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Cited by 396

The DOI matches its Crossref record; 50 of the 50 references it cites were found in a registry or an index.

Leasing, Ability to Repossess, and Debt Capacity

Open access
Eisfeldt, Andrea L., Rampini, Adriano A.·2009·Review of Financial Studies
DOI 10.1093/rfs/hhn026
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Abstract

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 control. More financially constrained firms value the additional debt capacity more and hence lease more of their capital than less constrained firms. We provide empirical evidence consistent with this prediction. Our theory is consistent with the explanation of leasing by practitioners, namely that leasing "preserves capital," which the academic literature considers a fallacy.

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Metadata

Authors
Eisfeldt, A. L., & Rampini, A. A.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2008-03-29
Volume
22
Issue
4
Pages
1621-1657
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhn026
OpenAlex
W3124163990
Cited by
396
References
50
FWCI
51.56
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Leasing, Ability to Repossess, and Debt Capacity. https://app.cochat.ai/papers/10.1093/rfs/hhn026
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Eisfeldt, A. L., & Rampini, A. A. (2009). Leasing, Ability to Repossess, and Debt Capacity. Review of Financial Studies. https://doi.org/10.1093/rfs/hhn026

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.