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Tekijä: | Gavazza, A. |
Otsikko: | Asset liquidity and financial contracts: Evidence from aircraft leases |
Lehti: | Journal of Financial Economics
2010 : JAN, VOL. 95:1, p. 62-84 |
Asiasana: | aircraft industry finance contracts leasing assets liquidity |
Kieli: | eng |
Tiivistelmä: | According to financial contracting theories, more liquid assets decrease the expected cost of external financing, hence making leasing more attractive and reducing lessors' equilibrium return. However, there are ambiguous predictions about the effect of liquidity on the maturity of leases. Based on data from commercial aircrafts, it is found in this paper that more-liquid assets 1. make leasing, especially operating leasing, more likely, 2. have shorter operating leases, 3. have longer capital leases, and 4. command lower markups of operating lease rates. There is included information e.g. on comparison from ''McDonnell-Douglas 80 vs. Airbus 300-600''. |
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