Hostname: page-component-78c5997874-s2hrs Total loading time: 0 Render date: 2024-11-15T19:45:46.926Z Has data issue: false hasContentIssue false
  • English
  • Français

Abstract: An Empirical Assessment of Lessee Disclosure Policy

Published online by Cambridge University Press:  19 October 2009

John S. Hughes  and
George S. Oldfield
Get access Rights & Permissions [Opens in a new window]

Extract

The purpose of this paper is to provide evidence concerning investor reactions to off-balance sheet disclosures of concancellable leases as reflected in security prices. A valuation model is defined based upon the work of Modigliani and Miller which expresses the market value of the firm's common stock as a function of lease indebtedness. Data for the empirical analysis are obtained from Compustat and SEC form 10 K's. Crosssectional regressions are run by risk class on samples of 620 firms reporting rent expense, 432 firms disclosing lease commitments, and 139 firms reporting present values of so-called “financing” leases.

Type
Abstracts of Conference Papers: Financial Management: Leasing
Information
Journal of Financial and Quantitative Analysis , Volume 12 , Issue 4 , November 1977 , pp. 655
Copyright
Copyright © School of Business Administration, University of Washington 1977

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)