The theory of financial leasing views financial leases as substitutes for secured debt. Empirical studies have reported a high positive correlation between lease ratios and debt ratios and that lessors earn higher rates of return than lenders. These results contradict traditional leasing theory....

This paper analyzes a tentative defined contribution plan, and compares it to the extant defined benefit plan. The analysis uses a general framework with different employee service assumptions and random investment returns to generate distributions for defined contribution plan accumulations and...

This study develops an investor utility approach to the concept that dividend payout is based upon firm conditions and management objectives. The empirical version reports significant elasticity propositions consistent with the life-cycle theory or the residual income model. A comparison of the...