{ "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":["Economics","Macroeconomics","seminar"], "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 } , "151926-21912462": { "datetime_modified":"20260920T052139", "datetime_start":"20260922T114000", "datetime_end":"20260922T115500", "has_end_time":1, "date_start":"2026-09-22", "date_end":"2026-09-22", "time_start":"11:40:00", "time_end":"11:55:00", "time_zone":"America\/Detroit", "event_title":"Ruthven Massage Day - September 22, 2026", "occurrence_title":"9\/22\/26: 11:40 - 11:55am", "combined_title":"Ruthven Massage Day - September 22, 2026: 9\/22\/26: 11:40 - 11:55am", "event_subtitle":"", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"Ruthven Monthly Massage ProgramThe Ruthven Wellness Committee is excited to offer monthly massage sessions!Cost: $25 for a 15-minute session | $50 for a 30-minute session (2 consecutive slots)Session Limit: Maximum 30 minutes (2 consecutive slots) per personLocation: Ruthven Room #0264 (Basement level, on the left just before the Wellness Room)Accepted Payment Methods: Cash, card, or app (PayPal, Cash App, Venmo, Zelle) due at the time of your sessionNote: Slots are scheduled 20 minutes apart to allow time for cleaning between appointments. Because these sessions are in high demand, please cancel or drop your slot as early as possible if you can no longer attend.By booking a massage, I am confirming that I am physically able to participate. I agree to assume the risk and responsibility for my participation and release the University of Michigan, its agents, and employees from any and all damages, liability, claims expenses, or loss resulting from or arising out of my massage.", "occurrence_notes":null, "guid":"151926-21912462@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/151926", "building_id":"", "building_name":"", "campus_maps_id":"", "room":"", "location_name":"Ruthven Room #0264", "has_livestream":0, "cost":"", "tags":["Sessions"], "website":"https:\/\/sessions.studentlife.umich.edu\/p\/track\/17945", "sponsors":[ { "group_name":"Sessions @ Michigan", "group_id":"4791", "website":"https:\/\/sessions.studentlife.umich.edu\/" } ], "image_url":"", "styled_images":{ "event_thumb":"", "event_large":"", "event_large_2x":"", "event_large_lightbox":"", "group_thumb":"", "group_thumb_square":"", "group_large":"", "group_large_lightbox":"", "event_large_crop":"", "event_list":"", "event_list_2x":"", "event_grid":"", "event_grid_2x":"", "event_feature_large":"", "event_feature_thumb":"" }, "occurrence_count":16, "first_occurrence":21912457 } }