Standard methods for optimal allocation of shares in a financial portfolio are determined by second-order conditions which are very sensitive to outliers. The well-known Markowitz approach, which is based on the input of a mean vector and a covariance matrix, seems to provide questionable...

This paper investigates the demand for money by firms and the existence of economies of scales in order to evaluate the efficiency in the cash management of the Italian manufacturing industry. We estimate a money demand for cash elaborated by Fujiki and Mulligan (1996). Estimates differ from the...