. The evolution of a global cash management system

    OpenAIRE

    Holland, CP; Lockett, G.; Richard, JM; Blackman, ID

    1994-01-01

    Some companies are implementing interorganizational information systems (IOSs) with trading partners that allow them to share data and software across organizational boundaries. The authors explore the effect of IOSs on cash management from a managerial perspective and present a case study of Motorola and Citibank. Motorola’s strategy has evolved from an internal cost saving initiative to a supply chain focus yielding significant strategic benefits. Cooperation between Motorola, its suppliers...

  10. Cash transfer in Brazil and nutritional outcomes: a systematic review

    OpenAIRE

    Martins, Ana Paula Bortoletto; Canella, Daniela Silva; Baraldi, Larissa Galastri; Monteiro, Carlos Augusto

    2013-01-01

    OBJECTIVE To analyze the influence of conditional cash transfer programs on diet and nutrition outcomes among beneficiary families in Brazil. METHODS A systematic review of literature was carried out with original evaluation studies conducted in Brazil, including all types of clinical trials and observational studies. The search was conducted in PubMed, Scopus, Web of Science and LILACS databases for papers published since 1990. The studies were analyzed according to the program evaluated, pa...

  11. 金字塔结构特征对上市公司现金股利政策的影响%Study on the Impact of Pyramid Structure on Cash Dividend Policy of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    王敏; 李瑕

    2012-01-01

    The thesis takes 715 listed companies from 2004 to 2010 as samples,and builds up panel data models to test how the pyramid structure impacts Chinese cash dividend policy.The results show that: the controlling rights,cash flow rights of the ultimate controller have a significant positive correlation with cash dividend payout tendency and cash dividend payout effort;the separation of ownership of the ultimate controller and cash dividend payments have a significant negative correlation;the complexity of pyramid structure and group properties of the ultimate controller have a significant negative correlation with cash dividend payout tendency and cash dividend payout effort;the cash dividends payout tendency is affected by the nature of property rights of the ultimate controller.%以2004年至2010年715家上市公司为样本,构建面板数据模型研究我国金字塔结构特征对上市公司现金股利政策的影响,结果表明:控制权、现金流权与现金股利支付倾向及支付力度显著正相关;两权分离度与现金股利支付力度显著负相关;金字塔结构较复杂、终极控制人具有集团性质时,现金股利支付倾向与支付力度较低;现金股利支付倾向受终极控制人产权性质影响。

  12. Conditional Cash Transfers and HIV/AIDS Prevention: Unconditionally Promising?

    Science.gov (United States)

    Kohler, Hans-Peter; Thornton, Rebecca

    2012-06-01

    Conditional cash transfers (CCT) have recently received considerable attention as a potentially innovative and effective approach to the prevention of HIV/AIDS. We evaluate a conditional cash transfer program in rural Malawi which offered financial incentives to men and women to maintain their HIV status for approximately one year. The amounts of the reward ranged from zero to approximately 3-4 months wage. We find no effect of the offered incentives on HIV status or on reported sexual behavior. However, shortly after receiving the reward, men who received the cash transfer were 9 percentage points more likely and women were 6.7 percentage points less likely to engage in risky sex. Our analyses therefore question the "unconditional effectiveness" of CCT program for HIV prevention: CCT Programs that aim to motivate safe sexual behavior in Africa should take into account that money given in the present may have much stronger effects than rewards offered in the future, and any effect of these programs may be fairly sensitive to the specific design of the program, the local and/or cultural context, and the degree of agency an individual has with respect to sexual behaviors.

  13. Flow

    DEFF Research Database (Denmark)

    2009-01-01

    Flow er en positiv, koncentreret tilstand, hvor al opmærksomhed er samlet om en bestemt aktivitet, som er så krævende og engagerende, at man må anvende mange mentale ressourcer for at klare den. Tidsfornemmelsen forsvinder, og man glemmer sig selv. 'Flow' er den første af en række udsendelser om...

  14. Cash limitations : Strategy and control on a functional level in the banking industry

    OpenAIRE

    Tingström, Lovisa; Kulesa, Linda

    2015-01-01

    In today’s ever-evolving society the use of cash is replaced by digital services in the banking sector. Some local banks restrict manual cash handling while others remove it completely. This essay examines how management accounting is affected by restricted cash handling. The theory clarifies that management accounting strategies create guidelines and provides specific framework for employees and managers in the organization. If the strategy is unclear employees may have difficulty knowing ho...

  15. Austria’s Experience with Euro Migration since the Cash Changeover

    OpenAIRE

    Doris Schneeberger; Gabriele Süß

    2007-01-01

    The introduction of the euro in 2002 offered a unique opportunity to learn more about the patterns and structures of cross-border cash movements. The Oesterreichische Nationalbank (OeNB) has carried out various surveys to analyze the migration of cash in greater depth. This article presents the results of two surveys, which demonstrate that cash is very mobile. An Austrian wallet will typically hold coins and banknotes from almost all euro area countries. Euro coins minted in countries other ...

  16. Tax Aggressiveness and Firm’s Cash Holdings: The Role of Corporate Social Responsibility

    Directory of Open Access Journals (Sweden)

    Ming-Lei Chang

    2016-05-01

    Full Text Available This study examines how tax aggressiveness affects the propensity of U.S. companies to stockpile cash and how the above relations are affected by the degree of corporate social responsibility (CSR activities. The empirical results find that the tax aggressiveness is positively associated with firm’s cash holdings, and when firms undertake corporate social responsibility, it mitigate the positive relation between the level of tax aggressiveness and firm’s cash holdings.

  17. Flow

    DEFF Research Database (Denmark)

    Knoop, Hans Henrik

    2006-01-01

    FLOW. Orden i hovedet på den fede måde Oplevelsesmæssigt er flow-tilstanden kendetegnet ved at man er fuldstændig involveret, fokuseret og koncentreret; at man oplever stor indre klarhed ved at vide hvad der skal gøres, og i hvilket omfang det lykkes; at man ved at det er muligt at løse opgaven...

  18. A new, but old business model for family physicians: cash.

    Science.gov (United States)

    Weber, J Michael

    2013-01-01

    The following study is an exploratory investigation into the opportunity identification, opportunity analysis, and strategic implications of implementing a cash-only family physician practice. The current market dynamics (i.e., increasing insurance premiums, decreasing benefits, more regulations and paperwork, and cuts in federal and state programs) suggest that there is sufficient motivation for these practitioners to change their current business model. In-depth interviews were conducted with office managers and physicians of family physician practices. The results highlighted a variety of issues, including barriers to change, strategy issues, and opportunities/benefits. The implications include theory applications, strategic marketing applications, and managerial decision-making.

  19. Liquid money or hard cash? Drowning into granular material

    CERN Document Server

    Bagnoli, Franco

    2016-01-01

    In British English, the term "hard cash" refers to the form of payment using coins or bill, rather than cheques or credit or money transfer. In American English, it is often prefixed by the adjective "cold". On the contrary, in Italian the equivalent expression "denaro liquido" can be literary translated as "liquid money". In French the expression is equivalent with the additional factor, with respect to the rest of this discussion, that money becomes "argent". We have therefore two very different points of view: Is money hard and cold, or rather liquid and "jingling" ("moneta sonante")? As usual, we shall investigate this topic starting from some comics about the duck family.

  20. An Efficient Fair Off-line Electronic Cash Scheme Design

    Institute of Scientific and Technical Information of China (English)

    WANGChangji; WUJianping

    2004-01-01

    This paper introduces the notion of restrictive partially blind signature scheme, which is the integration of partially blind signature scheme and restrictive blind signature scheme. Successively, this paper presents a fair off line electronic cash scheme based on the restrictive partially blind signature scheme. The expiry date and denomination are embedded in the electronic coin.Thus bank just needs to keep undue electronic coins in his coin database, which alleviates the storage pressure for the bank to check double spending. Moreover, bank needs not use different public keys for electronic coin with different denominations, and shops/users need not carry a list of bank's public keys to verify the electronic coin with different denominations. The number of modular exponentiation operations is reduced for both the user and the bank, which is achieved by introducing a new signature of proof of knowledge in the withdrawal protocol and letting the trusted third party publish two different public keys other than in previous fair off line electronic cash scheme.The scheme security is based on the random oracle model and decision Diffle-Hellman assumption.

  1. Soft currencies, cash economies, new monies: past and present.

    Science.gov (United States)

    Guyer, Jane I

    2012-02-14

    Current variation in the forms of money challenges economic anthropologists and historians to review theory and comparative findings on multiple currency systems. There are four main sections to the paper devoted to (i) the present continuum of hard to soft currencies as an instance of multiplicity, including discussion of different combinations of the classic four functions of money, especially the relationship between store of value and medium of exchange; (ii) the logic of anthropological inquiry into multiple currency economies; (iii) the case of the monies of Atlantic Africa, applying the analytics of exchange rates as conversions to African transactions; and (iv) the return to economic life in a present day Nigerian economy lived in soft currency and cash. The paper identifies five findings that suggest foci for future research. (i) The widespread occurrence of conversions, which bring together ranking principles within transactions. (ii) Several types of positional ranking ranging from simple stepwise ordinal scales to iconic ordinality that creates a parabolic curve of value. (iii) Fictional units of account that serve to mediate both the memorization of nonreductive transactions and their nature as conversions. (iv) The importance of the temporal reach of what constitutes wealth: over the short run, the life span, intergenerational succession, and in (legal) perpetuity (as for corporate and sovereign debts and specified assets). (v) The social niches in which these qualities are brought together in transactional regimes. In conclusion, the paper returns to the exchange function of cash, soft currencies, and new money forms. PMID:22308423

  2. Restricted common data in anonymous E-cash system

    Institute of Scientific and Technical Information of China (English)

    ZHANG Xiang-jun; CHEN Ke-fei

    2006-01-01

    Discuss the problem of infinite increasing coin list in anonymous E-cash systems, which reduce the efficiency of whole system greatly. Though some methods are suggested, no one can solve the problem with high efficiency and flexibility. Here, we use the technique of adding information in blind signatures to deal with this problem. Through adding timestamp in signatures, we can separate the valid period of all used coins into pieces. Only the coins in the last stage are recorded. So the scale of the coins list is controlled. We also analyze the anonymity of these data, and add some indispensable restrictions to them. These restrictions can ensure that the imported data don't break the anonymity of the customers. In order to fulfill these qualifications, we lead to the concept of restricted common data (RCD). Furthermore, we propose two schemes to add RCD in the blind signature. The simple one is easy to implement, while the complex one can note the value of the coin. The usage of RCD leads to little additional cost, as well as maintaining the anonymity of customers. This method fits for most kinds of anonymous E-cash systems.

  3. 77 FR 45381 - Cash Account Trust, et al.; Notice of Application

    Science.gov (United States)

    2012-07-31

    ..., DWS Value Series, Inc., DWS Variable Series I, DWS Variable Series II, Investors Cash Trust, Tax... listed above that do not offer multiple series. Cash Management Portfolio and DWS Equity 500 Index... among multiple Sub-Advisors; and (b) monitor and evaluate the performance of Sub-Advisors. 4....

  4. 24 CFR 511.75 - Disbursement of rental rehabilitation grant amounts: Cash and Management Information System.

    Science.gov (United States)

    2010-04-01

    ... rehabilitation grant amounts: Cash and Management Information System. 511.75 Section 511.75 Housing and Urban... rehabilitation grant amounts: Cash and Management Information System. (a) General. Rental Rehabilitation grants... defined in § 511.2, and, therefore, are subject to deobligation to the extent authorized by 24 CFR...

  5. Conditional Cash Transfers and Education Quality in the Presence of Credit Constraints

    Science.gov (United States)

    Del Rey, Elena; Estevan, Fernanda

    2013-01-01

    We investigate the relative merits of unconditional cash transfers (UCT), conditional cash transfers (CCT), and the effects of improvements in education quality on efficiency and welfare. In our setting, some parents underinvest in their children's education because capital market imperfections prevent them from borrowing. Under sufficiently…

  6. Do Consumers Pay More Using Debit Cards than Cash? An Experiment

    OpenAIRE

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao(Institute for Strings, Cosmology and Astroparticle Physics (ISCAP) and Physics Department, Columbia University, 538 West 120th Street, New York, NY, 10027 U.S.A.)

    2014-01-01

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits of the products. The evidence thus suggests that different representations of money matters for consumer behavior.

  7. Problems with Cash and Other Non-Operating Assets Value in the Process of Valuing Company

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2007-12-01

    Full Text Available In economic practice the process of valuing enterprises is based on potential earnings from companies operating assets ñ operating fixed assets and operating working capital. Cash and other non-operating assets (mainly financial are treated as unproductive, non-income assets. Eventually, in process of pricing their current, accounting value is added to income value of enterprise or cash is treated as source for quick covering the debts of firm, what of course indirectly improve for better value of equity (the lower financial risk. Not taking into account the profitable influence of cash value and other non-operating assets can negatively affect on result of final value of enterprise, reducing it. In the article two alternative approaches (separate and inclusive of cash value is presented. Also main determinants of estimating value of cash are described as well as potential threats of its valuation.

  8. ID-Based Fair Off-Line Electronic Cash System with Multiple Banks

    Institute of Scientific and Technical Information of China (English)

    Chang-Ji Wang; Yong Tang; Qing Li

    2007-01-01

    ID-based public key cryptography (ID-PKC) has many advantages over certificate-based public key cryptog-raphy (CA-PKC), and has drawn researchers’ extensive attention in recent years. However, the existing electronic cash schemes are constructed under CA-PKC, and there seems no electronic cash scheme under ID-PKC up to now to the best of our knowledge. It is important to study how to construct electronic cash schemes based on ID-PKC from views on both practical perspective and pure research issue. In this paper, we present a simpler and provably secure ID-based restrictive partially blind signature (RPBS), and then propose an ID-based fair off-line electronic cash (ID-FOLC) scheme with multiple banks based on the proposed ID-based RPBS. The proposed ID-FOLC scheme with multiple banks is more efficient than existing electronic cash schemes with multiple banks based on group blind signature.

  9. 20 CFR 670.620 - Are Job Corps students eligible to receive cash allowances and performance bonuses?

    Science.gov (United States)

    2010-04-01

    ... Student Support § 670.620 Are Job Corps students eligible to receive cash allowances and performance... cash allowances and performance bonuses? 670.620 Section 670.620 Employees' Benefits EMPLOYMENT AND... cash living allowances, performance bonuses, and allotments for care of dependents, and...

  10. Comments on contingency management and conditional cash transfers.

    Science.gov (United States)

    Higgins, Stephen T

    2010-10-01

    This essay discusses research on incentive-based interventions to promote healthy behavior change, contingency management (CM) and conditional cash transfers (CCT). The overarching point of the essay is that CM and CCT are often treated as distinct areas of inquiry when at their core they represent a common approach. Some potential bi-directional benefits of recognizing this commonality are discussed. Distinct intellectual traditions probably account for the separate paths of CM and CCT to date, with the former being rooted in behavioral psychology and the latter in microeconomics. It is concluded that the emerging field of behavioral economics, which is informed by and integrates principles of each of those disciplines, may provide the proper conceptual framework for integrating CM and CCT. PMID:19670269

  11. On-line Payment System Survey – eCash

    Directory of Open Access Journals (Sweden)

    Marius Popa

    2009-12-01

    Full Text Available The paper presents the main aspects regarding an on-line payment system. Some characteristics of such system are presented and an existing system is analyzed. On its fundamental sense, the electronic commerce is a concept that represents the purchase and sale process or exchange of products, services, information, using o computer network, inclusively the Internet. In the most part of the cases, the electronic commerce imply on-line payments that lead to creation of some kinds of electronic money and some specific payment systems. There are described the some electronic payment mechanisms and the architecture and the functions of the on-line payment system E-Cash are depicted.

  12. Information and Communication Technologies in cash management: explanatory model

    Directory of Open Access Journals (Sweden)

    AMAIA MASEDA GARCÍA

    2006-12-01

    Full Text Available In this research it has been analysed the use of ICT (Information and Communication Technologies in the responsibilities of cash management and the references of this survey are the corporations of Basque Country. The results indicate that the ICT more utilized by firms to financial practices are financial software, Internet and electronic banking. Furthermore, this results have permitted us to develop an explanatory model of the use of ICT for the treasurer’s functions; management of receivables and payments, liquidity monitoring, shortterm treasury forecasts, management of bank balances in value data, management of relations with financial institutions, management of short-term needs, management of treasury surpluses and management of interest and exchange rate risks.

  13. Separation of Cash Flow from Control of Ultimate Controller, Information Asymmetry and Stock Return Fluctuation-Experience Evidence from the China A-listed Company during 2007 to 2010%终极控制人两权分离、信息不对称与股票收益波动*--来自2007-2010年中国上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    宋小保

    2013-01-01

    Based on the capital market background of relative concentration of equity structure,by using the data of listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during 2007 to 2010,this paper analyzes the relationship of the separation of cash flow right from control of ultimate controller in China’s listed company and stock return volatility,and examines the influence of value invasion of ultimate controllers on outside market investors from the perspective of information asymmetry.The research finds that the bigger the two rights of ultimate controllers separate,the stronger stock return volatility is,which indicates that the invading behavior of ultimate controllers may lead to the increase of information asymmetry between enterprises and market investors, increasing the risk of outside investors,meanwhile,relative to state-owned listed companies and the companies which have low equity concentration,there is more obvious relation between stock return volatility and the extent of the two right separation of ultimate controllers for private listed companies and the listed companies which have high equity concentration,which reveals that there is big difference of invading mode and invading capacity between the ultimate controllers of the companies with different ownership or with different equity concentration.Thus,China should consolidate and perfect the regulation on the invasion of big shareholders to effectively improve capital market efficiency.%基于现实中股权结构相对集中的资本市场背景,利用2007-2010年沪深证券市场上市公司数据,分析我国上市公司终极控制人控制权与现金流权分离程度与股票收益波动性的关系,从信息不对称角度考察终极控制人价值侵占对外部市场投资者的影响。研究发现,终极控制人两权分离程度越大,股票收益的波动性则越强,表明终极控制人的侵占行为可能导致企业与市场投资者间信息不

  14. Wealth-flow forecasting

    OpenAIRE

    Bradut BOLOS

    2008-01-01

    The Wealth Flow is part of an ABC type approach, and should suggest the wealth either generated (by income recognized in accounting, or not) or consumed (by recognized expenses or not). From the investor’s point of view this should be the next stage of analyze after the cash flow analyze, showing his net benefits generated by an investment. In a final stage the wealth flow should be a sum of shares value growth and dividends, however as the market is not always responding immediately and dire...

