We present broad-based evidence that the monthly payment cycle induces systematic patterns in liquid markets around the globe. First, we document temporary increases in the costs of debt and equity capital that coincide with key dates associated with month-end cash needs. Second, we present...

Presentation slides for "Dash for Cash: Monthly Market Impact of Institutional Liquidity Needs", available at: "https://ssrn.com/abstract=2528692" https://ssrn.com/abstract=2528692. In this paper, we present broad-based evidence that the monthly payment cycle induces systematic return patterns...