Non-cancellable Operating Leases and Operating Leverage

被引：5
|
作者：
Dogan, Figen Gunes [1 ]
机构：
[1] Bilkent Univ, Fac Business Adm, TR-06533 Ankara, Turkey
来源：
EUROPEAN FINANCIAL MANAGEMENT | 2016年 / 22卷 / 04期
关键词：
operating lease; operating leverage; cross section of expected returns; EXPECTED STOCK RETURNS; CROSS-SECTION; FINANCIAL CONSTRAINTS; ASSET RETURNS; RISK; DEBT; INVESTMENT; FLUCTUATIONS; EQUILIBRIUM; EQUITY;
D O I：
10.1111/eufm.12069
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper explores the link between a firm's non-cancellable operating lease commitments and stock returns. Firms with more operating lease commitments earn a significant premium over firms with fewer commitments, and this premium is countercyclical. Non-cancellable operating lease payments represent a major claim on a firm's cash flows. Firms with high levels of operating leases have higher cash flow sensitivity to aggregate shocks and hence higher operating leverage. The relationship between operating leases and stock returns is stronger in small firms than in big firms.
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页码：576 / 612
页数：37
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