This paper argues leasing is a risk-sharing mechanism: risk-tolerant lessors (capital owners) provide insurance to … this channel. Our study also provides a caveat to the recent leasing accounting change of IFRS 16: lease induced liability …

insight that, though leasing is a critical element of firms' liability, leasing and financial debt have opposite implications …

This paper argues that leasing, as an important but often ignored source of external financing, facilitates the … more salient within small firms (nearly 20%) than in large firms (1%). Leasing improves the allocation of finance by …

In this paper, we argue that leasing is an important alternative way of capital reallocation. We propose a broader … empirical patterns and demonstrate the role of leasing in facilitating capital reallocation …

In this paper, we argue that leasing is an important alternative way of capital reallocation, complementary to directly …). Theoretically, we develop a general equilibrium model with an explicit buy versus lease decision to demonstrate leasing’s novel role …

This paper argues that leasing, as an important but often ignored source of external financing, facilitates the … more salient within small firms (nearly 20%) than in large firms (1%). Leasing improves the allocation of finance by …