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We exploit a regulation that restricted the maturity of the trade credit contracts that a large retailer could sign with some of its small suppliers. Using a within\u2010product difference\u2010in\u2010differences identification strategy, we find that the restriction reduces the likelihood of trade by 11%. The retailer also responds by internalizing procurement to its own subsidiaries and reducing overall purchases. Finally, we find that relational contracts can mitigate the inability to extend long trade credit terms.<\/jats:p>","DOI":"10.1111\/jofi.12439","type":"journal-article","created":{"date-parts":[[2016,8,4]],"date-time":"2016-08-04T05:17:36Z","timestamp":1470287856000},"page":"291-324","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":110,"title":["Financial Contracting and Organizational Form: Evidence from the Regulation of Trade Credit"],"prefix":"10.1111","volume":"72","author":[{"given":"EMILY","family":"BREZA","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"ANDRES","family":"LIBERMAN","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2017,1,12]]},"reference":[{"key":"e_1_2_8_2_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2009.01464.x"},{"key":"e_1_2_8_3_1","doi-asserted-by":"publisher","DOI":"10.1086\/681592"},{"key":"e_1_2_8_4_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.2.212"},{"key":"e_1_2_8_5_1","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753399445"},{"key":"e_1_2_8_6_1","doi-asserted-by":"publisher","DOI":"10.1162\/0033553042476152"},{"key":"e_1_2_8_7_1","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt046"},{"key":"e_1_2_8_8_1","unstructured":"Bank for International Settlements 2014 Trade finance: Developments and issues CGFS (Committee on Global Financial Systems) Papers 50."},{"key":"e_1_2_8_9_1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12371"},{"key":"e_1_2_8_10_1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/10.4.903"},{"key":"e_1_2_8_11_1","doi-asserted-by":"publisher","DOI":"10.1515\/9781400845354-023"},{"key":"e_1_2_8_12_1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12006"},{"key":"e_1_2_8_13_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0335.1937.tb00002.x"},{"key":"e_1_2_8_14_1","unstructured":"Costello Anna M. 2014 Trade credit policy in long\u2010term supply contracts Working paper Massachusetts Institute of Technology."},{"key":"e_1_2_8_15_1","volume-title":"Handbook of Entrepreneurial Finance","author":"Cu\u00f1at Vicente","year":"2012"},{"key":"e_1_2_8_16_1","doi-asserted-by":"crossref","unstructured":"Fabbri Daniela andLeoraKlapper 2008 Market power and the matching of trade credit terms World Bank Policy Research Working Paper 4754.","DOI":"10.1596\/1813-9450-4754"},{"key":"e_1_2_8_17_1","doi-asserted-by":"publisher","DOI":"10.1162\/003465304323023859"},{"key":"e_1_2_8_18_1","unstructured":"Fresard Laurent GerardHoberg andGordonPhillips 2014 The incentives for vertical acquisitions and integration Working paper University of Southern California."},{"key":"e_1_2_8_19_1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhn096"},{"key":"e_1_2_8_20_1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hht047"},{"key":"e_1_2_8_21_1","doi-asserted-by":"publisher","DOI":"10.1086\/261404"},{"key":"e_1_2_8_22_1","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X1101000406"},{"key":"e_1_2_8_23_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.3.402"},{"key":"e_1_2_8_24_1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhr122"},{"key":"e_1_2_8_25_1","doi-asserted-by":"publisher","DOI":"10.1515\/9781400845354-026"},{"key":"e_1_2_8_26_1","doi-asserted-by":"publisher","DOI":"10.2307\/3665582"},{"key":"e_1_2_8_27_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01042.x"},{"key":"e_1_2_8_28_1","doi-asserted-by":"publisher","DOI":"10.1162\/003355399556278"},{"key":"e_1_2_8_29_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1992.tb03982.x"},{"key":"e_1_2_8_30_1","first-page":"261","article-title":"The cost of capital, corporation finance and the theory of investment","volume":"48","author":"Modigliani Franco","year":"1958","journal-title":"American Economic Review"},{"key":"e_1_2_8_31_1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu051"},{"key":"e_1_2_8_32_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00138"},{"key":"e_1_2_8_33_1","volume-title":"Grupo Pao de Acucar. 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