In this paper, we argue that leasing is an important alternative way of capital reallocation, complementary to directly purchasing capital from the reallocation market, and it significantly mitigates credit-constraint-induced capital misallocation. However, in the existing literature, leased...

A vertical supply chain consisting of an original equipment manufacturer (OEM) and a downstream retailer, faces internal competition between new and remanufactured products, along with external competition from a third party remanufacturer (3PR). These competitive forces not only affect the...

This paper argues that leasing, as an important but often ignored source of external financing, facilitates the allocation efficiency of finance. We document a large overestimation of measured finance misallocation (Whited and Zhao, 2021) when lease-induced debt is ignored among US manufacturing...

When board gender quotas clash with gender stereotypes prevailing within an organization, do they trigger backlash and lead to worse female labor market outcomes? We examine staggered adoptions of quotas in Europe and document a significant drop in the share of female employment. Applying...

We review the literature on debt structure, which is a central element in a firm's capital structure. We first survey both theoretical and empirical research pertaining to debt characteristics—maturity and priority—and debt types—bank loans, corporate bonds, credit lines, commercial paper,...