82 research outputs found
On the formal foundations of cash management systems
[EN] Cash management aims to find a balance between what is held in cash and what is allocated in other investments in exchange for a given return. Dealing with cash management systems with multiple accounts and different links between them is a complex task. Current cash management models provide analytic solutions without exploring the underlying structure of accounts and its main properties. There is a need for a formal definition of cash management systems. In this work, we introduce a formal approach to manage cash with multiple accounts based on graph theory. Our approach allows a formal reasoning on the relation between accounts in cash management systems. A critical part of this formal reasoning is the characterization of desirable and non-desirable cash management policies. Novel theoretical results guide cash managers in the analysis of complex cash management systems.This work is partially funded by projects Logistar (H2020-769142), AI4EU (H2020-825619) and 2017 SGR 172.Salas-Molina, F.; Rodriguez-Aguilar, JA.; Pla SantamarÃa, D.; Garcia-Bernabeu, A. (2021). On the formal foundations of cash management systems. Operational Research. 21(2):1081-1095. https://doi.org/10.1007/s12351-019-00464-6S10811095212Baccarin S (2009) Optimal impulse control for a multidimensional cash management system with generalized cost functions. Eur J Oper Res 196(1):198–206Bollobás B (2013) Modern graph theory, vol 184. Springer, BerlinBondy JA, Murty USR (1976) Graph theory with applications, vol 290. Macmillan, LondonChartrand G, Oellermann OR (1993) Applied and algorithmic graph theory, vol 993. McGraw-Hill, New YorkConstantinides GM, Richard SF (1978) Existence of optimal simple policies for discounted-cost inventory and cash management in continuous time. Oper Res 26(4):620–636da Costa Moraes MB, Nagano MS, Sobreiro VA (2015) Stochastic cash flow management models: a literature review since the 1980s. In: Guarnieri P (ed) Decision models in engineering and management. Springer, Berlin, pp 11–28de Avila Pacheco JV, Morabito R (2011) Application of network flow models for the cash management of an agribusiness company. Comput Ind Eng 61(3):848–857Golden B, Liberatore M, Lieberman C (1979) Models and solution techniques for cash flow management. Comput Oper Res 6(1):13–20Gormley FM, Meade N (2007) The utility of cash flow forecasts in the management of corporate cash balances. Eur J Oper Res 182(2):923–935Gregory G (1976) Cash flow models: a review. Omega 4(6):643–656Makridakis S, Wheelwright SC, Hyndman RJ (2008) Forecasting methods and applications. Wiley, New YorkRighetto GM, Morabito R, Alem D (2016) A robust optimization approach for cash flow management in stationery companies. Comput Ind Eng 99:137–152Salas-Molina F (2017) Risk-sensitive control of cash management systems. Oper Res. https://doi.org/10.1007/s12351-017-0371-0Salas-Molina F, Pla-Santamaria D, Rodriguez-Aguilar JA (2018) A multi-objective approach to the cash management problem. Ann Oper Res 267(1):515–529Srinivasan V, Kim YH (1986) Deterministic cash flow management: state of the art and research directions. Omega 14(2):145–166Valiente G (2013) Algorithms on trees and graphs. Springer, Berli
A hierarchical model for the cash transfer system design problem
This paper presents a hierarchical model that incorporates strategic, tactical, and operational decisions of cash transfer management system of a bank. The aim of the model is to decide on the location of cash management centers, the number and routes of vehicles, and the cash inventory management policies to minimize the cost of owning and operating a cash transfer system while maintaining a pre-defined service level. Owing to the difficulty of finding optimal decisions in such integrated models, an iterative solution approach is proposed in which strategic, tactical, and operational problems are solved separately via a feedback mechanism. Numerical results show that such an approach is quite effective in reaching at greatly improved solutions with just a few iterations, making it a very promising approach for similar models
The ladies trial: laparoscopic peritoneal lavage or resection for purulent peritonitisA and Hartmann's procedure or resection with primary anastomosis for purulent or faecal peritonitisB in perforated diverticulitis (NTR2037)
Background: Recently, excellent results are reported on laparoscopic lavage in patients with purulent perforated diverticulitis as an alternative for sigmoidectomy and ostomy. The objective of this study is to determine whether LaparOscopic LAvage and drainage is a safe and effective treatment for patients with purulent peritonitis (LOLA-arm) and to determine the optimal resectional strategy in patients with a purulent or faecal peritonitis (DIVA-arm: perforated DIVerticulitis: sigmoidresection with or without Anastomosis). Methods/Design: In this multicentre randomised trial all patients with perforated diverticulitis are included. Upon laparoscopy, patients with purulent peritonitis are treated with laparoscopic lavage and drainage, Hartmann's procedure or sigmoidectomy with primary anastomosis in a ratio of 2:1:1 (LOLA-arm). Patients with faecal peritonitis will be randomised 1:1 between Hartmann's procedure and resection with primary anastomosis (DIVA-arm). The primary combined endpoint of the LOLA-arm is major morbidity and mortality. A sample size of 132:66:66 patients will be able to detect a difference in the primary endpoint from 25% in resectional groups compared to 10% in the laparoscopic lavage group (two sided alpha = 5%, power = 90%). Endpoint of the DIVA-arm is stoma free survival one year after initial surgery. In this arm 212 patients are needed to significantly demonstrate a difference of 30% (log rank test two sided alpha = 5% and powe
