Inflexible firm commitments, operating leverage risk and expected returns

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buir.advisorAydoğan, Kürşat
dc.contributor.authorDoğan, Figen Güneş
dc.date.accessioned2016-06-14T10:04:20Z
dc.date.available2016-06-14T10:04:20Z
dc.date.copyright2015-07
dc.date.issued2015-07
dc.date.submitted2015-08-05
dc.departmentDepartment of Managementen_US
dc.descriptionCataloged from PDF version of article.en_US
dc.descriptionIncludes bibliographical references (leaves 113-121).en_US
dc.descriptionThesis (Ph.D.): Bilkent University, Department of Management, İhsan Doğramacı Bilkent University, 2015.en_US
dc.description.abstractLabor is one of the most important input to the firm. Firms pay wages to employees in return for their human capital. Operating leases are the largest source of external financing to the firm. Labor costs and non-cancellable operating lease expenses are two large claims on firm cash flows. This dissertation is focused on how these almost fixed costs affect firm risk and expected returns. Three essays empirically examine the links among cost inflexibility, cash flow sensitivity to business cycle and operating leverage risk. The first essay empirically documents that firms with more operating lease commitments earn a significant premium over firms with fewer commitments, and this premium is countercyclical. The second essay shows that a measure of firm’s labor intensity relative to its industry is associated with higher equity returns for manufacturing firms. The third essay, using ex-ante implied cost of capital as a proxy for equity risk, shows that the firms that carry a relatively high labor share, have higher ex-ante discount rates.en_US
dc.description.degreePh.D.en_US
dc.description.statementofresponsibilityby Figen Güneş Doğan.en_US
dc.embargo.release2016-12-12
dc.format.extentxii, 121 leaves. : charts.en_US
dc.identifier.itemidB150946
dc.identifier.urihttp://hdl.handle.net/11693/29161
dc.language.isoEnglishen_US
dc.publisherBilkent Universityen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectOperating leverageen_US
dc.subjectOperating leaseen_US
dc.subjectLaboren_US
dc.subjectCross section of expected returnsen_US
dc.subjectImplied cost of capitalen_US
dc.titleInflexible firm commitments, operating leverage risk and expected returnsen_US
dc.title.alternativeEsnek olmayan şirket yükümlülükleri, operasyonel kaldıraç riski ve beklenen getirileren_US
dc.typeThesisen_US
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