A new lease on firm behavior

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-05-10 DOI:10.1016/j.jcorpfin.2025.102793

Matteo Binfarè , Robert A. Connolly , Fotis Grigoris , Crocker H. Liu

引用次数: 0

Abstract

When firms have discretion in valuing their balance sheet debt, how do they make this valuation decision given its impact on firm value? Firms make extensive use of operating leases, but unlike other types of debt, their balance sheet value is set by the firm. Using novel information on operating leases, we examine firm behavior in valuing these leases. We find that 20% of firms report higher-than-expected rates, reflecting their cost of unsecured rather than collateralized borrowing. These firms have poor information quality, operate in competitive markets, and understate lease and debt ratios by 15%.

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坚定行为的新租约

当企业在评估其资产负债表债务时拥有自由裁量权，鉴于其对企业价值的影响，他们如何做出这一估值决策？企业广泛使用经营租赁，但与其他类型的债务不同，它们的资产负债表价值是由企业设定的。利用经营租赁的新信息，我们研究了评估这些租赁的企业行为。我们发现，20%的公司报告的利率高于预期，这反映了它们的无担保借款成本，而不是抵押借款成本。这些公司的信息质量很差，在竞争激烈的市场中运营，并且将租赁和债务比率低估了15%。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.