Some Empirical Evidence on the Properties of Daily Cash Flow

The author is Assistant Professor of Finance at the Graduate School of Business, Washington University. He wishes to thank the cash management personnel of the firms that provided data for analysis, as well as 0. Maurice Joy, Kenneth 0. Cogger, Glenn L. Johnson, and Dileep Mehta for their advice. The dissertation from which this paper was taken was funded by a grant from the Kansas Bankers' Association.