Abstract

http://ssrn.com/abstract=6329
 


 



User Specialization and Asset Financing


Michel A. Habib


University of Zurich; Swiss Finance Institute

D. Bruce Johnsen


George Mason University - School of Law; PERC - Property and Environment Research Center


London Business School Institute of Finance and Accounting Working Paper 196

Abstract:     
This paper provides a common explanation for a variety of asset financing arrangements that are observed in practice, specifically leasing, secured debt, project finance without recourse, and vendor financing. Such arrangements are viewed as serving to allocate ownership of one or many assets to those users best able to make use of these assets, in a manner that precludes ex-post bargaining and therefore avoids the distortion of ex-ante investment. The paper also provides a partial explanation for the various levels of seniority of debt.

JEL Classification: G12

working papers series


Not Available For Download

Date posted: May 7, 1998  

Suggested Citation

Habib, Michel A. and Johnsen, D. Bruce, User Specialization and Asset Financing. London Business School Institute of Finance and Accounting Working Paper 196. Available at SSRN: http://ssrn.com/abstract=6329

Contact Information

Michel A. Habib (Contact Author)
University of Zurich ( email )
Plattenstrasse 14
Zurich, 8032
Switzerland
41-44-634-2507 (Phone)
41-44-634-4903 (Fax)
HOME PAGE: http://www.isb.uzh.ch/institut/profs/mhabib.htm
Swiss Finance Institute ( email )
c/o University of Geneve
40, Bd du Pont-d'Arve
1211 Geneva, CH-6900
Switzerland

D. Bruce Johnsen
George Mason University - School of Law ( email )
3301 Fairfax Drive
Arlington, VA 22201
United States
703-993-8066 (Phone)
703-993-8088 (Fax)
PERC - Property and Environment Research Center
2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States

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