Leverage and the maturity structure of debt in emerging markets
dc.contributor.author | Mateus, Cesário | pt_BR |
dc.contributor.author | Terra, Paulo Renato Soares | pt_BR |
dc.date.accessioned | 2015-01-31T02:19:49Z | pt_BR |
dc.date.issued | 2013 | pt_BR |
dc.identifier.issn | 2162-2442 | pt_BR |
dc.identifier.uri | http://hdl.handle.net/10183/109527 | pt_BR |
dc.description.abstract | The aim of this paper is to analyse for a multi-country large emerging market sample the choice between debt and equity simultaneously with the decision between short- and long-term debts. In order to investigate the joint decision among leverage and maturity, we examine an unique sample of 986 firms and 13,490 firm-year observations from Latin America and 686 firms and 7919 firm-year observations from Eastern Europe for the period 1990-2003. We employ dynamic panel data analysis using Generalized Method of moments. The empirical results support three main findings. First, the cross-effects between leverage and maturity behave exactly the opposite between Latin America and Eastern Europe sub-samples. Capital structure and debt maturity are policy complements in Latin America and substitutes in Eastern Europe. Second, there is a significant dynamic effects component in the determination of leverage and maturity. Finally, adjustment to the target maturity is by no means costless and instantaneous with firm facing moderate adjustment costs. | en |
dc.format.mimetype | application/pdf | pt_BR |
dc.language.iso | eng | pt_BR |
dc.relation.ispartof | Journal of mathematical finance. California. Vol. 3, n. 3A (Oct. 2013), p. 46-59 | pt_BR |
dc.rights | Open Access | en |
dc.subject | Estrutura de capital | pt_BR |
dc.subject | Capital structure | en |
dc.subject | Países emergentes | pt_BR |
dc.subject | Debt maturity | en |
dc.subject | Dynamic panel data analysis | en |
dc.subject | Maturidade da dívida | pt_BR |
dc.subject | Latin America | en |
dc.subject | Eastern Europe | en |
dc.title | Leverage and the maturity structure of debt in emerging markets | pt_BR |
dc.type | Artigo de periódico | pt_BR |
dc.identifier.nrb | 000949023 | pt_BR |
dc.type.origin | Estrangeiro | pt_BR |
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