Electronic cash (or e-cash) is an electronic payment solution that is usually viewed as an attempt to emulate electronically the main characteristics of regular cash. In particular, e-cash and other payment solutions should protect the privacy of users during a purchase. The main distinction of e-cash with respect to other electronic payment systems is that electronic coins are stored on a devi...

Credit-card issuers in the United States have begun to explore the idea of introducing electronic-cash products. Seven financial giants, including Wells Fargo, Chase Manhattan, and MasterCard, have agreed to market the Mondex electronic cash product in the United States.1 VISA is developing a separate product. These products consist of a plastic payment card and other accessories, and consumers...

We investigate the financial and real implications of corporate cash holdings over different capital market conditions in the period 1972-2008. A recent theoretical work implies that the value of corporate liquidity varies with the supply of external capital and should be higher during market-wide liquidity shocks. We find that for an average firm a marginal dollar in cash holdings has the same...

1567-4223/$ see front matter 2011 Elsevier B.V. A doi:10.1016/j.elerap.2011.06.002 ⇑ Corresponding author. Tel.: +886 5 2721001; fax: E-mail address: [email protected] (J.-S. Cho 1 A typical e-cash withdrawal protocol requires a pr so it can ensure that the bank and customer have mutu e-cash withdrawal. Untraceable electronic cash is an attractive payment tool for electronic-commerce becau...

The increasing demand for easily accessible cash drives banks to expand their Automatic Teller Machine networks. As the network increase it becomes more difficult to supervise it while the operating costs rise significantly. Cash demand needs to be forecasted accurately so that banks can avoid storing extra cash money and can profit by mobilizing the idle cash. This paper is motivated by the Ne...

I examine the impact of management cash flow forecasts on investors and analysts. The news in management cash flow forecasts is priced beyond total earnings news. Analysts revise earnings forecasts more for the news in these forecasts than for the news in accruals. I further find that the market’s higher pricing of cash flow forecast news is greater for firms 1) with bad earnings news, 2) in fi...

In an untraceable electronic cash protocol based on blind signatures, an identified customer can withdraw a blinded electronic cash from the bank and the unblinding operation is adopted by the customer to transform the blinded electronic cash into a valid one. Before performing the operation, the blinded electronic cash is protected well since attackers cannot convert it into a valid electronic...

Cash management is concerned with optimizing costs of short-term cash policies of a company. Different optimization models have been proposed in the literature whose focus has been only placed on a single objective, namely, on minimizing costs. However, cash managers may also be interested in risk associated to cash policies. In this paper, we propose a multi-objective cash management model bas...

Resum Typically, the cash management literature focuses on optimizing cost, hence neglecting risk analysis. In this chapter, we address the cash management problem from a multiobjective perspective by considering not only the cost but also the risk of cash policies. We propose novel measures to incorporate risk analysis as an additional goal in cash management. Next, we rely on compromise progr...