Multiple-criteria cash-management policies with particular liquidity terms

[EN] Eliciting policies for cash management systems with multiple assets is by no means straightforward. Both the particular relationship between alternative assets and time delays from control decisions to availability of cash introduce additional difficulties. Here we propose a cash management mod...

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Autores: Salas-Molina, Francisco|||0000-0002-1168-7931, Pla Santamaría, David|||0000-0003-1563-3997, Garcia-Bernabeu, Ana|||0000-0003-3181-7745, Mayor-Vitoria, Fernando
Tipo de recurso: artículo
Fecha de publicación:2020
País:España
Institución:Universitat Politècnica de València (UPV)
Repositorio:RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
Idioma:inglés
OAI Identifier:oai:riunet.upv.es:10251/167209
Acceso en línea:https://riunet.upv.es/handle/10251/167209
Access Level:acceso abierto
Palabra clave:Cash flow
Forecasting
Optimization
Multiple criteria decision-making
Liquidity terms
ECONOMIA FINANCIERA Y CONTABILIDAD
ECONOMIA APLICADA
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repository_id_str
spelling Multiple-criteria cash-management policies with particular liquidity termsSalas-Molina, Francisco|||0000-0002-1168-7931Pla Santamaría, David|||0000-0003-1563-3997Garcia-Bernabeu, Ana|||0000-0003-3181-7745Mayor-Vitoria, FernandoCash flowForecastingOptimizationMultiple criteria decision-makingLiquidity termsECONOMIA FINANCIERA Y CONTABILIDADECONOMIA APLICADA[EN] Eliciting policies for cash management systems with multiple assets is by no means straightforward. Both the particular relationship between alternative assets and time delays from control decisions to availability of cash introduce additional difficulties. Here we propose a cash management model to derive short-term finance policies when considering multiple assets with different expected returns and particular liquidity terms for each alternative asset. In order to deal with the inherent uncertainty about the near future introduced by cash flows, we use forecasts as a key input to the model. We express uncertainty as lack of predictive accuracy and we derive a deterministic equivalent problem that depends on forecasting errors and preferences of cash managers. Since the assessment of the quality of forecasts is recommended, we describe a method to evaluate the impact of predictive accuracy in cash management policies. We illustrate this method through several numerical examples.Oxford University PressCentro de Investigación en Gestión de Empresas (CEGEA)Departamento de Economía y Ciencias SocialesEscuela Politécnica Superior de AlcoyGrupo de Investigación de Economía Internacional y DesarrolloRepositorio Institucional de la Universitat Politècnica de València Riunet20202020-04-01journal articlehttp://purl.org/coar/resource_type/c_6501VoRhttp://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/articleapplication/pdfhttps://riunet.upv.es/handle/10251/167209reponame:RiuNet. Repositorio Institucional de la Universitat Politécnica de Valénciainstname:Universitat Politècnica de València (UPV)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Reserva de todos los derechoshttp://rightsstatements.org/vocab/InC/1.0/info:eu-repo/semantics/openAccessoai:riunet.upv.es:10251/1672092026-06-13T07:49:27Z
dc.title.none.fl_str_mv Multiple-criteria cash-management policies with particular liquidity terms
title Multiple-criteria cash-management policies with particular liquidity terms
spellingShingle Multiple-criteria cash-management policies with particular liquidity terms
Salas-Molina, Francisco|||0000-0002-1168-7931
Cash flow
Forecasting
Optimization
Multiple criteria decision-making
Liquidity terms
ECONOMIA FINANCIERA Y CONTABILIDAD
ECONOMIA APLICADA
title_short Multiple-criteria cash-management policies with particular liquidity terms
title_full Multiple-criteria cash-management policies with particular liquidity terms
title_fullStr Multiple-criteria cash-management policies with particular liquidity terms
title_full_unstemmed Multiple-criteria cash-management policies with particular liquidity terms
title_sort Multiple-criteria cash-management policies with particular liquidity terms
dc.creator.none.fl_str_mv Salas-Molina, Francisco|||0000-0002-1168-7931
Pla Santamaría, David|||0000-0003-1563-3997
Garcia-Bernabeu, Ana|||0000-0003-3181-7745
Mayor-Vitoria, Fernando
author Salas-Molina, Francisco|||0000-0002-1168-7931
author_facet Salas-Molina, Francisco|||0000-0002-1168-7931
Pla Santamaría, David|||0000-0003-1563-3997
Garcia-Bernabeu, Ana|||0000-0003-3181-7745
Mayor-Vitoria, Fernando
author_role author
author2 Pla Santamaría, David|||0000-0003-1563-3997
Garcia-Bernabeu, Ana|||0000-0003-3181-7745
Mayor-Vitoria, Fernando
author2_role author
author
author
dc.contributor.none.fl_str_mv Centro de Investigación en Gestión de Empresas (CEGEA)
Departamento de Economía y Ciencias Sociales
Escuela Politécnica Superior de Alcoy
Grupo de Investigación de Economía Internacional y Desarrollo
Repositorio Institucional de la Universitat Politècnica de València Riunet
dc.subject.none.fl_str_mv Cash flow
Forecasting
Optimization
Multiple criteria decision-making
Liquidity terms
ECONOMIA FINANCIERA Y CONTABILIDAD
ECONOMIA APLICADA
topic Cash flow
Forecasting
Optimization
Multiple criteria decision-making
Liquidity terms
ECONOMIA FINANCIERA Y CONTABILIDAD
ECONOMIA APLICADA
description [EN] Eliciting policies for cash management systems with multiple assets is by no means straightforward. Both the particular relationship between alternative assets and time delays from control decisions to availability of cash introduce additional difficulties. Here we propose a cash management model to derive short-term finance policies when considering multiple assets with different expected returns and particular liquidity terms for each alternative asset. In order to deal with the inherent uncertainty about the near future introduced by cash flows, we use forecasts as a key input to the model. We express uncertainty as lack of predictive accuracy and we derive a deterministic equivalent problem that depends on forecasting errors and preferences of cash managers. Since the assessment of the quality of forecasts is recommended, we describe a method to evaluate the impact of predictive accuracy in cash management policies. We illustrate this method through several numerical examples.
publishDate 2020
dc.date.none.fl_str_mv 2020
2020-04-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
VoR
http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://riunet.upv.es/handle/10251/167209
url https://riunet.upv.es/handle/10251/167209
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Reserva de todos los derechos
http://rightsstatements.org/vocab/InC/1.0/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Reserva de todos los derechos
http://rightsstatements.org/vocab/InC/1.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Oxford University Press
publisher.none.fl_str_mv Oxford University Press
dc.source.none.fl_str_mv reponame:RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
instname:Universitat Politècnica de València (UPV)
instname_str Universitat Politècnica de València (UPV)
reponame_str RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
collection RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,300719

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