search query: @author Krahnen, J. P. / total: 8
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| Author: | Krahnen, J. P. |
| Title: | Objektfinanzierung und Vertragsgestaltung. |
| Journal: | Zeitschrift für Betriebswirtschaft
1990 : JAN, VOL. 60:1, p. 21-38 |
| Index terms: | LEASING FINANCIAL MANAGEMENT FINANCIAL PLANNING LONG RANGE PLANNING |
| Language: | ger |
| Abstract: | The structure of typical long-term leasing arrangements has received little attention by economists. In the paper it is shown how the contractual structure of finance leasing depends on real characteristics of the underlying asset. A simple Principal-Agent model is used to to demonstrate that two requirements, incentive compatibility and time consistency, are able to explain the contractual structure, e.g. which option (put or call) and what striking price is optimal. As a bottom line, the contract depends on the degree of irreversibility of the asset. |
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