attributable to either finance or operating leases is considerably higher for financially strained as well as for small and fast … substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument …

attributable to either finance or operating leases is considerably higher for financially strained as well as for small and fast … substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument … to reduce their tax burdens. -- Leasing ; financial constraints ; capital structure ; asymmetric information …

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing … by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to …-economic characteristics of the entrepreneur matter. Older and higher qualified entrepreneurs have easier access to leasing than those who are …

. -- leasing ; financial constraints ; small firm finance ; capital structure ; aging population …Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing … by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to …

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing … by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to …-economic characteristics of the entrepreneur matter. Older and higher qualified entrepreneurs have easier access to leasing than those who are …

This paper studies the financing role of leasing and secured lending. We argue that the benefit of leasing is that … repossession of a leased asset is easier than foreclosure on the collateral of a secured loan, which implies that leasing has … higher debt capacity than secured lending. However, leasing involves agency costs due to the separation of ownership and …

Leasing is one of the most important sources of external finance to corporate firms. This paper develops a dynamic … than owning capital. However, leasing provides firms with operational flexibility and leases are easier to finance than … model to investigate the role of uncertainty and financial constraint in understanding the leasing decisions of corporate …

behavioral finance. Firms have private information about their expected performance. The model also includes overconfident …

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 …