Cash Settlement Research Articles

Hedging with physical or cash settlement under transient multiplicative price impact

We solve the superhedging problem for European options in an illiquid extension of the Black–Scholes model, in which transactions have transient price impact and the costs and strategies for hedging are affected by physical or cash settlement requirements at maturity. Our analysis is based on a convenient choice of reduced effective coordinates of magnitudes at liquidation for geometric dynamic programming. The price impact is transient over time and multiplicative, ensuring nonnegativity of underlying asset prices while maintaining an arbitrage-free model. The basic (log-)linear example is a Black–Scholes model with a relative price impact proportional to the volume of shares traded, where the transience for impact on log-prices is modelled like in Obizhaeva and Wang (J. Financ. Mark. 16:1–32, 2013) for nominal prices. More generally, we allow nonlinear price impact and resilience functions. The viscosity solutions describing the minimal superhedging price are governed by the transient character of the price impact and by the physical or cash settlement specifications. The pricing equations under illiquidity extend no-arbitrage pricing à la Black–Scholes for complete markets in a non-paradoxical way (cf. Çetin et al. (Finance Stoch. 14:317–341, 2010)) even without additional frictions, and can recover it in base cases.

ПРИНЯТИЕ ЦИФРОВОЙ ВАЛЮТЫ КАК ИННОВАЦИОННОЙ ФОРМЫ РАСЧЕТОВ И ЕЕ ВЛИЯНИЕ НА ДЕНЕЖНО-КРЕДИТНУЮ ПОЛИТИКУ

This article explores the new approaches to minimizing and eliminating settlement risks and improving transaction efficiency, thereby increasing global productivity by enabling fast and secure payments between households and businesses around the world. Using the PRISMA model we highlight the importance of digital currencies and the models of settlement systems they represent. It is concluded that contractual and settlement obligations and other various problems in and around payment and cash settlement systems depend on the competitive structure of the basic payment system and data management mechanisms and are compared with the CBDC model, which allows us to determine the best approaches to creating an efficient and cheaper settlement system.

CASH AND CASH CALCULATIONS AS AN OBJECT OF ACCOUNTING, CONTROL AND ANALYSIS

In the article, the authors substantiate the expediency of further research into the meaning of money and calculations in the activities of enterprises of various forms of ownership. The views of scientists regarding the definition of the concept of "money" are summarized. The main tasks of accounting, control, analysis of money are specified. Proposals have been made to increase the effectiveness of the control and analytical process in relation to the cash settlement operations carried out in order to promptly prevent violations in the settlement and payment discipline. The purpose of writing this article is to determine the actual issues of accounting, control, analysis of funds in the cash register and directions for their solution. The research used a complex of general scientific methods and techniques of cognition: theoretical generalization, analysis, synthesis, classifications. Grouping and comparison methods were used to determine the essence of money as an object, control and analysis. The methods of concretization and abstraction were used to single out the features inherent in money. The dialectical method, induction, and abstraction became the basis for proposals for improving the control of transactions with money in the process of financial and economic activity of the business entity. The achievements of foreign and domestic scientists in the field of accounting, control and analysis of economic operations are the theoretical and methodological basis of the research. In the research process, general scientific methods and techniques of cognition were used: theoretical generalization, analysis, synthesis, classifications. Grouping and comparison methods were used to determine the essence of money as an object, control and analysis. The methods of concretization and abstraction were used to single out the features inherent in money. The dialectical method, induction, and abstraction became the basis for proposals for improving the control of transactions with money in the process of financial and economic activity of the business entity.

Analysis of the Current Situation, Opportunities, Challenges and Countermeasures of China's Digital Payment System in the Post-epidemic Era

In recent years, under the influence of the COVID-19 pandemic, China's digital payment system has encountered significant opportunities, challenges, and changes. The digital payment system mainly includes three parts: electronic currency, electronic payment, and digital currency. This paper takes the perspective of the post-pandemic era and integrates the previous research on the digital payment system. It comprehensively analyzes the current situation, challenges, and development opportunities of China's digital payment system from different angles by examining the development of China's digital payment market. It is found that the pandemic has stimulated the continuous development of digital payment, gradually replacing cash settlement. In the post-pandemic era, emerging industries have shown strong vitality for digital payment. However, digital payment also has risks of inadequate information security, digital divide, and private enterprise monopolies. In the post-pandemic era, digital payment has more development opportunities and presents a sustainable development trend with the promotion of legal digital currency, stimulation of emerging industries, and support of government policies. This article proposes corresponding forward-looking suggestions from the perspectives of governments, companies, and individuals to further promote the development of China's future digital payment system in response to the above risks. Specifically, it should improve risk control and data security protection mechanisms, help vulnerable groups cross the digital divide and mobile payment dilemma, and accelerate the promotion and use of China's legal digital currency.

