Casella for invaluable guidance during my program. I would also like to thank Professors Peter Wilson, Vic Bernard and Tom Stober for their willingness to answer questions and offer advice. Financial support from the Arthur Andersen Foundation, the Social Sciences and Humanities Research Council of Canada, and the UW/SSHRC grant program during various stages of this work was greatly appreciated...

Recently, market globalization and competition have forced companies to find alternative means to boost sales and revenue. The use of the cash flow is increasingly becoming a viable alternative for managers to improve their company’s profitability in a supply chain. In today’s business transactions, a supplier usually asks a manufacturer to pay via the advance-cash-credit (ACC) payment scheme i...

This paper examines the effects of costly external financing on the optimal timing of a firm’s investment. By altering the optimal investment timing, costly financing affects current investment and the sensitivity of investment to internal cash flow. Importantly, the relation between the cost of external funds and investment-cash flow sensitivity is non-monotonic. Investment-cash flow sensitivi...

Dual-class common stock allows for the separation of voting rights and cash flow rights across the different classes of equity. We construct a large sample of dual-class firms in the United States and analyze the relationships of insider’s cash flow rights and voting rights with firm value, performance, and investment behavior. We find that relationship of firm value to cash flow rights is posi...

This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process...

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...

Many firms in the oil and gas business have long used decision analysis techniques to evaluate exploration and development opportunities and have looked at recent development in option pricing theory as potentially offering improvements over the decision analysis approach. Unfortunately, it is difficult to discern the benefits of the options approach from the literature on the topic: Most of th...

The UK government published a guidance document in 2012 stipulating the use of project bank accounts (PBA) to promote fair and prompt payment practices construction industry. PBA utilises project-specific escrow account provide greater cash flow auditability mitigate cascading payments down supply chain. However, is bureaucratic manage costly set up. This paper will investigate whether blockcha...

This study models the supply chain related cash flow risks for a business entity measured by the standard deviations of cash inflows, outflows, and netflows of each period in a planning horizon. The goal is to provide an insightful look on how common practices that intend to improve the Cash Conversion Cycle (CCC), e.g., offering early payment discounts, may contribute to cash flow risks. We sh...