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Leasing versus purchasing: Direct evidence on a corporation's motivations for leasing and consequences of leasing

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  • Ezzell, John R.
  • Vora, Premal P.

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  • Ezzell, John R. & Vora, Premal P., 2001. "Leasing versus purchasing: Direct evidence on a corporation's motivations for leasing and consequences of leasing," The Quarterly Review of Economics and Finance, Elsevier, vol. 41(1), pages 33-47.
    • Handle: RePEc:eee:quaeco:v:41:y:2001:i:1:p:33-47
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    1. Kim, E. Han & Lewellen, Wilbur G. & McConnell, John J., 1978. "Sale-and-Leaseback Agreements and Enterprise Valuation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(5), pages 871-883, December.
    2. Slovin, Myron B. & Sushka, Marie E. & Polonchek, John A., 1991. "Restructuring transactions by bank holding companies: The valuation effects of sale-and-leasebacks and divestitures," Journal of Banking & Finance, Elsevier, vol. 15(2), pages 237-255, April.
    3. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
    4. Sharpe, Steven A. & Nguyen, Hien H., 1995. "Capital market imperfections and the incentive to lease," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 271-294.
    5. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    6. Slovin, Myron B & Sushka, Marie E & Polonchek, John A, 1990. "Corporate Sale-and-Leasebacks and Shareholder Wealth," Journal of Finance, American Finance Association, vol. 45(1), pages 289-299, March.
    7. Myers, Stewart C & Dill, David A & Bautista, Alberto J, 1976. "Valuation of Financial Lease Contracts," Journal of Finance, American Finance Association, vol. 31(3), pages 799-819, June.
    8. Lewis, Craig M. & Schallheim, James S., 1992. "Are Debt and Leases Substitutes?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(4), pages 497-511, December.
    9. Smith, Clifford W, Jr & Wakeman, L MacDonald, 1985. "Determinants of Corporate Leasing Policy," Journal of Finance, American Finance Association, vol. 40(3), pages 895-908, July.
    10. V. Sivarama Krishnan & R. Charles Moyer, 1994. "Bankruptcy Costs and the Financial Leasing Decision," Financial Management, Financial Management Association, vol. 23(2), Summer.
    11. Miller, Merton H & Upton, Charles W, 1976. "Leasing, Buying, and the Cost of Capital Services," Journal of Finance, American Finance Association, vol. 31(3), pages 761-786, June.
    12. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    13. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    14. Lewellen, Wilbur G & Long, Michael S & McConnell, John J, 1976. "Asset Leasing in Competitive Capital Markets," Journal of Finance, American Finance Association, vol. 31(3), pages 787-798, June.
    15. McConnell, John J. & Muscarella, Chris J., 1985. "Corporate capital expenditure decisions and the market value of the firm," Journal of Financial Economics, Elsevier, vol. 14(3), pages 399-422, September.
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    Cited by:

    1. Gude, Hardy & Metzger, Georg & Kohn, Karsten & Ullrich, Katrin & Fryges, Helmut & Gottschalk, Sandra & Müller, Kathrin & Murmann, Martin & Niefert, Michaela, 2011. "KfW/ZEW-Gründungspanel 2011: Vom Aufschwung getragen? Startschwierigkeiten und Wachstumschancen junger Unternehmen," ZEW Expertises, ZEW - Leibniz Centre for European Economic Research, number 161820.
    2. Chengke Zhu & Lijing Shen & Yanping Shi, 2022. "Motivation Analysis of Market and Institution on Corporate Leasing Financialization from the Perspective of Regulatory Arbitrage: Evidence from Chinese Listed Companies," Sustainability, MDPI, vol. 14(19), pages 1-21, October.
    3. Andrea L. Eisfeldt & Adriano A. Rampini, 2009. "Leasing, Ability to Repossess, and Debt Capacity," The Review of Financial Studies, Society for Financial Studies, vol. 22(4), pages 1621-1657, April.
    4. Landry, Suzanne & Fortin, Anne & Callimaci, Antonello, 2013. "Family firms and the lease decision," Journal of Family Business Strategy, Elsevier, vol. 4(3), pages 176-187.
    5. Jacques Sarremejeanne, 2011. "Les déterminants financiers des cessions-bail," Post-Print hal-00650571, HAL.
    6. Emhjellen, Magne & Løvås, Kjell & Osmundsen, Petter, 2009. "LNG Project Valuation with Financial Leasing Contracts," UiS Working Papers in Economics and Finance 2009/15, University of Stavanger.
    7. Fayez A. Elayan & Thomas O. Meyer & Jingyu Li, 2006. "Evidence from Tax-Exempt Firms on Motives for Participating in Sale-Leaseback Agreements," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 381-410.
    8. Schallheim, James & Wells, Kyle & Whitby, Ryan J., 2013. "Do leases expand debt capacity?," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 368-381.
    9. Noriko Ashiya, 2015. "Determinants of Potential Seller/Lessee Benefits in Sale¡VLeaseback Transactions," International Real Estate Review, Global Social Science Institute, vol. 18(1), pages 89-112.
    10. Dirk Brounen & Mathijs van Dijk & Piet M.A. Eichholtz, 2008. "Corporate Real Estate and Corporate Takeovers: International Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 30(3), pages 293-314.
    11. Marie-Christine Filareto, 2004. "Les déterminants du taux débiteur exigé par le crédit-bailleur : une étude empirique sur le marché français," Économie et Prévision, Programme National Persée, vol. 162(1), pages 111-128.

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