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1、Marketevaluationofoff-balancesheetfinancing:*Youcanrunbutyoucan’thideSteveC.LimDepartmentofAccountingStevenC.MannDepartmentofFinanceaVassilT.MihovDepartmentofFinanceNeeleySchoolofBusinessTexasChristianUniversityFortWorth,TX76129June2005`JELclassification:G32,M41Keyword
2、s:Operatingleases,Off-balancesheetfinancing,Bondyield*WethankChrisBarry,DaveDenis,JohnMcConnell,CraigLewis,DanielPuLiu,DavidRobinson,MoRodriguez,JimSchallheim,MaryStanford,WandaWallace,JamesWeston,AndyWaisburd,andtheseminarparticipantsatSouthernMethodistUniversity,Vand
3、erbiltUniversity,the2002FrankBattenYoungScholarConference,the2002FMAMeeting,andthe2003AAASoutheastRegionMeeting,fortheirhelpfulcomments.WethankDavidBurtzlaffandDanielGustafssonfortheirresearchassistance.TheauthorsthanktheCharlesTandyAmericanEnterpriseCenterforfinancial
4、support.MannthankstheBeasleyfoundationfellowshipinfinance.MihovandMannthanktheLutherKingCapitalManagementCenterforFinancialStudiesforfinancialsupport.aPleaseaddresscorrespondencetoVassilMihovat:M.J.NeeleySchoolofBusiness,TexasChristianUniversity,Box298530,FortWorth,TX7
5、6129,phone:(817)257-7147,fax:(817)257-7227,e-mail:v.mihov@tcu.edu.Marketevaluationofoff-balancesheetfinancing:Youcanrunbutyoucan’thideAbstractAcommonlycitedmotivationforoff-balancesheetfinancingisareductioninreportedbook(balancesheet)leverage.Operatingleases,themostcom
6、monformofoff-balancesheetfinancing,arerequiredtobedisclosedinfinancialstatementfootnotes,butlimiteddisclosurecomplicatesexternalevaluationoftheeffectiveamountofoff-balancesheetdebt.Inthispaperweinvestigatethemarketevaluationofoperatingleases.Wecomparetheimpactofoperati
7、ngleasesondebtratingsandtheyieldofnewdebtissuestothatofbalancesheetdebt.Wedocumentthreecentralfindings.First,operatingleasesaresignificantlylessimportantthanbalancesheetdebtforfirmdebtratings.Second,theimpactofoperatingleasedebtontheyieldsofnewbondissuesissimilarinmagn
8、itudetothatofbalancesheetdebt.Combined,thesefindingsindicatethatwhilemovingdebtoff-balancesheetmaybeusefulinmaintaini
