Eaton, Tim V.; Nichols, Craig; Wahlen, James Michael; … - In: Journal of risk and financial management : JRFM 14 (2021) 4, pp. 1-33
What incentives do managers face that might give rise to inefficient investments in leases? If managers make … inefficient investments in leases, what economic consequences arise for those managers and their firms? We develop a model of …, suggesting investors view unexpected investments in leases as value destructive. Finally, despite negative returns consequences …