Corporate Sale‐and‐Leasebacks and Shareholder Wealth
研究企业售后回租公告对股价的影响，发现承租方获得正超额收益，主要源于预期税收现值降低，且收益仅归承租方。
ABSTRACT In this paper, we examine the market valuation effects of corporate sale‐and‐leasebacks. Specifically, we test whether such transactions offer a net benefit to lessees or lessors by evaluating the impact on share prices from announcements of sale‐and‐leasebacks of major corporate assets. Our evidence indicates that the announcements are associated with positive abnormal returns to lessees. We conclude that this positive market reaction results from an overall reduction in the present value of expected taxes occasioned by the transactions. Our evidence also suggests that the gains from sale‐and‐leasebacks accrue solely to lessee firms.