Leasing and Secondary Markets: Theory and Evidence from Commercial Aircraft.
I develop a model of costly capital reallocation to understand how leasing reduces trading frictions. Leased assets trade more frequently and produce more output than owned assets because (1) high-volatility firms are more likely to lease than low-volatility firms and (2) firms shed leased asssets f...
| Publicado en: | Journal of Political Economy Vol. 119; no. 2; pp. 325 - 378 |
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| Formato: | Artículo |
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University of Chicago Press
April 2011
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513194835&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513194835 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00223808 JPE jtl: Journal of Political Economy issn: 00223808 maglogo: N pubinfo: dt: April 2011 vid: 119 iid: 2 pid: 415 pub: University of Chicago Press artinfo: ui: 513194835 0022-3808/2011/11902-0005$10.00 ppf: 325 ppct: 53 formats: tig: atl: Leasing and Secondary Markets: Theory and Evidence from Commercial Aircraft. aug: au: Gavazza, Alessandro su: Aircraft leasing & renting Resource allocation -- Mathematical models Mathematical models of capital sug: subj: Aircraft leasing & renting Resource allocation -- Mathematical models Mathematical models of capital ab: I develop a model of costly capital reallocation to understand how leasing reduces trading frictions. Leased assets trade more frequently and produce more output than owned assets because (1) high-volatility firms are more likely to lease than low-volatility firms and (2) firms shed leased asssets faster than owned assets amid productivity shocks because of lower transaction costs. Commercial aircraft data show that leased aircraft have holding durations 38 percent shorter and fly 6.5 percent more hours than owned aircraft. These differences arise primarily because when profitability declines, carriers keep owned aircraft and return leased aircraft, which lessors redeploy to more productive operators. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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