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    Trade credit terms: asymmetric information and price discrimination evidence from three continents

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    Publication date
    2005
    Author
    Pike, Richard H.
    Lamminmäki, D.
    Cravens, K.
    Cheng, N.S.
    Keyword
    Information asymmetry
    Cross¿national comparison
    Trade credit
    Two-part terms
    Prompt payment discount
    Price discrimination
    Peer-Reviewed
    Yes
    
    Metadata
    Show full item record
    Abstract
    Trade credit terms offer firms contractual solutions to informational asymmetries between buyers and sellers. The credit period permits buyers to reduce uncertainty concerning product quality prior to payment, while the seller can reduce uncertainty concerning buyer payment intentions by prescribing payment before/on delivery or through two¿part payment terms and other mechanisms. Variation in trade credit terms also offers firms price discriminating opportunities. This study, drawing on the responses of 700 large firms in the US, UK and Australia, explores trade credit terms through the twin objectives of reducing information asymmetries and discriminatory pricing. Support is found for both theories.
    URI
    http://hdl.handle.net/10454/3186
    Version
    No full-text available in the repository
    Citation
    Pike, R.H., Cheng, N.S., Cravens, K. and Lamminmäki, D. (2005). Trade credit terms: asymmetric information and price discrimination evidence from three continents. Journal of Business Finance and Accounting. Vol. 32, Nos. 5-6, pp. 1197-1236.
    Link to publisher’s version
    http://dx.doi.org/10.1111/j.0306-686X.2005.00627.x
    Type
    Article
    Collections
    Management and Law Publications

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