Készpénz optimalizálás GLPK program használatával (Cash flow management with GLPK software)

A készpénz-optimalizálás az operációkutatás régóta kutatott területe. Ebben a cikkben valós adatokon mutatok be egy banki készpénz-optimalizálást, melyet lineáris programozási feladatok segítségével végeztem el. A cikkben összehasonlítottam a determinisztikus és a sztochasztikus megközelítéseket is. A hagyományos készpénz-optimalizáción két területen léptem túl: egyrészt vizsgáltam a bankfiók valutagazdálkodását is, másrészről a bankfiókok közötti készpénzszállítás lehetőségét is. A vegyes egészértékű lineáris programozási feladatok megoldására a glpk nevű szabad hozzáférésű szoftvert használtam, így a cikkből képet kaphatunk a megoldó (solver) felhasználhatóságáról és korlátairól is. ___________ In recent years both operational research and quantitative ¯nance have paid much attention to cash management issues. In this paper we present a cash management study which is based on real world data and uses a mixed integer linear programming (MILP) model as the main tool. In the paper we compare deterministic and stochastic approaches. The classical cash management problem is extended in two ways: we considered the possibility of bank offices keeping more than one currency and also investigated the opportunity of cash transports between bank offices. The MILP problem was solved with glpk (GNU Linear Programming Kit), a free software. The reader can also get a feel of how to use this solver.

Relationship between Changes in Cash Flow and Investments in Publicy Traded Restaurant Firms in the United States

This research investigated the relationship between investments in fixed assets and free cash flows of U.S. restaurant firms while controlling for future investment opportunities and financial constraints. It also investigated investment and cash-flow sensitivity in the context of economic conditions. Results suggested that investments in small firms (with higher financial constraints) had relatively weaker sensitivity to cash flows than investments in large firms (with higher sensitivity). Controlling for economic conditions did not significantly change results. While the debate over sensitivity of investments to cash flows remains unresolved, it has not been explored widely in industry contexts, especially in services such as the restaurant industry. In addition to its contribution to this literature, this paper provides implications for cash-flow management in publicly traded restaurant companies.

Introduction to Discounted Cash Flow Analysis and Financial Functions in Excel

The financial and economic analysis of investment projects is typically carried out using the technique of discounted cash flow (DCF) analysis. This module introduces concepts of discounting and DCF analysis for the derivation of project performance criteria such as net present value (NPV), internal rate of return (IRR) and benefit to cost (B/C) ratios. These concepts and criteria are introduced with respect to a simple example, for which calculations using MicroSoft Excel are demonstrated.

Reconciling value estimates from the discounted cash flow model and the residual income model

This paper examines why practitioners and researchers get different estimates of equity value when they use a discounted cash flow (CF) model versus a residual income (RI) model. Both models are derived from the same underlying assumption -- that price is the present value of expected future net dividends discounted at the cost of equity capital -- but in practice and in research they frequently yield different estimates. We argue that the research literature devoted to comparing the accuracy of these two models is misguided; properly implemented, both models yield identical valuations for all firms in all years. We identify how prior research has applied inconsistent assumptions to the two models and show how these seemingly small errors cause surprisingly large differences in the value estimates. [ABSTRACT FROM AUTHOR]

As variáveis condicionantes da previsão do cash flow operacional aplicado às Empresas Portuguesas de vestuário e calçado

O presente artigo tem por finalidade analisar os factores condicionantes da previsão do cash flow proveniente da actividade operacional, através do desenvolvimento de um modelo econométrico que foi estimado com base numa amostra seccional relativa ao ano de 2000 e constituída por 395 empresas portuguesas dos sectores do vestuário e calçado. O modelo foi estimado através do método de mínimos quadrados ordinário (MQO) com a correcção de White e, os resultados obtidos mostraram que o cash flow futuro é explicado pelas variáveis explicativas; recursos gerados na actividade operacional, dívidas de e a terceiros provenientes da actividade operacional e uma variável dummy que diferencia as empresas pelos dois sectores de actividade, todas desfasadas de um período (ano).

Does direct cash flow presentation help in predicting future operating cash flow?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Almirante: Evaluating the board game: Board game, startup, discounted cash flow, venture capital method, real options

This thesis evaluates a start-up company (Jogos Almirante Lda) whose single asset is a board game named Almirante. It aims to conclude whether it makes sense to create a company or just earn copyrights. The thesis analyzes the board game’s market, as part of the general toy’s market, from which some data exists: European countries as well as the USA. In this work it is analyzed the several ways to finance a start-up company and then present an overview of the valuation of the Jogos Almirante based on three different methods: Discounted Cash Flow, Venture Capital Method and Real Options.

Does direct cash flow presentation help in predicting future operating cash flow?