  15. Effects of Excess Cash, Board Attributes and Insider Ownership on Firm Value: Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Nadeem Ahmed Sheikh

    2016-04-01

    Full Text Available The purpose of this paper is to investigate whether excess cash, board attributes (i.e. board size, board independence and CEO duality and insider ownership affects the value of the firm. Data were taken from annual reports of non-financial firms listed on the Karachi Stock Exchange (KSE Pakistan during 2008-2012. Pooled ordinary least squares method used to estimate the effects of excess cash and internal governance indicators on the value of the firm. Our results indicate that excess cash is significantly negatively related to firm value. Excess cash along with board size is significant and negatively related to firm value. Excess cash along with insider ownership is significant and negatively related to firm value. Control variables namely leverage and dividends are positively while firm size is negatively related to firm value in all regressions. In sum, empirical results indicate that excess cash, board size and insider ownership have material effects on the value of the firm. Moreover, findings of this study provide support to managers to understand the impact of excess cash and internal governance measures on firm value. In addition, findings provide support to regulatory authorities to frame regulations that improve the level of corporate governance in the country.

  16. Investigating the persistence of earnings components and pricing test of abnormal changes in cash

    Directory of Open Access Journals (Sweden)

    Yaser Ahmadi

    2013-03-01

    Full Text Available This paper investigates the persistence of earnings components and pricing test of abnormal changes in cash for selected firms listed on Tehran Stock Exchange (TSE. The proposed study gathers the necessary data from 166 firms over the period 2004-2012 from firms whose shares were actively traded on TSE market. The study uses Panel data and with the implementation of linear regression technique examines four hypotheses. The results indicate that abnormal negative changes in cash are more persistence than positive abnormal changes. In addition, both positive and negative abnormal changes are more persistence than accruals. Market also has a good perception on abnormal positive and negative changes in cash.

  17. EXCESS CASH HOLDINGS DAN KEPEMILIKAN INSTITUSIONAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

    Directory of Open Access Journals (Sweden)

    Yessica Tria Christina

    2014-02-01

    Full Text Available This research provides an empirical evidence about the effect of institutional ownerships as a proxy of information transparancy on excess cash holdings. Manufacture companies listed on BEI from years 2002 to 2011 are employed. The results show that the higher the proportion of institutional ownership, the lower the excess cash holdings. Informational transparancy, as one of the requirements of good corporate governance, can in fact lower the chance of aggrevating the manager’s behavior to practice excess cash holdings that can lower the company’s efficiency.

  18. How Many Disability Beneficiaries Forgo Cash Benefits Because of Work? Evidence from a New Measure.

    OpenAIRE

    Jody Schimmel; David Stapleton

    2012-01-01

    This issue brief summarizes findings from a longer report by Mathematica's disability experts, who used a new indicator to determine how many beneficiaries receiving Social Security Disability Insurance and Supplemental Security Income forgo cash benefits because of work.

  19. The nutrition and health impact of cash cropping in west Africa: a historical perspective.

    Science.gov (United States)

    Brun, T A

    1991-01-01

    The impact of cash cropping in West Africa cannot be isolated from its social and historical background. Among the many changes brought to West African economies by cash cropping since the beginning of the century, the present document shows how the extension of trade with European merchants and colonizers created new sets of values and criteria for wealth. Food crops gradually lost their prominent cultural and economics roles to the benefit of export crops or goods. Traditional systems of agricultural production were profoundly disrupted by military actions. They imposed colonial rule and control of trade of tropical crops and goods. Forced labor and compulsory (poorly paid) work assignments were instituted for private and public enterprises: construction of roads, railways, public buildings and plantations. The main justification was the need for cheap labor to cultivate, transport and build roads for the extraction of raw materials. This in turn caused massive migrations from countries such as Burkina Faso (Upper Volta) to Ivory Coast. Cash cropping made systematic collection of taxes possible. An imposition on a per capita basis became the rule and the major incentive of small farmers to engage in commercial farming. Cash cropping made also possible extensive monetarization of West Africa. This results in both favorable and unfavorable effects on the quality of the diet. In profoundly disrupted traditional societies, the diffusion of new consumption patterns was easier and faster. It led to massive food imports of wheat, rice, sugar, alcohol, etc. Cash cropping was (and still is) practiced as a 'mining' agriculture, exhausting soils and deteriorating their fertility for extended periods of time. In the Sudanian and Sahelian zones cash cropping conflicted with the cultivation of grains because peak demands for labor were similar. Therefore, millet and sorghum production declined. Cash cropping was developed in response to the need of European economies for

  20. The nutrition and health impact of cash cropping in west Africa: a historical perspective.

    Science.gov (United States)

    Brun, T A

    1991-01-01

    The impact of cash cropping in West Africa cannot be isolated from its social and historical background. Among the many changes brought to West African economies by cash cropping since the beginning of the century, the present document shows how the extension of trade with European merchants and colonizers created new sets of values and criteria for wealth. Food crops gradually lost their prominent cultural and economics roles to the benefit of export crops or goods. Traditional systems of agricultural production were profoundly disrupted by military actions. They imposed colonial rule and control of trade of tropical crops and goods. Forced labor and compulsory (poorly paid) work assignments were instituted for private and public enterprises: construction of roads, railways, public buildings and plantations. The main justification was the need for cheap labor to cultivate, transport and build roads for the extraction of raw materials. This in turn caused massive migrations from countries such as Burkina Faso (Upper Volta) to Ivory Coast. Cash cropping made systematic collection of taxes possible. An imposition on a per capita basis became the rule and the major incentive of small farmers to engage in commercial farming. Cash cropping made also possible extensive monetarization of West Africa. This results in both favorable and unfavorable effects on the quality of the diet. In profoundly disrupted traditional societies, the diffusion of new consumption patterns was easier and faster. It led to massive food imports of wheat, rice, sugar, alcohol, etc. Cash cropping was (and still is) practiced as a 'mining' agriculture, exhausting soils and deteriorating their fertility for extended periods of time. In the Sudanian and Sahelian zones cash cropping conflicted with the cultivation of grains because peak demands for labor were similar. Therefore, millet and sorghum production declined. Cash cropping was developed in response to the need of European economies for

  1. The impact of conditional cash transfers on marriage and divorce.

    Science.gov (United States)

    Bobonis, Gustavo J

    2011-01-01

    A growing number of less-developed countries have introduced conditional cash transfer programs in which funds are targeted to women. Economic models of the family suggest that these transfer programs may lead to marital turnover among program beneficiaries. Data from the experimental evaluation of the PROGRESA program in Mexico is used to provide new evidence on the short-run impacts of targeted transfers on couples' union dissolution and individuals' new union formation decisions. We find that, although the overall share of women in union does not change as a result of the program, marital turnover increases. Intact families eligible for the transfers experienced a modest (0.32 percentage points) increase in separation rates, with most of the effect concentrated among young and relatively educated women households. In contrast, young single women with low educational attainment levels experienced a substantial increase in new union formation rates. The marital transition patterns are consistent with the workhorse economic model of the marriage market-individuals with the greatest prospects to start new unions and those who may become more attractive in the marriage market are more likely to transition out of existing relationships and form new ones.

  2. Evidence of eligibility manipulation for conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    Sergio Firpo

    2014-09-01

    Full Text Available This paper assesses whether eligibility for conditional cash transfer programs has been manipulated, as well as the impact of this phenomenon on time allocation within households. To perform this analysis, we use data from the 2006 PNAD (Brazilian national household survey and investigate the eligibility manipulation for the Bolsa Família (Family Stipend program during this time period. The program assists families with a monthly per capita income of around R$120.00 (US$60.00. By applying the tests developed by McCrary (2008, we find suggestive evidence that individuals manipulate their income by voluntarily reducing their labor supply in order to become eligible to the program. Moreover, the reduction in labor supply is greater among women, especially single or divorced mothers. This evidence raises some concern about the unintended consequences related to the eligibility criteria utilized by Bolsa Família, as well as the program's impact on individuals living in extreme poverty.

  3. Small farms, cash crops, agrarian ideals, and international development.

    Science.gov (United States)

    Effland, Anne

    2010-01-01

    This address is an exploration of a lifetime of disparate and often conflicting observations about how different people view what is right and good for agriculture, food, and farmers around the world. The exploration utilizes the concept of wicked problems to focus on the issue of differing historical interpretations of global agricultural development. Sandra Batie defines wicked problems as "dynamically complex, ill-structured, public problems" for which "there can be radically different views and understanding of the problem by different stakeholders, with no unique 'correct' view." The wicked problem construct is applied to four core ideas in the history of agricultural development -- small farms, cash crops, agrarian ideals, and international development -- to demonstrate the potential for using this concept to approach complex problems of historical interpretation and contribute to solutions to the challenges of global agricultural development. The author suggests historians should acknowledge contradictory interpretations adn work toward reconciliation and synthesis, where it is possible and, where not, toward a clear explication of the basis for remaining differences. The author also encourages historians to seek multidisciplinary research opportunities that will help bring insights about historical context to policy deliberations.

  4. CERN Fellows, don’t splash that cash!

    CERN Multimedia

    Anaïs Schaeffer

    2013-01-01

    When their CERN contracts expire and they leave the Organization, Fellows recoup the amounts paid into the Pension Fund by and for them every month. If they invest this money well, right from the outset, it can grow into a nice little nest-egg by the time they reach retirement age.   As employed members of the CERN personnel, Fellows are members of the Organization’s Pension Fund. Accordingly, a specific amount is withheld from their salary every month (see first box) and, as the months go by, this gradually accumulates into their transfer value (i.e. their capital). When their contracts expire, Fellows may opt to transfer that money directly into another pension fund (subject to the national laws of the destination country and, unfortunately, not possible everywhere), or take it in cash. This is because only employed members of the personnel who have at least five years of service with the Organization are entitled to remain beneficiaries of the CERN Pension Fund for life*. But the capi...

  5. Comfort and patient-centred care without excessive sedation:the eCASH concept

    OpenAIRE

    Vincent, Jean-Louis; Shehabi, Yahya; Walsh, Timothy S; Pandharipande, Pratik P; Ball, Jonathan A.; Spronk, Peter; Longrois, Dan; Strom, Thomas; Conti, Giorgio; Funk, Georg-Christian; Badenes, Rafael; Mantz, Jean; Spies, Claudia; Takala, Jukka

    2016-01-01

    We propose an integrated and adaptable approach to improve patient care and clinical outcomes through analgesia and light sedation, initiated early during an episode of critical illness and as a priority of care. This strategy, which may be regarded as an evolution of the Pain, Agitation and Delirium guidelines, is conveyed in the mnemonic eCASH-early Comfort using Analgesia, minimal Sedatives and maximal Humane care. eCASH aims to establish optimal patient comfort with minimal sedation as th...

  6. Problems with Cash and Other Non-Operating Assets Value in the Process of Valuing Company

    OpenAIRE

    Piotr Szczepankowski

    2007-01-01

    In economic practice the process of valuing enterprises is based on potential earnings from companies operating assets ñ operating fixed assets and operating working capital. Cash and other non-operating assets (mainly financial) are treated as unproductive, non-income assets. Eventually, in process of pricing their current, accounting value is added to income value of enterprise or cash is treated as source for quick covering the debts of firm, what of course indirectly improve for better va...

  7. Development Chutes and Ladders: A Joint Impact Evaluation of Asset and Cash Transfers in Brazil

    OpenAIRE

    Fitz, Dylan

    2013-01-01

    Land reforms provide large transfers of assets that enable households to increase investments in agriculture, but they can also lead to increases in human capital. Similarly, conditional cash transfers incentivize human capital investments, but they can also increase productive investments in agriculture. Thus, both programs have direct and indirect effects and may even complement each other, as land reforms provide productive assets that increase the returns to investments while cash transfe...

  8. EXCESS CASH HOLDINGS DAN KEPEMILIKAN INSTITUSIONAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

    OpenAIRE

    Yessica Tria Christina; Erni Ekawati

    2014-01-01

    This research provides an empirical evidence about the effect of institutional ownerships as a proxy of information transparancy on excess cash holdings. Manufacture companies listed on BEI from years 2002 to 2011 are employed. The results show that the higher the proportion of institutional ownership, the lower the excess cash holdings. Informational transparancy, as one of the requirements of good corporate governance, can in fact lower the chance of aggrevating the manager’s behavior to pr...

  9. Effects of Excess Cash, Board Attributes and Insider Ownership on Firm Value: Evidence from Pakistan

    OpenAIRE

    Nadeem Ahmed Sheikh; Muhammad Imran Khan

    2016-01-01

    The purpose of this paper is to investigate whether excess cash, board attributes (i.e. board size, board independence and CEO duality) and insider ownership affects the value of the firm. Data were taken from annual reports of non-financial firms listed on the Karachi Stock Exchange (KSE) Pakistan during 2008-2012. Pooled ordinary least squares method used to estimate the effects of excess cash and internal governance indicators on the value of the firm. Our results indicate that...

  10. THE EFFECT OF AGROCLIMATIC FACTORS ON CASH CROPS PRODUCTION IN NIGERIA.

    OpenAIRE

    KAMIL AKINTUNDE

    2013-01-01

    This study examined the effects of agroclimatic factors on the yield of cash crops in Nigeria and other variables such as producer prices, exchange rate and level of national income (GDP). The effects of total rainfall, mean temperature, sunshine hour, relative humidity, radiation, exchange rate and GDP on the yields of three cash crops (Cocoa, Palm Kernel and Palm Oil) were estimated for the period 1970-2003 in Nigeria. The methods of analysis employed in the study were mainly error-correcti...

  11. Conditional Cash Transfers and Education Quality in the Presence of Credit Constraints

    OpenAIRE

    Elena Del Rey; Fernanda Estevan

    2011-01-01

    We investigate the relative merits of unconditional cash transfers (UCT), conditional cash transfers (CCT), and improvements in education quality on efficiency and welfare. In our setting some parents under-invest in their children's education because capital market imperfections prevent them from borrowing. When credit constrained households can be perfectly targeted by the government, we show that CCT are more effective than UCT in enhancing efficiency and equivalent in terms of welfare. Wh...

  12. Cash Accounting in the Equation of the Budget Execution and of the Public Management

    OpenAIRE

    Iuliana Cenar

    2009-01-01

    Accounting is the instrument used by the management of a public institution to satisfy the need for information and to direct their decisions. The state’s treasury is the public institution that ensures the perpetuation of the cash based accounting. The paper approaches the following: the treasury’s role in achieving the execution phase of the budgetary process, methods of changing into cash the budgetary incomes and to pay the expenses, the accounting instruments of the various transactions ...

  13. Measuring the Impact of Cash Crops on Household Expenditure and Poverty in Rural Viet Nam

    OpenAIRE

    Nguyen Viet, Cuong

    2008-01-01

    This paper measures the impacts of cash crops on household consumption expenditure and poverty in rural Viet Nam using data from the Viet Nam household living standards surveys (VHLSSs) of 2002 and 2004. It has been found that revenues from cash crops have positive and statistically significant impacts on per capita expenditure. More specifically, an increase of 1 Viet Nam dong (VND) in rice revenues leads to an increase of 0.019 VND in per capita expenditure, and the corresponding figures fo...

  14. Do cash transfers improve birth outcomes? Evidence from matched vital statistics, social security and program data

    OpenAIRE

    Amarante, Veronica; Manacorda, Marco; Miguel, Edward; Vigorito, Andrea

    2011-01-01

    There is limited empirical evidence on whether unrestricted cash social assistance to poor pregnant women improves children's birth outcomes. Using program administrative micro-data matched to longitudinal vital statistics on the universe of births in Uruguay, we estimate that participation in a generous cash transfer program led to a sizeable 15% reduction in the incidence of low birthweight. Improvements in mother nutrition and a fall in labor supply, out-of-wedlock births and mother's smok...

  15. Estimated Effects on the Supplemental Nutrition Assistance Program of Eliminating California's SSI Cash-Out Policy.

    OpenAIRE

    Karen Cunnyngham

    2010-01-01

    This report evaluates how eliminating Supplemental Security Income (SSI) cash-out would affect SNAP (formerly the Food Stamp Program) eligibility and benefits for Californians receiving SSI and for nonelderly, nondisabled family members living with them. In 1974, California opted to “cash out†recipients SSI benefits from SNAP. In lieu of SNAP eligibility for low-income seniors and people with disabilities receiving SSI, the state increased the State Supplementary Payments by $10.

  16. Estimated Effects on the Supplemental Nutrition Assistance Program of Eliminating Californias SSI CashOut Policy

    OpenAIRE

    Karen Cunnyngham

    2010-01-01

    This report evaluates how eliminating Supplemental Security Income (SSI) cash-out would affect SNAP (formerly the Food Stamp Program) eligibility and benefits for Californians receiving SSI and for nonelderly, nondisabled family members living with them. In 1974, California opted to “cash out†recipients SSI benefits from SNAP. In lieu of SNAP eligibility for low-income seniors and people with disabilities receiving SSI, the state increased the State Supplementary Payments by $10.

  17. Towards cash transfer interventions for tuberculosis prevention, care and control: key operational challenges and research priorities

    OpenAIRE

    Boccia, D.; D. Pedrazzoli; Wingfield, T; Jaramillo, E; Lönnroth, K.; Lewis, J.; Hargreaves, J; Evans, CA

    2016-01-01

    Background Cash transfer interventions are forms of social protection based on the provision of cash to vulnerable households with the aim of reduce risk, vulnerability, chronic poverty and improve human capital. Such interventions are already an integral part of the response to HIV/AIDS in some settings and have recently been identified as a core element of World Health Organization’s End TB Strategy. However, limited impact evaluations and operational evidence are currently available to inf...

