Journal Article
Methods of cash management
Carlson, John B. (1982-04)
A description of cash management methods, covering collection, disbursement, and investment techniques. Topics include lock boxes, wire transfers, depository transfer checks, controlled disbursement, zero balancing, money-market instruments, and sweeping arrangements.
Economic Commentary , Issue Apr

Speech
Corporate cash balances and economic activity: a speech at the American Enterprise Institute, Washington, D.C., July 18, 2006
Warsh, Kevin M. (2006)
Speech , Paper 225

Journal Article
Reducing Federal Reserve float
Wolkowitz, Benjamin; Lloyd-Davies, Peter (1979-12)
Federal Reserve Bulletin , Issue Dec , Pages 945-950

Journal Article
Why are U.S. firms holding so much cash? an exploration of cross-sectional variation
Sanchez, Juan M.; Yurdagul, Emircan (2013-07)
Currently U.S. firms hold record amounts of cash. The authors explore cross-sectional variation in cash holdings of U.S. publicly traded firms to shed light on the reasons for this recent trend. First, they identify factors that correlate with cash holdings and then examine the evolution of these factors over the past decade. Several factors, including research and development expenditures and idiosyncratic uncertainty, are important in accounting for cross-sectional differences in cash holdings. However, these factors do not increase over time as cash holdings do; thus, it seems unlikely ...
Review , Volume 95 , Issue July , Pages 293-325

Discussion Paper
The demand for money by firms: some additional empirical results
Mulligan, Casey B. (1997)
COMPUSTAT data on 12,000 firms for the years 1956-1992 indicate that large firms hold less cash as a percentage of sales than do small ones. Whether comparisons are made within or across industries, the elasticity of cash balances with respect to sales is about 0.75. Firms headquartered in counties with high wages hold more money for a given level of sales, a finding consistent with the idea that time can substitute for money in the provision of transactions services. The estimates are consistent with both scale economies in the holding of money and secular declines in velocity.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 125

Working Paper
Who holds cash? and why?
Schnure, Calvin (1998)
Cash holdings of nonfinancial firms range widely, and are related to firm size, industry and access to the public bond market. Cash holdings are positively correlated with agency proxies, suggesting that firms that cannot borrow easily due to agency problems hold greater cash stocks--perhaps as a cushion to prevent shortfalls in cash flow from impinging on investment. However, this correlation holds only for the very highest cash holders, especially small firms. The group of afflicted firms appears to be less than one-quarter of COMPUSTAT firms. Agency proxies are irrelevant for a large ...
Finance and Economics Discussion Series , Paper 1998-13

Journal Article
How closely do banks manage vault cash?
Allen, Donald S. (1998-07)
This article examines daily vault cash balances in the Eighth Federal Reserve District to see if banks have been optimizing their vault cash levels. Recent reductions in reserve requirements have not been accompanied by significant reductions in vault cash. This situation suggests that banks may be managing vault cash reserves primarily as precautionary balances to satisfy daily fluctuations in deposits and withdrawals, rather then part of total reserve management. In 1997, some larger banks instituted formal management of vault currency. If this practice spreads, it will have implications ...
Review , Issue Jul , Pages 43-54

Report
Bank commitment relationships, cash flow constraints, and liquidity management
Morgan, Donald P. (2000)
Evidence in this paper suggests that a close banking relationship--a loan commitment in particular--relaxes cash flow and cash management constraints on firms. Given firms' prospects (Q), the investment and cash flow correlation is substantially lower when firms have a bank loan commitment. The difference in cash flow sensitivity reflects differences in firms' cash management practices in the face of cash flow shocks. Firms with a commitment simply run down their stocks of cash (or borrow more) when their cash flow falls but their investment prospects remain strong. The different ...
Staff Reports , Paper 108

Journal Article
Interest on business checking accounts?
Keeley, Michael C. (1986)
FRBSF Economic Letter

Conference Paper
United States postal service use of ACH for cash concentration
Morris, Russell D. (1980)
Proceedings