In this paper,we summarize and analyze the relevant research on the cash manage-ment problem appearing in the literature.First,we identify the main dimensions of the cash management problem.Next,we review the most rel...In this paper,we summarize and analyze the relevant research on the cash manage-ment problem appearing in the literature.First,we identify the main dimensions of the cash management problem.Next,we review the most relevant contributions in this field and present a multidimensional analysis of these contributions,according to the dimensions of the problem.From this analysis,several open research questions are highlighted.展开更多
The outbreak of the SARS-CoV-2 coronavirus(COVID-19)has impacted the whole world.To stop the virus’s spread,governments enforced regulations requiring face masks and social isolation and also promoted social seclusio...The outbreak of the SARS-CoV-2 coronavirus(COVID-19)has impacted the whole world.To stop the virus’s spread,governments enforced regulations requiring face masks and social isolation and also promoted social seclusion,hand-washing,and other hygienic measures.People’s movements and consumption were significantly reduced as a result of government-imposed lockdowns,with internet purchasing overtaking in-store purchasing in a particularly noticeable way.Most importantly,people’s habits during times of restrictions and lockdowns seemed to reduce overall desire to do cash transactions.Cashless transactions became the most preferred option for daily payment as it helped reduce contact with others and prevent them from becoming infected.These factors contribute to future intentions to eliminate cash payments once the pandemic is ended as well as the choice of payment methods currently in use.Even after the pandemic,people are using digital cashless payments for their daily transactions.This study investigates the impact of the coronavirus on consumer demand for cash and cashless payments during the COVID-19 crisis and beyond.This study utilizes the secondary research method by employing the annual statistical report of European Central Bank(ECB)(2021).The data were extracted from the warehouse of ECB,and rigorous analysis was performed to assess the intentions of customers for using digital transactions for payments.In the study,a regression analysis shows that a greater increase in the number of cards used for payment per year occurred during the COVID-19 pandemic than before the pandemic.The study demonstrates that there was a significant correlation between the adoption of cashless payment systems and the restrictions imposed on consumers because of the pandemic.Customers prefer cashless transactions when there is a higher danger of infection while handling cash.展开更多
This study examines the impact of cash crop cultivation on household income and migration decisions,using survey data collected from low-income regions in China.Given farmers decide themselves whether to cultivate cas...This study examines the impact of cash crop cultivation on household income and migration decisions,using survey data collected from low-income regions in China.Given farmers decide themselves whether to cultivate cash crops,an endogenous treatment regression model that accounts for potential selection bias issue is used to analyze the data.The empirical results show that cash crop cultivation exerts a positive and statistically significant impact on household income,but it does not affect household migration decisions significantly.The disaggregated analyses reveal that cash crop cultivation significantly increases farm income but decreases off-farm income.展开更多
In this paper, from the viewpoint of the time value of money, we study the risk measures for portfolio vectors with discount factor. Cash subadditive risk measures for portfolio vectors are proposed. Representation re...In this paper, from the viewpoint of the time value of money, we study the risk measures for portfolio vectors with discount factor. Cash subadditive risk measures for portfolio vectors are proposed. Representation results are given by two different methods which are convex analysis and enlarging space. Especially, the method of convex analysis make the line of reasoning and the representation result be simpler. Meanwhile, spot and forward risk measures for portfolio vectors are also introduced, and the relationships between them are investigated.展开更多
As the cash register system gradually prevailed in shopping malls, detecting the abnormal status of the cash register system has gradually become a hotspot issue. This paper analyzes the transaction data of a shopping...As the cash register system gradually prevailed in shopping malls, detecting the abnormal status of the cash register system has gradually become a hotspot issue. This paper analyzes the transaction data of a shopping mall. When calculating the degree of data difference, the coefficient of variation is used as the attribute weight;the weighted Euclidean distance is used to calculate the degree of difference;and k-means clustering is used to classify different time periods. It applies the LOF algorithm to detect the outlier degree of transaction data at each time period, sets the initial threshold to detect outliers, deletes the outliers, and then performs SAX detection on the data set. If it does not pass the test, then it will gradually expand the outlying domain and repeat the above process to optimize the outlier threshold to improve the sensitivity of detection algorithm and reduce false positives.展开更多
Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional eviden...Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional evidence about the relation between ATPs and acquisition performance.Methods:We examine the interaction of antitakeover provisions(ATPs)with firm characteristics and governance environment in explaining the cross-section of bidder announcement returns.Using a sample of 3,340 completed acquisitions by 1,217 firms during 1996–2006,we test the association between ATPs,firm characteristics,and governance environments with bidder returns.Results:We find that ATPs hurt acquisition performance only when acquirers hold a high level of excess cash.Similarly,ATPs are associated with lower bidder returns only when industry competition is weak and public pension fund ownership is low as well.By contrast,when industry competition is intense and/or public pension fund ownership is high,ATPs do not hurt bidder returns.Conclusions:The complementarity among ATPs,excess cash,industry competition,and public pension fund ownership suggests that ATPs per se do not necessarily result in value-destroying acquisitions for all firms.We address the endogeneity issue of unknown variables by using a proxy for firm prestige and draw the same conclusions.展开更多
