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    STUDIA NEGOTIA - Issue no. 1 / 2005  
         
  Article:   LEASING, CAPITAL STRUCTURE AND DEBT DISPLACEMENT.

Authors:  MARIA-ANDRADA GEORGESCU.
 
       
         
  Abstract:  Brealy and Young (1980, p. 1249) remind us: “…the use of any lease valuation model involves a general theory of capital structure”. If a user purchase an asset with a given combination of cash and borrowing, there is a clear impact on corporate capital. The impact is not so clear if the user leases the asset. A brief review of the evolution of theories on corporate capital structure – presented by Myers (1984) will assist in our discussion of how leasing analysis “involves a general theory of capital structure”.  
         
     
         
         
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