Part I
Theory
1.1 The problem
1.2 Structure of the text, and how to read it
1.3 What this text does not claim
2 The Business Model: Phi and the Generation of Cash Flow
2.1 Primitive sets
2.2 Schedules and spaces
2.3 The map from delivery to settlement
2.4 Generating the cash flow
2.5 Degrees of freedom of Phi
2.6 Three risk operations
2.7 Divergence between right and exercise
3 The Credit Position: kappa and the Lag tau
3.1 The gap between delivery and settlement
3.2 Decomposing the cash balance
4 Information Structure and the Objective
4.1 Verifiable shared information
4.2 The objective: a cash constraint imposed path by path
4.3 Heterogeneity of discount factors
5 The Growth Constraint: CCC and the Self-Financeable Growth Rate
5.1 The cash conversion cycle
5.2 The fundamental inequality
5.3 Growth and free cash flow
5.4 Level and change are separate constraints
5.5 CCC is a sum of lags
5.6 The path constraint and the peak
5.7 Comparative statics
6 Surplus and Layers: Source, Durability, Mutability
6.1 The three-way decomposition of surplus
6.2 Surplus and cash
6.3 Layers: five levels ordered by mutability