This paper examines how competition among suppliers affects their willingness to provide trade credit financing. Trade credit extended by a supplier to a cash constrained retailer allows the latter to increase cash purchases from its other suppliers, leading to a free rider problem. A supplier that represents a smaller share of the retailer's purchases internalizes a smaller part of the benefit from increased spending by the retailer and, as a result, extends less trade credit relative to its sales. In consequence, retailers with dispersed suppliers obtain less trade credit than those whose suppliers are more concentrated. The free rider problem is especially detrimental to a trade creditor when the free-riding suppliers are its product market competitors, leading to a negative relation between product substitutability among suppliers to a given retailer and trade credit that the former provide to the latter. We test the model using both simulated and real data. The estimated relations are consistent with the model's predictions and are statistically and economically significant.

A V-shaped aromatic ligand 1,3-di(4-carboxyphenyl)benzene (H 2 DCPB), just retaining one branch of the H 6 TDCPB ligand, was utilized. The assembly of this ligand with Zn(II) ion forms a two-fold interpenetrated porous MOF with pcu topology . The N 2 adsorption isotherm of the activated sample at 77 K revealed a type-I microporous characteristic. The BET and Langmuir surface areas are calculated to be 503.7 m 2 g -1 and 718.9 m 2 g -1 , respectively. Notably, by fluorescence technique, JUC-10 135 can be used to detect nitroaromatic explosives. Especially, it is one of the most efficient porous material-based sensors for TNP (K SV = 3.7 × 10 4 M -1 ). Furthermore, JUC-135 also can distinguish TNP (blue-shift) from NB, 1, 3-DNB and 2, 4-DNT (red-shift) through shift direction of fluorescent spectra. 65 a 2θ range of 4-40° at room temperature. Thermogravimetric analyses (TGA) were performed with a Perkin-Elmer TGA thermogravimetric analyzer at a heating rate of 10 °C/min in the range of 30-800 °C under air flow for all measurements. Elemental analyses (C, H and N) were performed on a Perkin-70 Elmer 240 analyzer. Fourier-transform infrared spectra (FT-IR) Journal Name, [year], [vol], 00-00 | 3 65intensity of JUC-135 was reduced by 25.49%, 25.67%, 34.44%, 95.02% upon exposure to NB, 1, 3-DNB, 2, 4-DNT and TNP of 40 ppm, respectively (Fig. S6). The obtained data indicated that TNP is detected most effectively ( Fig. 4d and Fig. S5b-5d), which is mainly attributed to the three nitro groups in TNP. With 70 increasing -NO 2 groups, electron transfer becomes easier, which leads to more efficient fluorescence quenching. [56,57]

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In this study, it was, interestingly, found that 2,2'-azino-bis(3-ethylbenzothiazoline)-6-sulfonate (ABTS), a widely used electron shuttle, could greatly accelerate the oxidation of substituted phenols by potassium permanganate (Mn(VII)) in aqueous solutions at pH 5-9. This was attributed to the fact that these substituted phenols could be readily oxidized by the stable radical cation (ABTS(•+)), which was quickly produced from the oxidation of ABTS by Mn(VII). The reaction of Mn(VII) with ABTS exhibited second-order kinetics, with stoichiometries of ∼5:1 at pH 5-6 and ∼3:1 at pH 7-9, and the rate constants varied negligibly from pH 5 to 9 (k = (9.44 ± 0.21) × 10(4) M(-1) s(-1)). Comparatively, the reaction of ABTS(•+) with phenol showed biphasic kinetics. The second-order rate constants for the reactions of ABTS(•+) with substituted phenols obtained in the initial phase were strongly affected by pH, and they were several orders of magnitude higher than those for the reactions of Mn(VII) with substituted phenols at each pH. Good Hammett-type correlations were found for the reactions of ABTS(•+) with undissociated (log(k) = 2.82-4.31σ) and dissociated phenols (log(k) = 7.29-5.90σ). The stoichiometries of (2.2 ± 0.06):1 (ABTS(•+) in excess) and (1.38 ± 0.18):1 (phenol in excess) were achieved in the reaction of ABTS(•+) with phenol, but they exhibited no pH dependency.