Leverage and the maturity structure of debt in emerging markets
Autor(a) principal: | |
---|---|
Data de Publicação: | 2013 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UFRGS |
Texto Completo: | http://hdl.handle.net/10183/109527 |
Resumo: | 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. |
id |
UFRGS-2_2e8b26d830d8c5d620b7414aab6343b2 |
---|---|
oai_identifier_str |
oai:www.lume.ufrgs.br:10183/109527 |
network_acronym_str |
UFRGS-2 |
network_name_str |
Repositório Institucional da UFRGS |
repository_id_str |
|
spelling |
Mateus, CesárioTerra, Paulo Renato Soares2015-01-31T02:19:49Z20132162-2442http://hdl.handle.net/10183/109527000949023The 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.application/pdfengJournal of mathematical finance. California. Vol. 3, n. 3A (Oct. 2013), p. 46-59Estrutura de capitalPaíses emergentesMaturidade da dívidaCapital structureDebt maturityDynamic panel data analysisLatin AmericaEastern EuropeLeverage and the maturity structure of debt in emerging marketsEstrangeiroinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFRGSinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSORIGINAL000949023.pdf000949023.pdfTexto completo (inglês)application/pdf384717http://www.lume.ufrgs.br/bitstream/10183/109527/1/000949023.pdf1825703782cf79a9e47ed85c01424f57MD51TEXT000949023.pdf.txt000949023.pdf.txtExtracted Texttext/plain65438http://www.lume.ufrgs.br/bitstream/10183/109527/2/000949023.pdf.txt3e4b03150aa444ce624abbf05d09326eMD52THUMBNAIL000949023.pdf.jpg000949023.pdf.jpgGenerated Thumbnailimage/jpeg2161http://www.lume.ufrgs.br/bitstream/10183/109527/3/000949023.pdf.jpg2883cbe88581caf2322d4a3d1b4969d8MD5310183/1095272021-09-18 04:49:39.511423oai:www.lume.ufrgs.br:10183/109527Repositório de PublicaçõesPUBhttps://lume.ufrgs.br/oai/requestopendoar:2021-09-18T07:49:39Repositório Institucional da UFRGS - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.pt_BR.fl_str_mv |
Leverage and the maturity structure of debt in emerging markets |
title |
Leverage and the maturity structure of debt in emerging markets |
spellingShingle |
Leverage and the maturity structure of debt in emerging markets Mateus, Cesário Estrutura de capital Países emergentes Maturidade da dívida Capital structure Debt maturity Dynamic panel data analysis Latin America Eastern Europe |
title_short |
Leverage and the maturity structure of debt in emerging markets |
title_full |
Leverage and the maturity structure of debt in emerging markets |
title_fullStr |
Leverage and the maturity structure of debt in emerging markets |
title_full_unstemmed |
Leverage and the maturity structure of debt in emerging markets |
title_sort |
Leverage and the maturity structure of debt in emerging markets |
author |
Mateus, Cesário |
author_facet |
Mateus, Cesário Terra, Paulo Renato Soares |
author_role |
author |
author2 |
Terra, Paulo Renato Soares |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Mateus, Cesário Terra, Paulo Renato Soares |
dc.subject.por.fl_str_mv |
Estrutura de capital Países emergentes Maturidade da dívida |
topic |
Estrutura de capital Países emergentes Maturidade da dívida Capital structure Debt maturity Dynamic panel data analysis Latin America Eastern Europe |
dc.subject.eng.fl_str_mv |
Capital structure Debt maturity Dynamic panel data analysis Latin America Eastern Europe |
description |
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. |
publishDate |
2013 |
dc.date.issued.fl_str_mv |
2013 |
dc.date.accessioned.fl_str_mv |
2015-01-31T02:19:49Z |
dc.type.driver.fl_str_mv |
Estrangeiro info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10183/109527 |
dc.identifier.issn.pt_BR.fl_str_mv |
2162-2442 |
dc.identifier.nrb.pt_BR.fl_str_mv |
000949023 |
identifier_str_mv |
2162-2442 000949023 |
url |
http://hdl.handle.net/10183/109527 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartof.pt_BR.fl_str_mv |
Journal of mathematical finance. California. Vol. 3, n. 3A (Oct. 2013), p. 46-59 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional da UFRGS instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
Repositório Institucional da UFRGS |
collection |
Repositório Institucional da UFRGS |
bitstream.url.fl_str_mv |
http://www.lume.ufrgs.br/bitstream/10183/109527/1/000949023.pdf http://www.lume.ufrgs.br/bitstream/10183/109527/2/000949023.pdf.txt http://www.lume.ufrgs.br/bitstream/10183/109527/3/000949023.pdf.jpg |
bitstream.checksum.fl_str_mv |
1825703782cf79a9e47ed85c01424f57 3e4b03150aa444ce624abbf05d09326e 2883cbe88581caf2322d4a3d1b4969d8 |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional da UFRGS - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
|
_version_ |
1801224863999852544 |