  18. Does Cash Contribute to Value? A Comparison of Constrained and Unconstrained Firms in China and Germany

    OpenAIRE

    , Wei Zhang; Henk von Eije; Wim Westerman

    2015-01-01

    A fundamental characteristic of emerging markets is the underdevelopment of legal institutions and financial markets. Therefore, the marginal value of a firm’s cash holdings in emerging countries can be lower than 1, due to high agency costs resulting from poor external corporate governance. However, the marginal value of cash may also be high in emerging markets because the information asymmetry between current and new providers of funds is high, which means that it is difficult to access th...

  19. The use of cash transfers for HIV prevention--are we there yet?

    Science.gov (United States)

    Taaffe, Jessica; Cheikh, Nejma; Wilson, David

    2016-01-01

    Poverty and social inequality are significant drivers of the HIV epidemic and are risk factors for acquiring HIV. As such, many individuals worldwide are at risk for new HIV infection, especially young women in East and Southern Africa. By addressing these drivers, social protection programmes may mitigate the impact of poverty and social inequality on HIV risk. There is reason to believe that social protection can be used successfully for HIV prevention; social protection programmes, including cash transfers, have led to positive health outcomes and behaviour in other contexts, and they have been used successfully to promote education and increased income and employment opportunities. Furthermore, cash transfers have influenced sexual behaviour of young women and girls, thereby decreasing sexual risk factors for HIV infection. When HIV outcomes have been measured, several randomised controlled trials have shown that indirectly, cash transfers have led to reduced HIV prevalence and incidence. In these studies, school attendance and safer sexual health were directly incentivised through the cash transfer, yet there was a positive effect on HIV outcomes. In this review, we discuss the growth of social protection programmes, their benefits and impact on health, education and economic potential, and how these outcomes may affect HIV risk. We also review the studies that have shown that cash transfers can lead to reduced HIV infection, including study limitations and what questions still remain with regard to using cash transfers for HIV prevention.

  20. The use of cash transfers for HIV prevention--are we there yet?

    Science.gov (United States)

    Taaffe, Jessica; Cheikh, Nejma; Wilson, David

    2016-01-01

    Poverty and social inequality are significant drivers of the HIV epidemic and are risk factors for acquiring HIV. As such, many individuals worldwide are at risk for new HIV infection, especially young women in East and Southern Africa. By addressing these drivers, social protection programmes may mitigate the impact of poverty and social inequality on HIV risk. There is reason to believe that social protection can be used successfully for HIV prevention; social protection programmes, including cash transfers, have led to positive health outcomes and behaviour in other contexts, and they have been used successfully to promote education and increased income and employment opportunities. Furthermore, cash transfers have influenced sexual behaviour of young women and girls, thereby decreasing sexual risk factors for HIV infection. When HIV outcomes have been measured, several randomised controlled trials have shown that indirectly, cash transfers have led to reduced HIV prevalence and incidence. In these studies, school attendance and safer sexual health were directly incentivised through the cash transfer, yet there was a positive effect on HIV outcomes. In this review, we discuss the growth of social protection programmes, their benefits and impact on health, education and economic potential, and how these outcomes may affect HIV risk. We also review the studies that have shown that cash transfers can lead to reduced HIV infection, including study limitations and what questions still remain with regard to using cash transfers for HIV prevention. PMID:27002355

  1. Invoicing and Financial Forecasting of Time and Amount of Corresponding Cash Inflow

    Directory of Open Access Journals (Sweden)

    Dragan Simić

    2011-09-01

    Full Text Available Cash is the centre of all financial decisions. It is used as basis for the future investment projections and enterprises' financial plans. A concept of intelligent system for financial forecasting, the dynamic of issuing invoices and receiving corresponding cash inflow for fair exhibitions is presented in this article. This intelligent system is based on artificial intelligent method case-based reasoning (CBR where the previous experience for new forecasting is taken into account. This research is a discussion about the problem of invoice curve and the corresponding cash inflow curve at the moment of the fair exhibition. The invoice curve reaches its saturation point, while the cash inflow curve is still far away from the saturation point. The solution to this problem is the saturation point for the cash inflow curve. Therefore managers want to know how high the cash inflow of some services would at a certain point of time in the future, with respect to invoicing. If they could predict reliably enough what would happen in the future, they could plan important business activities to ensure faster invoiced income and future activities. Methodological aspects have been tested, in practice, as a part of the management information system development project for Novi Sad Fair company.

  2. Family control,institutional environment and cash dividend policy:Evidence from China

    Institute of Scientific and Technical Information of China (English)

    Zhihua; Wei; Shinong; Wu; Changqing; Li; Wei; Chen

    2011-01-01

    Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008,this study empirically tests the impact of family control,institutional environment and their interaction on the cash dividend policy of listed companies.Our results indicate that(1)family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms;(2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies;and(3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms.Somewhat surprisingly,we find that controlling family shareholders in China may intensify Agency Problem Ⅰ(the owner-manager conflict) rather than Agency Problem Ⅱ(the controlling shareholder-minority shareholder conflict),and thus have a significant negative impact on cash dividend policy.In contrast,a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem 1 and encouraging family firms to pay cash dividends.

  3. Does Cash Contribute to Value? A Comparison of Constrained and Unconstrained Firms in China and Germany

    Directory of Open Access Journals (Sweden)

    Wei Zhang

    2015-11-01

    Full Text Available A fundamental characteristic of emerging markets is the underdevelopment of legal institutions and financial markets. Therefore, the marginal value of a firm’s cash holdings in emerging countries can be lower than 1, due to high agency costs resulting from poor external corporate governance. However, the marginal value of cash may also be high in emerging markets because the information asymmetry between current and new providers of funds is high, which means that it is difficult to access the (low quality capital markets. We study for the industrialized countries of China and Germany whether corporate cash holdings contribute to shareholder value in both constrained and unconstrained firms. In contradiction to previous literature on emerging markets, we find that the marginal value of cash is not smaller than 1 in China, so that agency costs do not dominate. We, however, find marginal values of cash lower than 1 for unconstrained firms in both countries, implying that in these firms agency costs of cash holdings exist. For constrained firms we find marginal values significantly larger than 1 in both countries. This indicates difficulties in accessing the financial markets for these firms. These difficulties prove to be larger in China than in Germany for small and service firms, but not for high growth firms.

  4. Determination of Boundary Parameters of Cash Flows Regulation of Bank Contractors Using Methods of Financial Analysis Определение предельных параметров регулирования движения денежных потоков контрагентов банка

    Directory of Open Access Journals (Sweden)

    Azarenkova Galina M.

    2012-04-01

    Full Text Available The selected risk forming factors of cash flow value is determined with the help of hierarchical system of interconnected methods and models of different types. The boundary parameters of cash flows regulation between economic agents by taking into account the coefficient of credit resource of bank contractor in the period of lending bank service for contractor is determined by expansion of parametric model.В исследовании с помощью иерархической системы взаимосвязанных методов и моделей разных типов определено влияние выделенных факторов на величину денежного потока. Посредством расширения параметрической модели путем учета коэффициента кредитного ресурса контрагента банка определены предельные параметры регулирования движения денежных потоков между экономическими агентами в период кредитного обслуживания контрагента банком.

  5. 42 CFR 436.210 - Individuals who meet the income and resource requirements of the cash assistance programs.

    Science.gov (United States)

    2010-10-01

    ... for Coverage of Families and Children and Aged, Blind, and Disabled Individuals, Including Pregnant... income and resource requirements of the appropriate cash assistance program for their status (that...

  6. Atomic and anonymous e-Cash transaction protocol with off-line TTP

    Institute of Scientific and Technical Information of China (English)

    王茜; 李朝阳; 杨德礼

    2004-01-01

    Atomicity and anonymity are desirable properties for reliable and security e-Cash transaction and the guarantee of the participants' interests. But there are conflicts between these two properties. In this paper, an atomic and anonymous e-Cash transaction protocol with off-line TTP (Trust Third Party) based on the extended CEMBS is presented. The novel protocol is analyzed for its atomicity and anonymity. The results of the analysis show that it not only provides atomicity and anonymity under unreliable communication and dishonest partici-pants, but also features high efficiency and practicability. The new protocol also avoids transaction from a am-biguous state. Furthermore, it will be referenced often for the application of the atomic e-Cash transaction proto-col.

  7. A Fair Off-Line Electronic Cash Scheme Based on Restrictive Partially Blind Signature

    Institute of Scientific and Technical Information of China (English)

    王常吉; 吴建平; 段海新

    2004-01-01

    A fair off-line electronic cash scheme was presented based on a provable secure restrictive partially blind signature.The scheme is more efficient than those of previous works as the expiry date and denomination information are embedded in the electronic cash,which alleviates the storage pressure for the bank to check double spending,and the bank need not use different public keys for different coin values,shops and users need not carry a list of bank's public keys to verify in their electronic wallet.The modular exponentiations are reduced for both the user and the bank by letting the trustee publish the public values with different structure as those of previous electronic cash schemes.The scheme security is based on the random oracle model and the decision Diffie-Hellman assumption.The scheme can be easily extended to multi-trustees and multi-banks using threshold cryptography.

  8. Evaluating cash benefits as real options for a commodity producer in an emerging market

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2009-07-01

    Full Text Available The amount of cash a firm should maintain is an old problem tackled by finance literature. The recent advances in finance, mainly in the derivatives area, has opened the opportunity to revisit this subject. Cossin and Hricko (2004 studied the benefits of cash holdings using the Real Options approach. We follow their ideas extending the problem to a specific commodity producer firm in an emerging economy. We evaluate the benefits considering that raising capital takes time (timing benefit and also the benefit of avoiding the issue of securities at unfavorable moments (underpricing benefit. We use numerical procedures to solve the problem. Despite the fact that the results are not totally intuitive, we verify that the timing benefit is much more relevant than that of avoiding the underpricing benefit and that firms in emerging economies have greater advantage holding cash than those in developed economies. There is empirical evidence of this last result in the literature.

  9. The New Darwinism of the Payment System: Will Bitcoin Replace our Cash-based Society?

    Directory of Open Access Journals (Sweden)

    Wonglimpiyarat J

    2016-01-01

    Full Text Available This paper is concerned with the new Darwinism of the payment system. The researcher discusses the payment system to understand if Bitcoin would replace our cash-based society. The analysis is based on the technology S-curve and Schumpeter’s model of economic development. At present, there are problems hindering Bitcoin innovation to achieve a wide adoption as the innovation is not well received by the government central banks around the world. It is interesting to see that the swing of S-curves is not strong enough to cause a paradigm shift according to the Schumpeterian concept of creative destruction. The results have shown parallel S-curve trajectories of electronic money innovations signifying a move from a cash-based economy towards a less cash society. The study provides useful implications to support the diffusion of Bitcoin innovation.

  10. Earnings Management before Rights Issues and the Subsequent Cash Transfer in Chinese Firms

    Science.gov (United States)

    Tsai, Bi-Huei

    2009-08-01

    Unlike private enterprises in developed markets, political influence is profound upon Chinese state-dominated firms. Under this consideration, this paper demonstrates how political impact interferes in Chinese managers' decisions. State-assigned managers were found to deliberately transfer cash raised via rights issues from the public shareholders to the state by cash dividends in order to please Chinese politicians. Especially, to meet the regulatory requirement of rights issues, managers from firms which distributed more cash dividends in the same year of rights issues were more likely to inflate earnings before rights issues. The earnings inflation which managers use to boost firm's incomes is defined as "earnings management." Furthermore, the empirical results also exhibit that firm's close relationship with the state enables managers to obtain approvals of rights issues easily, which reduces the firm's earnings management tendency. The manager's incentives of earnings management is closely attributed to the political intervention.

  11. Comfort and patient-centred care without excessive sedation: the eCASH concept.

    Science.gov (United States)

    Vincent, Jean-Louis; Shehabi, Yahya; Walsh, Timothy S; Pandharipande, Pratik P; Ball, Jonathan A; Spronk, Peter; Longrois, Dan; Strøm, Thomas; Conti, Giorgio; Funk, Georg-Christian; Badenes, Rafael; Mantz, Jean; Spies, Claudia; Takala, Jukka

    2016-06-01

    We propose an integrated and adaptable approach to improve patient care and clinical outcomes through analgesia and light sedation, initiated early during an episode of critical illness and as a priority of care. This strategy, which may be regarded as an evolution of the Pain, Agitation and Delirium guidelines, is conveyed in the mnemonic eCASH-early Comfort using Analgesia, minimal Sedatives and maximal Humane care. eCASH aims to establish optimal patient comfort with minimal sedation as the default presumption for intensive care unit (ICU) patients in the absence of recognised medical requirements for deeper sedation. Effective pain relief is the first priority for implementation of eCASH: we advocate flexible multimodal analgesia designed to minimise use of opioids. Sedation is secondary to pain relief and where possible should be based on agents that can be titrated to a prespecified target level that is subject to regular review and adjustment; routine use of benzodiazepines should be minimised. From the outset, the objective of sedation strategy is to eliminate the use of sedatives at the earliest medically justifiable opportunity. Effective analgesia and minimal sedation contribute to the larger aims of eCASH by facilitating promotion of sleep, early mobilization strategies and improved communication of patients with staff and relatives, all of which may be expected to assist rehabilitation and avoid isolation, confusion and possible long-term psychological complications of an ICU stay. eCASH represents a new paradigm for patient-centred care in the ICU. Some organizational challenges to the implementation of eCASH are identified. PMID:27075762

  12. Price and Volume Reactions to Cash Dividend Announcements: Evidence from Taiwan

    OpenAIRE

    Jack J. W. Yang; Tsung-Shin Wu

    2014-01-01

    Are stock market investors concerned with obtaining abnormal returns by acquiring certain information? This paper studied the effect of ex-dividend date for cash-dividend policy. We try to demonstrate the existence of abnormal returns by examining stock trading situations before and after the ex-dividend date. We find that abnormal returns exist for listed Taiwan firms before and after the ex-dividend date. If an investor buys the stock of a firm who adopts a cash-dividend payout at the closi...

  13. Integrating The Abc Method Of Costs Calculation And Cash Value Added

    OpenAIRE

    Marius Sorin DINCA; Gheorghita DINCA

    2010-01-01

    In our paper we intend to explore the possibility of integrating the ABC method of cost calcula-tion with cash based value measure, i.e. the Cash Value Added. Our purpose is to develop an instrument for the management of productive companies that will allow them to administrate the proc-ess of value creation at the level of individual products or services. The activity based costing (ABC) method of cost calculation can be extended to the way of allo-cating the capital costs to individual prod...

  14. Do Cash Transfers Improve Birth Outcomes? Evidence from Matched Vital Statistics, Program and Social Security Data

    OpenAIRE

    Amarante, Verónica; Manacorda, Marco; Miguel, Edward; Vigorito, Andrea

    2012-01-01

    There is limited empirical evidence on whether cash social assistance to poor pregnant women improves children’s birth outcomes. Using program administrative micro-data matched to longitudinal vital statistics on the universe of births in Uruguay, we estimate that participation in a generous cash transfer program led to a sizeable 15 to 17% reduction in the incidence of low birth weight. Improvements in mother nutrition and a fall in labor supply, out-of-wedlock births and mother’s smoking al...

  15. Understanding Impact Variation in Family Rewards: The Role of Schools and Neighborhoods on a Conditional Cash Transfer Program

    Science.gov (United States)

    Wolf, Sharon; Aber, J. Lawrence; Morris, Pamela A.

    2013-01-01

    In 2007, the Center for Economic Opportunity (CEO) in the Mayor's Office of the City of New York mounted the first holistic Conditional Cash Transfer (CCT) initiative in an economically advanced, services rich jurisdiction. The initiative is known as Opportunity NYC-Family Rewards (henceforth "Family Rewards"). CCTs offer cash assistance…

  16. 38 CFR 8.12 - Payment of the cash value of National Service Life Insurance in monthly installments under...

    Science.gov (United States)

    2010-07-01

    ... of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. 8... SERVICE LIFE INSURANCE Cash Value and Policy Loan § 8.12 Payment of the cash value of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. (a) Effective January...

  17. 46 CFR 308.525 - Application for decrease in amount of cash collateral fund, Form MA-305.

    Science.gov (United States)

    2010-10-01

    ... fund, Form MA-305. 308.525 Section 308.525 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF... Insurance § 308.525 Application for decrease in amount of cash collateral fund, Form MA-305. Application for decrease in the amount of the cash collateral deposit fund shall be made on Form MA-305, which may...

  18. 77 FR 67399 - State Street Corporation, Putnam Cash Reconciliations Team, Including On-Site Leased Workers From...

    Science.gov (United States)

    2012-11-09

    ... Employment and Training Administration State Street Corporation, Putnam Cash Reconciliations Team, Including..., applicable to workers and former workers of State Street Corporation, Putnam Cash Reconciliation Team, Quincy..., doing business as (D/B/A) ZeroChaos, were employed on-site at State Street Corporation, Putnam...

  19. Do Annual Stock Price Effects of Extreme Cash Dividend Pay-Out Events Differ from Their Short Term Effects?

    NARCIS (Netherlands)

    von Eije, Johan; Muckley, Cal

    2015-01-01

    In this paper, we assess the long-term stock price impact of 1327 cash dividend payment initiations and 1156 cash dividend payment omissions of firms listed on the NYSE and the NASDAQ, from 1972 to 2012. In particular we compare the annual returns of dividend initiating and omitting firms and firms

  20. Can Conditional Cash Transfers Improve Education and Nutrition Outcomes for Poor Children in Bangladesh? Evidence from a Pilot Project

    OpenAIRE

    Ferre, Celine; Sharif, Iffath

    2014-01-01

    There is an increasing recognition that investment in human development at an earlier age can have a significant impact on the lifetime earnings capacity of an individual. This notion is the basis for the popularity of conditional cash transfer programs to help boost child health and education outcomes. The evidence on the impact of conditional cash transfers on health and education outcomes, ...

