SOURCES

The cash cycle and profitability (chapter 2)

• Hyun-Han Shin and Luc Soenen. “Efficiency of Working Capital Management and Corporate Profitability.” Financial Practice and Education 8(2), 1998, 37–45. Sample and finding as summarized in Shahid Ali, “Working Capital Management and the Profitability of the Manufacturing Sector: A Case Study of Pakistan’s Textile Industry,” Lahore Journal of Economics 16(2), 2011, 141–178, and in Wang (2019) below.
• Marc Deloof. “Does Working Capital Management Affect Profitability of Belgian Firms?” Journal of Business Finance and Accounting 30(3–4), 2003, 573–588.
• Baolian Wang. “The Cash Conversion Cycle Spread.” Journal of Financial Economics 133(2), 2019, 472–497. Working paper version.
• Neil C. Churchill and John W. Mullins. “How Fast Can Your Company Afford to Grow?” Harvard Business Review, May 2001.
• Lawrence M. Fisher. “Inside Dell Computer Corporation: Managing Working Capital.” strategy+business, January 1998.

Payouts (chapter 3)

• Shopify Help Center. Shopify Payments payout timing.
• PayPal. User Agreement, section on holds.
• Affirm Business Hub. Understanding settlements.
• Afterpay. For retailers. Klarna, Klarna for business.

Company filings (chapters 4, 5, 8, 11)

• Costco Wholesale Corporation. Form 10-K for the fiscal year ended August 31, 2025; consolidated balance sheets.
• Dell Inc. Form 10-Q for the quarter ended July 29, 2005; Form 10-K for fiscal 2005; selected financial data and ratios, fiscal 2010 to 2013.
• Peloton Interactive. Form 10-K for the fiscal year ended June 30, 2022; balance sheets, operations, cash flows.
• Starbucks Corporation. Form 10-K for the fiscal year ended September 28, 2025; deferred revenue details.

Preorders and the rules (chapters 6, 7)

• Jinhong Xie and Steven M. Shugan. “Electronic Tickets, Smart Cards, and Online Prepayments: When and How to Advance Sell.” Marketing Science 20(3), 2001, 219–243.
• Jinhong Xie and Steven M. Shugan. “Advance Selling Theory.” In Vithala R. Rao, ed., Handbook of Pricing Research in Marketing, Edward Elgar, 2009.
• Ethan Mollick. “The Dynamics of Crowdfunding: An Exploratory Study.” Journal of Business Venturing 29(1), 2014, 1–16.
• Kickstarter. Fulfillment report, study by Ethan Mollick, 2015.
• Shopify Help Center. Pre-orders.
• 16 CFR Part 435, Mail, Internet, or Telephone Order Merchandise. Federal Trade Commission, Business Guide to the FTC’s Mail, Internet, or Telephone Order Merchandise Rule, edited January 2025; final amendments, September 2014.
• 16 CFR 1.98, adjustment of civil monetary penalty amounts, as amended January 17, 2025.

Float (chapter 8)

• Warren E. Buffett. Letter to Berkshire Hathaway shareholders, February 2020.
• 12 CFR 1005.20, requirements for gift cards and gift certificates (Regulation E).
• California Civil Code § 1749.5, as amended by SB 22 (Stats. 2025, ch. 207), version operative April 1, 2026, and Code of Civil Procedure § 1520.5.
• FASB Accounting Standards Codification 606-10-55-46 to 55-49, customers’ unexercised rights.

Supply and financing (chapters 10 to 12)

• Ford W. Harris. “How Many Parts to Make at Once.” Factory, The Magazine of Management 10, 1913, 135–136, 152. Donald Erlenkotter, “Ford Whitman Harris and the Economic Order Quantity Model,” Operations Research 38(6), 1990.
• Shopify. Shopify Capital; Shopify Help Center, Shopify Capital.