Natural disasters and firm leasing: A collateral channel
This paper studies the role of lease financing in disaster-affected firms under collateral constraints. Disaster-affected firms demand funds for post-disaster reconstruction. However, the destruction of natural disasters leads to collateral constraints, which create external financing frictions. I f...
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| Published in | Journal of corporate finance (Amsterdam, Netherlands) Vol. 82; p. 102428 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier B.V
01.10.2023
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| Subjects | |
| Online Access | Get full text |
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| Abstract | This paper studies the role of lease financing in disaster-affected firms under collateral constraints. Disaster-affected firms demand funds for post-disaster reconstruction. However, the destruction of natural disasters leads to collateral constraints, which create external financing frictions. I find that affected firms obtain financing through operating leases after natural disasters. The significance of the findings highlights the importance of operating leases for collateral-constrained firms. |
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| AbstractList | This paper studies the role of lease financing in disaster-affected firms under collateral constraints. Disaster-affected firms demand funds for post-disaster reconstruction. However, the destruction of natural disasters leads to collateral constraints, which create external financing frictions. I find that affected firms obtain financing through operating leases after natural disasters. The significance of the findings highlights the importance of operating leases for collateral-constrained firms. |
| ArticleNumber | 102428 |
| Author | Wang, Jiawei (Brooke) |
| Author_xml | – sequence: 1 givenname: Jiawei (Brooke) surname: Wang fullname: Wang, Jiawei (Brooke) email: wangj249@miamioh.edu organization: Farmer School of Business, Miami University, United States of America |
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| CitedBy_id | crossref_primary_10_2139_ssrn_4686918 crossref_primary_10_1007_s10551_024_05857_y crossref_primary_10_1080_1540496X_2024_2347402 crossref_primary_10_1111_beer_12675 crossref_primary_10_1111_fima_12480 crossref_primary_10_1002_mde_4473 crossref_primary_10_1111_eufm_12528 |
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| Keywords | Leasing G0 Financing frictions Natural disasters Collateral constraints G32 |
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| Snippet | This paper studies the role of lease financing in disaster-affected firms under collateral constraints. Disaster-affected firms demand funds for post-disaster... |
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| SubjectTerms | Collateral constraints Financing frictions Leasing Natural disasters |
| Title | Natural disasters and firm leasing: A collateral channel |
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