The Legal Nature of Futures Contracts in Commodity Exchanges in Jordanian Legislation

Legal jurisprudence tends to classify futures settlement contracts in commodity exchanges as speculative and betting contracts, based on cash settlement as one of the methods for settling futures contracts. Sometimes, these contracts are settled by the difference between the opening and closing prices over a specified period. Such classification is a limited perspective based on legal jurisprudence viewing futures contracts as ordinary sales contrary to reality. Settlement futures contracts in commodity exchanges are distinctive contracts, and their uniqueness is derived from the nature of the assets traded. These contracts involve essential commodities that play a crucial role in national economies. Moreover, they are subject to a specific legal framework that differs from the legal system governing ordinary contracts. These contracts serve various purposes beyond buying and selling for immediate consumption and trade. They function as financial instruments for investment and risk management, serving purposes beyond simple consumption and immediate trade. The essential distinction that has led to confusion about futures settlement contracts is the time gap between their formation and execution, unlike ordinary contracts that are immediately executed.In this study, we attempted to unveil the ambiguity surrounding futures settlement contracts in commodity exchanges by highlighting their true nature as financial instruments playing a significant role in national economies. This reality has given futures settlement contracts a distinct legal nature.

THE FIGHT AGAINST THE SHADOW ECONOMY AND WAYS TO SOLVE PROBLEMS

The paper considers approaches to the defi nition of the shadow economy as components of economic activity carried out in the state, the main reasons for their spread, as well as possible ways to counter the expansion of its scale.The purpose of the research: to substantiate the causes of the emergence and spread of the shadow economy, to identify factors contributing to the reduction of its scale, to develop proposals to counteract the expansion of the shadow economy.Research methodology: in the course of the research, methods of logical, statistical, qualitative and quantitative analysis, as well as graphical methods of visualization of the results of the research were used.The originality / value of the research lies in the systematization of data on the substantiation of the essence of the shadow economy as part of the economy formed by criminal (illegal) economic activity of two types – entrepreneurial and criminal, the scale of which depends on the level of economic development of the country. The article presents conclusions on the comparison of the volume of capital exports, GDP, the shadow economy and the role of the cash market in reducing the scale of the shadow economy.The results of the research are expressed by recommendations for conducting research on the justifi cation of indicators for calculating the scale of the shadow economy and determining the scale by types and directions of economic and legal contents of the shadow economy, proposals for improving the procedure and mechanism of universal declaration as a tool for achieving the formality of economic activity of economic entities, recommendations for deepening research on trends in the development of the cash settlement market in the context of the impact on scaling down shadow economy.

Android Based Indian Currency Recognition System Using Transfer Learning Technique

Abstract: This work is dedicated to develop a computer vision-based approach for Indian paper currency recognition. In this approach, extract currency feature and develop a dataset which can be used for the currency recognition. Security feature of Indian currency note available on front and back side Rs.10, Rs. 20, Rs. 50, Rs. 100, Rs. 200 Rs. 2000 and Rs. 500 denominations are used in model Training. Advances in technology have replaced people in almost every field with machines. Thanks to the introduction of machines, banking automation has reduced the burden on humans. Banking automation requires more attention to declining currency handling. When the banknote is blurred or defaced, it is difficult to identify its currency value. A sophisticated design is included to increase the security of the call. This makes the call recognition task very difficult. For correct currency recognition, it is very important to choose a good function and an appropriate algorithm. One of the main problems that blind people face is the recognition of money, especially cash. In a way, the seemingly weakened people do not think about cash settlement and run into problems related to cash transactions in their daily life. It is a useful treatment for those who are externally weakened. Studies and trials were conducted according to key points, such as watermarks, images printed on money, the value of words and numbers, and the total amount of information gathering that stimulated CNN using Transfer Learning. And the second thought after designing a proper algorithm for Indian Currency Recognition, the problem is to carry the mechanism, which can be a burden or sometimes forgotten. Therefore this design help in a lot way for easier way to recognising the Currency just by not making an extra equipment, but by designing an android app, where it is not needed to carry any extra thing, as it is included in android smart phone, which is used by almost 748 million people in India.