Research literature and regulators are unconditional in pointing the disclosure of operating cash flow through direct method a section of unique information. Besides the intuitive facet, it is also consistent in forecasting future operating cash flows and a cohesive piece to financial statement puzzle. Bearing this in mind, I produce an analysis on the usefulness and predictive ability on the disclosure of gross cash receipts and payments over the disclosure of reconciliation between net income and accruals for two markets with special features, Portugal and Spain. Results validate the usefulness of direct method format in predicting future operating cash flow. Key

Reporting cash flow evidence from campanies listed in the Euronext Lisbon

Based on the 2013 and 2014 consolidated statements of cash flows of companies listed in Euronext Lisbon, this Work Project analyses the cash flow disclosures, namely if they are in accordance with International Accounting Standards 7, specifically the format, the choice of classification interests, dividends paid and received and the composition of cash and cash equivalents. Additionally, quality of income ratio is analyzed due to its importance for users of financial statements. The results show evidence of uniformity and consistency in the use of the direct method for reporting operational activities in both years, but there are some differences regarding the disclosure of interests and dividends, paid and received, respectively.

Market rewards to patterns on increasing earnings: do cash flow patterns, accruals manipulation and real activities manipulation matter?

This study explores whether firms have differential price-earnings multiples associated with their means of achieving a sequential pattern of increasing positive earnings. Our main findings show that market participants assign higher price-earnings multiples to firms when their pattern of increasing earnings is supported by the same pattern of increasing cash flows. Market participants assign lower price-earnings multiples to firms suspect of having engaged in accrual-based earnings management, sales manipulation, and overproduction to achieve the earnings pattern. We find, however, that market participants do not penalize firms suspect of having achieved the earnings pattern through the opportunistic reduction of discretionary expenses.

Sex-linked genetic markers in the shrews of the Sorex araneus group : from free gene flow to speciation

SUMMARY: The shrews of the Sorex araneus group are morphologically .very similar, but have undergone a spectacular chromosomal evolution. Altogether, the shrews of this group present a complete array of every possible level of chromosomal and genetic differentiation. In South-Western Europe, four species are recognised: S. antiriorii, S. araneus, S. coronatus and S. granarius, which differ essentially by the amount and the composition of Robertsonian metacentric chromosomés. Additionally, several chromosome races of S. araneus are also present in the same region (i.e. Bretolet, Carlit, Cordon, Jura and Vaud). The objective of this thesis was to examine the genetic relationships between populations, races and /or species of the Sorex araneus group with a special emphasis onsex-specific markers (mtDNA and Y chromosome). We first investigate the evolutionary history of the shrews of the Sorex araneus group distributed in the South-Western Europe. The results of. these analyses confirmed the difficulty to draw a single dichotomic tree within this group. Incongruent mtDNA and Y chromosome phylogenies suggest further that genetic and chromosomal evolution are in this group partially independent processes and that the evolutionary history of the south-western European populations of the S. araneus group can only be understood if we consider secondary contacts between taxa, after their divergence (with genetic exchanges by means of hybridization and / or introgression). Using one male-inherited, one female inherited and eight biparentally inherited markers, we investigate the population genetic structure of the Valais shrew (Sorex antinorii). Overall there results suggest that two already well-differentiated genetic lineages colonized the Swiss Alps after the last glacial period and came into contact in the Rhône Valley. After the Valais shrew (Sorex antinorii) reached the Swiss Alps, it came into contact with the common shrew (Sorex araneus). When two species come into contact and hybridize, endogenous counter-selection of hybrids is usually first expressed as a reduced fertility or viability in hybrids of the heterogametic sex, a mechanism know as Haldane's rule (Haldane 1922). We first evaluated the extent of introgression for Y chromosome, mtDNA and autosomal markers in a hybrid zone between S. antinoriii and S. araneus. The overall level of genetic and karyotypic differentiation between the two species must be strong .enough to allow the detection asymmetric introgression. Secondly, we compared the levels of gene flow between chromosome common to both species and chromosome differently rearranged in each of them. We detected a significantly stronger genetic structure in rearranged chromosomes. Over a 10-year period, we even observed a decrease of genetic structure for common chromosomes. These results strongly support the role of chromosomal rearrangements in the reproductive barrier between S. araneus and S. anfinorii. Overall, this thesis underlines the need to use different inherited (paternally, maternally and / or biparentally) and chromosomally located (on common vs. on rearranged chromosomes) markers to obtain more accurate pictures of genetic relationships between populations or species. RÉSUMÉ: Les musaraignes du groupe Sorex araneus sont morphologiquement très proches, mais ont connu une spectaculaire évolution chromosomique. Prises dans leur ensemble, les musaraignes de ce groupe présentent tous les nivaux possibles de différenciation génétique et chromosomique. Dans le sud-ouest de l'Europe, quatre espèces appartenant à ce groupe sont présentes : S. antinorii, S. araneus, S. coronatus et S. granarius. Celles-ci diffèrent essentiellement par leur caryotype dont la variabilité est principalement due à des fusions Robertsoniennes. De plus, plusieurs races chromosomiques appartenant à S. araneus sont aussi présentes dans la même région (i.e. les races Bretolet, Carlit, Cordon, Jura et Vaud). L'objectif de cette thèse était d'examiner les relations génétiques entre populations, races et/ou espèces du groupe S. araneus, en utilisant particulièrement des marqueurs liés aux sexes (ADN mitochondrial et Chromosome Y). Nous avons dans un premier temps retracé l'histoire évolutive des musaraignes de ce groupe dans le sud-ouest de l'Europe. Les résultats dé ces analyses confirment qu'il est difficile de tracer un simple arbre dichotomique au sein de ce groupe. Les arbres phylogénétiques obtenus sur l'ADN mitochondrial et le chromosome Y sont incongruents et suggèrent de plus que l'évolution génétique et chromosomique sont des processus indépendants. L'histoire évolutive -des populations de ce groupe ne peut. être comprise qu'en considérant des contacts secondaires entre taxa postérieure à leur divergence et induisant des échanges génétiques par hybridation et/ou introgression. Par la suite, nous avons examiné la structure génétique des populations de la musaraigne du Valais, S. antinorii, en utilisant un marqueur transmis par les mâles, un marqueur transmis par les femelles et huit marqueurs transmis par les 2 sexes. Nos résultats suggèrent que deux lignées génétiquement bien différenciées aient colonisé les Alpes Suisses, après les dernières glaciations et entrent en contact dans là Vallée du Rhône. Après avoir franchi les Alpes Suisses, la musaraigne du Valais est entrée en contact avec là musaraigne commune (S. araneus). Lorsque deux espèces entrent en contact et s'hybrident, la sélection contre les hybrides implique habituellement une baisse de fertilité ou de viabilité des hybrides du sexe hétérogamétique (i.e. les mâles XY chez les mammifères). Ce mécanisme est connu sous le nom de règle de Haldane (Haldane 1922) et implique une plus forte structuration génétique de marqueurs males - spécifiques que des marqueurs femelles spécifiques. Nous avons donc évalué le degré d'introgression des marqueurs situés sur le chromosome Y, sur l'ADN mitochondrial et sur des autosomes dans une zone hybride entre S. araneus et S. antinorii. Le niveau de différenciation chromosomique et génétique entre les 2 espèces doit être suffisamment fort pour ne pas permettre la détection d'une introgression asymétrique entre les sexes. Dans un second temps, nous avons comparé les niveaux de flux de gênes mesurés à l'échelle du chromosome, pour des chromosomes communs aux deux espèces et pour des chromosomes différemment arrangées dans chacune des deux espèces. Nous avons détecté une structure génétique significativement plus forte sur les chromosomes réarrangés et comme la zone hybride a été étudiée à dix années d'intervalle, nous observons même une diminution de la structure génétique pour les chromosomes communs au cours du temps.. Ces résultats soutiennent fortement l'hypothèse d'un rôle des réarrangements chromosomiques dans l'établissement d'une barrière reproductive entre S. araneus et S. antinorii. Ainsi cette thèse souligne l'utilité d'utiliser des marqueurs génétiques avec différents modes de transmission. (par les mâles, par les femelles et/ou par les 2 sexes) ou localisés au niveau du chromosome (chromosomes communs vs chromosomes réarrangés) afin d'obtenir une image plus juste ou du moins plus complète des relations génétiques entre populations ou espèces.

