Can Paying Firms Quicker Affect Aggregate Employment?
---- Acknowledgements ----
We are grateful to Manuel Adelino, Oriana Bandiera, Nittai Bergman, Hui Chen, Erik Hurst, Erik Loualiche, Karen Mills, Ben Pugsley, David Robinson, Antoinette Schoar, Scott Stern, John Van Reenen, Chris Woodruff, and participants at the NBER Entrepreneurship and Economic Growth Conference, Toulouse School of Economics , MIT Finance lunch, INSEAD, LSE, and Maryland Junior Finance Conference for helpful feedback. We are also grateful to the US Department of Defense for sharing data on the timing of payments from their MOCAS accounting system. Barrot recognizes the support of the Kauffman Foundation Junior Faculty Fellowship and MIT Sloan. Nanda thanks the Division of Research and Faculty Development at HBS for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.