On the question of legal regulation of calculations and the consequences of failure to fulfill the obligations of participants in civil trade

In the modern conditions of the development of economic relations, globalization processes, in combination with the reform ofthe regulation of the private sector of the economy, the problems of the settlement regime, as well as the consequences of non-fulfillmentof the obligations of the participants in civil turnover have required qualitatively new approaches to their solution. At the sametime, the issue of proper and complex regulation of settlements with the participation of individuals and legal entities – residents and non-residents – is important. Also the mechanism of legal regulation should be aimed first of all at facilitating the proper fulfillment oftheir obligations by participants in civil turnover and the certainty of legal consequences in case of violation of such obligations.The scientific article has been devoted to the implementation of a detailed theoretical analysis of the problematic issues of calculationsand the consequences of non-fulfillment of obligations by participants in civil turnover. There are two forms of settlement:cash and non-cash. The basis of this division is the form of existence of monetary funds in Ukraine: in the form of banknotes – cashform; in the form of entries on accounts – non-cash form. It is worth noting that electronic and digital money can exist only in non-cashform. The method of calculations depends on the status of the subject of settlement relations and the basis for the payment. In particular,in accordance with Art. 1087 of the Civil Code of Ukraine, settlements with the participation of natural persons, which are not relatedto their entrepreneurial activity, can be carried out in cash or non-cash form with the help of settlement documents in electronic or paperform. Thus, natural persons who are not engaged in entrepreneurial activity choose the form of calculation themselves. Limiting theamount of cash settlements between individuals applies to sales contracts that are subject to notarization.At the same time, the cash settlement mechanisms proposed by the National Bank of Ukraine need to be refined.It has been analyzed in this article the literary sources on the issue, current legal acts, court practice, and, based on this, it hasbeen developed the author’s vision of the prospects for its further solution.

위탁기업의 협력업체 지원이 위탁기업의 국제화에 미치는 영향에 대한 연구

Intensified global competition compels firms to focus on their core competencies and develop and secure additional competencies through supply chain cooperation. Among the various types of supply chain relations, subcontracting raises concerns about the asymmetric bargaining power between the subcontracting company and the subcontractors. This calls for a discussion on supply chain cooperation in subcontracting relations and its effect on business outcomes. This study analyzed the influence of voluntary support policies of buyer firms for their subcontractors on the level of buyers’ internationalization. Using a sample of 1,016 Korean manufacturing firms, we found that buyer’s management support for subcontractors, high proportion of cash settlement, and pursuit of long-term subcontracting relations raise the level of buyer’s internationalization. This implies that the policies that support subcontractors can create a virtuous cycle for better business outcomes for buyers. Additionally, the assessment of the moderating effect of business group membership of buyers revealed that buyers who are members of business groups experience less positive influence of subcontractor supporting policies on internationalization. Based on these results, academic and practical implications are presented, and future research directions are discussed.

An Analysis of Cash Liquidation in Housing Redevelopment Process : With a Focus on Incheon Metropolitan City Redevelopment Projects

Purpose: Cash settlements in redevelopment projects did not emerge as a big problem during the invigoration period of the housing market when profit margins could be earned through pre-sale. However, changes in development conditions are causing constant conflicts. Therefore, this study analyzed current matters concerning cash settlements with the cash liquidators as subjects. A field survey was conducted on various interests and requests calling out for improvement to criticize the cash settlement issue and formulate methods to resolve it. Method: Field surveys were carried out among cash liquidators and frequency analysis was conducted on the survey data. The study consisted of four steps: literature review, case study, field survey, and analysis and results. Results: Drawing from the comprehensive content cited above, this study investigated cash settlement issues involved in redevelopment projects with the cash settlers as subjects and analyzed various interests and requests for improvement. In conclusion, compensation for land and for properties that are obstructions along with a transparent redevelopment process should be scrutinized. In addition, incorporation of an evaluation method centered around cash settlers and revision of the compensation structure is considered necessary to increase compatibility with reality.

