We model the interplay between cash and debt policies in the presence of financial constraints. While saving cash allows constrained firms to hedge against future cash flow shortfalls, reducing current debt – “saving borrowing capacity” – is a more effective way of securing investment in high cash flow states. This trade-off implies that constrained firms will allocate cash flows into cash hold...

"Any act which takes a person further from life and nearer to death has been regarded as felony" was the logic of the medieval Europe. Suicide was punishable in Europe till the end of 18th century. Following the French revolution of 1789, attempted suicide was abolished as an offence in France, and soon other countries of Europe followed suit, and the recent addition to this list is England whi...

Here we. There are scenarios however, where basic e-cash properties are not sufficient. Here we.Electronic cash. It can be traded for goods or.Electronic cash e-cash instruments allow digital payment for goods and ser. properties of e cash pdf There are scenarios however, where basic e-cash properties are not problemas de escritura pdf sufficient.Dec 27, 1997. Electronic coins possess similar p...

This research aims to describe and analyze the wedding custom procedures of Wawonii people in Waworope Village, Utara Sub-District, Konawe Islands Regency, Southeast Sulawesi Province. The theory used data this is Structural Functionalism put forward by Brown (1955). According researchers, can be as a tool or instrument dissect problems related customary marriage study uses qualitative types wi...

The optimal outcome of a firm in bankruptcy is to liquidate if its asset value is greater than its value as a going concern or, alternatively, to reorganize if it is worth more as a going concern. In this study, we identify firm asset and liability characteristics which may determine the likelihood of a firm successfully emerging from bankruptcy. We find two key factors influencing the success ...

Providing such assistance has been the dominant strategy for combating poverty in the United States for many years. Yet it has been remarkably unsuccessful. There is no state where a welfare check will raise a four-person family above the g o v e rn m e n t ’s official poverty line ($18,104 in 2001). Add in the fact that the official poverty lineis a pretty stingy standard that has not kept pac...

In the era of rapid growth and high competition, a company must possess an information/knowledge advantage in order to hold the upper hand in the industry. Therefore, the company has to continuously monitor its competitors in order to get enough information and convert the information into competitive knowledge. Although information technology has been used in many areas and has many successful...

We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions making the choice of payment method interesting also imply equilibrium price dispersion, and together these deliver closed-form solutions for money demand. The model can ...

A house purchase typically requires a deposit (or down-payment) and so a significant amount of cash. This paper considers the empirical implications of this borrowing constraint for the housing market. It shows that, at the aggregate level, models of the housing market that incorporate the constraint are consistent with the following stylised facts: i) a positive correlation between house price...