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...

Bitcoin, the first peer-to-peer electronic cash system, opened the door to permissionless, private, and trustless transactions. Attempts to repurpose Bitcoin’s underlying blockchain technology have run up against fundamental limitations to privacy, faithful execution, and transaction finality. We introduce Strong Federations: publicly verifiable, Byzantinerobust transaction networks that facili...

This paper presents the result of a study that assessed use cash in retail transactions city São Paulo and influence individuals´ sociodemographic condition transaction value on likelihood paying with banknotes. Respondents were selected by quota sampling process based their profiles. The analyses carried out using Pearson´s chi-squared test, as well estimates from probit models. results indica...

We introduce a post-entry liquidity constraint to the standard model of a …rm with serially correlated pro…tability and an irreversible exit decision. We assume that …rms with no cash holdings and negative cash ‡ow must either exit or raise new cash at a transaction cost. This creates a precautionary motive for holding cash, which must be traded o¤ against the liquidity cost of holding cash. We...

Nigerian payment system is cash-driven because cash is the main mode of payment. Cash based transaction is risky and cumbersome and unhealthy for any economy. The Central Bank of Nigeria introduced a cash policy in 2011 to ensure that cash-based transactions are kept to the barest minimum. Among the initiatives is the introduction of Point of Sale (POS) to business organisations. This paper inv...

American options exercised by physical delivery of a portfolio of cash and underlying stock are considered in the binary tree model under small proportional transaction costs. Dynamic programming type recursive algorithms are developed for computing the ask and bid prices of such options, extending the Snell envelope construction. Representations of the ask and bid prices of American options wi...

Using a representative sample of the U.S. adult population, we analyze which payment methods consumers use to pay other (p2p) and how these choices depend on transaction demographic characteristics. We construct random matching model with diverse preferences over for p2p payments. The is calibrated share payments made cash, checks, electronic technologies from 2015 2019. find about two-thirds h...

IV Imperfect Capital Markets and The Real World 8 A Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 B Bankruptcy Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 C Operating Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17...

This paper discusses the evaluation of the electronic cash counterfeit threat scenarios using micro dynamic simulation. This modeling technique provides information needed for the quantification of economic risk exposure in conjunction with other analytical tools. It also allows the evaluation of the effectiveness of various on-chip risk management capabilities. And by generating test data, it ...

Constant pressure to increase return on assets has firms seeking ways to reduce their working capital costs. In the cash management area, firms are employing more sophisticated collection and disbursement systems. Cash management systems today efficiently speed up collections and, at the end of the day, sweep excess balances into money market accounts. Cash managers focus on finding the optimal...