摘要: Asymmetric information between banks and firms can preclude financing of valuable projects. Trade credit alleviates this problem by incorporating in the lending relation private held suppliers about their customers. Incentive compatibility conditions prevent collusion two agents (e.g., buyer seller) against third bank). Consistent with empirical findings Petersen Rajan (1995), without relationships resort more to trade credit, sellers greater ability generate cash lows provide credit. Finally, small react monetary contractions using consistent results Nilsen (1994). Article published Oxford University Press on behalf Society for Financial Studies its journal, The Review Studies.
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