Esta tesis investiga el problema de gestión de tesorería desde un punto de vista multidimensional. La gestión de tesorería trata de equilibrar la cantidad que se mantiene en efectivo y la que se dedica a inversiones a corto plazo. Normalmente, los tesoreros toman decisiones basándose en el nivel óptimo de tesorería por motivos operativos y de precaución. En esta tesis exploramos las oportunidades para mejorar la toma decisiones derivadas de modelar la incertidumbre presente en los flujos de caja con la ayuda de procedimientos basados en datos en un entorno multiobjetivo. Por un lado, los tesoreros pueden conseguir ahorros a través de la previsión de tesorería. Para ello, realizamos un estudio empírico con el objetivo de aprovechar las más recientes técnicas de aprendizaje automático como paso clave para conectar el análisis de los datos disponibles con los procesos de optimización en la gestión de tesorería. Por otro lado, los tesoreros pueden estar interesados no solo en el coste sino también en al riesgo asociado a sus decisiones. Por esta razón, tratamos el problema de gestión de tesorería desde una perspectiva multiobjetivo, considerando tanto el coste como el riesgo. Además, debido a la cambiante situación financiera actual, exploramos la selección de modelos de gestión de tesorería en función de diferentes condiciones operativas y de su robustez. También demostramos la utilidad de las previsiones a través de un nuevo modelo de gestión de tesorería que mejora el estado del arte al garantizar soluciones óptimas. Como la mayoría de las empresas trabaja con sistemas de tesorería con múltiples cuentas bancarias, desarrollamos un marco para la formulación y solución del problema de gestión de tesorería con múltiples cuentas bancarias. Finalmente, en un intento de acercar teoría y práctica, también ofrecemos una librería de software en Python para usuarios interesados en la construcción de sistemas de ayuda a la toma de decisiones en gestión de tesorería. / This thesis investigates the cash management problem from a multidimensional perspective. Cash management focuses on finding the balance between cash holdings and short-term investments. Typically, cash managers make decisions based usually on a firm's optimal cash balance for operational and precautionary purposes. We here explore the opportunities for improved decision-making derived from modeling cash flow uncertainty with the help of data-driven procedures within a multiobjective context. On the one hand, cash managers may achieve cost savings by forecasting future cash flows. To this end, we perform an empirical analysis of daily cash flow time-series to take advantage of modern machine learning techniques as a key step to connect data analysis and optimization methods in cash management. On the other hand, cash managers may be interested not only in the cost but also in the risk associated to decision-making. Thus, we address the cash management problem from a multiobjective perspective focusing on both cost and risk. In addition, under the current situation of time-varying financial circumstances, the selection of cash management models according to operating conditions and its robustness are worth considering questions. We also show the utility of forecasts through a new cash management model which outperforms the state-of-the-art by guaranteeing optimal solutions. Since most firms usually deal with cash management systems with multiple accounts, we develop a framework to formulate and solve the multiple bank accounts cash management problem. Finally, in an attempt to fill the gap between theory and practice, we also provide a software library in Python for practitioners interested in building decision support systems for cash management. / Esta tesi investiga el problema de gestió de tresoreria des d'un punt de vista multidimensional. La gestió de tresoreria tracta d'equilibrar la quantitat que es manté en efectiu i la que es dedica a inversions a curt termini. Normalment, el tresorers prenen decisions basant-se en el nivell òptim de tresoreria per motius operatius i de precaució. En aquesta tesi explorem les oportunitats per millorar la presa de decisions derivades de modelitzar la incertesa present en els fluxos de caixa amb l'ajuda de procediments basats en dades. Per un costat, els tresorers poden aconseguir estalvis de costos mitjançant la previsió de tresoreria. Per tal d'aconseguir-ho, realitzem d'un estudi empíric amb l'objectiu d'aprofitar les més recents tècniques d'aprenentatge automàtic per connectar l'anàlisi de les dades disponbiles amb els procesos d'optimització en la gestió de tresoreria. Per altra banda, els tresorers poden estar interessats no sols en el cost sinó també en el risc associat a les seues decisions. Per tant, tractem el problema de gestió de tresoreria des d'un punt de vista multiobjectiu, fixant-se tant en el cost com en el risc. A més a més, degut a la canviant situació financera actual, explorem la selecció de models de gestió de tresoreria en funció de diferents condicions operatives i de la seua robustesa. També demostrem la utilitat de les previsions mitjançant un nou model de tresoreria que millora l'estat de l'art al garantir solucions òptimes. Com que la majoria d'empreses treballa amb sistemes de tresoreria amb múltiples comptes bancaris, desenvolupem un marc per a la formulació i solució del problema de gestió de tresoreria amb múltiples comptes bancaris. Finalment, en un intent d'apropar teoria i pràctica, també oferim un llibreria en Python per a usuaris interessats en la construcció de sistemes d'ajuda a la presa de decisions en la gestió de tresoreria. / Salas Molina, F. (2017). DATA-DRIVEN DECISION-MAKING AND ITS APPLICATION TO THE CORPORATE CASH MANAGEMENT PROBLEM [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/95408 / TESIS

