{ "149559-21906703": { "datetime_modified":"20260914T231159", "datetime_start":"20260922T113000", "datetime_end":"20260922T125000", "has_end_time":1, "date_start":"2026-09-22", "date_end":"2026-09-22", "time_start":"11:30:00", "time_end":"12:50:00", "time_zone":"America\/Detroit", "event_title":"Trade Credit Delay and the Real Effects of Prompt Payment Regulation", "occurrence_title":"", "combined_title":"Trade Credit Delay and the Real Effects of Prompt Payment Regulation: Richard Shi, University of Michigan", "event_subtitle":"Richard Shi, University of Michigan", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"About one-quarter of trade-credit obligations are paid late, and larger buyers pay later than smaller ones. Using granular Dun & Bradstreet payment records, we show that this delay is selective: larger firms delay a greater share of invoices, but not a greater share of dollars, and the invoices they delay are disproportionately small. We develop a dynamic model in which downstream buyers source from heterogeneous, relationship-specific suppliers and optimally stretch payables, trading off the working-capital benefits of delay against the risk of disrupting valuable supplier relationships. We estimate the model by simulated method of moments, targeting moments on payment behavior and buyer\u2013supplier relationship dynamics. Motivated by prompt-payment regulation such as the EU Late Payment Directive, we evaluate a mandate requiring on-time payment. The mandate lowers the exit rate of incumbent suppliers from 6.6 to 2.2 percent, but it shifts the working-capital burden onto buyers, raising their financing needs by 25 percent. Buyers respond primarily by accumulating precautionary cash, but this adjustment does not fully absorb the shock: they shrink their supplier networks by 4 percent and reduce input order sizes by 4.2 percent. These extensive and intensive margin adjustments reduce output by 4.1 percent. Prompt payment regulation therefore protects incumbent matches but shrinks the overall supply base and contracts real activity.", "occurrence_notes":null, "guid":"149559-21906703@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149559", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["Macroeconomics","seminar","Economics"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Department of Economics", "group_id":"3302", "website":"http:\/\/www.lsa.umich.edu\/econ" }, { "group_name":"Michael Beauregard Seminar in Macroeconomics", "group_id":"3552", "website":"" }, { "group_name":"Department of Economics Seminars", "group_id":"3566", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/09\/event_149559_original-2.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/09\/event_149559_original-2.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/09\/event_149559_original-2.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/09\/event_149559_original-2.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/09\/event_149559_original-2.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_list\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_large\/media\/attachments\/2026\/09\/event_149559_original-2.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_thumb\/media\/attachments\/2026\/09\/event_149559_original-2.png" }, "occurrence_count":1, "first_occurrence":21906703 } , "152024-21912640": { "datetime_modified":"20260911T131259", "datetime_start":"20260922T120000", "datetime_end":"20260922T160000", "has_end_time":1, "date_start":"2026-09-22", "date_end":"2026-09-22", "time_start":"12:00:00", "time_end":"16:00:00", "time_zone":"America\/Detroit", "event_title":"\u201cWho Counts? A History of Voting in America\u201d", "occurrence_title":"", "combined_title":"\u201cWho Counts? A History of Voting in America\u201d", "event_subtitle":"", "event_type":"Exhibition", "event_type_id":"7", "description":"Changes over the course of the nineteenth century in how Americans voted, from voice vote to public ballot box to private voting booth, also saw changes in the material culture that surrounded voting. Ballots and ballot boxes, campaign pins and ribbons, blank lists and pre-printed party tickets, lanterns and banners\u2013the creative forces of the American print industry filled the country\u2019s cities and small towns with the ephemera of electioneering.\n\nAs you look at the items in this exhibit, think about what they tell us about how Americans in the past felt about voting, and about how voting felt. How did Election Days feel when they were full of parades and music and public drinking? What was it like to vote when everyone around you knew who you voted for? And, most of all, who counted as a voter, and who did the counting?\n\nOn view September 11-December 22, weekdays from 12-4 pm.", "occurrence_notes":null, "guid":"152024-21912640@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/152024", "building_id":"1000159", "building_name":"William Clements Library", "campus_maps_id":"165", "room":"", "location_name":"William Clements Library", "has_livestream":0, "cost":"", "tags":["William L Clements","Tour","Library","libraries","In Person","history","Exhibition","Exhibit","Event","Americana","american history","american culture"], "website":"https:\/\/clements.umich.edu\/exhibit\/who-counts\/", "sponsors":[ { "group_name":"William L. 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