Franks is a National Westminster Bank Professor of Finance, London Business School, and a Visiting Professor at UCLA. Hodges is an Esmee Fairbairn Professor of Financial Management, University of Warwick. This paper has been presented at workshops at the London Business School, the London School of Economics, the University of North Carolina at Chapel Hill, and the University of Colorado at Boulder. We are grateful for participants' comments, especially those of Dick Brealey, Ian Cooper, Jeremy Edwards, Mark Flannery, Bob Harris, John Kay, Colin Mayer, Anthony Neuberger, Steve Schaefer, and Jim Uskert. In addition, valuable suggestions were made by Michael Brennan, Dan Galai, Eduardo Schwartz, Sheridan Titman, and Walter Torous. We wish to thank a major UK leasing company for providing the data described in the empirical section. We would also like to thank Alan Outten of Forward Trust for helpful discussions on this subject. Finally, we thank the referee for many helpful comments and suggestions on earlier drafts. This paper was also presented at the Nineteenth Conference of the Western Finance Association, Vancouver, B.C., Canada, June 20–23, 1984.
Lease Valuation When Taxable Earnings Are a Scarce Resource
Article first published online: 30 APR 2012
1987 The American Finance Association
The Journal of Finance
Volume 42, Issue 4, pages 987–1005, September 1987
How to Cite
FRANKS, J. R. and HODGES, S. D. (1987), Lease Valuation When Taxable Earnings Are a Scarce Resource. The Journal of Finance, 42: 987–1005. doi: 10.1111/j.1540-6261.1987.tb03923.x
- Issue published online: 30 APR 2012
- Article first published online: 30 APR 2012
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