부산대학교 도서관

Examines the bias in the cash management model developed by researchers Merton Miller and Daniel Orr. Statement that the bias arises from using a sample estimate for the variance of the net cash flow; Illustration of inherent bias in Miller-Orr model when true cash flow variance is unknown; Statement that the target cash balance is biased downward due to the model being nonlinear in net cash flow variance; Use of simulation analysis in the measurement of bias techniques for reducing bias in the model.