  1. Implementing a Conditional Cash Transfer Program in Two American Cities: Early Lessons from Family Rewards 2.0

    Science.gov (United States)

    Dechausay, Nadine; Miller, Cynthia; Quiroz-Becerra, Victoria

    2014-01-01

    In 2007, New York City launched the first test of a conditional cash transfer program in the United States. Called Family Rewards, the program sought to break the intergenerational cycle of poverty by offering cash assistance to poor families to reduce immediate hardship, but conditioned this assistance on families' efforts to improve their…

  2. Executing the double win: protect your cash flow during a patient accounting system install.

    Science.gov (United States)

    Adams, Jason L; Smith, J Cathy; Strand, Brett

    2009-09-01

    MultiCare Health System's plan for ensuring that its patient accounting system implementation would bring rapid financial benefits comprised eight basic steps: Set baselines and establish goals. Identify key leadership stakeholders across departmental lines. Identify team resources. Establish roles and responsibilities. Identify and prepare for potential risks. Develop guiding principles. Develop key reporting and monitoring tools. Conduct daily monitoring.

  3. POTENTIAL DIVIDENDS AND ACTUAL CASH FLOWS IN EQUITY VALUATION. A CRITICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    IGNACIO VÉLEZ-PAREJA

    2009-01-01

    Full Text Available Profesionales y la mayoría de los académicos de valoración incluyen los cambios en activos líquidos (dividendos potenciales en los flujos de efectivo. Esta práctica generalizada y equivocada es incompatible con la teoría básica de finanzas. Se presentan argumentos económicos, teóricos y empíricos para apoyar esta tesis. Los argumentos económicos dicen que para la valoración sólo se deben considerar flujos de caja; los teóricosmuestran cómo los dividendos potenciales conducen a contradicciones y a pérdidas de arbitraje. Los argumentos empíricos sugieren que los inversionistas descuentan los dividendos potenciales con altas tasas de descuento, lo que significa que el cambio en activos líquidos destruyen valor. Por tanto, al valorar los flujos de caja, se debería considerar sólo los pagos que en realidad ocurren.

  4. School Building Programs, Equipment Acquisitions and Cash Flow: The Anatomy of School Debt Financing.

    Science.gov (United States)

    Bittle, Edgar H.

    1992-01-01

    Budget shortfalls and fund deficits in many school districts are expected to continue in the 1990s. School boards and administrators must develop plans to manage and maintain the financial health of the school system. One important aspect of this planning is management of debt. (58 references) (MLF)

  5. The Double-Edged Sword Effects of Mechanisms Disconnecting Cash-Flow Rights From Voting Rights

    DEFF Research Database (Denmark)

    Fattoum, Asma; Zied Guedri, Zied Guedri

    On the one hand, defensive mechanisms such as dual class shares, pyramid structures and pact agreements may produce positive effects on firm performance because they enable CEOs to make long-term and risky investments without being worried by short-term market forces and risk-averse shareholders....

  6. Impact of company research on cash flow and stability of enterprises

    OpenAIRE

    Maršálková, Hana Magdaléna

    2015-01-01

    One of the best ways to improve innovation potential of companies and whole economy is to search, develop and implement new ideas and technologies into products and services. This can be realized through the licence of patented intellectual property, or through the realization of own research. The aim of the thesis was to assess the impact of the implementation of corporate research and utilization of project subsidies on the stability and CF of the companies, for which an analysis of granted...

  7. Accounting Issues: An Essay Series Part IX--Statement of Cash Flows

    Science.gov (United States)

    Laux, Judy

    2009-01-01

    This essay series, beginning with Laux [2007a], defends the proposition that eliminating the theoretical chapter from the principles level accounting course has weakened the introduction for students new to this subject, perhaps resulting in some adverse selection for the accounting profession. As a remedy, it offers concise theoretical articles…

  8. ESPC Overview. Cash Flows, Scenarios, and Associated Diagrams for Energy Savings Performance Contracts

    Energy Technology Data Exchange (ETDEWEB)

    Tetreault, T. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Regenthal, S. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2011-05-01

    This document is meant to inform state and local decision makers about the process of energy savings performance contracts, and how projected savings and allocated energy-related budgets can be impacted by changes in utility prices.

  9. ESPC Overview: Cash Flows, Scenarios, and Associated Diagrams for Energy Savings Performance Contracts

    Energy Technology Data Exchange (ETDEWEB)

    Tetreault, T.; Regenthal, S.

    2011-05-01

    This document is meant to inform state and local decision makers about the process of energy savings performance contracts, and how projected savings and allocated energy-related budgets can be impacted by changes in utility prices.

  10. Stock Return and Cash Flow Predictability: The Role of Volatility Risk

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

  11. The Theoretical and Statistical Analysis of Management Target of Currency Flow of Modern Enterprises%现代企业现金流管理目标的理论及统计分析

    Institute of Scientific and Technical Information of China (English)

    陈志斌; 施建军

    2005-01-01

    The goal of cash flow management of modern companies is discussed in terms of theory. It is tried to argue from the aspects of the essence of capital, limit of external environment and internal needs of company administration that the goal of cash flow management of modern companies is sustainable value creation. In the second part, we did a research about the ultimate goals and specific ones of cash flow management in the interviewees companies. At last the whole argument of the above theory is proved by the statistic analysis of survey results.

  12. 20 CFR 404.1586 - Why and when we will stop your cash benefits.

    Science.gov (United States)

    2010-04-01

    ..., SURVIVORS AND DISABILITY INSURANCE (1950- ) Determining Disability and Blindness Blindness § 404.1586 Why... entitled to disability cash benefits as a statutorily blind person, we will find that you are no longer... evidence, does not meet the definition of blindness and your disability does not continue under the...

  13. Cash Transfers and Mayoral Elections: The Case of Sao Paulo's Renda Mínima

    Directory of Open Access Journals (Sweden)

    Diego Sanches Corrêa

    2015-08-01

    Full Text Available Several recently published studies analyze the effects of national conditional cash transfer (CCT programs, such as the Brazilian Bolsa Família and the Mexican Oportunidades, on presidential elections. Most of them show that these programs boost incumbents' electoral support among the poor. This research note is the first scholarly attempt to investigate this phenomenon at a lower-level unit of a federal state, by assessing the impact of a municipal cash transfer program on a mayoral election. Specifically, it investigates whether Renda Mínima, the cash transfer program of the city of Sao Paulo, affected beneficiaries' electoral behavior in favor of the incumbent candidate in the 2004 mayoral election. This note analyzes survey data from CEBRAP/IBOPE and shows that cash transfers did, indeed, affect beneficiaries' behavior in the predicted direction, but only in cases where they did not benefit from any other CCT program, such as the federal Bolsa Família or the São Paulo state Renda Cidadã. These results suggest that the pro-incumbent effect of CCT programs may be diluted by similar programs launched by governments at other tiers of a federation, even if they are led by the same party.

  14. 38 CFR 8.33 - Cash value for term-capped policies.

    Science.gov (United States)

    2010-07-01

    ... NATIONAL SERVICE LIFE INSURANCE Appeals § 8.33 Cash value for term-capped policies. (a) What is a term-capped policy? A term-capped policy is a National Service Life Insurance policy prefixed with “V” or Veterans Special Life Insurance policy prefixed with “RS,” issued on a 5-year level premium term plan...

  15. The Impact of an Unconditional Cash Transfer on Early Child Development: The Zambia Child Grant Program

    Science.gov (United States)

    Seidenfeld, David; Prencipe, Leah; Handa, Sudhanshu; Hawkinson, Laura

    2015-01-01

    Little research has been conducted on unconditional cash transfers (UCTs) despite their growing prevalence in Africa, including South Africa, Zambia, Zimbabwe, Kenya, Malawi, Lesotho, and Uganda. In this study, researchers implemented a randomized control trial with over 2,500 households to investigate the impact of Africa's child grant program on…

  16. Retailer’s optimal ordering policies with cash discount and progressive payment scheme derived algebraically

    Directory of Open Access Journals (Sweden)

    Alok kumar

    2011-10-01

    Full Text Available This study presents optimal ordering policies for retailer when supplier offers cash discount and two progressive payment schemes for paying of purchasing cost. If the retailer pays the outstanding amount before or at first trade credit period M, the supplier provides r_1cash discount and does not charge any interest. If the retailer pays after M but before or at the second trade period N offered by the supplier, the supplier provides r_2 cash discount and charges interest on unpaid balance at the rate 〖Ic〗_1 . If retailer pays the balance after N, (N>M then the supplier does not provide any cash discount but charges interest on unpaid balance at the rate 〖Ic〗_2. The primary objective of this paper is to minimize the total cost of inventory system. This paper develops an algebraic approach to determine the optimal cycle time, optimal order quantity and optimal relevant cost. Numerical example are also presented to illustrate the result of propose model and solution procedure developed.

  17. Using cash cover crops to provide pollinator provisions in the Upper Midwest

    Science.gov (United States)

    To date, the use of winter cover crops in MN and SD has been slow to be adopted. The short growing season and potential for late, wet springs make cover crops risky to farmers with little economic return. The use of cash cover crops in this area offers the standard advantages of other cover crops, w...

  18. The Influence of Conditional Cash Transfers on Eligible Children and Their Siblings

    Science.gov (United States)

    Lincove, Jane Arnold; Parker, Adam

    2016-01-01

    Conditional cash transfers (CCTs) are used to reduce poverty while incentivizing investments in children. Targeting CCTs to certain groups of children can improve efficiency, but positive effects on eligible children may be offset by reductions in investments for ineligible siblings. Using data from Nicaragua, we estimate program effects on…

  19. 76 FR 2712 - Sara Lee Corporation, Master Data, Cash Applications, Deductions, Collections, Call Center...

    Science.gov (United States)

    2011-01-14

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employment and Training Administration Sara Lee Corporation, Master Data, Cash Applications, Deductions, Collections, Call Center, Information Technology, Accounts Payable, General Accounts, Financial Accounts, Payroll, and Employee Master Data...

  20. New York City's First Conditional Cash Transfer Program: What Worked, What Didn't

    Science.gov (United States)

    Riccio, James; Miller, Cynthia

    2016-01-01

    This report summarizes the findings of a long-term evaluation of Opportunity NYC--Family Rewards, an experimental, privately funded, conditional cash transfer (CCT) program to help families break the cycle of poverty. Family Rewards was the first comprehensive CCT program in a developed country. Launched in 2007 by New York City's Center for…

  1. ECONOMIC EVALUATION OF CROPSHARE AND CASH LEASE CONTRACTS IN SOUTH DAKOTA AND NEBRASKA

    OpenAIRE

    Janssen, Larry; Cole, John D.; Xu, Xuan; Johnson, Bruce B.

    2002-01-01

    Factors influencing choice of share or cash rental leases for cropland are examined using a 1996 dataset containing 1071 lease contracts in Nebraska and in South Dakota. Logistic regression results indicate tenant's age, capital position, and relationship with landlord were more important than leased land use or crop management variables.

  2. 41 CFR 301-51.101 - Which payment methods are considered the equivalent of cash?

    Science.gov (United States)

    2010-07-01

    ... 41 Public Contracts and Property Management 4 2010-07-01 2010-07-01 false Which payment methods... Carrier Transportation § 301-51.101 Which payment methods are considered the equivalent of cash? Use of one of the following payment methods of this section to procure common carrier transportation...

  3. Cash cropping, subsistence agriculture, and nutritional status among mothers and children in lowland Papua New Guinea.

    Science.gov (United States)

    Shack, K W; Grivetti, L E; Dewey, K G

    1990-01-01

    The influence of cash crop income, subsistence agriculture, and purchased foods on nutritional status was examined among three ethnic groups in lowland Papua New Guinea. In their home areas, these groups had been hunter-gatherers, agriculturalists, and hunter-gatherers with limited agriculture. Multiple regression revealed that cash crop income was positively associated with anthropometric status and energy intake among children. Expenditure on food was related to the child's arm circumference but not to nutrient intake. The amount of food planted in the garden was not related to child nutritional status. In contrast, the amount of food planted was positively associated with body mass index of mothers. Consumption of rice and fish was related to food expenditures. Nutritional status was better among families who were agriculturalists prior to resettlement than among hunter-gatherers. The former had more income from cash crops, smaller households, and planted more food in their gardens. Therefore, cash cropping need not decrease nutritional status if home gardens are maintained.

  4. 26 CFR 31.3401(a)(4)-1 - Cash remuneration for service not in the course of employer's trade or business.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Cash remuneration for service not in the course....3401(a)(4)-1 Cash remuneration for service not in the course of employer's trade or business. (a) Cash remuneration paid for services not in the course of the employer's trade or business performed by an...

  5. 26 CFR 31.3401(a)(11)-1 - Remuneration other than in cash for service not in the course of employer's trade or business.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Remuneration other than in cash for service not... Tax at Source § 31.3401(a)(11)-1 Remuneration other than in cash for service not in the course of employer's trade or business. (a) Remuneration paid in any medium other than cash for services not in...

  6. The effects of national cash awards for science teaching on recipients and their peers

    Science.gov (United States)

    Weld, Jeffrey Donn

    Cash teaching awards available to science teachers in the U.S. have goals to improve science teaching. This study assessed the effectiveness of five national cash award programs at identifying exemplars and inspiring better science teaching. Award winning secondary science teachers provided their perceptions of the effects of an award on their own teaching and on the profession as a whole. Randomly selected secondary science teachers across the U.S. reported their perceptions of the effects of the existence of awards on their own teaching and on the profession. Program directors for the five national cash awards were interviewed to determine the intentions and strategies of their award programs. The criteria that guide the selection of award winners were found to align with research-supported exemplar characteristics, but the methods used for identifying outstanding teachers were found to be inadequate for that purpose. Award winning science teachers perceive awards to result from, rather than to inspire, good teaching. Their motivation derives from student achievement and a job well done. The valued effects of winning an award are the recognition and increased respect that follow. Award winners perceive awards as difficult to win, minimally motivating, and frequently causing of dissension among peers. In most respects award winners perceive increased intrinsic rewards to accompany recognition through cash awards. Randomly selected U.S. science teachers who have not won cash awards perceive them as poor motivational incentives because too few awards exist, the basis for recognition is unclear, and the award itself is not a valued outcome. Most science teachers consider themselves good teachers and would apply for an award despite doubts that they would win. Direct comparisons reveal that winners and nonwinners have widely divergent opinions of awards. Winners of lesser cash amounts have the same perceptions of awards as winners of greater cash amounts. Effective

  7. Factors Affecting the Cash Dividend Distribution of Listed Chinese Banks%中国上市银行现金股利分配影响因素研究

    Institute of Scientific and Technical Information of China (English)

    缪文婷

    2014-01-01

    It is significant to distribute cash dividend in a proper manner as the distribution is an important financial management activity of listed banks. With data from 2009 to 2013 of 16 banks listed in Shanghai and Shenzhen Stock Exchange, an empirical analysis is carried out by building a regression model with relative indexes regarding the profitability, liability level, cash flow, and bank size. The analysis proves that profitability and liability level prominently affect the distribution of cash dividend of listed Chinese banks;however, cash flow and bank size exert less influence.%现金股利分配是上市银行的重要财务管理活动,合理分配现金股利对上市银行至关重要。基于2009年至2013年上海和深圳两个证券交易所上市的16家银行的数据,从上市银行的盈利能力、负债水平、现金流量和银行规模等方面,选取相应指标构建回归模型进行实证分析,发现盈利能力和负债水平对我国上市银行现金股利分配有显著影响,而现金流量与银行规模对现金股利分配的影响并不显著。

  8. Payments Netting in International Cash Management: A Network Optimization Approach

    OpenAIRE

    Venkat Srinivasan; Yong H Kim

    1986-01-01

    Rationalization of global production and operations by multinational corporations have created a large volume of international company funds flows. By a process of netting interaffiliate payments, significant savings in cost can be realized. Shapiro formulated the multinational payment netting problem using linear programming. This paper presents a network optimization approach that is both computationally efficient and intuitively appealing. Further, the proposed approach recognizes the need...

  9. Electronic Cash System with Multiple Banks%多银行电子现金系统

    Institute of Scientific and Technical Information of China (English)

    张方国; 张福泰; 王育民

    2001-01-01

    Secure and efficient electronic payment systems are significant for electronic commerce. Electronic cash (e-cash, or digital cash) is a very important electronic payment system. The first electronic cash scheme was suggested by Chaum in 1982. In the scheme the technique of blind signatures was used to guarantee the privacy of users. But this complete anonymity of electronic cash can be used for criminal activities, such as money laundering, blackmailing[7]. To overcome this drawback, J. Camenisch et al.[6] and Y. Frankel et al.[4] proposed the concept of ‘Fair Off-line Electronic Cash’ independently in 1996. They also presented two schemes of fair off-line electronic cash. The untraceability of fair off-line electronic cash is not completely. It can be revoked by a trusted third party so that the criminal activities making use of the complete anonymity of electronic cash can be prevented. By now the electronic coins in fair electronic cash schemes available are issued by only one bank. However, in practice a shop and its users may use different banks so it is more convenient to use electronic coins issued by multiple banks. The purpose of this paper is to present a fair electronic cash system that is applicable to the situation where the shop and its users may use different banks. Since in a country or district there may be more than one banks who are able to issue electronic cash. We assume these banks form a group under control of an authorized party such as the Central Bank of the country, we propose a model for fair electronic cash issued by multiple banks for the first time. A scheme of fair electronic cash with multiple banks in which a user can be traced is presented by using the improved group signature scheme of Cam97[5] and group blind signature scheme of Lys98[6]. Our system of fair electronic cash with multiple banks has the following properties: (1) The user can spend his electronic coin anonymously. No bank can trace any

  10. Is Cash Dividend Policy a Tool for Tunneling or Masking Expropriations?——Empirical Evidence from Chinese Listed Companies%现金股利是“掏空”的工具还是掩饰“掏空”的面具?——来自中国上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    肖作平; 苏忠秦

    2012-01-01

    Corporate governance is a very popular research area because it affects many different corporate decisions and behaviors. The research area covers various topics and we are interested in studying the ultimate ownership structure. The separation of control right and cash flow right empowers ultimate shareholders to expropriate corporate wealth by providing them both incentives and tools. The separation of control right from cash flow right is very common because pyramidal and cross-holding ownership structures are typical in China. Empirical evidence on the ultimate ownership structure shows both positive and negative effects on cash dividends. Given the mixed evidence, further research on this issue is warranted.This study examines the impact of ultimate ownership on cash dividend policy based on balanced panel data from the China Stock Market and Accounting Research (CSMAR) database and the China Center for Economic Research (CCER) database. Our data focus on A-share companies listed in the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2004 to 2008. This study uses a panel data framework, which considers firm and fixed time effects, to examine the impact of ultimate ownership oh cash dividend policy. Specifically, the study finds that ceteris paribus and ultimate controlling shareholders' cash flow rights are significantly and negatively associated with cash dividend. This result implies that outsider investors become less sensitive to expropriations by the ultimate controlling shareholder with more cash flow rights. Therefore, when investors are less sensitive to expropriation, controlling shareholders has less demand for mask expropriations, and, dividend payouts are lowered.In addition, regression results show that controlling shareholders' separation of control rights and cash flow rights is significantly and positively associated with cash dividend. This result is consistent with the findings of previous study (La Porta, Lopez-de-Silanes, Shleifer

  11. Building the Cash Dividend Policy Identification Model for China’s Agricultural Listed Companies Based on 2007 to 2010 Data

    Institute of Scientific and Technical Information of China (English)

    WANG Lei

    2012-01-01

    The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China’s listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China’s agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.

