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
Version of Record 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 online: 30 APR 2012
- Version of Record online: 30 APR 2012
Options for accessing this content:
- If you are a society or association member and require assistance with obtaining online access instructions please contact our Journal Customer Services team.
- If your institution does not currently subscribe to this content, please recommend the title to your librarian.
- Login via other institutional login options http://onlinelibrary.wiley.com/login-options.
- You can purchase online access to this Article for a 24-hour period (price varies by title)
- If you already have a Wiley Online Library or Wiley InterScience user account: login above and proceed to purchase the article.
- New Users: Please register, then proceed to purchase the article.
Login via OpenAthens
Search for your institution's name below to login via Shibboleth.
Registered Users please login:
- Access your saved publications, articles and searches
- Manage your email alerts, orders and subscriptions
- Change your contact information, including your password
Please register to:
- Save publications, articles and searches
- Get email alerts
- Get all the benefits mentioned below!