haku: @indexterm Corporate finance / yhteensä: 722
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| Tekijä: | Slovin, M. B. Sushka, M. E. Polonchek, J. A. |
| Otsikko: | Corporate sale-and-leasebacks and shareholder wealth |
| Lehti: | Journal of Finance
1990 : MAR, VOL. 45:1, p. 289-299 |
| Asiasana: | CORPORATE FINANCE ASSETS SHARE PRICES SHAREHOLDERS WEALTH |
| Kieli: | eng |
| Tiivistelmä: | The market valuation effects of corporate sale-and-leasebacks are examined. It is tested whether such transactions offer a net benefit to lessees or lessors by evaluating the impact on share prices from announcements of sale-and-leasebacks of major corporate assets. The evidence indicates that the announcements are associated with positive abnormal returns to lessess. It is concluded that this positive market reaction results from an overall reduction in the present value of expected taxes occasioned by the transactions. The evidence also suggests that the gains from sale-and-leasebacks accrue solely to lessee firms. |
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