Development of project cash flow forecasting process

Process management refers to improving the key functions of a company. The main functions of the case company - project management, procurement, finance, and human resource - use their own separate systems. The case company is in the process of changing its software. Different functions will use the same system in the future. This software change causes changes in some of the company’s processes. Project cash flow forecasting process is one of the changing processes. Cash flow forecasting ensures the sufficiency of money and prepares for possible changes in the future. This will help to ensure the company’s viability. The purpose of the research is to describe a new project cash flow forecasting process. In addition, the aim is to analyze the impacts of the process change, with regard to the project control department’s workload and resources through the process measurement, and how the impacts take the department’s future operations into account. The research is based on process management. Processes, their descriptions, and the way the process management uses the information, are discussed in the theory part of this research. The theory part is based on literature and articles. Project cash flow and forecasting-related benefits are also discussed. After this, the project cash flow forecasting as-is and to-be processes are described by utilizing information, obtained from the theoretical part, as well as the know-how of the project control department’s personnel. Written descriptions and cross-functional flowcharts are used for descriptions. Process measurement is based on interviews with the personnel – mainly cost controllers and department managers. The process change and the integration of two processes will allow work time for other things, for example, analysis of costs. In addition to the quality of the cash flow information will improve compared to the as-is process. Analyzing the department’s other main processes, department’s roles, and their responsibilities should be checked and redesigned. This way, there will be an opportunity to achieve the best possible efficiency and cost savings.

Cash flow management in construction firms

The level of insolvencies in the construction industry is high, when compared to other industry sectors. Given the management expertise and experience that is available to the construction industry, it seems strange that, according to the literature, the major causes of failure are lack of financial control and poor management. This indicates that with a good cash flow management, companies could be kept operating and financially healthy. It is possible to prevent failure. Although there are financial models that can be used to predict failure, they are based on company accounts, which have been shown to be an unreliable source of data. There are models available for cash flow management and forecasting and these could be used as a starting point for managers in rethinking their cash flow management practices. The research reported here has reached the stage of formulating researchable questions for an in-depth study including issues such as how contractors manage their cash flow, how payment practices can be managed without damaging others in the supply chain and the relationships between companies’ financial structures and the payment regimes to which they are subjected.