G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w25553
来源IDWorking 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
URLhttps://www.nber.org/papers/w25553
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/583227
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GB/T 7714
David Hirshleifer,Yifan Li,Ben Lourie,et al. Do Trade Creditors Possess Private Information? Stock Returns Evidence. 2019.
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