@TechReport{iza:izadps:dp3426,
            	author={Driffield, Nigel and Pal, Sarmistha},
            	title={Evolution of Capital Structure in East Asia: Corporate Inertia or Endeavours?},
            	year={2008},
	month={Apr},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={3426},
            	url={https://www.iza.org/publications/dp3426},
	abstract={The present paper examines the capital structure adjustment dynamics of listed non-financial corporations in seven East Asian countries during 1994-2002. Compared to firms in the least affected countries, average leverages were much higher among firms in the worst affected countries while the average speeds of adjustment were lower. This general ranking is robust to various alternative specifications and sample selections. We argue that this pattern is closely linked to weaknesses in regulatory environment and lack of access to alternative sources of finance in the worst affected countries.},
	keywords={generalised methods of moments;capital structure dynamics;partial adjustment models;inertia and endeavours;firm- and time-varying speed},
            }