Technology Acceptance of QR Code Payment and Its Effective Advertisement Media for Multi-Channel Customers

Cash settlement accounts for 80% of entire transaction in Japan. Japanese government has announced the “Payment Reform Declaration,” by setting “the Cashless Vision” with a target of 40% cashless payment ratio by 2025 and aims to achieve the world's highest level of cashless payment ratio of 80% in the future. The purpose of this study is to analyze which media has affected the consumers who use QR code payment, PayPay. This research proposes a framework based on the Technology Acceptance Model (TAM) for an effective advertisement medium by using survey data on PayPay. Structure equation analysis is conducted to measure the relationship between different advertising media and consumers’ intentions to use, as well as actual usage of PayPay.

Regulating Bitcoin and Block Chain Derivatives

Bitcoins are scarce digital commodities that enable parties to transmit messages over a network that serves as a universal public ledger. Bitcoins fall within the definition of “commodity” under the Commodity Exchange Act (CEA) such that derivatives contracts that reference bitcoins are subject to regulation by the Commodity Futures Trading Commission. Like other derivatives, Bitcoin derivatives would likely not be subject to the full scope of regulation under the CEA to the extent such derivatives involve physical delivery (as opposed to cash settlement) or are nonfungible and not independently traded. In addition, Bitcoin swaps are currently too illiquid to be subject to mandatory clearing. A growing number of firms are offering Bitcoin derivatives, most of which are for retail traders. In addition to traditional derivatives that reference bitcoins, the Bitcoin (block chain) protocol can potentially enable automated derivatives contracts that securely trade, clear, and settle without the use of trusted intermediaries. The CFTC should consider an exemption for block chain derivatives that meet its policy objectives as a result of the rules that the underlying code applies to the transactions.

Settling Lawsuits with Pirates

A firm licenses a product to overlapping generations of heterogeneous consumers. Consumers may purchase the product, pirate/steal it, or forego it. Higher consumer types enjoy higher gross benefits and are caught stealing at a higher rate. The firm may commit to an out-of-court cash settlement policy that is “soft” on pirates, so high-types purchase and low-types steal. This facilitates price discrimination. Firm profits rise if the firm bundles a license agreement with the cash settlement. However, requiring pirates to sign license agreements as part of the settlement has ambiguous welfare effects and may deter the entry of more efficient competitors.

Cashless Policy and the Nigerian Payment System

Before the introduction of the cashless policy by the Central Bank of Nigeria in 2011, the Nigerian economy was heavily cash-oriented in its transaction of goods and services contrary to the global trends. With the aid of paired data samples between 2007 and 2017, this study evaluates the impact of cashless policy on the Nigerian payment system. The operations of a cashless economy were assessed based on the use of Cheques, funds transfer channels and Automated Teller Machines (ATMs). Analysis of data showed that the volume and usage of cheques as a means of financial settlement has failed and was partially replaced by electronic payment systems. Banks are getting more involved in the use of interbank fund transfers rather than a cash settlement. It was also ascertained that the use of ATM’s as a means of financial intermediation is increasing. It is anticipated that the use of ATMs will become even more popular in Nigeria in the near future. To some extent, the outcome of the study has justified the implementation of the cashless policy initiative in Nigeria. However, the innovation and operations of the policy are not without its related limitations. There are various challenges associated with its practice, ranging from poor infrastructural facilities and difficulty in imbibing the e-payment culture due to illiteracy. Other socio-cultural factors that constitute an impediment include celebrations like weddings, birthdays and festivals. On such occasions, Nigerians prefer to ”display or spray raw cash’’ rather than issuing cheques. Thus, more effort needs to be put in place by the regulatory authority to re-orientate the masses and to encourage the use of E–payments channels, cheques, funds transfer options and, owning/ operating of bank accounts. This will give a further boost to the development of the Nigerian payment system.

Measuring the impact of insurance on urban earthquake recovery using nightlights

AbstractWe measure the longer-term effect of a major earthquake on the local economy, using night-time light intensity, and focus on the role of insurance payments for damaged residential property in the recovery process. The destructive Canterbury Earthquake Sequence (2010–2011) in New Zealand is our case study. Uniquely, for this event, >95% of residential housing units were covered by insurance and almost all incurred some damage. However, insurance payments were staggered over 5 years, enabling us to identify their local impact on recovery. We find that night-time luminosity can capture the process of recovery; and that insurance payments contributed significantly to the process of local economic recovery after the earthquake. Cash settlement of claims was no more effective than insurance-managed repairs in generating local recovery. Notably, delayed payments were less affective in assisting recovery; this suggests an important role for the regulator in making sure insurance payments are made promptly after disaster events.