The results of small business operations play a significant economic role in developed economies, yet in the United States, approximately 50% of small businesses fail within the first 5 years of operation. Some small business owners embark on small business initiatives without the cash management strategies necessary to sustain their businesses. Grounded on financial literacy theory, this multiple-case study identified the strategies that owners of small businesses used to manage cash in their daily operations. The population included 3 owners of small tavern business in southeast Alaska who have implemented cash management strategies. Data were collected from semistructured interviews, supplementary documentation, and reflective journal notes. Data were analyzed using methodological triangulation, coding, and thematic analysis. Three themes emerged from data analysis: cash management capabilities, internal controls and employee accountability, and cash management opportunities. The findings of this study may contribute to positive social change by improving the ability of leaders of small businesses to increase job availability and contribute to economic stability in communities, thereby improving local and regional economies and enhancing the standard of living for individuals and households.

The diploma thesis review issues of cash pooling and its application to the company with global presence. It deals with both the advantages and disadvantages of real and notional cash pooling and further focuses on the legal framework of cash pooling in Czech Republic, Germany and the Slovak Republic. The main aim is to bring forward the suitable pooling structures for the needs of the chosen company, evaluate them according to the goals set up by the management and withdraw the optimal solution.

The thesis describes the effects of physical cash pooling implementation in a multinational company. The aim is to establish a general methodological framework for evaluating the costs and benefits of physical cash concentration. The basis is a theoretical overview of the cash concentration, which includes the definition of the main concepts and the methodical procedure for the implementation of this liquidity management tool in the company. In the empirical part there is a concrete application of the methodical procedure, internal and external environment analysis, as well as discussion of the effects of cash pooling implementation. The final chapter sets out a general assessment framework for the costs and benefits of physical cash pooling.

Kontanter har använts i flera århundranden och är ett sedvanligt betalningsmedel mellan privatpersoner och på inköpsstället. I takt med teknikens framfart har alltfler betalningsmedel utvecklats och anpassats till marknaden. Idag sker cirka 70 procent av alla köp i butik med kort. Detta gör att kontanternas användning plötsligt ifrågasätts och därmed väljer majoriteten av Sveriges storbanker att succesivt avveckla den manuella kontanthanteringen. Tanken är att försöka lära konsumenter och företag att använda alternativa lösningar som utgör substitut till kontanter. Dock beror efterfrågan på kontanter utav en demografisk utveckling. Kontantanvändningen är högre bland äldre och de har också format sina vanor under längre tid. För andra grupper såsom landsbygdsföretag, funktionshindrade, papperslösa och turister är kontanter essentiella, vilket gör att de hamnat i kläm vid avvecklandet. Andra har personliga preferenser till kontanters nytta såsom integritet, förtroende, tid, vana eller andra värderingar. Problemet blir således en demokratisk fråga där alla skall ha rätt till grundläggande betaltjänster. Studiens syfte är därför att förstå denna process och vilka effekter som uppstår när de flesta storbanker väljer att avveckla den manuella kontanthanteringen. Syftet har delats in i tre huvudproblem:      Vems ansvar är det när en av de grundläggande betaltjänsterna försvinner i samhället?      Vilka blir konsekvenserna med en minskad kontanthantering?      Vilka alternativa lösningar finns det för problemen? Sammanfattningsvis kom studien fram till att bankernas avveckling av kontanthantering har skett snabbare än nya lösningar har introducerats i samhället. Effekterna av denna avveckling har medfört problem för flera grupper. Resultaten visar även att bankerna kunde ha effektiviserat och avgiftsbelagt kontanter innan avvecklingen skedde. / Cash has been used for centuries and is a customary mean of payment between individuals and on the place of purchase. As technology progresses, a growing number of different payment services has developed and been adapted to the market. Today, approximately 70 percentages of all purchases in the stores is made by card. This has suddenly challenged the use of cash and therefore the majority of Sweden’s major banks have chosen to gradually phase out the manual cash management. The idea is to try to get consumers and businesses to use alternative solutions, which are substitutes for cash. However, the demand for cash depends on demographical conditions. The use of cash is more frequent among eldest and they have also shaped their habits over a longer time. For other groups, such as small firms on the countryside, disabled, undocumented migrants and tourists, cash is essential, so they are left in a jam. Others have personal preferences related to the use of cash such as integrity, trust, time, habits, or other values. Everyone is entitled to basic payment services, thus becomes the problem a question of democracy. The purpose of the study is to understand this process and to be aware of the effects that arise when most of the major banks will interrupt their manual cash management. The purpose has been divided into three main parts:  Whose responsibility is it when one of the basic payment services disappears in the society?  What are the consequences when there is a reduction of cash?  What are the alternative solutions? Overall, the study concluded that the banks' reduction of cash has been faster than the introductions of new solutions have been introduced into society. The effect of this decision has caused problems for several groups. The results of the study show that the banks could have improved the efficiency and they could also have introduced a fee on cash before the settlement was made.

