A note on the price of trade credit

Managerial Finance

Volumn 37, Issue 6, 2011, Pages 565-574

  Chludek, Astrid K ^a  

^a UNIVERSITY OF COLOGNE   (Germany)

Author keywords

Credit; Financing; Trade

Indexed keywords

EID: 85015681703     PISSN: 03074358     EISSN: 17587743     Source Type: Journal    
DOI: 10.1108/03074351111134754     Document Type: Article

References (25)

1. Biais, B. and Gollier, C. (1997), “Trade credit and credit rationing”, The Review of Financial Studies, Vol. 10 No. 4, pp. 903-37.
2. Boissay, F. and Gropp, R. (2007), “Trade credit defaults and liquidity provision by firms”, ECB Working Paper No. 753/2007.
3. Brealey, R.A. and Myers, S.C. (2003), Principles of Corporate Finance, 7th ed., McGraw-Hill/Irwin, New York, NY.
4. Brennan, M.J., Maksimovic, V. and Zechner, J. (1988), “Vendor financing”, The Journal of Finance, Vol. 43 No. 5, pp. 1127-41.
5. Cuñat, V. (2007), “Trade credit: suppliers as debt collectors and insurance providers”, The Review of Financial Studies, Vol. 20 No. 2, pp. 491-527.
6. Danielson, M.G. and Scott, J.A. (2004), “Bank loan availability and trade credit demand”, The Financial Review, Vol. 39 No. 4, pp. 579-600.
7. European Payment Index (2008), “Intrum Justitia”, available at: www.intrum.de/pdf/EPI_2008.pdf (accessed 15 October 2010).
8. Ferris, J.S. (1981), “A transactions theory of trade credit use”, The Quarterly Journal of Economics, Vol. 96 No. 2, pp. 243-70.
9. Harhoff, D. and Körting, T. (1998), “Lending relationships in Germany: empirical results from survey data”, WZB Discussion Paper FS IV 98–6.
10. Huyghebaert, N. (2006), “On the determinants and dynamics of trade credit use: empirical evidence from business start-ups”, Journal of Business Finance & Accounting, Vol. 33 Nos 1/2, pp. 305-28.
11. Huyghebaert, N. and van de Gucht, L. (2007), “The determinants of financial structure: new insights from business start-ups”, European Financial Management, Vol. 13 No. 1, pp. 101-33.
12. Lee, Y.W. and Stowe, J.D. (1993), “Product risk, asymmetric information, and trade credit”, The Journal of Financial and Quantitative Analysis, Vol. 28 No. 2, pp. 285-300.
13. Long, M.S., Malitz, I.B. and Ravid, S.A. (1993), “Trade credit, quality guarantees, and product marketability”, Financial Management, Vol. 22 No. 4, pp. 117-27.
14. Miwa, Y.M. and Ramseyer, J. (2008), “The implications of trade credit for bank monitoring: suggestive evidence from Japan”, Journal of Economics Management Strategy, Vol. 17 No. 2, pp. 317-43.
15. Ng, C.K., Smith, J.K. and Smith, R.L. (1999), “Evidence on the determinants of credit terms used in interfirm trade”, The Journal of Finance, Vol. 54 No. 3, pp. 1109-29.
16. Niskanen, J. and Niskanen, M. (2006), “The determinants of corporate trade credit policies in a bank-dominated financial environment: the case of Finnish small firms”, European Financial Management, Vol. 12 No. 1, pp. 81-102.
17. Petersen, M.A. and Rajan, R.G. (1994), “The benefits of lending relationships: evidence from small business data”, The Journal of Finance, Vol. 49 No. 1, pp. 3-37.
18. Petersen, M.A. and Rajan, R.G. (1997), “Trade credit: theories and evidence”, The Review of Financial Studies, Vol. 10 No. 3, pp. 661-91.
19. Pike, R. and Cheng, N.S. (2001), “Credit management: an examination of policy choices, practices and late payment in UK companies”, Journal of Business Finance & Accounting, Vol. 28, pp. 1013-42.
20. Pike, R. and Neale, B. (2006), Corporate Finance and Investment: Decisions & Strategies, 5th ed., Financial Times/Prentice-Hall, Harlow.
21. Pike, R., Cheng, N.S., Cravens, K. and Lamminmaki, D. (2005), “Trade credit terms: asymmetric information and price discrimination evidence from three continents”, Journal of Business Finance & Accounting, Vol. 32 Nos 5/6, pp. 1197-236.
22. Schwartz, R.A. and Whitcomb, D.K. (1978), “Implicit transfers in the extension of trade credit”, in Boulding, K.E. and Wilson, T.F. (Eds), Redistribution through the Financial System: The Grants Economics of Money and Credit, Praeger Special Studies, New York, NY, pp. 191-208.
23. Smith, J.K. (1987), “Trade credit and informational asymmetry”, The Journal of Finance, Vol. 42 No. 4, pp. 863-72.
24. Summers, B. and Wilson, N. (2003), “Trade credit and customer relationships”, Managerial and Decision Economics, Vol. 24 Nos 6/7, pp. 439-55.
25. Wilner, B.S. (2000), “The exploitation of relationships in financial distress: the case of trade credit”, The Journal of Finance, Vol. 55 No. 1, pp. 153-78.