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BEGIN:VEVENT
UID:4929f25d5fcb351dcdfdfcaff05e6b16
CATEGORIES:Seminars
CREATED:20260810T094223
SUMMARY:Lunch Seminar: Andres Gonzalez Lira - Pontificia Universidad Catolica de Chile Business School
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nCompetition under Financial Constraints in Procurement Markets\n\n\nAbs
 tract:\nFinancial constraints raise firms' effective costs, often asymmetri
 cally, with consequences for competition and market structure. We study the
 se effects in public procurement, where payment delays force suppliers to f
 inance the gap between production and payment. We combine administrative da
 ta on the full contract life-cycle with a reform that sharply reduced payme
 nt delays in Chilean public health procurement. Difference-in-differences e
 stimates show that shorter delays increase auction participation --especial
 ly among small firms-- and lower winning bids by 5 percent. To separate fin
 ancing costs from competition effects, we estimate a model of entry and bid
 ding in scoring auctions in which delays act as a contract-specific cost we
 dge. We recover a monthly cost of liquidity of 0.9 percent (11 percent annu
 alized), higher for small firms. Financing costs account for roughly 8 perc
 ent of the small–large cost gap, implying payment terms are a policy lever 
 over cost asymmetries and competition.\n
DTSTAMP:20261023T160823Z
DTSTART:20260918T130000Z
DTEND:20260918T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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