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TherealeffectsoftradecreditdemandsonconstrainedsuppliersSmallLendingBig:JustinMurfinKennethNjorogePresentedbyLaylaYing;Feb22,2013
Thispaperexaminesatradecreditrelationshipinwhichsmaller,oftencreditconstrained,suppliersprovidefinancingfortheirlargeinvestment-gradebuyers.goodssupplierbuyer
Thispaperexamineatradecreditrelationshipinwhichsmaller,oftencreditconstrained,suppliersprovidefinancingfortheirlargeinvestment-gradebuyers.supplierbuyerIwillpayyou60dayslater.
Thispaperexamineatradecreditrelationshipinwhichsmaller,oftencreditconstrained,suppliersprovidefinancingfortheirlargeinvestment-gradebuyers.supplierbuyerIwillpayyou60dayslater.small;unratedlarge;investment-grade
Eachbuyerismatchedtoallsuppliersreportingamaterialrelationshipwithitviamandatory10-Kand10-Qdisclosures.SampleselectionBuyerSupplier(food)Supplier(clothing)Supplier(electronic)Supplier(officesupplies)BuyerSupplier(food)Supplier(clothing)Supplier(electronic)Supplier(officesupplies)
Selectioncriteriaforbuyers:IdentifiableinCompustat’scustomersegmentdataLimitedtotheretailindustryHaveinvestment-gradecreditratingSelectioncriteriaforsellers:IdentifiableinCompustat’scustomersegmentdataNotinfinancialservicesandrealestateindustriesHaveatleastoneidentifiableinvestment-graderatedcustomerintheretailsectorSampleselection
1,032uniquebuyer-sellerpairsinvolving41bigretailbuyersandthe702sellersthatsupplythem.Sampleperiod:1985-2010.Mean(median)buyer-sellerrelation:7.38(6)yearslong.
Totalsalesformean(median)retailbuyer:$25.7($13.6)billion.
Totalsalesformean(median)seller:$606($147)million.
Themean(median)selleraccountsforonlyabout0.167%(0.075%)ofamatchedbuyer’scostofgoodssold.
Themean(median)buyeraccountsfor22%(15%)ofeachmatchedsupplier’ssales.
AssumptionThesuppliersaresmallrelativetotheirbuy
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