<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422022000200008</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2022.3146</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Announcements of debenture issues and the impact on stock returns in Brazil (1989-2020): A bootstrap-based study]]></article-title>
<article-title xml:lang="es"><![CDATA[Anuncios de emisiones de debentures y el impacto en la rentabilidad de las acciones en Brasil (1989-2020): un estudio basado en bootstrap]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Antônio]]></surname>
<given-names><![CDATA[Rafael Moreira]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pimenta Junior]]></surname>
<given-names><![CDATA[Tabajara]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Magnani]]></surname>
<given-names><![CDATA[Vinícius Medeiros]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gatsios]]></surname>
<given-names><![CDATA[Rafael Confetti]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of São Paulo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>67</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422022000200008&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422022000200008&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422022000200008&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[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.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio tiene como objetivo evaluar el impacto de los anuncios de emisiones de debentures en el mercado de valores de las empresas que cotizan en la bolsa de valores de Brasil, [B]3. Este estudio se diferencia por tres razones principales: la oportunidad de los datos (mayo de 2020), que se configura como un aporte natural por la oportunidad temporal, el alcance de la muestra y la metodología. A partir de una amplia muestra compuesta por 723 anuncios de debentures ocurridos entre octubre de 1989 y mayo de 2020, se calcularon los retornos anormales (AR) y los retornos anormales acumulados (AAR), y la estrategia adoptada fue el estudio de eventos basado en Bootstrap. Los resultados indicaron que el mercado reacciona negativamente a los anuncios de emisiones de debentures de dos formas. El primero se evidenció por la mayor dispersión de los retornos, lo que indica una mayor percepción de riesgo de las empresas emisoras, y el segundo se evidenció por las AAR, las cuales fueron negativas luego del anuncio.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[G10]]></kwd>
<kwd lng="en"><![CDATA[G14]]></kwd>
<kwd lng="en"><![CDATA[G32]]></kwd>
<kwd lng="en"><![CDATA[study of events]]></kwd>
<kwd lng="en"><![CDATA[bootstrap]]></kwd>
<kwd lng="en"><![CDATA[market efficiency]]></kwd>
<kwd lng="en"><![CDATA[debentures]]></kwd>
<kwd lng="en"><![CDATA[return on stock]]></kwd>
<kwd lng="es"><![CDATA[G10]]></kwd>
<kwd lng="es"><![CDATA[G14]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[estudio de eventos]]></kwd>
<kwd lng="es"><![CDATA[bootstrap, eficiencia del mercado]]></kwd>
<kwd lng="es"><![CDATA[obligaciones]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad de las acciones]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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