| Tekijä: | DeGennaro, R. P. |
| Otsikko: | The effect of payment delays on stock prices |
| Lehti: | Journal of Financial Research
1990 : SUM, VOL. 13:2, p.133-145 |
| Asiasana: | MARKETS STOCK MARKETS |
| Kieli: | eng |
| Tiivistelmä: | The author models stock returns as a function of payment delays. He tests three hypotheses: 1) buyers compensate sellers for a six-business-day payment delay, 2) the rate of compensation is the the riskless rate, and 3) this delay is only responsible for day-of-the-week effects. Results support H1-2 but not H3. Further statistical results refine the results. |
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