Syfte: Syftet med denna studie är att kartlägga vilka krisåtgärder och vilken likviditetshantering som företag inom besöksnäringens boendesektor tillämpat för att överleva under Covid 19-krisen. Detta för att generera en djupare förståelse för vilka lärdomar som kan dras för att möta framtida kriser på ett mer effektivt sätt. Metod: Denna kvalitativa studie baseras på semistrukturerade intervjuer med informanter från företag inom besöksnäringens boendesektor. Resultat: Studiens slutsats är att företagen i studien har drabbats i olika hög utsträckning av pandemins ekonomiska följder. Företagens omsättning, beläggning samt lönsamhet har för många av verksamheterna kraftigt reducerats till följd av krisen och dess restriktioner. Företagen har arbetat på ett flertal olika sätt för att förändra sina verksamheter och hantera sin likviditet och de ekonomiska följderna under Covid-19 pandemin. Några av de åtgärder som har vidtagits är att reducera verksamhetens kostnader, tagit del av statliga stöd, diskuterat och omförhandlat villkor med leverantörer och långivare, säkrat likviditeten genom en ökad upplåning, introducerat nya koncept och attraherat nya målgrupper, sänkt försäljningspriset, ett ökat arbete med kampanjer samt skapat förutsättningar för att möjliggöra trygga upplevelser som besökare. Kunskapsbidrag: Studien undersöker en aktuell och pågående kris med nedstängningar av en karaktär som aldrig tidigare skådats i modern tid. Krisen har drabbat samhället, näringslivet samt många företag och medarbetare väldigt hårt särskilt inom besöksnäringen där många företag gått i konkurs och många medarbetare blivit uppsagda. Genom att kartlägga de krisåtgärder och den likviditetshantering som verksamheterna har tillämpat under krisen kan en djupare förståelse för de lärdomar som kan dras för att hantera framtida kriser på ett mer effektivt sätt.

The purpose of this dissertation is to be an introductory examination of whether the use of the Prudent Person Rule in place of legal list investment restrictions could have a significant difference upon the return on investment that a state or local government may receive through its cash management practices. The dissertation will examine this issue by studying the effect of the Prudent Person Rule and legal list limitations on state-run local government investment pools in the United States. The specific question to be asked in this study will be: "Is there a difference in the return on investment yield performance of state-run local government investment pools among those operating under the Prudent Person Rule fiduciary standard, those operating under a legal list fiduciary standard, and those operating under a combination legal list/Prudent Person Rule fiduciary standard, for the five-year period beginning with Fiscal Year 1992 and ending with Fiscal Year 1996? It appears from this brief examination that there may be a difference in return among state-run pools operating under different fiduciary standards. However, because of various factors that might affect the results, the author believes that this is just a preliminary study, and that further research must be done on this important topic in public cash management. / Ph. D.

