| Tekijä: | Bayless, M. E. Diltz, J. D. |
| Otsikko: | Capital leasing and corporate borrowing. |
| Lehti: | Engineering Economist
1987 : SUMMER, VOL. 32:4, p. 281-302 |
| Asiasana: | DEBT MANAGEMENT DEBT FINANCING LEASING DISCOUNTED CASH FLOW ECONOMETRIC MODELS BORROWING |
| Kieli: | eng |
| Tiivistelmä: | Two refinements to the theory of debt displacement of leasing are made: 1. the debt displacement effects of particular types of cash flows are explicitly distinguished from those of a lease or debt transaction in toto; 2. the tax shield multiplier process originally identified by Idol is improved. Estimates of displacement are generated for alternative assumptions about the relationship between the present value of lease obligations and the cost of the underlying asset. For a reasonable set of parameters simulation analysis indicated that leasing displaces 7-21% more debt capacity than debt finance. |
SCIMA