dor_id: 4129828

506.#.#.a: Público

590.#.#.d: Los artículos enviados a la revista "Contaduría y Administración", se juzgan por medio de un proceso de revisión por pares

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650.#.4.x: Ciencias Sociales y Económicas

336.#.#.b: article

336.#.#.3: Artículo de Investigación

336.#.#.a: Artículo

351.#.#.6: http://www.cya.unam.mx/index.php/cya/index

351.#.#.b: Contaduría y Administración

351.#.#.a: Artículos

harvesting_group: RevistasUNAM

270.1.#.p: Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

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270.#.#.d: MX

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856.4.0.u: http://www.cya.unam.mx/index.php/cya/article/view/3146/1703

100.1.#.a: Antônio, Rafael Moreira; Pimenta Junior, Tabajara; Medeiros Magnani, Vinícius; Gatsios, Rafael Confetti

100.1.#.0: et al

524.#.#.a: Antônio, Rafael Moreira, et al. (2022). Announcements of debenture issues and the impact on stock returns in Brazil (1989-2020): A bootstrap-based study. Contaduría y Administración; Vol. 67, Núm. 2. Recuperado de https://repositorio.unam.mx/contenidos/4129828

245.1.0.a: Announcements of debenture issues and the impact on stock returns in Brazil (1989-2020): A bootstrap-based study

502.#.#.c: Universidad Nacional Autónoma de México

561.1.#.a: Facultad de Contaduría y Administración, UNAM

264.#.0.c: 2022

264.#.1.c: 2022-03-16

653.#.#.a: Finance; study of events; bootstrap; market efficiency; debentures; return on stock

506.1.#.a: La titularidad de los derechos patrimoniales de esta obra pertenece a las instituciones editoras. Su uso se rige por una licencia Creative Commons BY 4.0 Internacional, https://creativecommons.org/licenses/by/4.0/legalcode.es, fecha de asignación de la licencia 2022-03-16, para un uso diferente consultar al responsable jurídico del repositorio por medio del correo electrónico revista_cya@fca.unam.mx

884.#.#.k: http://www.cya.unam.mx/index.php/cya/article/view/3146

001.#.#.#: oai:ojs.pkp.sfu.ca:article/3146

041.#.7.h: spa

520.3.#.a: 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.

773.1.#.t: Contaduría y Administración; Vol. 67, Núm. 2

773.1.#.o: http://www.cya.unam.mx/index.php/cya/index

022.#.#.a: ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

310.#.#.a: Trimestral

264.#.1.b: Facultad de Contaduría y Administración, UNAM

758.#.#.1: http://www.cya.unam.mx/index.php/cya/index

doi: https://doi.org/10.22201/fca.24488410e.2022.3146

handle: 11dd64c90f59fe52

harvesting_date: 2022-10-12 10:00:00.0

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Artículo

Announcements of debenture issues and the impact on stock returns in Brazil (1989-2020): A bootstrap-based study

Antônio, Rafael Moreira; Pimenta Junior, Tabajara; Medeiros Magnani, Vinícius; Gatsios, Rafael Confetti

Facultad de Contaduría y Administración, UNAM, publicado en Contaduría y Administración, y cosechado de Revistas UNAM

Licencia de uso

Procedencia del contenido

Entidad o dependencia
Facultad de Contaduría y Administración, UNAM
Revista
Repositorio
Contacto
Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

Cita

Antônio, Rafael Moreira, et al. (2022). Announcements of debenture issues and the impact on stock returns in Brazil (1989-2020): A bootstrap-based study. Contaduría y Administración; Vol. 67, Núm. 2. Recuperado de https://repositorio.unam.mx/contenidos/4129828

Descripción del recurso

Autor(es)
Antônio, Rafael Moreira; Pimenta Junior, Tabajara; Medeiros Magnani, Vinícius; Gatsios, Rafael Confetti
Identificador del autor
et al
Tipo
Artículo de Investigación
Área del conocimiento
Ciencias Sociales y Económicas
Título
Announcements of debenture issues and the impact on stock returns in Brazil (1989-2020): A bootstrap-based study
Fecha
2022-03-16
Resumen
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.
Tema
Finance; study of events; bootstrap; market efficiency; debentures; return on stock
Idioma
spa
ISSN
ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

Enlaces