A Study on Stable A Study on Stable Courier Service and Payment Measures of Korean E-Commerce Firm in Vietnam

Vietnam is now one of the world’s most noted countries due to its high economic growth. Vietnam is in the midst of rapid development in industry, and e-commerce is no exception. Especially, due to Vietnam’s rich population and explosive potential purchasing power, the opportunity of the e-commerce market is very big. In fact, Vietnamese citizens are increasingly interested in the convenience of electronic commerce, and the Vietnamese government is making efforts to improve the e-commerce system and spur the establishment of e-commerce. In this study, we examined the characteristics of the e-commerce market in Vietnam. Among the characteristics of the e-commerce market in Vietnam, the most noticeable was the poor payment due to the poor infrastructure and the inadequate electronic payment due to the utilization of cash settlement. These problems are obstacles for Korean e-commerce companies that have entered or are planning to enter into the future. As a way to solve this problem, we proposed a strategic alliance with SamsungPay in the payment market and way to utilize a convenience store in the courier market. In this study, we analyze the market of e-commerce in Vietnam, and it is meant that it presents solutions to the problems of courier and settlement which is one of the biggest difficulties for e-commerce companies.

Exploring The Effect of Physical Delivery verses Cash Settled Futures Contracts with the Prospective of Obligatory Delivery in Islamic Contract of Sales

This study emphasizes that either physical delivery or cash settlement method for futures contract is better for precious metal such as gold and the storable commodities like rice, wheat, sugar, as well as check the effect of both settlement method on the volatility of futures and spot price, to examine this issue we use bivariate GARCH model to discover the interaction between the spot price return and futures price return, the result shows basis variability of spot price and futures prices returns was substantially reduced in the case of physical delivery as compare to the cash settlement of same commodities, which means the physical delivery is more reliable for the rice, wheat, sugar, and gold futures contracts. In addition physical delivery settlement method is more better than the cash settlement because it cover the gap of demand and supply in the market which effect on price and the physical delivery method is more reliable, as it restrict the liquidation of futures contact which decline the price and provide the social benefit as well.

Exploring the Effect of Physical Delivery V/S Cash Settled Futures Contracts with the Prospective of Obligatory Delivery in Islamic Contract of Sales

This study emphasizes that either physical delivery or cash settlement method for futures contract is better for precious metal such as gold and the storable commodities like rice, wheat, sugar, as well as check the effect of both settlement method on the volatility of futures and spot price. To examine the issue we use bivariate GARCH model to discover the interaction between the spot price return and futures price return. The result shows basis variability of spot price and futures prices returns was substantially reduced in the case of physical delivery as compare to the cash settlement of same commodities, which means the physical delivery is more reliable for the rice, wheat, sugar, and gold futures contracts. In addition, physical delivery settlement method is better than the cash settlement because it covers the gap of demand and supply in the market which effect on price and the physical delivery method is more reliable, as it restricts the liquidation of futures contact which declines the price and provide the social benefit as well.

Natural resource valuation with a tribal perspective: a case study of the Penobscot Nation

ABSTRACTThe unique settings of tribal lands and preferences of tribal members can complicate the effective application of standard natural resource use valuation tools within these tribal settings. We present a study which utilised referendum format contingent valuation methods to value foregone tribal use of the dioxin-contaminated Penobscot River in Maine. The Penobscot Nation’s prior experience in using referendums to evaluate cash settlement offers provides a unique setting for this application. The valuation responses pass a scope test and are consistent with a priori expectations of economic theory as well as individual attitudes and beliefs. Implicit discount rates based on the valuation of two clean-up periods are plausible. The response model indicates that cultural motives are a significant basis of foregone use values. While each tribal setting presents unique characteristics and challenges, the presented application demonstrates how carefully applied standard valuation tools, when appropriately designed to account for and incorporate tribal history, settings, and perspective, can yield defensible estimates of resource valuation.

정비사업조합의 법적성질과 현금청산금액 산정

정비사업조합의 법적성질과 현금청산금액 산정