PKD1 and PKD2 mutations in Slovenian families with autosomal dominant polycystic kidney disease
BACKGROUND: Autosomal dominant polycystic kidney disease (ADPKD) is a genetically heterogeneous disorder caused by mutations in at least two different loci. Prior to performing mutation screening, if DNA samples of sufficient number of family members are available, it is worthwhile to assign the gene involved in disease progression by the genetic linkage analysis. METHODS: We collected samples from 36 Slovene ADPKD families and performed linkage analysis in 16 of them. Linkage was assessed by the use of microsatellite polymorphic markers, four in the case of PKD1 (KG8, AC2.5, CW3 and CW2) and five for PKD2 (D4S1534, D4S2929, D4S1542, D4S1563 and D4S423). Partial PKD1 mutation screening was undertaken by analysing exons 23 and 31–46 and PKD2 . RESULTS: Lod scores indicated linkage to PKD1 in six families and to PKD2 in two families. One family was linked to none and in seven families linkage to both genes was possible. Partial PKD1 mutation screening was performed in 33 patients (including 20 patients from the families where linkage analysis could not be performed). We analysed PKD2 in 2 patients where lod scores indicated linkage to PKD2 and in 7 families where linkage to both genes was possible. We detected six mutations and eight polymorphisms in PKD1 and one mutation and three polymorphisms in PKD2. CONCLUSION: In our study group of ADPKD patients we detected seven mutations: three frameshift, one missense, two nonsense and one putative splicing mutation. Three have been described previously and 4 are novel. Three newly described framesfift mutations in PKD1 seem to be associated with more severe clinical course of ADPKD. Previously described nonsense mutation in PKD2 seems to be associated with cysts in liver and milder clinical course
Pediatric urolithiasis: the current surgical management
Children represent about 1% of all patients with urolithiasis, but 100% of these children are considered high risk for recurrent stone formation, and it is crucial for them to receive a therapy that will render them stone free. In addition, a metabolic workup is necessary to ensure a tailored metaphylaxis to prevent or delay recurrence. The appropriate therapy depends on localization, size, and composition of the calculus, as well as on the anatomy of the urinary tract. In specialized centers, the whole range of extracorporeal shock-wave lithotripsy (ESWL), ureterorenoscopy (URS), and percutaneous nephrolithotomy (PCNL) are available for children, with the same efficiency and safety as in adults
Brain ageing in schizophrenia: evidence from 26 international cohorts via the ENIGMA Schizophrenia consortium
Schizophrenia (SZ) is associated with an increased risk of life-long cognitive impairments, age-related chronic disease, and premature mortality. We investigated evidence for advanced brain ageing in adult SZ patients, and whether this was associated with clinical characteristics in a prospective meta-analytic study conducted by the ENIGMA Schizophrenia Working Group. The study included data from 26 cohorts worldwide, with a total of 2803 SZ patients (mean age 34.2 years; range 18-72 years; 67% male) and 2598 healthy controls (mean age 33.8 years, range 18-73 years, 55% male). Brain-predicted age was individually estimated using a model trained on independent data based on 68 measures of cortical thickness and surface area, 7 subcortical volumes, lateral ventricular volumes and total intracranial volume, all derived from T1-weighted brain magnetic resonance imaging (MRI) scans. Deviations from a healthy brain ageing trajectory were assessed by the difference between brain-predicted age and chronological age (brain-predicted age difference [brain-PAD]). On average, SZ patients showed a higher brain-PAD of +3.55 years (95% CI: 2.91, 4.19; I2 = 57.53%) compared to controls, after adjusting for age, sex and site (Cohen's d = 0.48). Among SZ patients, brain-PAD was not associated with specific clinical characteristics (age of onset, duration of illness, symptom severity, or antipsychotic use and dose). This large-scale collaborative study suggests advanced structural brain ageing in SZ. Longitudinal studies of SZ and a range of mental and somatic health outcomes will help to further evaluate the clinical implications of increased brain-PAD and its ability to be influenced by interventions
U.S. monetary policy and herding: Evidence from commodity markets
This paper investigates the presence of herding behavior across a spectrum of commodities (i.e., agricultural, energy, precious metals, and metals) futures prices obtained from Datastream. The main novelty of this study is, for the first time in the literature, the explicit investigation of the role of deviations of U.S. monetary policy decisions from a standard Taylor-type monetary rule, in driving herding behavior with respect to commodity futures prices, spanning the period 1990-2017. The results document that the commodity markets are characterized by herding, while such herding behavior is not only driven by U.S. monetary policy decisions, but also such decisions exert asymmetric effects this behavior. An additional novelty of the results is that they document that herding is stronger in discretionary monetary policy regimes.N/
A Primer on the Implicit Financing Assumptions of Traditional Capital Budgeting Approaches
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