In the past decade many grids of computers have been built among non-profit institutions. These grids are built on a voluntary participation and the resources are not charged to the users. When a resource is given free of charge its allocation is in general not optimal. In this paper, we propose an original mechanism that allows an optimal resource allocation without cash exchanges. We develop ...

We investigate a special mixed-discrete bilevel programming problem resulting from the task to compute cash-out penalties due to the supply of incorrect amounts of natural gas through large gas networks. For easier solution we move the discreteness demand from the lower to the upper levels. This clearly changes the problem and it is our aim to investigate the relations between both problems. Af...

In the past decade many grids of computers have been built among non‐profit institutions. These grids are built on a voluntary participation and the resources are not charged to the users. When a resource is given free of charge its allocation is in general not optimal. In this paper, we propose an original mechanism that allows an optimal resource allocation without cash exchanges. We develop ...

We examine the optimal trading strategy for an investment fund which in the absence of transactions costs would like to maintain assets in exogenously fixed proportions, e.g. 60/30/10 in stocks, bonds and cash. Transactions costs are assumed to be proportional, but may differ with buying and selling, and may include a (positive) capital gains tax component. We show that the optimal policy invol...

We propose a new approach to utilities in (state) complete markets that is consistent with state-dependent utilities. Full solutions of the optimal consumption and portfolio problem are obtained in a very general setting which includes several functional forms for utilities used in the current literature, and consider general restrictions on allowable wealths. As a secondary result, we obtain a...

Article history: Received 28 August 2009 Received in revised form 2 December 2010 Accepted 8 December 2010 Available online 15 December 2010 We examine the determinants of corporate cash management policies across a broad sample of international firms. We document that firms in countries with strong legal protection of minority investors are more likely to decrease their cash holdings in respon...

The literature on vote-buying assumes a complete transaction of cash for votes. While there is ample evidence that candidates do target certain voters with cash handouts, it is unclear whether these actually result in higher turnout and voteshares for the distributing party. In this paper we argue that in settings with low level of monitoring by political parties, such as many African countries...

The paper studies a takeover contests, in which cash-constrained bidders decide on the optimal way to …nance their cash bid. For both bidders and the seller this decision is at least as important as deciding on whether the payment should be in cash or in securities. The main result is that the optimal choice of the type of security contract (e.g., debt, equity, etc.) depends on bidders’access t...

We study a dynamic model of firm whose shareholders learn about its profitability and, face costs external financing and holding cash. The shareholders' problem involves notoriously challenging singular stochastic control with two-dimensional degenerate diffusion process. solve it by means an explicit construction value function, derive corporate life-cycle two stages: “probation stage” where i...