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Credit sales and advance payments: Substitutes or complements?

  • Mateut, Simona
  • Zanchettin, Piercarlo

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.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176512005630
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 118 (2013)
Issue (Month): 1 ()
Pages: 173-176

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Handle: RePEc:eee:ecolet:v:118:y:2013:i:1:p:173-176
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Simona Mateut & Spiros Bougheas & Paul Mizen, . "Corporate trade credit and inventories: New evidence of a tradeoff from accounts payable and receivable," Discussion Papers 08/09, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  2. Katharina Eck & Martina Engemann & Monika Schnitzer, 2012. "How Trade Credits Foster International Trade," Working Papers 116, Bavarian Graduate Program in Economics (BGPE).
  3. Mitchell A. Petersen & Raghuram G. Rajan, 1996. "Trade Credit: Theories and Evidence," NBER Working Papers 5602, National Bureau of Economic Research, Inc.
  4. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
  5. Richard Pike & Nam Sang Cheng & Karen Cravens & Dawne Lamminmaki, 2005. "Trade Credit Terms: Asymmetric Information and Price Discrimination Evidence From Three Continents," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5-6), pages 1197-1236.
  6. Arup Daripa & Jeffrey Nilsen, 2011. "Ensuring Sales: A Theory of Inter-firm Credit," American Economic Journal: Microeconomics, American Economic Association, vol. 3(1), pages 245-79, February.
  7. Smith, Janet Kiholm, 1987. " Trade Credit and Informational Asymmetry," Journal of Finance, American Finance Association, vol. 42(4), pages 863-72, September.
  8. Mariassunta Giannetti & Mike Burkart & Tore Ellingsen, 0. "What You Sell Is What You Lend? Explaining Trade Credit Contracts," Review of Financial Studies, Society for Financial Studies, vol. 24(4), pages 1261-1298.
  9. Chee K. Ng & Janet Kiholm Smith & Richard L. Smith, 1999. "Evidence on the Determinants of Credit Terms Used in Interfirm Trade," Journal of Finance, American Finance Association, vol. 54(3), pages 1109-1129, 06.
  10. JaeBin Ahn & Mary Amiti & David E. Weinstein, 2011. "Trade Finance and the Great Trade Collapse," American Economic Review, American Economic Association, vol. 101(3), pages 298-302, May.
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