bc0e6d7f_ue_Investing__Timeless_Reading__Description
[Title] Dealing with Operating Leases [Download] Download pdf fileoplease.xls: Convert operating leases from operating to financial expenses [Description] 
Many firms lease the assets that they use. If the leases qualify as operating leases, they affect operating income and do not show up as part of capital. In this paper, we argue that this can distort measures of profitability and can affect the valuation of firms with substantial operating leases, and suggest ways in which we can correct earnings and cash flow measures.
Value Investing: Timeless Reading
Description