At the same time of tending forests,it is necessary to explore the under-forest economic development mode,bring into play production function of economic plants,establish cultivation mode of edible fungus,wild vegetab...At the same time of tending forests,it is necessary to explore the under-forest economic development mode,bring into play production function of economic plants,establish cultivation mode of edible fungus,wild vegetables and medicinal plants under forest,to obtain certain economic benefit in short period. This paper made a preliminary study on significance and existing problems of the under-forest economy,and came up with several interplanting patterns,in the hope of providing a comprehensive operation and cultivation approach for developing the under-forest economy.展开更多
This paper proposes and validates a comprehensive model of consumer acceptance in the context of offline e-cash payment.It modifies the unified theory of acceptance and the use of technology model(UTAUT)with construct...This paper proposes and validates a comprehensive model of consumer acceptance in the context of offline e-cash payment.It modifies the unified theory of acceptance and the use of technology model(UTAUT)with constructs of perceived security,cost of use,and government policy.Data collected from 4428 questionnaires about users’attitudes toward e-cash is used to apply a structural equation model which,in turn,assesses the predictive model.The empirical results indicate that perceived security and cost of use are beneficial extensions to the traditional UTAUT model,and intention is a key antecedent to users’actual utilization of e-cash.In addition,the demographic moderators are found to have significant effects on the relations among the variables.These results are useful to e-cash development and significant to the issue of Digital Currency Electronic Payment.展开更多
This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-...This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.展开更多
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 class...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.展开更多
The international financial reporting standard for cash flow statement （IAS 7） provides options for the classification of certain cash flow items （arbitrary items）. Therefore, business firms may classify the arbit...The international financial reporting standard for cash flow statement （IAS 7） provides options for the classification of certain cash flow items （arbitrary items）. Therefore, business firms may classify the arbitrary items using the option that would maximize their own interest. This reduces the comparability of financial statements amongst business firms. This study aims to investigate the factors explaining management preferences in the selection of financial reporting practices on the arbitrary cash flow items. It concludes that managers tend to magnify the CFO reported in order to maximize the shareholders＇ wealth, which in turn would maximize their compensation. Managers of business firms with a relatively smaller size of CFO tend to classify interest paid and dividends paid as non-CFO in order to magnify their CFO. They also tend to classify interest received as CFO in order to inflate their relatively smaller size of CFO up to expectation. Similarly, managers of business firms with a relative larger size of dividends paid would classify the dividends paid outside CFO.展开更多
基金Research supported by projects:Crowd4SDG(H2020-872944)CI-SUSTAIN(PID 2019-104156GB-I00)+6 种基金TAILOR(H2020-952215)TED2021-131295B-C31TED2021-130187B-I00PID2019-105986GB-C21(funded by MCIN/AEI/10.13039/501100011033 and by the“European Union NextGeneration EU/PRTR”)VALAWAI(funded by the European Commission under Grant 101070930)2021 SGR 002992021 SGR 00754.
文摘In this paper,we summarize and analyze the relevant research on the cash manage-ment problem appearing in the literature.First,we identify the main dimensions of the cash management problem.Next,we review the most relevant contributions in this field and present a multidimensional analysis of these contributions,according to the dimensions of the problem.From this analysis,several open research questions are highlighted.
文摘The outbreak of the SARS-CoV-2 coronavirus(COVID-19)has impacted the whole world.To stop the virus’s spread,governments enforced regulations requiring face masks and social isolation and also promoted social seclusion,hand-washing,and other hygienic measures.People’s movements and consumption were significantly reduced as a result of government-imposed lockdowns,with internet purchasing overtaking in-store purchasing in a particularly noticeable way.Most importantly,people’s habits during times of restrictions and lockdowns seemed to reduce overall desire to do cash transactions.Cashless transactions became the most preferred option for daily payment as it helped reduce contact with others and prevent them from becoming infected.These factors contribute to future intentions to eliminate cash payments once the pandemic is ended as well as the choice of payment methods currently in use.Even after the pandemic,people are using digital cashless payments for their daily transactions.This study investigates the impact of the coronavirus on consumer demand for cash and cashless payments during the COVID-19 crisis and beyond.This study utilizes the secondary research method by employing the annual statistical report of European Central Bank(ECB)(2021).The data were extracted from the warehouse of ECB,and rigorous analysis was performed to assess the intentions of customers for using digital transactions for payments.In the study,a regression analysis shows that a greater increase in the number of cards used for payment per year occurred during the COVID-19 pandemic than before the pandemic.The study demonstrates that there was a significant correlation between the adoption of cashless payment systems and the restrictions imposed on consumers because of the pandemic.Customers prefer cashless transactions when there is a higher danger of infection while handling cash.
