| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25553 |
| 来源ID | Working Paper 25553 |
| Do Trade Creditors Possess Private Information? Stock Returns Evidence | |
| David Hirshleifer; Yifan Li; Ben Lourie; Thomas Ruchti | |
| 发表日期 | 2019-02-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Payment timeliness in trade credit transactions is a key metric suppliers use to monitor their buyers. However, firms are not required to disclose payment timeliness information. In theory, late payments could be either a positive or negative indicator of future performance. We find that late payment by buyers is negatively associated with future buyer financial performance and positively associated with subsequent default risk. This suggests that late payments are an indicator of inability to pay on time rather than an indicator that firms are delaying payments to fund profitable investments. The predictive power of payment timeliness for fundamentals is stronger for low liquidity and distressed firms. Finally, we find a significant association between payment timeliness and future stock returns, suggesting that investors do not fully incorporate payment timeliness information. Our evidence regarding the informativeness of payment timeliness is relevant for the ongoing regulatory debate on whether firms should disclose payment timeliness. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w25553 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583227 |
| 推荐引用方式 GB/T 7714 | David Hirshleifer,Yifan Li,Ben Lourie,et al. Do Trade Creditors Possess Private Information? Stock Returns Evidence. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25553.pdf（495KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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