交易对手风险:对网络联系和资产价格的影响

IF 6.8 1区 经济学 Q1 BUSINESS, FINANCE Review of Financial Studies Pub Date : 2022-07-22 DOI:10.1093/rfs/hhac044
Fotis Grigoris, Yunzhi Hu, G. Segal
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引用次数: 4

摘要

我们研究了贸易信贷、资产价格和生产网络联系之间的关系。经验表明,提供更多贸易信贷的公司每年获得7.6%的收益,风险溢价更低,与客户的关系也更长久。使用基于生产的模型,我们定量地解释了这些新的事实。贸易信贷降低了优质客户的离开概率,从而减少了企业在寻找新客户时所产生的系统成本。该机制预测,贸易信用总额代表客户搜索成本,与客户联系时间较短的供应商获得更高的预期回报。我们在数据中证实了这些和其他新颖的预测。
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Counterparty Risk: Implications for Network Linkages and Asset Prices
We study the relation between trade credit, asset prices, and production-network linkages. Empirically, firms extending more trade credit earn 7.6% p.a. lower risk premiums and maintain longer relationships with customers. Using a production-based model, we quantitatively explain these novel facts. Trade credit reduces the departure probability of high-quality customers, thereby reducing firms’ exposures to systematic costs incurred in finding new customers. The mechanism predicts that the aggregate amount of trade credit proxies for customer-search costs and that suppliers with shorter-duration links to customers command higher expected returns. We confirm these and other novel predictions in the data.
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来源期刊
CiteScore
16.00
自引率
2.40%
发文量
83
期刊介绍: The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.
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