Betalsystemet är en av de viktigaste delarna vi har i den finansiella infrastrukturen, störningar i systemet skulle snabbt kunna leda till allvarliga konsekvenser för både individen, företagen och samhället i stort. Syftet med studien är att ge inblick i hur beredskapen ser ut idag, att hantera dessa störningar. Vidare syftar studien till att reda i vilka åtgärder som behövs för att säkerställa betalsystemets funktion vid en allvarlig störning, där digitala betalmetoder inte är fungerande. För att utföra studien har en kvalitativ metod använts, underlaget för studien har varit intervjuer med sju sakkunniga personer från Finansinspektionen, Riksbanken, Swedbank, Bankomat AB, Regeringskansliet, MSB och Bankgirot. Detta i kombination med relevant teori. Av resultatet kan vi se att genom att skapa en starkare motståndskraft och bättre förmåga för systemen att återhämta sig, blir samhället mer förberett på hanteringen av en framtida kris. Vidare framgår det att samhället inte skulle klara av ett längre avbrott i betalsystemet i dagsläget. Det blir också tydligt att bristande rutiner och en oklar fördelning av ansvaret leder till ett instabilt betalsystem i ett krisläge. Det är oklart vem som står för kostnaderna, om aktörer och myndigheter behöver rusta upp sina system, men detta förväntas bli tydligare i samband med ny kommande lagstiftning. För att säkerställa ett fungerande betalsystem både i ett krisläge och i ett normalläge, behövs ett mer robust system, med tydligare rutiner och ansvarsfördelning. / The payment system is one of the most important functions in our society’s financial infrastructure. Disruptions in the system would rapidly lead to serious consequences for individuals, businesses, and society as a whole. The purpose of the thesis is to provide a better understanding of what the emergency preparedness process looks like in dealing with mentioned disruptions, what actions are needed, and how the different actors address the issue and what risks society faces in the event of prolonged interruptions in the payment system. The study was conducted using a qualitative method, with interviews with seven experts from Finansinspektionen, Riksbanken, Swedbank, Bankomat AB, Government Offices of Sweden, The Swedish Civil Contingencies Agency and Bankgirot as the primary foundation and combining this with the relevant theory. Conclusions that can be drawn are that by strengthening the resilience and preparing society we give our systems a better ability to recover from a future crisis in our payment systems. Furthermore, that the society would not manage to retain control of the payment system in case of extensive disruption. It also became clear that insufficient routines and an indistinct division of responsibilities, lead to an unstable payment system in the event of a crisis. At this time, it is not clear who would pay the costs, if actors and authorities need to enhance their payment systems, but this uncertainty is intended to diminish with forthcoming new legislation. To ensure a functioning payment system in both a crisis and a normal situation, a sturdier system is required, with adequate routines and a division of responsibilities.

Decreasing revenues and the public's natural antipathy towards taxes have made cash management crucial to the financial health of any organization. Local government financial executives have become increasingly aware that cash is an asset that must be used wisely, unless it is to become a liability. Thus, there have emerged serious efforts by local government finance executives to maximize the utility of every dollar available to their jurisdictions: first, by influencing the availability of receipts while delaying the outflow of funds; second, by investing available funds in interest yielding securities until the funds are needed to meet legal commitments and obligations. Although this perspective is easily stated, it is common knowledge that local jurisdictions encounter insurmountable obstacles in the effort to maximize the returns on their investments of temporarily idle funds. This study has evaluated local government cash management policies and practices with a view to identifying those factors militating against the efforts to achieve optimum returns on investments. A cash management questionnaire supplemented with very elaborate personal and telephone interviews constituted the diagnostic tool that facilitated the collection of the data necessary to: (a) develop an understanding of contemporary money management policies and practices in local governments; (b) evaluate the effectiveness of these policies and practices; (c) identify and describe the constraints that impede efforts to optimize investment returns in the public sector; and (d) develop strategies that will enable local government finance executives to cope with the identified constraints. The study found that local governments face three kinds of constraints in the attempt to maximize the return on their investments of financial assets. First, there are problems that are internal and peculiar to each local jurisdiction, such as inadequate resources: funds to invest and the skills to search for the right investment instruments under a given set of circumstances; second, there are legal and political constraints imposed by higher governments such as the requirement that public funds can only be invested in certain instruments, and the prescription that local governments do business with specified banks. In some jurisdictions, how much money should be deposited in each bank are also legislated. Third, there are constraints imposed by exogenous factors such as interest rates, minimum investment requirements and the naturation dates of investments. The study also found that local finance executives try to achieve some social responsibility through a careful manipulation of their jurisdiction's cash management techniques. Given these factors, public institutions can not achieve maximum levels of return on investment; they can only achieve satisficing returns. / Ph. D.

A descriptive survey was sent to 434 food service and lodging companies May, June, and August of 1983. The objective of this survey was to investigate and assess current cash management practices. A response rate of 21.89% was received. After the surveys were returned, results were analyzed in two ways: by frequency distribution tables and hypotheses testing. The frequency distribution tables described the results of the data. Hypotheses testing described the relationship between the independent variables, which are; the percent of assets held as cash, dollar value of net corporate assets, and level of revenue, and the dependent variables, which are prescriptive cash management techniques. Survey results concluded that the larger the firm, as measured by asset base and level of revenue, the more sophisticated its cash management practices. Larger firms, as measured by asset base and level of revenue, more often follow prescriptive cash management practices than smaller firms. Based on the conclusions of the Survey of Cash Management, it is recommended that small firms follow theoretical cash management practices. / M.S.