Seko, Miki; Sumita, Kazuto; Yoshida, Jiro - Volkswirtschaftliche Fakultät, … - 2012
A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared … rent decreases. More importantly, the term structure of lease rates is always upward-sloping for cancellable leases …-term lease rates. Moreover, in the fixed-term lease sample, the term structure of lease rates is downward-sloping. The term …