基金Supported by the Humanities and Social Science Research Fund of the Ministry of Education of China(19YJC790063)the Natural Science Foundation of Fujian,China(2017J05112)the Social Science Foundation of Fujian,China(FJ2017C076).
文摘This study examines the impact of cash crop cultivation on household income and migration decisions,using survey data collected from low-income regions in China.Given farmers decide themselves whether to cultivate cash crops,an endogenous treatment regression model that accounts for potential selection bias issue is used to analyze the data.The empirical results show that cash crop cultivation exerts a positive and statistically significant impact on household income,but it does not affect household migration decisions significantly.The disaggregated analyses reveal that cash crop cultivation significantly increases farm income but decreases off-farm income.
基金Supported by the National Natural Science Foundation of China(11371284,11771343)
文摘In this paper, from the viewpoint of the time value of money, we study the risk measures for portfolio vectors with discount factor. Cash subadditive risk measures for portfolio vectors are proposed. Representation results are given by two different methods which are convex analysis and enlarging space. Especially, the method of convex analysis make the line of reasoning and the representation result be simpler. Meanwhile, spot and forward risk measures for portfolio vectors are also introduced, and the relationships between them are investigated.
文摘As the cash register system gradually prevailed in shopping malls, detecting the abnormal status of the cash register system has gradually become a hotspot issue. This paper analyzes the transaction data of a shopping mall. When calculating the degree of data difference, the coefficient of variation is used as the attribute weight;the weighted Euclidean distance is used to calculate the degree of difference;and k-means clustering is used to classify different time periods. It applies the LOF algorithm to detect the outlier degree of transaction data at each time period, sets the initial threshold to detect outliers, deletes the outliers, and then performs SAX detection on the data set. If it does not pass the test, then it will gradually expand the outlying domain and repeat the above process to optimize the outlier threshold to improve the sensitivity of detection algorithm and reduce false positives.
文摘Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional evidence about the relation between ATPs and acquisition performance.Methods:We examine the interaction of antitakeover provisions(ATPs)with firm characteristics and governance environment in explaining the cross-section of bidder announcement returns.Using a sample of 3,340 completed acquisitions by 1,217 firms during 1996–2006,we test the association between ATPs,firm characteristics,and governance environments with bidder returns.Results:We find that ATPs hurt acquisition performance only when acquirers hold a high level of excess cash.Similarly,ATPs are associated with lower bidder returns only when industry competition is weak and public pension fund ownership is low as well.By contrast,when industry competition is intense and/or public pension fund ownership is high,ATPs do not hurt bidder returns.Conclusions:The complementarity among ATPs,excess cash,industry competition,and public pension fund ownership suggests that ATPs per se do not necessarily result in value-destroying acquisitions for all firms.We address the endogeneity issue of unknown variables by using a proxy for firm prestige and draw the same conclusions.
基金Supported by Application Research Project of Bureau of Forest Industry in Heilongjiang Province(sgzjY2014027)
文摘At the same time of tending forests,it is necessary to explore the under-forest economic development mode,bring into play production function of economic plants,establish cultivation mode of edible fungus,wild vegetables and medicinal plants under forest,to obtain certain economic benefit in short period. This paper made a preliminary study on significance and existing problems of the under-forest economy,and came up with several interplanting patterns,in the hope of providing a comprehensive operation and cultivation approach for developing the under-forest economy.
基金supported by grants from the Key Program of the Ministry of Education of Humanities and Social Science(No.15JJD790046)。
文摘This paper proposes and validates a comprehensive model of consumer acceptance in the context of offline e-cash payment.It modifies the unified theory of acceptance and the use of technology model(UTAUT)with constructs of perceived security,cost of use,and government policy.Data collected from 4428 questionnaires about users’attitudes toward e-cash is used to apply a structural equation model which,in turn,assesses the predictive model.The empirical results indicate that perceived security and cost of use are beneficial extensions to the traditional UTAUT model,and intention is a key antecedent to users’actual utilization of e-cash.In addition,the demographic moderators are found to have significant effects on the relations among the variables.These results are useful to e-cash development and significant to the issue of Digital Currency Electronic Payment.
文摘This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.
基金This project was supported by the National Natural Science Foundation of China (70031020).
文摘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.
文摘The international financial reporting standard for cash flow statement （IAS 7） provides options for the classification of certain cash flow items （arbitrary items）. Therefore, business firms may classify the arbitrary items using the option that would maximize their own interest. This reduces the comparability of financial statements amongst business firms. This study aims to investigate the factors explaining management preferences in the selection of financial reporting practices on the arbitrary cash flow items. It concludes that managers tend to magnify the CFO reported in order to maximize the shareholders＇ wealth, which in turn would maximize their compensation. Managers of business firms with a relatively smaller size of CFO tend to classify interest paid and dividends paid as non-CFO in order to magnify their CFO. They also tend to classify interest received as CFO in order to inflate their relatively smaller size of CFO up to expectation. Similarly, managers of business firms with a relative larger size of dividends paid would classify the dividends paid outside CFO.
