We document that borrowing costs and credit ratings are less sensitive to off-balance sheet lease financing than to on-balance sheet debt financing, particularly for firms that are financially constrained and firms that have limited ability to use tax shields. This evidence is consistent with...

Firms make extensive use of operating leases, but unlike other types of debt, their balance sheet value is set by the firm. Using novel information on operating leases from new reporting requirements (ASC 842) we examine firm behavior in valuing these leases, specifically, discount rate choices....

After the implementation of the euro exchange differential, transactional and different administrative costs have been removed, which signals the expectation of even better connections between Slovakia and eurozone markets. The eurozone countries are our most important business partners. From an...

Financial performance measures are often criticised for being biased measures of a company's true performance and setting the wrong incentives. Modern performance measurement systems hence focus not only on financial measures but try to plan and control the firm in a more balanced way by using...