4.2财务金融系系列讲座之114期
时间：2013年4月2日（周二）13:30
地点：史带楼303室
主持人：Dr. Gong Zhan （战功 博士） Department of Finance, School of Management, Fudan University
主题：Leasing and Business Cycles
演讲者：Dr. Na Zhang（张娜 博士） Department of Finance, School of Management, Fudan University
摘要: This paper documents that leasing is countercyclical over business cycles. Firms lease more during economic downturns, and are more willing to buy capital during up cycles. One key benefit of leasing is that leases are easier to finance than purchases. This benefit is particularly important to firms with financial constraints. Firms face tighter financing conditions during recessions. Therefore, leasing is more attractive during recessions. This paper also develops a model to explain the observed countercyclical pattern of leasing.
财务金融系
2013-3-28
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