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T. Boeri and G. Perasso, “Privatisation and Corporate Governance: Some Lessons from the Experience of Transitional Economies,” In: M. Balling, E. Hennessy and R. O’Brien, Eds., Corporate Governance, Financial Markets and Global Convergence, Kluwer Academic Press, Alphen aan den Rijn, 1998, pp. 77-86.
http://dx.doi.org/10.1007/978-1-4757-2633-6_4

has been cited by the following article:

• TITLE: Leverage and the Maturity Structure of Debt in Emerging Markets

  AUTHORS: Cesario Mateus, Paulo Terra

  KEYWORDS: Capital Structure; Debt Maturity; Dynamic Panel Data Analysis; Latin America; Eastern Europe

  JOURNAL NAME: Journal of Mathematical Finance, Vol.3 No.3A, October 25, 2013

  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’s facing moderate adjustment costs.