  12. Justification of Scientific Approaches to Identification of Financial Flows

    OpenAIRE

    Bondarenko Olena S.

    2014-01-01

    The goal of the article is justification of essence of financial flows and expediency of managing them in logistics systems. By the result of the studies the article distinguishes “cash flow” and “financial flow” notions, marks out scientific approaches to determination of the essence of financial flows and justifies their advantages and shortcomings. The article offers determination of essence of financial flows on the basis of content analysis. The prospect of further studies lies in devel...

  13. Bargeld als elementarer Bestand einer freiheitlichen Gesellschaftordnung. Cash as an elementary component of liberal social order

    Directory of Open Access Journals (Sweden)

    Manfred O.E. Hennies

    2016-08-01

    Full Text Available Since state institutions began using account screening, in the bank sector, not only in cases of suspicion, but as a standard procedure for monitoring account and invest-ment data, much of the illegal transfer of funds has shifted towards cash payments. In order to hinder, or even do away with such illegal monetary transactions, the EU is considering two possible courses of action; one moderate and one more radical. The moderate solution would see the introduction of legislation restricting the amount of cash used in payments. Several countries already have such legislation. It is possible that this limit could be adjusted by governments ad hoc, and could even be set at zero. This would be the radical course of action; doing away completely with cash payments. The consequence would be that the transfer of money would only be possible by bank transfer from account to account. Representatives of the banking sector are in favour of the campaign to eliminate the use of cash transactions, as this would lead to advantages within the banking indus-try. However, there would be many disadvantages for the general public. In the world of commerce, contractual liberty is a fundamental principle. All contracting parties have the right, within the law, to negotiate the terms of a contract to be signed, laying down goods or payment (cash included to be made, as a part of the contract. Thus, legislation restricting the use of cash would be a breach of the free-dom of rights as laid down in the constitution of any EU country. The question as to whether or not to do away with the use of 500, - Euro bank notes is of little interest to legal and private monetary transactions, as these are seldom used in such cases. Since these notes are a simple way of transporting large sums of money unnoticed, their use is mainly limited to the world of illegal transactions where large sums of money need to be moved, as in the case of money laundering

  14. A Fair E-Cash Scheme Based on Elliptic Curve Cryptography

    Institute of Scientific and Technical Information of China (English)

    WANG Changji; WU Jianping; DUAN Haixin

    2004-01-01

    A new fair off-line electronic cash scheme on elliptic curve cryptography was presented. The new scheme is more efficient than those by extending fair off-line electronic cash scheme from finite field into elliptic curve cryptography and introducing a new elliptic curve discrete logarithm assumption. The expiry date and denomination are embedded into the blindly signed coin by integrating partially blind signature with restrictive blind signature. A bank need not use different public keys for different coin values, shops and users need not carry a list of bank's public keys to verify in their electronic wallet. At the same time, the bank just needs to keep undue electronic coins for double spending check in his database, thus bank's database can be dramatically reduced.

  15. Income Transfers and Maternal Health: Evidence from a National Randomized Social Cash Transfer Program in Zambia.

    Science.gov (United States)

    Handa, Sudhanshu; Peterman, Amber; Seidenfeld, David; Tembo, Gelson

    2016-02-01

    There is promising recent evidence that poverty-targeted social cash transfers have potential to improve maternal health outcomes; however, questions remain surrounding design features responsible for impacts. In addition, virtually no evidence exists from the African region. This study explores the impact of Zambia's Child Grant Program on a range of maternal health utilization outcomes using a randomized design and difference-in-differences multivariate regression from data collected over 24 months from 2010 to 2012. Results indicate that while there are no measurable program impacts among the main sample, there are heterogeneous impacts on skilled attendance at birth among a sample of women residing in households having better access to maternal health services. The latter result is particularly interesting because of the overall low level of health care availability in program areas suggesting that dedicated program design or matching supply-side interventions may be necessary to leverage unconditional cash transfers in similar settings to impact maternal health.

  16. 42 CFR 435.210 - Individuals who meet the income and resource requirements of the cash assistance programs.

    Science.gov (United States)

    2010-10-01

    ... Coverage as Categorically Needy Options for Coverage of Families and Children and the Aged, Blind, and... income and resource requirements of the appropriate cash assistance program for their status (that...

  17. 42 CFR 435.211 - Individuals who would be eligible for cash assistance if they were not in medical institutions.

    Science.gov (United States)

    2010-10-01

    ... Options for Coverage as Categorically Needy Options for Coverage of Families and Children and the Aged... cash assistance program appropriate for their status (that is, AFDC or SSI, or optional...

  18. Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An Empirical Analysis Using Generalized Method of Moments

    Directory of Open Access Journals (Sweden)

    Ajid ur Rehman

    2016-05-01

    Full Text Available This study is intended to find out the motives of cash holding in Chinese firms and theories associated with these motives. The study is unique because it not only estimates the adjustment speed of corporate cash holdings but also discuss several firm specific factors that affects cash holdings in Chinese firms with special reference to Chinese SOEs and NSOEs. An extensive set of panel data comprising 1632 A listed Chines firms, over a period from 2001 to 2013 are taken for analysis. The study reports a lower adjustment coefficient for Chinese firms compared to other developed nations. The study finds that target level of cash holdings in Chinese firms is better explained by Trade off and Pecking order theories. To cope with issues of endogeneity and serial correlation the study apply GMM and random effects model with an added AR (autoregressive term.

  19. An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective

    OpenAIRE

    Chuangxia Huang; Xin Ma; Qiujun Lan

    2014-01-01

    The value of a company’s cash holdings is currently a hot issue in corporate finance research. Current studies have not reached a unified conclusion. Moreover, no one has ever studied that from the perspective of information asymmetry. However, there still exist disputes about the measurement of the degree of information asymmetry. Previous studies mostly adopt single index to analysis this issue, and the economic meaning it represents only reflects some information of asymmetric information,...

  20. Using the non-cash forms of payment of foreign invoices

    OpenAIRE

    Rusanov, Aleksandr

    2013-01-01

    Bachelor’s work dealing with cashless payment transactions with orientation on foreign payments. The dissertation is divided into two parts: The first part consists of the classification and characteristics of non-cash forms of payment which you can use in foreign payments. It also includes a description of the legal standards and the course of transaction. The second part is analyzed and described by selected commercial payment transaction, is given specific examples and the way of pay...

  1. How Cash and Counseling Affects Informal Caregivers Findings from Arkansas Florida and New Jersey

    OpenAIRE

    Leslie Foster; Randall Brown; Barbara Phillips; Barbara Lepidus Carlson

    2005-01-01

    This report estimates the effects of Cash and Counseling on caregivers who were providing the most unpaid assistance to adult beneficiaries at the time beneficiaries volunteered for the demonstration. Despite variations in design and implementation across states, all three demonstration programs positively affected the well-being of caregivers. On average, caregivers of treatment group members were less likely than their control group counterparts to report high levels of physical and financi...

  2. Optimal Financing Decisions of Two Cash-Constrained Supply Chains with Complementary Products

    OpenAIRE

    Yuting Li; Tong Chen; Baogui Xin

    2016-01-01

    In recent years; financing difficulties have been obsessed small and medium enterprises (SMEs); especially emerging SMEs. Inter-members’ joint financing within a supply chain is one of solutions for SMEs. How about members’ joint financing of inter-supply chains? In order to answer the question, we firstly employ the Stackelberg game to propose three kinds of financing decision models of two cash-constrained supply chains with complementary products. Secondly, we analyze qualitatively these m...

  3. Cash Transfers and Child Nutrition: What we know and what we need to know

    OpenAIRE

    Sudhanshu Handa; Amber Peterman; Richard de Groot; Luigi Peter Ragno; Tia Palermo; UNICEF Innocenti Research Centre

    2015-01-01

    This paper aims to provide a comprehensive overview of the impacts of cash transfer programmes on the immediate and underlying determinants of child nutrition, including the most recent evidence from impact evaluations across sub-Saharan Africa. It adopts the UNICEF extended model of care conceptual framework of child nutrition and highlights evidence on the main elements of the framework – food security, care and health care. It finds that several key gaps should be addressed in future inclu...

  4. Three Essays on Intended and not Intended Impacts of Conditional Cash Transfers

    OpenAIRE

    Perova, Elizaveta

    2010-01-01

    Targeted to the poorest households, Conditional Cash Transfers (CCTs) may constitute up to 30 percent of the households' monthly consumption. An unexpected increase in income of such magnitude is likely to affect behavior of the beneficiaries beyond the changes envisioned by the creators of the program and imposed by the conditions. My dissertation focuses on such unintended impacts of the CCT programs. I explore the impact of Juntos, a CCT program in Peru, on political participation and intr...

  5. A Fair Off-Line E-Cash System with Group Signature

    Institute of Scientific and Technical Information of China (English)

    SU Yun-xue; ZHU Yue-fei

    2004-01-01

    This paper describes the research results and development of fair off-line e-cash systems so far, and points out that in these systems, the bank can compute the double-spender's account secret key, thus the bank can impersonate the double-spender to withdraw from the double-spender's account.This article utilizes anonymity control and group signature to address this shortcoming.

  6. Dynamic Programming Models and Algorithms for the Mutual Fund Cash Balance Problem

    OpenAIRE

    Juliana Nascimento; Warren Powell

    2010-01-01

    Fund managers have to decide the amount of a fund's assets that should be kept in cash, considering the trade-off between being able to meet shareholder redemptions and minimizing the opportunity cost from lost investment opportunities. In addition, they have to consider redemptions by individuals as well as institutional investors, the current performance of the stock market and interest rates, and the pattern of investments and redemptions that are correlated with market performance. We for...

  7. Analisis Pengaruh Cash Position, Debt To Equity Ratio, Dan Return On Assets Terhadap Divident Payout Ratio

    OpenAIRE

    Marlina, Lisa; Danica, Clara

    2010-01-01

    The purpose of the research is to examine the factors which is influence Dividend Payout Ratio in manufactur sector of Bursa Efek Indonesia (BEI). The research use fundamental factors of company: financial ratio which is liquidity ratio represent by Cash Position (CP), leverage ratio represent by Debt Equity Ratio (DER) as independent variable, profitability ratio represent by Return On Assets (ROA), and dependent variable represent by Dividend Payout Ratio (DPR). The result of research in...

  8. Comfort and patient-centred care without excessive sedation: the eCASH concept

    OpenAIRE

    Vincent, Jean-Louis; Shehabi, Yahya; Walsh, Timothy S; Pandharipande, Pratik P.; Ball, Jonathan A.; Spronk, Peter; Longrois, Dan; Strøm, Thomas; Conti, Giorgio; Funk, Georg-Christian; Badenes, Rafael; Mantz, Jean; Spies, Claudia; Takala, Jukka

    2016-01-01

    We propose an integrated and adaptable approach to improve patient care and clinical outcomes through analgesia and light sedation, initiated early during an episode of critical illness and as a priority of care. This strategy, which may be regarded as an evolution of the Pain, Agitation and Delirium guidelines, is conveyed in the mnemonic eCASH—early Comfort using Analgesia, minimal Sedatives and maximal Humane care. eCASH aims to establish optimal patient comfort with minimal sedation as th...

  9. An Efficient Restrictive Blind Signature Scheme with Applications to Electronic Cash

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    In this paper, a new restrictive blind signature scheme is proposed. Compared with Brands restrictive blind signature scheme, our scheme is even more restrictive and efficient. And our scheme is proved secure, too. A new withdrawal protocol of electronic cash system is designed by using our restrictive blind signature scheme, which is more efficient than the withdrawal protocol and is more appropriate for adopting pre-processing and post-processing.

  10. Distributional impacts of cash allowances for children: A microsimulation analysis for Russia and Europe

    OpenAIRE

    Popova, Daria

    2014-01-01

    This paper analyses programmes of cash allowances for children and compares their effectiveness in combating child poverty in Russia and four EU countries – Sweden, Germany, Belgium and the United Kingdom. These countries are selected as representatives of alternative family policy models. Using microsimulation models (RUSMOD and EUROMOD), this paper estimates the potential gains if the Russian system were re-designed along the policy parameters of these countries and vice versa. Such an ex...

  11. Cash holdings of German open-end equity funds: Does ownership matter?

    OpenAIRE

    Dötz, Niko; Weth, Mark

    2013-01-01

    In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures may have important consequences according to recent work, we distinguish funds whose shares are predominantly held by retail investors from funds with a stronger institutional orientation. Conditional ...

  12. THE RELATIONSHIP BETWEEN ECONOMIC VALUE ADDED AND CASH CONVERSION CYCLE IN COMPANIES LISTED ON THE WSE

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2012-06-01

    Full Text Available Economic Value Added (EVA a profitability measure and a Cash Conversion Cycle a liquidity and profitability measure are presented in this article. These ratios represent the dynamic approach to management of companies. The relationship between them may be considered as an advanced approach to management in a current economy based on intangible assets and know- how and capital allocated fast and efficient according to information common access.

  13. Searching for Determinants of Pay or Not to Pay Cash Dividend in Indonesia

    Directory of Open Access Journals (Sweden)

    Triasesiarta Nur

    2014-01-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} A dividend decision of a firm is an outcome of various considerations. These considerations differ across time and industry. Based on asymetric information – agency theory thougtht, this study re-examined various variables that have a bearing on the dividend decision of a firm. In addition to examining the impact of corporate fundamentals on  dividend policy, the study also analyzed the effect of expropriation trigger variables (family ownership, cash funds, the level of diversification and Related Party Transaction/RPT on a dividend policy. The results of panel logistic regression indicated that Cash Funds, RPT, Profitability, Size, Growth, Debt and Macroecomics variables are the determinants of the dividend policy for Indonesian listed public companies, observed during 2002 to 2010.   Keywords: dividend policy-pay and not pay cash dividend, expropriation, asymmetry information, agency theory,  family ownership, cash funds, level of diversification, related party transaction, panel data analysis.

  14. Effects of Farm Type and Different Intensities of Soil Tillage on Cash Crop Yields and Soil Organic Matter

    OpenAIRE

    Schulz, Franz; Brock, Christopher; Leithold, Günter

    2008-01-01

    An organic long-term field experiment has been carried out at the experimental station Gladbacherhof (Giessen University, Germany) since 1998 to survey the performance of agronomical, economical and ecological indicators dependant on farm type and tillage intensity. This article presents results on cash crop yields and changes in humus contents in the first two rotations of the experiment. It can be concluded that organic stockless farming without ley affects cash crop yields and demands spec...

  15. Social protection to support vulnerable children and families: the potential of cash transfers to protect education, health and nutrition

    OpenAIRE

    Adato, M.; Bassett, L.

    2009-01-01

    Investing in social protection in sub-Saharan Africa has taken on a new urgency as HIVand AIDS interact with other drivers of poverty to simultaneously destabilise livelihoods systems and family and community safety nets. Cash transfer programmes already reach millions of people in South Africa, and in other countries in southern and East Africa plans are underway to reach tens and eventually hundreds of thousands more. Cash transfers worldwide have demonstrated large impacts on the education...

  16. The Role of Functional Form in Estimating the Effect of a Cash-Only Food Stamp Program

    OpenAIRE

    Levedahl, J. William

    1991-01-01

    Larger marginal impacts on household food spending come from food stamps than from equivalent cash income, according to previous studies. These studies have been limited, however, in using food expenditure equations that are linear in the coefficients, placing prior constraints on the estimated marginal propensities to spend (MPS) from cash and from stamps. This article re-examines the earlier MPS estimates in light of a more general and flexible food expenditure equation, comparing estimates...

  17. Cash transfer program and education investment: A model for social evolution

    Science.gov (United States)

    Schimit, P. H. T.; Monteiro, L. H. A.; Omar, N.

    2014-03-01

    Assume that the households of a country are socially classified according to the monthly total income, and that they can be part of a lower, a middle or an upper class. By using multi-agent systems, here we model and simulate the economic evolution of households which earn a wage, pay taxes and invest in education. The return of the education investment is monthly added to the salary of the family, and it is function of the corresponding grand total put in education along the time. When a family is unemployed, we consider that it receives cash due to a social program made by the government. The time evolution of the percentages of households belonging to each class is investigated by varying the government investment in such a program of cash transfer and the proportion of employed households in the population. We show that the government should invest in the unemployed lower class if it intends a growth of the middle class. We also propose and analyze a mean-field approximation written in terms of ordinary differential equations. In addition, we verify that our model fits real data from Brazil, in the period between 2003 (when the cash transfer program Bolsa Família was launched) and 2011.

  18. STUDY ON THE APPLICATION OF CASH ACCOUNTING SYSTEM FOR VAT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ECOBICI NICOLAE

    2014-02-01

    Full Text Available The cash accounting system for VAT has been implemented in Romania as of 1 January 2013 and now turns one year of application in Romania. Since its implementation the system has sparked controversy, being harshly criticised by professional accountants in Romania and elsewhere. Criticisms mainly concerned the following issues: no possibility to choose to apply the system, breach of the VAT neutrality principles, maximum period of 90 days to postpone the chargeability of VAT for unpaid deliveries, while VAT deduction was subject to payment of the value of goods and services invoiced without specifying any term. In this article we would like to examine the extent to which the legislative changes that came into effect as of 1 January 2014 improve the cash accounting system for VAT in Romania. We will also analyse to what extent the system applied in 2013 has brought advantages/disadvantages to the economic entities in Romania based on a survey carried out on a heterogeneous sample of companies in the county of Gorj, regarded as nationally representative. Finally, we intend to compare the cash accounting system for VAT in Romania with its UK counterpart.

