Abstract
This study aims to evaluate the impact of announcements of debenture issues on the stock market of companies listed in the Brazilian stock exchange, [B]3. This study differs for three main reasons: the timeliness of the data (May 2020), which is configured as a natural contribution due to the temporal opportunity, the scope of the sample, and the methodology. From a large sample consisting of 723 debenture announcements that occurred between October 1989 and May 2020, abnormal returns (AR) and accumulated abnormal returns (AAR) were calculated, and the strategy adopted was the study of events based on Bootstrap. The results indicated that the market reacts negatively to announcements of debenture issues in two ways. The first was evidenced by the increased dispersion of returns, indicating an increased risk perception of issuing companies, and the second was evidenced by the AAR, which were negative after the announcement.
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