Search: agency banking
RBA Glossary definition for agency banking
agency banking – Since 1 July 1999 all Australian Government departments and agencies have been responsible for their own individual banking arrangements. Under devolved banking arrangements, agencies are required to test the services previously provided by the Reserve Bank of Australia (RBA) against what is available from other financial institutions. However, the Australian Government's core account, the Official Public Account, remained with the RBA. A system sweeps balances of Australian Government departments and agencies from their transactional banker to the Official Public Account at the RBA each night.
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Why Do Companies Hold Cash?
1 May 2016
RDP
2016-03
This allows us to directly test the relative importance of the financing frictions and agency costs hypotheses. ... This provides some preliminary evidence in support of the idea that agency costs affect corporate cash holdings.
https://www.rba.gov.au/publications/rdp/2016/2016-03/full.html
References
18 May 2016
RDP
2016-03
Journal of Banking & Finance. , 36(3), pp 898–912. Jensen MC (1986), ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’,. ... Journal of Banking & Finance. , 28(9), pp 2103–2134. Pinkowitz L, RM Stulz and R Williamson (2013),
https://www.rba.gov.au/publications/rdp/2016/2016-03/references.html