We examine capital structure changes to investigate the impact of SFAS No. 13 on lessees. While this accounting standard essentially rearranged capital lease disclosures (from footnotes to the balance sheet), mandated capitalization substantially altered key accounting ratios. Our results document a systematic substitution from capital leases to operating leases and nonlease sources of financin...

Cape York pastoralists and Aborigines have jointly called for state and federal governments to legislate 1⁄4 a form of statutory co-existence of title on pastoral leases. 1⁄4 [A] marathon seven-hour meeting in the Queensland town of Coen last week 1⁄4 sought to address the uncertainty and ® nancial dif® culties ̄ owing to Cape York pastoralists from the Wik people’ s claim to a large area of Cap...

This paper uses a sample of leases and a new method to examine total factor productivity in the Paris Basin during the years 1450-1789. After defending the methodology, the -------1=¥er_anacyzeS-thexesul~ample--,--wl±ic-h-sht>lliG-4ist>el-t-he--myth-ef-agfiettt&ttrfti----­ stagnation in Old-Regime France, at least in the Paris Basin. Historians should remain eternally grateful to Claude Sarasin...

Financial contracting theories agree that more-liquid assets decrease the expected cost of external financing, thus making leasing more attractive and reducing lessors’ equilibrium return. However, the literature has ambiguous predictions about the effect of liquidity on the maturity of leases. These predictions are further complicated by the existence of two types of lease contracts—operating ...

What incentives do managers face that might give rise to inefficient investments in leases? If make leases, what economic consequences arise for those and their firms? We develop a model of expected leased assets use the residuals from as proxies investments. find that, contrast capital expenditures, leasing appears be mechanism through which can seemingly over-invest, even among firms with hig...

Despite the importance of leases in the US economy, and the existence of several theoretical lease pricing models, there has been little systematic attempt to estimate these models. This paper proposes a simple no-arbitrage based lease pricing model, and estimates it using a large proprietary data set of leases on several property types. We also define a new measure, the Option-Adjusted Lease S...

Resource provisioning is one of the main challenges in resource sharing environments such as InterGrid. Recently, many resource management systems in resource sharing environments use lease abstraction and virtual machines for provisioning. In resource sharing environments resource providers serve requests from external (grid) users along with their own local users. The problem arises when ther...

Resource provisioning is one of the main challenges in resource sharing environments such as InterGrid. Recently, many resource management systems in resource sharing environments use lease abstraction and virtual machines for provisioning. In resource sharing environments resource providers serve requests from external (grid) users along with their own local users. The problem arises when ther...