in The Review of Financial Studies
April 2009; p ublished online March 2008 .
Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Corporate Governance; Bankruptcy. 18522 words.
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...