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Latest Developments In Utilizing Synthetic And Leveraged Leasing For Off Balance Sheet Financing
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Book Synopsis Latest Developments in Utilizing Synthetic and Leveraged Leasing for Off-balance Sheet Financing by : Structured Finance Institute. Meeting
Download or read book Latest Developments in Utilizing Synthetic and Leveraged Leasing for Off-balance Sheet Financing written by Structured Finance Institute. Meeting and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Nancy R. Little Publisher :Real Property Probate and Trust Law American Bar Association ISBN 13 : Total Pages :236 pages Book Rating :4.F/5 ( download)
Book Synopsis Synthetic Lease Financing by : Nancy R. Little
Download or read book Synthetic Lease Financing written by Nancy R. Little and published by Real Property Probate and Trust Law American Bar Association. This book was released on 2002 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Synthetic Leasing by : Jennifer French Cookke
Download or read book Synthetic Leasing written by Jennifer French Cookke and published by . This book was released on 2001 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Valuation and Disclosure Implications of FIN 46 for Synthetic Leases by : Carolyn M. Callahan
Download or read book The Valuation and Disclosure Implications of FIN 46 for Synthetic Leases written by Carolyn M. Callahan and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether adoption of FASB Interpretation No. 46/R (FIN 46), Consolidation of Variable Interest Entitiesndash;an Interpretation of ARB No. 51, changed the market valuation and related measurement reliability of synthetic lease liabilities. Adopted in 2003, FIN 46 requires financial statement recognition of many previously off-balance sheet structures, including synthetic leases. Synthetic leases are hybrid financing structures that, prior to FIN 46, allowed firms to maximize the benefits of asset ownership for tax purposes while retaining operating lease treatment within the firm's financial statements. We identify a sample of 125 synthetic leasing firms impacted by FIN 46. Utilizing methodology consistent with Dhaliwal et al. (2011), we constructively capitalize these lease liabilities in the period preceding FIN 46 and compare market valuation of these liabilities with capitalized leases after adoption of the standard. We find that the market places greater weight on synthetic lease obligations recognized within the body of the financial statements than it does liabilities disclosed within the associated notes. Finally, we rely on econometric procedures developed in Barth (1991) and extended in Choi et al. (1997) to examine whether the differential market valuation of lease liabilities post FIN 46 is due in part to perceived differences in measurement reliability. The results indicate there is a post FIN 46 reliability effect for all lease liabilities examined. However, while the synthetic lease amounts are the most unreliable examined, they also experience the greatest increase in reliability post FIN 46, indicating that perceived measurement reliability explains in part differential market valuation associated with FIN 46. Our findings have the potential to inform the ongoing standard setting debate surrounding the possible capitalization of all leases. Further, our study also has economic implications for managers concerned with the potential constraints on asset financing options imposed by accounting regulation.
Book Synopsis Understanding the Sophisticated Real Estate Practice by :
Download or read book Understanding the Sophisticated Real Estate Practice written by and published by . This book was released on 2005 with total page 1240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants of Synthetic Lease Financing and the Impact on the Cost of Future Debt by : Jennifer Lynne M. Altamuro
Download or read book The Determinants of Synthetic Lease Financing and the Impact on the Cost of Future Debt written by Jennifer Lynne M. Altamuro and published by . This book was released on 2007 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The synthetic lease is a hybrid financing structure that allows a company to obtain many of the benefits of asset ownership, including capital lease treatment for tax purposes, while treating lease payments as operating expenses on the firm's income statement. Proponents of these off balance sheet transactions argue that the economic benefits to the firm and its shareholders outweigh the costs of complexity and opacity, while critics argue that the benefits of these transactions are the result of short-sighted opportunistic behavior by managers that lead to wealth extraction at the expense of other groups of stakeholders. I jointly examine (1) whether the structure of the synthetic lease provides favorable financing terms for firms that choose this type of transaction, and (2) the economic and financial accounting incentives that influence the manager's financing choice. I find evidence that supports both economic benefits associated with the lease, as well as managers using synthetic lease financing for opportunistic gains. Tests examining the role of the board of directors in the financing decision help to reconcile these two findings, as strong boards serve as a substitute for the opacity of the transaction, and prevent managers from opportunistic behavior. I also find that synthetic lease users have lower costs associated with future bank debt, and these savings do not appear to be the result of withholding information about the synthetic lease from lenders.
