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Leasing und asymmetrische Informationsverteilung

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  • Hartmann-Wendels, Thomas
  • Winter, Jens
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    Abstract

    Steigende Leasingquoten trotz der schwachen konjunkturellen Entwicklung der letzten beiden Jahre in Deutschland werfen die Frage auf, wie sich dieser Trend erklären lässt. Die klassischen Argumente für Leasing, wie z.B. bilanzielle Effekte oder steuerliche Vorteile, können die Motivation, Investitionen durch Leasing zu finanzieren, nicht hinreichend begründen. Hier bietet die Informationskostenökonomik einen weiteren Erklärungsansatz. Asymmetrische Informationsverteilung kann eigentlich vorteilhafte Investitionsprojekte verhindern oder kann dazu führen, dass der besser informierte Transaktionspartner seinen Informationsvorsprung ausnutzt. Leasing ist bei asymmetrischer Informationsverteilung aufgrund des Aussonderungsrechts im Insolvenzfall ebenso wie ein besicherter Kredit dem herkömmlichen Kreditvertrag überlegen. Der Vorteil des Leasings gegenüber dem besicherten Kredit liegt in der besseren Verwertungskompetenz der Leasinggesellschaften. --

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    Bibliographic Info

    Article provided by Universität zu Köln, Forschungsinstitut für Leasing in its journal Leasing: Wissenschaft & Praxis, Forschungsinstitut für Leasing an der Universität zu Köln.

    Volume (Year): 4 (2006)
    Issue (Month): 1 ()
    Pages: 15-27

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    Handle: RePEc:zbw:uoclwp:60286

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    Web page: http://www.leasing.uni-koeln.de/

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    1. Steven A. Sharpe & Hien H. Nguyen, 1994. "Capital market imperfections and the incentive to lease," Finance and Economics Discussion Series 94-5, Board of Governors of the Federal Reserve System (U.S.).
    2. Igal Hendel & Alessandro Lizzeri, 2002. "The Role of Leasing under Adverse Selection," Journal of Political Economy, University of Chicago Press, vol. 110(1), pages 113-143, February.
    3. Schmit, Mathias, 2004. "Credit risk in the leasing industry," Journal of Banking & Finance, Elsevier, vol. 28(4), pages 811-833, April.
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    5. Haunschild, Ljuba, 2004. "Leasing in mittelständischen Unternehmen: Ergebnisse einer schriftlichen Befragung," Leasing - Wissenschaft & Praxis, Universität zu Köln, Forschungsinstitut für Leasing, vol. 2(3), pages 3-98.
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    8. Bigus, J. & Langer, T. & Schiereck, D., 2004. "Wie werden Kreditsicherheiten in der Praxis eingesetzt? - Ein Überblick über empirische Befunde," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35181, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    9. Bester, Helmut, 1985. "Screening vs. Rationing in Credit Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 75(4), pages 850-55, September.
    10. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    11. 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.
    12. Bigus, J. & Langer, T. & Schiereck, D., 2005. "Warum gibt es Kreditsicherheiten?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35077, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    13. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
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