This article proposes an explanation of the structures of external financing by analysing the consequences of a leasing decision for unsecured creditors. A leasing decision generates two effects: the appearance of an agency cost related to the retrogradation of the existing banking claims and a...

[eng] Factors Determining Lending Rates in Leasing : an Empirical Study of the French Market . . In leasing , the lessor ’ s lending policy is based on a combined analysis of the lessee credit risk and the risk associated with the financed equipment . The absence of equipment risk may allow a...