Estudo de eventos: o impacto da emissão de debêntures sobre o valor de ações negociadas na B3

Abstract

This research seeks to present how the issuance of debentures by publicly traded companies listed on B3 (Brasil, Bolsa, Balcão) affects the value of its shares. In order to comply with the main objective of this work, the event study methodology was used, covering the period from October 5, 2012 to October 25, 2019. The reference event studied was the date of disclosure of the issuance of debentures by the companies, and the stock prices were analyzed in trading sessions before and after the event. The final sample consisted of 124 events announcing the issuance of debentures of 46 non-financial brazilian companies. As a main result, it was evidenced that, for most of the companies in the sample, the announcements of issuance of debentures generated statistically significant abnormal negative returns on the prices of the shares of issuing companies. The abnormal returns observed suggest that the events of announcement of issuance of debentures have informational content that is interpreted by the market, aligned with recent literature. The findings also demonstrate that negative returns did not occur in all companies and sectors, in accordance with previous research that highlights the importance that business and sectoral specificities have on how the market interprets the event of announcement of issuance of debentures. The evidences raised by this paper were another step in establishing a consensus on how the market interprets the event of the announcement of the issuance of debentures.