  19. Implementation of Fair-exchange and Anonymous Online E-cash Protocol for E-commerce

    Directory of Open Access Journals (Sweden)

    Harshita

    2016-08-01

    Full Text Available In the world of internet, e-commerce is one of the most prominent sectors where user wants to shop and pay online for online products. E-cash is one of these payment methods. In e-cash, every time a unique string is generated for user so that user uses that string to pay for any online product. At the time of online purchasing a trust should be maintain between customers and merchant such that the product price which is going to pay by customer is fair or not, the merchant is indeed genuine to deliver the product after getting online payment or not. Trust issues are resolved by using fair exchange concept at the time of online purchasing. Anonymity is also a major concern; it means that true identity of users must be hidden from merchant. By keeping these issues in mind we proposed a protocol which ensures users anonymity by using e-cash payment method and fair exchange by using off-line TTP which invokes by customer when any dispute occur from merchant side. In this paper, we implement our proposed protocol and also analyze its performance and compare it with other protocol.

  20. An investigation into the impact of ownership structure on the level of cash holdings in the companies accepted in Tehran Stock Exchange Market

    Directory of Open Access Journals (Sweden)

    Kaveh Azinfar

    2016-10-01

    Full Text Available Liquidity of a company is the ability to meet cash commitments before the deadline. Selecting from cash spending or cash holdings by the managers is of great importance for the owners of the company. Various factors can be effective in determining the level of company’s liquidity. Ownership structure of companies is one of these factors which may lead to companies’ behavioral change. This change is derived from monitoring activities by different investors in this structure. This study was an attempt to assess the impact of ownership structure on the level of companies’ cash holdings in creating appropriate ownership in connection with creating the level of cash holdings. In this study, ownership structure has been categorized into four types of institutional ownership, managerial ownership, corporate ownership, and foreign ownership. In this regard, the impact of institutional, managerial, corporate, and foreign variables on the level of cash holdings has been investigated. For every category of ownership, a hypothesis was proposed and its impact on the level of cash holdings was tested. The statistical sample of the research included 96 companies from 2004 to 2013. The statistical method of testing the hypotheses in this study was multiple regressions through panel data. The findings revealed a significant relationship between institutional, managerial, and foreign ownership and the level of cash holdings; however, there was no significant relationship between corporate ownership of the company and the level of cash holdings.

  1. Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions.

    Science.gov (United States)

    Rappaport, A; Sirower, M L

    1999-01-01

    In 1988, less than 2% of large deals were paid for entirely in stock; by 1998, that number had risen to 50%. The shift has profound ramifications for shareholders of both the acquiring and acquired companies. In this article, the authors provide a framework and two simple tools to guide boards of both companies through the issues they need to consider when making decisions about how to pay for--and whether to accept--a deal. First an acquirer has to decide whether to finance the deal using stock or pay cash. Second, if the acquirer decides to issue stock, it then must decide whether to offer a fixed value of shares or a fixed number of them. Offering cash places all the potential risks and rewards with the acquirer--and sends a strong signal to the markets that it has confidence in the value not only of the deal but in its own stock. By issuing shares, however, an acquirer in essence offers to share the newly merged company with the stockholders of the acquired company--a signal the market often interprets as a lack of confidence in the value of the acquirer's stock. Offering a fixed number of shares reinforces that impression because it requires the selling stockholders to share the risk that the value of the acquirer's stock will decline before the deal goes through. Offering a fixed value of shares sends a more confident signal to the markets, as the acquirer assumes all of that risk. The choice between cash and stock should never be made without full and careful consideration of the potential consequences. The all-too-frequent disappointing returns from stock transactions underscore how important the method of payment truly is. PMID:10662003

  2. Penerapan Penggunaan Cash Deposit Machine pada PT. Bank Central Asia, Tbk Cabang Medan

    OpenAIRE

    Effendy, Ermawita

    2011-01-01

    This research aim to know of advantage of accounting Information system at BCA product of fasilitas ATM setoran tunai for various customer. Beside also to know do applying of transaction procedure real time transaction have ever been adequate and how do handling of bank to cash deposit and customer whwn happened the problem and also to know the effectiveness internal-control owned in PT. Bank Central Asia, Tbk to owned by service it. To obtain; get the needed data, writer use the data coll...

  3. Eradicating diseases: The effect of conditional cash transfers on vaccination coverage in rural Nicaragua.

    Science.gov (United States)

    Barham, Tania; Maluccio, John A

    2009-05-01

    Despite significant global efforts to improve vaccination coverage against major childhood diseases, vaccination rates are below 90%. To eradicate diseases such as measles, however, vaccination rates close to 95% are needed. We use a randomized experiment to investigate the effect of a demand incentive, a conditional cash transfer program, in improving vaccination coverage in rural Nicaragua. Double-difference estimates show the program led to large increases in vaccination coverage, and these resulted in vaccination levels greater than 95% for some vaccines. Effects were especially large for children who are typically harder to reach with traditional supply-side interventions.

  4. Proposal for an IT Security Standard for Preventing Tax Fraud in Cash Registers

    Science.gov (United States)

    Neuhaus, Mathias; Wolff, Jörg; Zisky, Norbert

    This paper describes a technology solution for preventing tax fraud in electronic cash registers (ECR) and point of sale (POS) systems. The solution is based on electronic signatures, and as a result, any alterations to protected data will be detected. The signed transaction data can be stored on various electronic memory devices. Technical provisions enable the estimation of transaction volumes, even after tampering or loss of data. In this way the solution presented here differs significantly from other fiscal solutions where a pattern of approvals for ECRs and permanent technical supervision of the market is necessary. This paper is focused on the architecture, the protocols and the usability of the proposed system.

  5. Legal rights, efficiency and citizen involvement in the administration of social security cash benefits

    DEFF Research Database (Denmark)

    Von Hielmcrone, Nina

    2010-01-01

    The Danish social security legislation has been distinguished in recent years by an intense growth in rules and regulations. Numerous laws and ordinances have been promulgated, which make it extremely difficult for both citizens and authorities to come to grips with the laws, much less to gain...... an overview. In order to improve efficiency in administering cash benefits and reduce cost, the Danish government has relied on the transfer of support benefits to bulk administration with the aid of Information Technology (IT). While the use of IT has enabled complicated calculations, it has given rise...... to social security legislation, but also to other areas of the law which are characterised by bulk administration....

  6. WHO BENEFITS FROM THE VAT CASH ACCOUNTING SYSTEM IN ROMANIA AS OF JANUARY 1, 2013?

    Directory of Open Access Journals (Sweden)

    Ecobici Nicolae

    2013-02-01

    Full Text Available In the context of the legislative changes at the end of 2012 regarding the value added tax, changes that cameinto force on January 1, 2013, we will critically analyze the extent in which the new imposed system follows the VATtaxation principles and who will benefit from this system. In this case, it is the VAT cash accounting system which,under certain legally well-defined conditions, relate the VAT chargeability to the collection of value of the invoicedgoods and services no later than 90 calendar days and VAT deduction is subject to the payment of the goods andservices invoiced without specifying any deadline.

  7. Relative efficacy of cash versus vouchers in engaging opioid substitution treatment clients in survey-based research.

    Science.gov (United States)

    Topp, Libby; Islam, M Mofizul; Day, Carolyn Ann

    2013-04-01

    Concerns that cash payments to people who inject drugs (PWID) to reimburse research participation will facilitate illicit drug purchases have led some ethical authorities to mandate department store/supermarket vouchers as research reimbursement. To examine the relative efficacy of the two forms of reimbursement in engaging PWID in research, clients of two public opioid substitution therapy clinics were invited to participate in a 20-30 min, anonymous and confidential interview about alcohol consumption on two separate occasions, 4 months apart. Under the crossover design, at Time 1, clients of Clinic 1 were offered $A20 cash as reimbursement, while clients of Clinic 2 were offered an $A20 voucher; at Time 2, the form of reimbursement was reversed. Using clinic records to determine the denominator (number of clients dosed), we found that compared with clients offered a voucher, a significantly higher proportion of clients who were offered cash participated in the survey (58% (139/241) vs 74% (186/252); χ(2)=14.27; p=0.0002). At first participation, respondents most commonly reported planning to purchase food/drinks/groceries (68%), cigarettes (21%) and transport/fuel (11%) with their payments, with those reimbursed in cash more likely to report planning to fund transport/fuel (19% vs 1%; ppayment. Results demonstrate that modest cash payments enhanced recruitment of this group, an important consideration given the challenges of delineating the parameters of a population defined by illegal activity, seemingly without promoting excessive additional drug use.

  8. Social protection to support vulnerable children and families: the potential of cash transfers to protect education, health and nutrition.

    Science.gov (United States)

    Adato, M; Bassett, L

    2009-01-01

    Investing in social protection in sub-Saharan Africa has taken on a new urgency as HIV and AIDS interact with other drivers of poverty to simultaneously destabilise livelihoods systems and family and community safety nets. Cash transfer programmes already reach millions of people in South Africa, and in other countries in southern and East Africa plans are underway to reach tens and eventually hundreds of thousands more. Cash transfers worldwide have demonstrated large impacts on the education, health and nutrition of children. While the strongest evidence is from conditional cash transfer evaluations in Latin America and Asia, important results are emerging in the newer African programmes. Cash transfers can be implemented in conjunction with other services involving education, health, nutrition, social welfare and others, including those related to HIV and AIDS. HIV/AIDS-affected families are diverse with respect to household structure, ability to work and access to assets, arguing for a mix of approaches, including food assistance and income-generation programmes. However, cash transfers appear to offer the best strategy for scaling up to a national system of social protection, by reaching families who are the most capacity constrained, in large numbers, relatively quickly. These are important considerations for communities hard-hit by HIV and AIDS, given the extent and nature of deprivation, the long-term risk to human capital and the current political willingness to act. PMID:22380980

  9. Is there any future for cash crops in developing countries? The case of vanilla.

    Directory of Open Access Journals (Sweden)

    L. Smutka

    2011-03-01

    Full Text Available A generally used ter m for easy mar ketable commodities usually with high prices is cash crops As a result of it these commodities are produced by many developing and especially least developed countries (LDC. These crops have witnessed fluctuation in prices during the last decade. We can suppose that these products would be the domain of developing countries nevertheless the opposite is true. Vanilla is a very good example of those products especially because just ver y few producers exist. We can suppose that vanilla trade would be the sphere of very few producers and beside that the agents would deal mostly with the demand site on the international mar ket. However, the international vanilla mar ket shows slight differences. Nevertheless, it can be grown just in very few areas. Madagascar belongs between the most well known producers. The aim of this paper is to analyse the international vanilla trade with regards to the production and consumption side and specifics of cash crops in general. International vanilla trade is even higher than the production itself. These results indicate that vanilla is being re-exported and the trade is not just a nor mal commodity trade but being use as a investment instr ument as well.

  10. Can Social Protection Weaken Clientelism? Considering Conditional Cash Transfers as Political Reform in the Philippines

    Directory of Open Access Journals (Sweden)

    Arun Ranga Swamy

    2016-01-01

    Full Text Available Since poverty is often believed to be a root cause of clientelism, government policies to reduce poverty should also help to reduce clientelism. However, scholars studying clientelism are more likely to view social policy as a potential resource for clientelist politicians. This article examines this paradox in the Philippine context by offering a general framework to identify when social welfare policies are likely to reduce clientelism, and by applying this framework to the Philippines, focusing on the Pantawid Pamilyang Pilipino conditional cash transfer programme, or Pantawid. I argue that the policies that are most likely to undercut clientelism are universal social protection policies that provide poor families with security, although these are the least acceptable to middle-class taxpayers. This is exemplified by the Philippines, which has tended to introduce social policies that increase the scope for clientelism by making discretionary allocation more likely, rather than policies that offer income security to the poor. The Pantawid programme attempts to overcome these problems by introducing a centralised targeting mechanism to identify beneficiaries and by guaranteeing the benefit to all eligible families, but like all conditional cash transfer programs falls short of guaranteed and universal social protection.

  11. THE EFFECT OF AGROCLIMATIC FACTORS ON CASH CROPS PRODUCTION IN NIGERIA.

    Directory of Open Access Journals (Sweden)

    KAMIL AKINTUNDE

    2013-09-01

    Full Text Available This study examined the effects of agroclimatic factors on the yield of cash crops in Nigeria and other variables such as producer prices, exchange rate and level of national income (GDP. The effects of total rainfall, mean temperature, sunshine hour, relative humidity, radiation, exchange rate and GDP on the yields of three cash crops (Cocoa, Palm Kernel and Palm Oil were estimated for the period 1970-2003 in Nigeria. The methods of analysis employed in the study were mainly error-correction model (ECM within the context of co-integration theory. The results showed that all the variables are not stationary at their levels and thus, a need for differencing once to attain stationary. Statistical significance of the error-correction terms for the three produce validates the existence of an equilibrium relationship among the variables in each of these co-integrating vectors. However, producer price, temperature and GDP were the most significant factors influencing the yield of cocoa while only exchange rate was the most significant factors for the palm produce.

  12. How your bank balance buys happiness: The importance of "cash on hand" to life satisfaction.

    Science.gov (United States)

    Ruberton, Peter M; Gladstone, Joe; Lyubomirsky, Sonja

    2016-08-01

    Could liquid wealth, or "cash on hand"-the balance of one's checking and savings accounts-be a better predictor of life satisfaction than income? In a field study using 585 U.K. bank customers, we paired individual Satisfaction With Life Scale responses with anonymized account data held by the bank, including the full account balances for each respondent. Individuals with higher liquid wealth were found to have more positive perceptions of their financial well-being, which, in turn, predicted higher life satisfaction, suggesting that liquid wealth is indirectly associated with life satisfaction. This effect persisted after accounting for multiple controls, including investments, total spending, and indebtedness (which predicted financial well-being) and demographics (which predicted life satisfaction). Our results suggest that having readily accessible sources of cash is of unique importance to life satisfaction, above and beyond raw earnings, investments, or indebtedness. Therefore, to improve the well-being of citizens, policymakers should focus not just on boosting incomes but also on increasing people's immediate access to money. (PsycINFO Database Record PMID:27064287

  13. Cash Income Diversification in Rural Small Holder Cassava Producing Households of Nigeria

    Directory of Open Access Journals (Sweden)

    Achike, AI.

    2008-01-01

    Full Text Available The issue of poverty alleviation for the people of less developed nations of the world has currently assumed the status of a recurring decimal. This is particularly critical for sub-Saharan Africa, because, the region contains a growing share of the world's absolute poor, with most of these found among rural farm households. High variability in crop yield and thus income variability arising from the vagaries of weather makes income diversification important for these households in order to improve their economic status. This paper, based on primary data collected as part of the Collaborative Study of Cassava in Africa, identified factors that drive cash income diversification decisions among rural farm households of Nigeria. Using Heckman's two-stage model, it separates the first discrete decision of whether or not to engage in noncrop income activities from the continuous decision of how much non-crop income is needed by the household. While the level of formal education of the household head, good market access conditions and availability of initial liquidity stimulate the first decision to start non-crop income activities, only household characteristics (also including the level of formal education of the household head drive the extent of non-crop cash income earned by the household. These observations further underscore the need for investing in people – education, and in infrastructure – improving market access, as potent tools for economic empowerment.

  14. CONSTRUCTING A CASH BUDGET AND PROJECTING FINANCIAL STATEMENTS: AN EXERCISE OF SHORT-TERM FINANCIAL PLANNING FOR ENTREPRENEURS

    OpenAIRE

    Whited, Hsin-hui I. H.

    2014-01-01

    This case presents a teaching tool that equips students with an essential skill of short-term financial planning for entrepreneurs. Short-term financial planning concentrates on a venture’s cash needs, the lifeblood of an entrepreneurial venture, so these ventures can better survive the early stages of operations. In this case, students are required to build up a cash budget by utilizing payment schedules of sales, inventory purchases and wage-and-commissions. Other tasks demanded by this c...

  15. Financial Management Reforms in the Health Sector: A Comparative Study Between Cash-based and Accrual-based Accounting Systems

    OpenAIRE

    ABOLHALLAJE, Masoud; Jafari, Mehdi; Seyedin, Hesam; Salehi, Masoud

    2014-01-01

    Background: Financial management and accounting reform in the public sectors was started in 2000. Moving from cash-based to accrual-based is considered as the key component of these reforms and adjustments in the public sector. Performing this reform in the health system is a part of a bigger reform under the new public management. Objectives: The current study aimed to analyze the movement from cash-based to accrual-based accounting in the health sector in Iran. Patients and Methods: This co...

  16. Card versus cash: empirical evidence of the impact of payment card interchange fees on end users’ choice of payment methods

    OpenAIRE

    Ardizzi, Guerino

    2013-01-01

    Interchange fees in card payments are a mechanism to balance costs and revenues between banks for the joint provision of payment services. However, such fees represent a relevant input cost used as a reference price for the final fee charged to the merchants, who may be reluctant to accept cards and induce the cardholder to withdraw cash. In this paper, we empirically verify for the first time the effect of the interchange fee on the decision to withdraw cash and compare it with that of payin...

  17. 26 CFR 1.6050I-1 - Returns relating to cash in excess of $10,000 received in a trade or business.

    Science.gov (United States)

    2010-04-01

    ... B's hotel. Casino C receives $15,000 in cash from a customer with respect to a gaming transaction... United States Code and the regulations thereunder (31 CFR Part 103), and who discloses the name, address, and taxpayer identification number of the principal to the recipient in the second cash...

