Barbosa, Cinthia; Costa, Cristiano Machado; Funchal, Bruno - Fundação Instituto Capixaba de Pesquisas em … - 2011
This article investigates the effects of privatization under Brazil's National Privatization Program during the 1990s on companies' capital structure. Our model suggests that privatized firms increased their market leverage by 10 to 14% on average relative to the level before privatization. The...