This paper, we presents a new primary-secondary-criteria scheduling model for resource-constrained project scheduling problem (RCPSP) with uncertain activity durations (UD) and cash flows (UC). The RCPSP-UD-UC approach producing a “robust” resource-feasible schedule immunized against uncertainties in the activity durations and which is on the sampling-based scenarios may be evaluated from a cos...

In this paper we present an efficient methodology for approximating the distribution function of the net present value of a series of cash-flows, when the discounting is presented by a stochastic differential equation as in the Vasicek model and in the Ho-Lee model. Upper and lower bounds in convexity order are obtained. The high accuracy of the method is illustrated for cash-flows for which no...

A similar negative correlation between inflation and stock prices prompted Modigliani and Cohn to conjecture that investors are prone to money illusion: they confuse nominal and real interest rates. When that is the case investors mistakenly discount real future cash flows with the nominal interest rate (or alternatively ignore the fact that cash flows tend to grow in nominal terms as inflation...

The paper investigates market reaction to announcements of stock repurchases and dividends and determinants of choice between the two payout methods. The analysis uses data on Polish firms with the sample period encompassing a significant tax regulation change. The average announcement period abnormal returns are relatively high and exceed 6% for stock repurchases and 2% for dividend initiation...

The Federal Reserve System of the United States is making changes to its cash recirculation policy to reduce depository institutions’ (banks’) overuse of its cash processing services. These changes will affect operating policies and costs at many institutions having large cash businesses and, in turn, impact cash transportation and logistics providers. This study provides the framework to study...

We study the unconstrained project scheduling problem with discounted cash flows where the net cash flows are assumed to be linear dependent on the completion times of the corresponding activities. The objective is to schedule the activities in order to maximize the net present value (npv) subject to the precedence constraints and a fixed deadline. We present an efficient enumeration algorithm ...

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

Because in the theory of economics, the value of a company is based on the current value of future cash flows and profit is used as a substitute for cash flows, profit forecasting is of particular importance. In the research, the effect of rounding and revision in predicting earnings per share on the investors' attention in Iran has been investigated. After designing the investors' attention as...

Achieving a strong and efficient monetary cycle is of great importance and necessity due to the dependency of corporates on banks in Iran. Owing to the importance of cash management in firms, this study assesses the impact of bank health on Cash flow sensitivity of cash of listed corporates on Tehran Stock Exchange (TSE) by analyzing 102 firms which have received facilities from 20 active Irani...