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Operating leases and the assessment of lease-debt substitutability

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  • Beattie, Vivien
  • Goodacre, Alan
  • Thomson, Sarah

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  • Beattie, Vivien & Goodacre, Alan & Thomson, Sarah, 2000. "Operating leases and the assessment of lease-debt substitutability," Journal of Banking & Finance, Elsevier, vol. 24(3), pages 427-470, March.
    • Handle: RePEc:eee:jbfina:v:24:y:2000:i:3:p:427-470
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    References listed on IDEAS

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    1. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    2. repec:bla:jfinan:v:43:y:1988:i:3:p:567-91 is not listed on IDEAS
    3. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
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    5. Bradley, Michael & Jarrell, Gregg A & Kim, E Han, 1984. "On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, American Finance Association, vol. 39(3), pages 857-878, July.
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    8. Ferri, Michael G & Jones, Wesley H, 1979. "Determinants of Financial Structure: A New Methodological Approach," Journal of Finance, American Finance Association, vol. 34(3), pages 631-644, June.
    9. Marsh, Paul, 1982. "The Choice between Equity and Debt: An Empirical Study," Journal of Finance, American Finance Association, vol. 37(1), pages 121-144, March.
    10. Sharpe, Steven A. & Nguyen, Hien H., 1995. "Capital market imperfections and the incentive to lease," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 271-294.
    11. Brown, Stephen J, et al, 1992. "Survivorship Bias in Performance Studies," The Review of Financial Studies, Society for Financial Studies, vol. 5(4), pages 553-580.
    12. Rajan, Raghuram G & Zingales, Luigi, 1995. "What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-1460, December.
    13. Vivien Beattie & Keith Edwards & Alan Goodacre, 1998. "The impact of constructive operating lease capitalisation on key accounting ratios," Accounting and Business Research, Taylor & Francis Journals, vol. 28(4), pages 233-254.
    14. Lewis, Craig M. & Schallheim, James S., 1992. "Are Debt and Leases Substitutes?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(4), pages 497-511, December.
    15. Stulz, ReneM. & Johnson, Herb, 1985. "An analysis of secured debt," Journal of Financial Economics, Elsevier, vol. 14(4), pages 501-521, December.
    16. Hamid Mehran & Robert A. Taggart & David Yermack, 1999. "CEO Ownership, Leasing, and Debt Financing," Financial Management, Financial Management Association, vol. 28(2), Summer.
    17. Smith, Clifford W, Jr & Wakeman, L MacDonald, 1985. "Determinants of Corporate Leasing Policy," Journal of Finance, American Finance Association, vol. 40(3), pages 895-908, July.
    18. Ang, James & Peterson, Pamela P, 1984. "The Leasing Puzzle," Journal of Finance, American Finance Association, vol. 39(4), pages 1055-1065, September.
    19. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
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    Cited by:

    1. João Pinto & Luís K. Pacheco, 2014. "The Economics Of Structured Leasing," Working Papers de Economia (Economics Working Papers) 04, Católica Porto Business School, Universidade Católica Portuguesa.
    2. Marie Christine Filareto-Deghaye & Eric Severin., 2007. "Determinants of the choice leasing vs Bank Loan: evidence from the french sme by Kacm," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 6, pages 1-11, May.
    3. Stefania Cosci & Roberto Guida & Valentina Meliciani, 2015. "Leasing Decisions and Credit Constraints: Empirical Analysis on a Sample of Italian Firms," European Financial Management, European Financial Management Association, vol. 21(2), pages 377-398, March.
    4. Białek-Jaworska Anna & Dobroszek Justyna & Szatkowska Paulina, 2022. "Does the IFRS 16 affect the key ratios of listed companies? Evidence from Poland," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(3), pages 299-315, September.
    5. Anna Białek-Jaworska & Aneta Dzik-Walczak & Natalia Nehrebecka, 2015. "Kiedy firmy sięgają po leasing?," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 113-144.
    6. Marie Christine Deghaye-Filareto & Eric Severin, 2007. "Determinants of the choice leasing vs Bank Loan: evidence from the french sme by Kacm," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00204911, HAL.
    7. Darren Henderson & Patricia C. O’Brien, 2017. "The standard-setters’ toolkit: can principles prevail over bright lines?," Review of Accounting Studies, Springer, vol. 22(2), pages 644-676, June.
    8. Munir, Qaiser & Kok, Sook Ching & Teplova, Tamara & Li, Tongxia, 2017. "Powerful CEOs, debt financing, and leasing in Chinese SMEs: Evidence from threshold model," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 487-503.
    9. Jaszczuk Joanna & Białek-Jaworska Anna & Opolski Krzysztof & Sylwestrzak Marek & Trzpioła Katarzyna, 2018. "Leasing Puzzle in Polish Small Firms Listed on the Alternative Market," Central European Economic Journal, Sciendo, vol. 5(52), pages 25-39, January.
    10. Ron van Kints, R.E.G.A. & Louis Spoor, L.L., 2019. "Leases on balance, a level playing field?," Advances in accounting, Elsevier, vol. 44(C), pages 3-9.
    11. Anna Białek-Jaworska & Natalia Nehrebecka, 2016. "Determinants of Polish Enterprises' Propensity to Lease," Working Papers 2016-07, Faculty of Economic Sciences, University of Warsaw.
    12. Marco Sorrentino & Margherita Smarra & Massimiliano Farina Briamonte, 2021. "Lease Accounting: Back into the Past—A General Review of Different Theoretical Approaches," International Journal of Business and Management, Canadian Center of Science and Education, vol. 15(2), pages 136-136, July.
    13. Patrik Svoboda & Hana Bohušová, 2012. "Convergence of IFRS and US GAAP in the field of lease: the impact of new methodological approaches for operating lease reporting," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 60(7), pages 345-358.
    14. José Morales-Díaz & Constancio Zamora-Ramírez, 2018. "The Impact of IFRS 16 on Key Financial Ratios: A New Methodological Approach," Accounting in Europe, Taylor & Francis Journals, vol. 15(1), pages 105-133, January.
    15. Elsiefy, Elsayed & AbdElaal, Moustafa Ahmed, 2019. "The firm value in case of deleveraging using leasing and the optimal restructuring level," The Quarterly Review of Economics and Finance, Elsevier, vol. 72(C), pages 145-151.
    16. Thierry Kamga Tadie & Claude Essomba Ambassa & Louis Aimé Fono & Jules Sadefo-Kamdem, 2021. "Criteria for choosing the method of leasing finances in Small and Medium Enterprises (SMEs) in Cameroon [Critères de choix du mode de financement par crédit-bail dans les Petites et Moyennes Entrep," Post-Print hal-03131640, HAL.
    17. Elizabeth Devos & Erik Devos & He Li & Desmond Tsang, 2022. "Operating Lease as Alternative Financing for REITs: a Viable Strategy or a Sign of Trouble?," The Journal of Real Estate Finance and Economics, Springer, vol. 65(2), pages 153-180, August.

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