  18. AREVA announces US$ 7.75 Per share friendly cash offer for UraMin

    International Nuclear Information System (INIS)

    AREVA and UraMin Inc. ('UraMin') entered on June 15, 2007 into an agreement in respect of AREVA's friendly cash offer for 100% of the share capital of UraMin. UraMin is listed in London (AIM) and Toronto (TSX). AREVA (Euronext Paris) already owns 5.5% of UraMin's share capital. This cash offer of AREVA will be made through its indirect wholly-owned subsidiary CFMM Development ('AREVA') based on a price of US$ 7.75 per UraMin share. The total offer consideration amounts to more than USD 2.5 billion for 100% of the fully diluted share capital of UraMin. This represents a premium of 21% over UraMin 20-day weighted average trading price ending on June 8, 2007. The UraMin Board of Directors, after consulting with its financial advisors, has determined that the offer is fair and in the best interest of the UraMin shareholders and it has resolved to recommend acceptance of the Offer. BMO Capital Markets has provided an opinion that the offer is fair, from a financial point of view, to the UraMin shareholders. In connection with the offer, all directors and certain other shareholders representing approximately 25% of the outstanding UraMin shares (calculated on a fully diluted basis) have entered into lock-up agreements with AREVA pursuant to which they have agreed to tender all their UraMin shares to AREVA's offer. The support agreement entered into between AREVA and UraMin provides for, among other things, in case a superior proposal is accepted by UraMin, a right to match in favour of AREVA. The support agreement also includes a break up fee in favour of AREVA of US$ 75 million under certain circumstances. Concurrently with the closing of the proposed offer, UraMin will declare a dividend payable in shares of the capital of Niger Uranium Limited held by UraMin (where permitted by law) or a cash equivalent of the value of such shares

  19. Impact of the Kenya Cash Transfer for Orphans and Vulnerable Children on early pregnancy and marriage of adolescent girls.

    Science.gov (United States)

    Handa, Sudhanshu; Peterman, Amber; Huang, Carolyn; Halpern, Carolyn; Pettifor, Audrey; Thirumurthy, Harsha

    2015-09-01

    There is promising evidence that poverty-targeted cash transfer programs can have positive impacts on adolescent transitions to adulthood in resource poor settings, however existing research is typically from small scale programs in diverse geographic and cultural settings. We provide estimates of the impact of a national unconditional cash transfer program, the Kenya Cash Transfer for Orphans and Vulnerable Children, on pregnancy and early marriage among females aged 12 to 24, four years after program initiation. The evaluation was designed as a clustered randomized controlled trial and ran from 2007 to 2011, capitalizing on the existence of a control group, which was delayed entry to the program due to budget constraints. Findings indicate that, among 1549 females included in the study, while the program reduced the likelihood of pregnancy by five percentage points, there was no significant impact on likelihood of early marriage. Program impacts on pregnancy appear to work through increasing the enrollment of young women in school, financial stability of the household and delayed age at first sex. The Kenyan program is similar in design to most other major national cash transfer programs in Eastern and Southern Africa, suggesting a degree of generalizability of the results reported here. Although the objective of the program is primarily poverty alleviation, it appears to have an important impact on facilitating the successful transition of adolescent girls into adulthood. PMID:26246032

  20. 26 CFR 301.6867-1 - Presumptions where owner of large amount of cash is not identified.

    Science.gov (United States)

    2010-04-01

    ... term cash equivalent includes foreign currency, any bearer obligation, and any medium of exchange that...) Postage stamps; (F) Traveler's checks in any form; (G) Negotiable instruments (including personal checks... market value except in the case of a bearer obligation, in which case it is taken into account at...

  1. Impact of the Kenya Cash Transfer for Orphans and Vulnerable Children on early pregnancy and marriage of adolescent girls.

    Science.gov (United States)

    Handa, Sudhanshu; Peterman, Amber; Huang, Carolyn; Halpern, Carolyn; Pettifor, Audrey; Thirumurthy, Harsha

    2015-09-01

    There is promising evidence that poverty-targeted cash transfer programs can have positive impacts on adolescent transitions to adulthood in resource poor settings, however existing research is typically from small scale programs in diverse geographic and cultural settings. We provide estimates of the impact of a national unconditional cash transfer program, the Kenya Cash Transfer for Orphans and Vulnerable Children, on pregnancy and early marriage among females aged 12 to 24, four years after program initiation. The evaluation was designed as a clustered randomized controlled trial and ran from 2007 to 2011, capitalizing on the existence of a control group, which was delayed entry to the program due to budget constraints. Findings indicate that, among 1549 females included in the study, while the program reduced the likelihood of pregnancy by five percentage points, there was no significant impact on likelihood of early marriage. Program impacts on pregnancy appear to work through increasing the enrollment of young women in school, financial stability of the household and delayed age at first sex. The Kenyan program is similar in design to most other major national cash transfer programs in Eastern and Southern Africa, suggesting a degree of generalizability of the results reported here. Although the objective of the program is primarily poverty alleviation, it appears to have an important impact on facilitating the successful transition of adolescent girls into adulthood.

  2. 78 FR 36545 - Notice of Ability To Pay-Cash-out Settlement Agreement for the Jefferson City Residential Yards...

    Science.gov (United States)

    2013-06-18

    ... AGENCY Notice of Ability To Pay--Cash-out Settlement Agreement for the Jefferson City Residential Yards... Jefferson City Residential Yards Site in Jefferson City, Jefferson County, Montana (Site). The Site consists of 19 residential yards, a portion of a U.S. Postal Service property, and sections of Spring...

  3. 12 CFR 220.118 - Time of payment for mutual fund shares purchased in a special cash account.

    Science.gov (United States)

    2010-01-01

    ... purchased in a special cash account. 220.118 Section 220.118 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CREDIT BY BROKERS AND DEALERS (REGULATION T... to liquidation for nonpayment is that described in § 220.4(c)(2) or that described in §...

  4. Understanding use of health services in conditional cash transfer programs: insights from qualitative research in Latin America and Turkey.

    Science.gov (United States)

    Adato, Michelle; Roopnaraine, Terry; Becker, Elisabeth

    2011-06-01

    Conditional cash transfer programs provide cash grants to poor households conditional on their participation in primary health care services. While significant impacts have been demonstrated quantitatively, little attention is paid to why CCTs have these observed impacts, and as importantly- why impacts are not greater than they are. This article draws on qualitative research from four countries over a ten year period (1999-2009) to provide insights into why expected health and nutrition impacts do and do not occur. In Nicaragua, El Salvador, and Turkey, ethnographic methods were used, involving between 87 and 120 households per country, and in Mexico, focus groups were conducted with 230 people. Key informant interviews were conducted with health care providers in all countries. While CCTs operate primarily on the assumption that a cash incentive will produce behaviour change, we found multiple sociocultural and structural influences on health care decisions that compete with cash. These include beliefs around traditional and modern biomedical practices, sociocultural norms, gender relations, and the quotidian experience of poverty in many dimensions. We conclude that impacts can be increased through a better understanding of multiple contextual influences on health care decisions, and greater attention to the health education components and complementary interventions. PMID:21122965

  5. Energy self-reliance, net-energy production and GHG emissions in Danish organic cash crop farms

    DEFF Research Database (Denmark)

    Halberg, Niels; Dalgaard, Randi; Olesen, Jørgen E;

    2008-01-01

    -energy production were modeled. Growing rapeseed on 10% of the land could produce bio-diesel to replace 50-60% of the tractor diesel used on the farm. Increasing grass-clover area to 20% of the land and using half of this yield for biogas production could change the cash crop farm to a net energy producer...

  6. 19 CFR 351.107 - Cash deposit rates for nonproducing exporters; rates in antidumping proceedings involving a...

    Science.gov (United States)

    2010-04-01

    ... proceedings involving a nonmarket economy country. (a) Introduction. This section deals with the establishment...; rates in antidumping proceedings involving a nonmarket economy country. 351.107 Section 351.107 Customs... involving imports from a nonmarket economy country. (b) Cash deposit rates for nonproducing...

  7. 7 CFR 240.4 - Cash in lieu of donated foods for nonresidential child and adult care institutions.

    Science.gov (United States)

    2010-01-01

    ... and adult care institutions. 240.4 Section 240.4 Agriculture Regulations of the Department of... LIEU OF DONATED FOODS § 240.4 Cash in lieu of donated foods for nonresidential child and adult care... or adult care institutions participating in the Child and Adult Care Food Program. FNS shall pay...

  8. The effect of unconditional cash transfers on adult labour supply: A unitary discrete choice model for the case of Ecuador

    NARCIS (Netherlands)

    Mideros, A.; O'Donoghue, C.

    2014-01-01

    We examine the effect of unconditional cash transfers by a unitary discrete labour supply model. We argue that there is no negative income effect of social transfers in the case of poor adults because leisure could not be assumed to be a normal good under such conditions. Using data from the nationa

  9. The Impact of a Cash Transfer Program on Cognitive Achievement: The "Bono de Desarrollo Humano" of Ecuador

    Science.gov (United States)

    Ponce, Juan; Bedi, Arjun S.

    2010-01-01

    Throughout Latin America, conditional cash transfer (CCT) programs play an important role in social policy. These programs aim to influence the accumulation of human capital, as well as reduce poverty. In terms of educational outcomes, a number of impact evaluation studies have shown that such programs have led to an increase in school enrollment,…

  10. [The impact of conditional cash transfers on health status: the Brazilian Bolsa Familia Programme].

    Science.gov (United States)

    Rivera Castiñeira, Berta; Currais Nunes, Luis; Rungo, Paolo

    2009-01-01

    Conditional cash transfers are becoming the standard approach to reducing poverty levels; the Brazilian Bolsa Familia Program, in particular, is the largest program of this kind, and the evaluation of its impact allows for drawing some interesting conclusions, which may apply to other countries. In this paper, the lack of positive results in terms of both health status and modification of unhealthy habits is underlined. Among different causes, which are discussed here, the existence of barriers on the supply side appears as the most important limitation for obtaining better results. The positive impact of this program on both education and poverty reduction however, allows for predicting improvements in health status in the long run.

  11. Optimal Financing Decisions of Two Cash-Constrained Supply Chains with Complementary Products

    Directory of Open Access Journals (Sweden)

    Yuting Li

    2016-04-01

    Full Text Available In recent years; financing difficulties have been obsessed small and medium enterprises (SMEs; especially emerging SMEs. Inter-members’ joint financing within a supply chain is one of solutions for SMEs. How about members’ joint financing of inter-supply chains? In order to answer the question, we firstly employ the Stackelberg game to propose three kinds of financing decision models of two cash-constrained supply chains with complementary products. Secondly, we analyze qualitatively these models and find the joint financing decision of the two supply chains is the most optimal one. Lastly, we conduct some numerical simulations not only to illustrate above results but also to find that the larger are cross-price sensitivity coefficients; the higher is the motivation for participants to make joint financing decisions; and the more are profits for them to gain.

  12. Family/children cash benefits in Serbia: The analysis and policy recommendations

    Directory of Open Access Journals (Sweden)

    Matković Gordana

    2014-01-01

    Full Text Available Around 400 thousand children in Serbia are covered with cash-benefits targeting poor children representing 31.7% of the total number of children in 2011. Additionally, around 60 thousand families receive birth grants that is more than 90% of the newly born. When it comes to child-birth related leaves, there were around 37 thousand beneficiaries in 2012. This means that around 50% of the newly born children’s parents are covered with maternity/parental leave, while the coverage of employed mothers is almost full. Coverage of the poor children, particularly by the financial social assistance (FSA, can be considered inadequate. When it comes to targeting (vertical efficiency, FSA is targeted quite well, while there is scope for improvement of the inclusion error within the child-allowance program. When the adequacy of cash benefits targeting poor children is analyzed from the perspective of meeting the basic needs, then the amount is at the verge of being acceptable and differs for different kinds of families - single parent and families with very young children (0-2 being better off. However, when compared to the minimum wage, the cumulative amount of FSA and child allowance is lower only for one- child families. Total expenditures for cash-benefits connected to children amount to 1.4%of GDP - 1.21% being related to ESSPROS family/children function and 0.18% for the FSA for families with children. When compared to the EU, the total expenditure is below the EU average, with the birth related expenditures being higher and child allowance lower than the EU average. The first group of recommendations for cash benefits aimed at families with children relate to the improvement of adequacy and coverage of benefits aiming at poverty reduction, while respecting budget constraints. The increase of benefits for children above 14 years old - increase of child allowance or/and assigning higher weights (0.5 instead of 0.3 for the FSA’s equivalence scale

  13. Empirical analysis on future-cash arbitrage risk with portfolio VaR

    Science.gov (United States)

    Chen, Rongda; Li, Cong; Wang, Weijin; Wang, Ze

    2014-03-01

    This paper constructs the positive arbitrage position by alternating the spot index with Chinese Exchange Traded Fund (ETF) portfolio and estimating the arbitrage-free interval of futures with the latest trade data. Then, an improved Delta-normal method was used, which replaces the simple linear correlation coefficient with tail dependence correlation coefficient, to measure VaR (Value-at-risk) of the arbitrage position. Analysis of VaR implies that the risk of future-cash arbitrage is less than that of investing completely in either futures or spot market. Then according to the compositional VaR and the marginal VaR, we should increase the futures position and decrease the spot position appropriately to minimize the VaR, which can minimize risk subject to certain revenues.

  14. A case of musical preference for Johnny Cash following deep brain stimulation of the nucleus accumbens

    Directory of Open Access Journals (Sweden)

    Mariska eMantione

    2014-05-01

    Full Text Available Music is among all cultures an important part of the live of most people. Music has psychological benefits and may generate strong emotional and physiological responses. Recently, neuroscientists have discovered that music influences the reward circuit of the nucleus accumbens, even when no explicit reward is present. In this clinical case study, we describe a 60-year old patient who developed a sudden and distinct musical preference for Johnny Cash following deep brain stimulation targeted at the nucleus accumbens for treatment-refractory obsessive-compulsive disorder. This case report substantiates the assumption that the nucleus accumbens is involved in musical preference, based on the observation of direct stimulation of the accumbens with deep brain stimulation. It also shows that accumbens DBS can change musical preference without habituation of its rewarding properties.

  15. STUDY ON INCREASING THE SHARE CAPITAL BY NEW CONTRIBUTIONS IN CASH AND IN KIND

    Directory of Open Access Journals (Sweden)

    CARUNTU GENU ALEXANDRU

    2016-06-01

    Full Text Available Selecting the means, techniques and financing tools is the correct expression of a financial policy placement. Essentially, the financial policy consists in determining the weight that equity and borrowed capitals have and must have into the company resources, taking into account their actual cost. It is envisaged the high share of capital in total equity, which represents long term resources in company’s activity and which knows more ways to move over time. The share capital is equal to the nominal value of inscriptions or shares, respectively the value of the contribution in kind or in cash mentioned in the memorandum. Over the life of the company's existence, the share capital may increase by new contributions, by incorporation of reserves and by debt conversion of the company, respectively of the claims that creditors have on it

  16. An EPQ model under cash discount and permissible delay in payments derived without derivatives

    Directory of Open Access Journals (Sweden)

    Huang Yung-Fu

    2007-01-01

    Full Text Available The main purpose of this paper is to investigate the case where the retailer’s unit selling price and the purchasing price per unit are not necessarily equal within the economic production quantity (EPQ framework under cash discount and permissible delay in payments. We establish the retailer’s inventory system as a cost minimization problem to determine the retailer’s optimal inventory cycle time, optimal order quantity and optimal payment time. This paper provides an algebraic approach to determine the optimal cycle time, optimal order quantity and optimal payment time. This approach provides one theorem to efficiently determine the optimal solution. Some previously published results of other researchers are deduced as special cases. Finally, numerical examples are given to illustrate the result and the managerial insights are also obtained.

  17. The Responses of Youth to a Cash Transfer Conditional on Schooling: A Quasi-Experimental Study

    DEFF Research Database (Denmark)

    Humlum, Maria Knoth; Vejlin, Rune Majlund

    2013-01-01

    We estimate the effect of cash transfers given to youth conditional on high school attendance on the labor supply decisions and academic performance of youth. We exploit differences in the size of the total transfer received based on timing of birth to identify the causal effects of interest....... Specifically, individuals born late in a quarter receive a larger total transfer than comparable individuals born early in the following quarter. We find that the transfer increases the labor market participation of youth and the number of months worked. The estimated effect is larger for individuals from low......-income families. The results suggest that some youths are borrowing constrained. Since we find no evidence of corresponding effects on academic performance, alleviating the constraint appears only to affect consumption decisions and not human capital investment....

  18. Artichoke (Cynara scolymus L. as cash-cover crop in an organic vegetable system

    Directory of Open Access Journals (Sweden)

    Anna LENZI

    2015-11-01

    Full Text Available In organic vegetable systems green manure crops play an important role as a nitrogen source, but they cover the soil for several months without producing a direct income. Globe artichoke (Cynara scolymus L. provides both heads to be harvested and particularly abundant plant residues to be possibly incorporated into the soil, so it may play a double role of cash and cover crop. This paper describes an on-farm study in which seed-propagated artichoke, cultivated as an annual crop, preceded zucchini squash and lettuce cultivated in sequence within a vegetable organic system. Artichoke produced about 7 t ha-1 of saleable heads and left, after harvest, 50.3 t ha-1 of fresh biomass usable as green manure. Zucchini squash and lettuce following artichoke showed a significant increase in yield when artichoke residues were incorporated into the soil. Furthermore, a residual positive effect of green manure on soil fertility was detected after lettuce harvest. 

  19. Can cash transfers improve determinants of maternal mortality? Evidence from the household and community programs in Indonesia.

