Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, companies optimize...

Cash pooling is a bank service that allows corporates to externalise the intra-group cash management, and thus manage their global liquidity effectively with lower costs. Although there is little quantitative information on the significance of the phenomenon, cash pooling appears to have become...

Traditionally, corporate treasury management has been strategically based on the idea of advancing collections and delaying payments, which has been regulated through the intermediation of financial entities using, for example, credit accounts. New technologies applied to the financial field...