Asset liquidity and financial contracts: Evidence from aircraft leases

• 成果类型: Article
• 署名作者: Gavazza, Alessandro
• 署名单位: New York University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2009.01.004
• 发表日期: 2010
• 页码: 62-84
• 关键词: Leasing; collateral; Asset liquidity

摘要

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 and capital-that differ in whether asset ownership transfers to the lessee at the end of the contract. Using data from commercial aircraft, 1 find that more-liquid assets (1) make leasing, operating leasing in particular, more likely; (2) have shorter operating leases; (3) have longer capital leases; and (4) command lower markups of operating lease rates. (C) 2008 Elsevier B.V. All rights reserved.