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We employ a novel data set on almost 30,000 trade credit contracts to describe the broad characteristics of the parties that contract together and the key terms of these contracts. Whereas prior work has typically used information on only one side of the buyer-seller transaction, we utilize information on both, allowing for the first analysis of buyer ...
Klapper, Leora +2 more
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Trade Credit and Credit Rationing
Review of Financial Studies, 1997Asymmetric information between banks and firms can preclude financing of valuable projects. Trade credit alleviates this problem by incorporating in the lending relation the private information held by suppliers about their customers. Incentive compatibility conditions prevent collusion between two of the agents (e.g., the buyer and the seller) against
Biais, Bruno, Gollier, Christian
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Transportation Research Record: Journal of the Transportation Research Board, 2014
The economic implications of various designs for a U.S. national low carbon fuel standard (NLCFS) for the road transportation sector are examined. An NLCFS based on the average carbon intensity (CI) of all fuels sold in the gasoline and diesel markets generates an incentive for fuel suppliers to reduce the measured CI of their petroleum fuels.
Jonathan Rubin +2 more
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The economic implications of various designs for a U.S. national low carbon fuel standard (NLCFS) for the road transportation sector are examined. An NLCFS based on the average carbon intensity (CI) of all fuels sold in the gasoline and diesel markets generates an incentive for fuel suppliers to reduce the measured CI of their petroleum fuels.
Jonathan Rubin +2 more
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How Trade Credits Foster International Trade [PDF]
Internationally active firms rely intensively on trade credits even though they are considered particularly expensive. This phenomenon has been little explored so far. Our theoretical analysis shows that trade credits can alleviate financial constraints arising from asymmetric information because they serve as a quality signal and reduce the ...
Eck, Katharina +2 more
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Trade Credit Supply, Market Power and the Matching of Trade Credit Terms
SSRN Electronic Journal, 2008This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. We use a novel firm-level database with unique information on market power in both output and input markets and on the amount, terms and payment history of trade credit simultaneously extended to customers (account receivables ...
Fabbri, D., Klapper, L.F.
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Trade Credit and Informational Asymmetry
The Journal of Finance, 1987ABSTRACTCommonly used trade credit terms implicitly define a high interest rate that operates as an efficient screening device where information about buyer default risk is asymmetrically held. By offering trade credit, a seller can identify prospective defaults more quickly than if financial institutions were the sole providers of short‐term financing.
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2018
Chapter 16 examines Athenian trade and credit based on Demosthenes’ speeches, suggesting that any information we take from Demosthenes' speeches about the nature of and attitudes to trade and traders must take the rhetorical context of the speeches into consideration.
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Chapter 16 examines Athenian trade and credit based on Demosthenes’ speeches, suggesting that any information we take from Demosthenes' speeches about the nature of and attitudes to trade and traders must take the rhetorical context of the speeches into consideration.
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Does trade credit substitute for bank credit? [PDF]
The paper examines micro data on Italian manufacturing firms� inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that their inventory investment is constrained by the availability of trade credit.
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Trade credit as collateral [PDF]
A remarkable feature of short-term business finance is the widespread use of trade credit as collateral in bank borrowing, especially by small and medium-sized firms. The paper models the incentives for a firm to collateralize accounts receivable as a trade-off between the benefit from lower interest rates and the implicit cost from the disclosure of ...
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