Schallheim, James; Wells, Kyle; Whitby, Ryan J. - In: Journal of Corporate Finance 23 (2013) C, pp. 368-381
Theoretically and empirically, debt and leases have been shown to be both substitutes and complements. To explore the relation, we divide our sample into two subsets: those that exhibit a complementary relation (43% increase debt after increasing leases), and those that exhibit a substitutionary...