    Science.gov (United States)

    Kusuma, Dian; Cohen, Jessica; McConnell, Margaret; Berman, Peter

    2016-08-01

    Despite global efforts in maternal health, 303,000 maternal deaths still occurred globally in 2015. One explanation is a considerable inequality in maternal mortality and the sources such as nutritional status and health utilization. One strategy to fight health inequality due to poverty is conditional cash transfer (CCT). Taking advantage of two large clustered-randomized trials in Indonesia from 2007 to 2009, this paper provides evidence on the effects of household cash transfers (PKH) and community cash transfers (Generasi) on determinants of maternal mortality. The sample sizes are 14,000 households for PKH and 12,000 households for Generasi. After two years of implementation, difference-in-differences (DID) analyses show that the two programs can improve determinants of maternal mortality with Generasi provides positive impact in some aspects of determinants, but PKH does not. Generasi improves maternal health knowledge, reduces financial barriers to accessing health services and improves utilization of health services, increases utilization among higher-risk women, improves posyandu equipment, and increases nutritional intake. As for PKH, evidence shows its strongest effects only on utilization of health services. Both programs, however, are unlikely to have a large effect on maternal mortality due to design and implementation issues that might significantly reduce program effectiveness. While the programs improved utilization, they did so at community-based facilities not equipped with emergency obstetric care. In the midst of popularity of household cash transfer, our results show that community cash transfer offers a viable policy alternative to improve the determinants of maternal mortality by allowing more flexibility in activities and at lower cost by monitoring at community level. PMID:27376594

  20. Can cash transfers improve determinants of maternal mortality? Evidence from the household and community programs in Indonesia.

    Science.gov (United States)

    Kusuma, Dian; Cohen, Jessica; McConnell, Margaret; Berman, Peter

    2016-08-01

    Despite global efforts in maternal health, 303,000 maternal deaths still occurred globally in 2015. One explanation is a considerable inequality in maternal mortality and the sources such as nutritional status and health utilization. One strategy to fight health inequality due to poverty is conditional cash transfer (CCT). Taking advantage of two large clustered-randomized trials in Indonesia from 2007 to 2009, this paper provides evidence on the effects of household cash transfers (PKH) and community cash transfers (Generasi) on determinants of maternal mortality. The sample sizes are 14,000 households for PKH and 12,000 households for Generasi. After two years of implementation, difference-in-differences (DID) analyses show that the two programs can improve determinants of maternal mortality with Generasi provides positive impact in some aspects of determinants, but PKH does not. Generasi improves maternal health knowledge, reduces financial barriers to accessing health services and improves utilization of health services, increases utilization among higher-risk women, improves posyandu equipment, and increases nutritional intake. As for PKH, evidence shows its strongest effects only on utilization of health services. Both programs, however, are unlikely to have a large effect on maternal mortality due to design and implementation issues that might significantly reduce program effectiveness. While the programs improved utilization, they did so at community-based facilities not equipped with emergency obstetric care. In the midst of popularity of household cash transfer, our results show that community cash transfer offers a viable policy alternative to improve the determinants of maternal mortality by allowing more flexibility in activities and at lower cost by monitoring at community level.

  1. Acceptability of conditions in a community-led cash transfer programme for orphaned and vulnerable children in Zimbabwe.

    Science.gov (United States)

    Skovdal, Morten; Robertson, Laura; Mushati, Phyllis; Dumba, Lovemore; Sherr, Lorraine; Nyamukapa, Constance; Gregson, Simon

    2014-10-01

    Evidence suggests that a regular and reliable transfer of cash to households with orphaned and vulnerable children has a strong and positive effect on child outcomes. However, conditional cash transfers are considered by some as particularly intrusive and the question on whether or not to apply conditions to cash transfers is an issue of controversy. Contributing to policy debates on the appropriateness of conditions, this article sets out to investigate the overall buy-in of conditions by different stakeholders and to identify pathways that contribute to an acceptability of conditions. The article draws on data from a cluster-randomized trial of a community-led cash transfer programme in Manicaland, eastern Zimbabwe. An endpoint survey distributed to 5167 households assessed community members' acceptance of conditions and 35 in-depth interviews and 3 focus groups with a total of 58 adults and 4 youth examined local perceptions of conditions. The study found a significant and widespread acceptance of conditions primarily because they were seen as fair and a proxy for good parenting or guardianship. In a socio-economic context where child grants are not considered a citizen entitlement, community members and cash transfer recipients valued the conditions associated with these grants. The community members interpreted the fulfilment of the conditions as a proxy for achievement and merit, enabling them to participate rather than sit back as passive recipients of aid. Although conditions have a paternalistic undertone and engender the sceptics' view of conditions being pernicious and even abominable, it is important to recognize that community members, when given the opportunity to participate in programme design and implementation, can take advantage of conditions and appropriate them in a way that helps them manage change and overcome the social divisiveness or conflict that otherwise may arise when some people are identified to benefit and others not. PMID:24019380

  2. MANAGEMENT FINANCIAL FLOWS OF CONSTRUCTION ENTERPRISES BASED LOGISTICS BUDGETING

    OpenAIRE

    Bubenko, P.

    2014-01-01

    The aim of the paper is the development of scientific knowledge and understandings of place value and essence of logistics budgeting.Proved that increasing the competitiveness of budgeting should improve mechanisms of logistics processes, which leads to the creation of new economic category logistics budgeting. We consider such economic categories as cash flow, budget, budgeting, logistics, analyzes and presents the advantages and disadvantages of budgeting and budgeting logistics enterprises...

  3. ENHANCED TIME-DEPENDENT EVOLUTIONARY FUZZY SUPPORT VECTOR MACHINES INFERENCE MODEL FOR CASH FLOW PREDICTION AND ESTIMATE AT COMPLETION

    OpenAIRE

    MIN-YUAN CHENG; YU-WEI WU; LE TRUNG DAN; ANDREAS F. VAN ROY

    2013-01-01

    This study conducts a mechanism enhancing the time series data treatment of the time-dependent evolutionary fuzzy support vector machine inference model (EFSIMT). The enhanced model, EFSIMET, was developed particularly to treat construction management problems that contain time series data. EFSIMET is an artificial intelligent hybrid system in which fuzzy logic (FL) deal with vagueness and approximate reasoning; support vector machine (SVM) acts as supervise learning tool; and fast messy gene...

  4. Exposure-Based Cash-Flow-at-Risk for Value-Creating Risk Management under Macroeconomic Uncertainty

    OpenAIRE

    Andrén, Niclas; Jankensgård, Håkan; Oxelheim, Lars

    2010-01-01

    A strategically minded CFO will realize that strategic corporate risk management is about finding the right balance between risk prevention and proactive value generation. Efficient risk and performance management requires adequate assessment of risk and risk exposures on the one hand and performance on the other. Properly designed, a risk measure should provide information on to what extend the firm's performance is at risk, what is causing that risk, the relative importance of non-value-add...

  5. Ordering and Inventory Policies for Step Changes in the Unit Item Cost: A Discounted Cash Flow Approach

    OpenAIRE

    Robert W. Grubbström; Brian G. Kingsman

    2004-01-01

    This paper considers the problem of determining the optimal ordering quantities of a purchased item where there are step changes in price, either up or down. Other costs incurred include ordering costs associated with each replenishment and holding costs related to capital tied up in inventory and physical stock holding. The net present value (NPV) principle is applied. Explicit expressions for the development of the optimal order quantities over time are presented. It is shown that three cas...

  6. Biogas production from presorted biowaste and municipal solid waste from Sweden : substrate characterization, wet fermentation and cash flow analysis

    OpenAIRE

    Wu, Lishan

    2014-01-01

    Due to the great demand of methane as car fuel by the local population in the state of Västmanland, Sweden, a Swedish company called Svensk Växtkraft AB needs to the triple the biogas production until year 2016. A problem is the availability of biowaste, which is nearly completed utilized in the biogas plant already. To solve this problem, the utilization of presorted municipal solid waste (MSW) is an option. This thesis is aiming at characterization of pre-sorted biowaste and municipal s...

  7. PENGARUH PERUBAHAN RETURN ON ASSETS, PERUBAHAN DEBT TO EQUITY RATIO DAN PERUBAHAN CASH RATIO TERHADAP PERUBAHAN DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Yuli Soesetio

    2008-02-01

    Full Text Available Dividend Payout Ratio used to calculate all of revenue that will be accepted by stockholders as cash dividend, usually explained as percentage. This research was conducted to know several factors that affected change of Dividend Payout Ratio and to know the significance level and the correlation between dependent and independent variable. Analysis instrument used was parametric statistic. Based on the result of statistic test,  The Change of Return on Asset (X1, The Change of Debt to Equity Ratio (X2,  were able to explain dependent variable of the change Dividend Payout Ratio, and The Change of CashRatio can’t explain dependent variable of the change Dividend Payout Ratio

  8. HPTN 068: A Randomized Control Trial of a Conditional Cash Transfer to Reduce HIV Infection in Young Women in South Africa-Study Design and Baseline Results.

    Science.gov (United States)

    Pettifor, Audrey; MacPhail, Catherine; Selin, Amanda; Gómez-Olivé, F Xavier; Rosenberg, Molly; Wagner, Ryan G; Mabuza, Wonderful; Hughes, James P; Suchindran, Chirayath; Piwowar-Manning, Estelle; Wang, Jing; Twine, Rhian; Daniel, Tamu; Andrew, Philip; Laeyendecker, Oliver; Agyei, Yaw; Tollman, Stephen; Kahn, Kathleen

    2016-09-01

    Young women in South Africa are at high risk for HIV infection. Cash transfers offer promise to reduce HIV risk. We present the design and baseline results from HPTN 068, a phase III, individually randomized trial to assess the effect of a conditional cash transfer on HIV acquisition among South African young women. A total of 2533 young women were randomized to receive a monthly cash transfer conditional on school attendance or to a control group. A number of individual-, partner-, household- and school-level factors were associated with HIV and HSV-2 infection. After adjusting for age, all levels were associated with an increased odds of HIV infection with partner-level factors conveying the strongest association (aOR 3.05 95 % CI 1.84-5.06). Interventions like cash transfers that address structural factors such as schooling and poverty have the potential to reduce HIV risk in young women in South Africa. PMID:26891839

  9. From waste to kwaste: on the Blue Economy in terms of knowledge flow

    OpenAIRE

    Aberkane, Idriss J.

    2015-01-01

    Introduced by Gunter Pauli, the Blue Economy, namely bio-inspired industrial ecology or self-profitable circular economy, is a remarkable example of the way the knowledge flow can fundamentally alter micro, meso and macroeconomics , and be converted into cash flow. Its reception is also a case of limited rationality in management and economics, and of resistance to change in general. Here I simplify the Blue Economy to the following equation: waste + knowledge = asset. I then explore the impl...

  10. Impacts of Cash Crop Production on Land Management and Land Degradation: The Case of Coffee and Cotton in Uganda

    OpenAIRE

    Pender, John L.; Nkonya, Ephraim M.; Kato, Edward; Kaizzi, Crammer; Ssali, Henry

    2009-01-01

    We investigate the impacts of coffee and cotton production on land management and land degradation in Uganda, based on a survey of 851 households and soil measurements in six major agro-ecological zones, using matching and multivariate regression methods. The impacts of cash crop production vary by agro-ecological zones and cropping system. In coffee producing zones, use of organic inputs is most common on plots growing coffee with other crops (mainly bananas), and least common on mono-croppe...

  11. Demand and Supply-Side Determinants of Conditional Cash Transfer Program Effectiveness: Improving the First-Generation Programs

    OpenAIRE

    Carolyn Heinrich

    2005-01-01

    The Programa Nacional de Becas Estudiantiles is a conditional cash transfer program designed to promote long-term human capital accumulation among Argentine youth and to reduce poverty. This study follows a 1999 cohort of students from 24 schools for five years. Propensity score matching methods are used with a comparison group of students who were excluded due to quotas to estimate the average and marginal impacts of the Becas program. Multilevel methods are also used to estimate the contrib...

  12. A Fair e-cash Scheme%一个公正的电子货币方案

    Institute of Scientific and Technical Information of China (English)

    王常吉; 裴定一

    2001-01-01

    In this paper, we propose a fair e-cash scheme based on [1]. On the one hand, User's anonymity is protected in our system ,On the other hand,bank can trace e-coin and owner of e-coin with the help of the group manager ,so it can prevent laundering ,corruption and kidnapping ,and the security of the scheme is based on strong RSA assumption and decision Diffie-Hellman assumption.

  13. The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market

    OpenAIRE

    Renberg, Sandra; Nylander, Cecilia

    2013-01-01

    The dividend policy and the distribution of cash dividend can be of interest to the investors from many angles. Consequently, many theories have been built on the relevance of dividend policy and there are several theories proposing that dividends increase shareholder value. However, the most famous theory on dividend policy might be Miller and Modigliani's dividend irrelevance theory which implies that the dividend policy does not affect shareholder value. Although investors are concerned wi...

  14. Cash-out or flame-out! Opportunity cost and entrepreneurial strategy: Theory, and evidence from the information security industry

    OpenAIRE

    Ashish Arora; Anand Nandkumar

    2009-01-01

    We analyze how entrepreneurial opportunity cost conditions performance. Departing from the common practice of using survival as a measure of entrepreneurial performance, we model both failure and cash-out (liquidity event) as conditioned by the same underlying process. High-opportunity-cost entrepreneurs prefer a shorter time to success, even if this also implies failing more quickly, whereas entrepreneurs with fewer outside alternatives will choose less aggressive strategies and, consequentl...

  15. Long-Term Financial Incentives and Investment in Daughters: Evidence From Conditional Cash Transfers In North India

    OpenAIRE

    Nistha Sinha; Joanne Yoong

    2009-01-01

    Since the early 1990s, several states in India have introduced financial incentive programs to discourage son preference among parents and to encourage investments in daughters' education and health. This study evaluates one such program in the state of Haryana, Apni Beti Apna Dhan (Our Daughter, Our Wealth). Since 1994, eligible parents in Haryana are offered a financial incentive if they give birth to a daughter. The incentive consists of an immediate cash grant and a long-term savings bond...

  16. PENGARUH PERUBAHAN RETURN ON ASSETS, PERUBAHAN DEBT TO EQUITY RATIO DAN PERUBAHAN CASH RATIO TERHADAP PERUBAHAN DIVIDEND PAYOUT RATIO

    OpenAIRE

    Yuli Soesetio

    2008-01-01

    Dividend Payout Ratio used to calculate all of revenue that will be accepted by stockholders as cash dividend, usually explained as percentage. This research was conducted to know several factors that affected change of Dividend Payout Ratio and to know the significance level and the correlation between dependent and independent variable. Analysis instrument used was parametric statistic. Based on the result of statistic test,  The Change of Return on Asset (X1), The Change of Debt to Equity ...

  17. Dynamic efficiency and price leadership in the DAX-future and the DAX cash market: An empirical investigation

    OpenAIRE

    Merz, Frederic

    1994-01-01

    This paper provides results of an empirical study, adressing both the question of the efficiency of the DAX-fFuture market concerning its risk transfer function and the question of price leadership. For determining the pricing relationship between the futures and the cash market, co-integration analysis and nonlinear least squares estimation methods are applied. Results indicate that the pricing relationship is closely related to the cost-of-carry model and co-integrated. It will be shown tha...

  18. Conditional Cash Transfer Programs from a Gender Perspective: A Comparative Evaluation for Turkey

    Directory of Open Access Journals (Sweden)

    Nursel Aydiner Avsar

    2016-02-01

    Full Text Available This paper aims to evaluate the conditional cash transfer (CCT program in Turkey from a comparative gender perspective. The paper first presents a detailed review of the gender impact of CCT programs in developing countries to assess the success of these programs in fostering gender equality. The paper then evaluates the CCT program in Turkey in comparison to the cases of Brazil and Mexico, using the most up-to-date data on each program, along a number of dimensions including targeting method, benefit structure, conditions, and program administration. The main objective of the paper is to put the Turkish CCT program in a comparative perspective with the two well-known and successful CCT programs in the developing world in terms of program design and reach. This way, the paper aims to shed light to how successful the Turkish CCT program has been in implementing the so-called model CCT programs in these two countries. It is seen that the Turkish CCT program falls behind the programs in Brazil and Mexico in terms of coverage and amount of GDP allocated. The benefits show a more detailed structure than Brazil but are less developed and generous than the one in Mexico. Although the CCT program in Turkey had a positive impact on school enrollment, particularly for girls, and women's empowerment, it hasn't been influential in reducing poverty.

  19. Annual Cash Income from Community Forest Management in the Brazilian Amazon: Challenges for the Future

    Directory of Open Access Journals (Sweden)

    Marie-Gabrielle Piketty

    2015-11-01

    Full Text Available Community forest management (CFM is considered an alternative way to protect forests while providing income for smallholders. Since the mid-1990s, the number of CFM projects has rapidly increased in the Brazilian Amazon, although most of them still face several difficulties. In this paper, we discuss the obstacles to the financial viability of CFM in this region and propose some ways to overcome them. Based on evidence from five case studies, we assess the extent to which sustainable forest management for commercial timber production contributes to smallholder income. We show that harvesting timber only provides a limited cash income to smallholders, even though forest covers 80% of their landholding. Market access to timber is very uncertain and smallholder communities often fail to make a profit from their timber. Minimum remunerative public prices and support for timber marketing are thus needed. Simpler and more flexible procedures are required to reduce the high transaction costs of obtaining a permit and increase smallholder involvement in legal forest management for commercial purposes. Finally, a better assessment of timber potential in smallholder forest reserves through systematic inventories would be useful to avoid arousing false expectations.

  20. Conditional Cash Transfer Programs from a Gender Perspective: A Comparative Evaluation for Turkey

    Directory of Open Access Journals (Sweden)

    Nursel AYDINER AVŞAR

    2014-10-01

    Full Text Available This paper aims to evaluate the conditional cash transfer (CCT program in Turkey from a comparative gender perspective. The paper first presents a detailed review of the gender impact of CCT programs in developing countries to assess the success of these programs in fostering gender equality. The paper then evaluates the CCT program in Turkey in comparison to the cases of Brazil and Mexico, using the most up-to-date data on each program, along a number of dimensions including targeting method, benefit structure, conditions, and program administration. The main objective of the paper is to put the Turkish CCT program in a comparative perspective with the two well-known and successful CCT programs in the developing world in terms of program design and reach. This way, the paper aims to shed light to how successful the Turkish CCT program has been in implementing the so-called model CCT programs in these two countries. It is seen that the Turkish CCT program falls behind the programs in Brazil and Mexico in terms of coverage and amount of GDP allocated. The benefits show a more detailed structure than Brazil but are less developed and generous than the one in Mexico. Although the CCT program in Turkey had a positive impact on school enrollment, particularly for girls, and women’s empowerment, it hasn’t been influential in reducing poverty.