Book Synopsis The Facility Manager's Guide to Finance and Budgeting by : David G. Cotts
Download or read book The Facility Manager's Guide to Finance and Budgeting written by David G. Cotts and published by Amacom Books. This book was released on 2004 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Fact Sheet The first primer to teach facility managers financial skills that will help them sell their department to senior management, win funds for crucial projects, & to become fully integrated into an organization.
Book Synopsis New Developments in Securitization by :
Download or read book New Developments in Securitization written by and published by . This book was released on 2002 with total page 1322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Intermediate Accounting by : Donald E. Kieso
Download or read book Intermediate Accounting written by Donald E. Kieso and published by John Wiley & Sons. This book was released on 2016-03-28 with total page 1637 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text is an unbound, binder-ready edition. Kieso, Weygandt, and Warfield’s Intermediate Accounting, Sixteenth Edition continues to set the standard for students and professionals in the field. The 16th edition builds on this legacy through new, innovative student-focused learning. Kieso maintains the qualities for which the text is globally recognized, including its reputation for accuracy, comprehensiveness, accessibility, and quality problem material that best prepares students for success on the CPA exam and accounting careers. The 16th edition offers the most up-to-date coverage of US GAAP & IFRS in a format suited to the complex challenges of teaching intermediate accounting in these changing times. WileyPLUS sold separately from text.
Book Synopsis Market Evaluation of Off-Balance Sheet Financing by : Steve C. Lim
Download or read book Market Evaluation of Off-Balance Sheet Financing written by Steve C. Lim and published by . This book was released on 2004 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: A commonly cited motivation for off-balance sheet financing is a reduction in reported book (balance sheet) leverage. Operating leases, the most common form of off-balance sheet financing, are required to be disclosed in financial statement footnotes, but limited disclosure complicates external evaluation of the effective amount of off-balance sheet debt. In this paper we investigate the market evaluation of operating leases. We compare the impact of operating leases on debt ratings and the yield of new debt issues to that of balance sheet debt We document three central findings. First, operating leases are significantly less important than balance sheet debt for firm debt ratings. Second, operating leases have the same impact as balance sheet debt on the yields of new bond issues. Combined, these findings indicate that while moving debt off-balance sheet may be useful in maintaining higher debt ratings, it does not fool the market, because bond yields reflect off-balance sheet obligations, despite their limited disclosure, in the same manner as balance sheet debt. Finally, the simple perpetuity approach to estimating operating lease debt appears to be most consistent with the market evidence. Using the perpetuity method, we estimate operating lease debt to be of comparable magnitude to balance sheet debt.
Book Synopsis Business International Money Report by :
Download or read book Business International Money Report written by and published by . This book was released on 2001-07 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Leases written by Brian R. Edman and published by . This book was released on 2011 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's world, leases appear far and wide; they are commonplace throughout the business and accounting frontiers. Accounting for leases, however, is not so clear cut. Since there are various ways to account for leases, many companies pick and choose which they feel best suits their situation, even when this sweeps dirt under the rug along the way. The financial procedures for dealing with leases should entail benefits as well as limitations to ensure each company is fairly representing all of its financial information. Off-balance sheet financing is one of the hot topics in accounting for leases because of the implications it imposes on financial reporting. This thesis will discuss these implications, as well as the continuing search for convergence of FASB and IASB as they strive to make leases as transparent and honest as possible.
Book Synopsis Leasing and Off Balance Sheet Financing by : Globecon Group Press
Download or read book Leasing and Off Balance Sheet Financing written by Globecon Group Press and published by . This book was released on 2008 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Leveraged Leasing by : First Chicago Leasing Corporation
Download or read book Leveraged Leasing written by First Chicago Leasing Corporation and published by . This book was released on 1973 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Uniform Commercial Code Reporting Service, Second Series by :
Download or read book Uniform Commercial Code Reporting Service, Second Series written by and published by . This book was released on 1996 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Commercial Investment Real Estate by :
Download or read book Commercial Investment Real Estate written by and published by . This book was released on 2001 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Provider written by and published by . This book was released on 1998 with total page 1362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
