Trade Credit Use as Firms Approach Default
研究了濒临破产企业贸易信贷的变化，发现供应商因转换成本不同而行为各异，高转换成本供应商会提供更多信贷，集中市场供应商则提供临时支持。
Abstract Using a sample of distressed firms with information about suppliers, we document an average fall in the use of trade credit as firms approach bankruptcy compared to a control sample of nonbankrupt firms. However, we uncover a large degree of heterogeneity across suppliers. Suppliers facing high switching costs maintain their business ties with the distressed firms as they approach bankruptcy, and provide them more trade credit. Suppliers in concentrated markets provide temporary support to their clients. Overall, the findings of this paper suggest that switching costs are fundamental to explain whether suppliers provide liquidity to their distressed clients or not.