between borrowing and leasing – and that financial policy involves choices not only among different underlying policies but …

We develop a dynamic model of investment, capital structure, leasing, and risk management based on firms' need to … constraints. Leasing is strongly collateralized costly financing and permits greater leverage. More constrained firms hedge less …

firms, we find a significant negative relation between leasing and the firm's size, marginal tax rate, and z …-score, consistent with “complementary” theories. For substitute firms, we find a positive and significant relation between leasing, the …

This thesis investigates the determinants of the use of debt and leasing in the UK using a comprehensive measure of … found that the empirical relationships between the tax factor and debt and leasing are consistent with those theoretical … predictions. Furthermore, there is a clear distinction between the effect of taxes on debt and leasing where the firm’s marginal …