Showing 1 - 10 of 3,197
This study examines how shocks to the supply of credit during the financial crisis of 2007–2009 affect the financing and investment policies of private companies in the United Kingdom. To investigate this issue we adopt a fixed effects model as our research methodology. Our final sample...
Persistent link: https://www.econbiz.de/10010617258
Using micro-data on small- and medium-sized enterprises, this paper empirically investigates the “signalling hypothesis …
Persistent link: https://www.econbiz.de/10010988554
We investigate the interaction between supplier credit sales and customer advance payment. We find evidence that advance payments and credit sales are used as complementary terms of payment in international trade and in transactions of differentiated goods.
Persistent link: https://www.econbiz.de/10010603149
We investigate the interaction between two terms of payment, supplier credit sales and customer advance payment. We find evidence that advance payments may signal customer creditworthiness and increase trade credit extension when we control for vendor size in international transactions or for...
Persistent link: https://www.econbiz.de/10010570831
This article proposes an agency model to explain the trade credit offer to clients. Our model is based on the existence of asymmetric information between sellers and buyers, which results in the appearance of two phenomena known as adverse selection and moral hazard. The former has already been...
Persistent link: https://www.econbiz.de/10005264569
Financing through suppliers is a subject that has been little studied in the economic literature in general and in corporate finance in particular. Although several hypotheses have been put forward to explain the different reasons behind this phenomenon, trade credit is not based on a general...
Persistent link: https://www.econbiz.de/10005075661
En este estudio se obtienen los factores determinantes del uso del crédito comercial para una muestra de empresas canarias durante el período 1990-1996. Utilizando la metodología de datos de panel, los resultados señalan que el crédito comercial permite reducir tanto las asimetrías...
Persistent link: https://www.econbiz.de/10005396389
La literatura sobre el crédito comercial revela la falta de una teoría general de este tipo de crédito, siendo diversos los modelos que se han planteado y contrastado para justificar su utilización. Este trabajo ofrece una visión clara y completa sobre este instrumento de financiación, al...
Persistent link: https://www.econbiz.de/10010565907
We examine trade credit links between firms as a channel of international return comovement. We model firms in different countries connected by trade credit links in segmented stock markets with asymmetrically informed investors. The model predicts that the cross-serial correlation of country...
Persistent link: https://www.econbiz.de/10008854544
An extensive theoretical literature has developed that investigates the role of promotions as a signal of worker ability. There have been no tests, however, of the empirical validity of this idea. In this paper we develop the theory in a manner that allows us to generate testable predictions,...
Persistent link: https://www.econbiz.de/10005836646