Corporate Sustainable Bonds in Brazil
Sustainable Bonds; spillover effect; Green bonds; ESG.
This study aims to analyze the relationship between green bond issuances and other sustainable securities in the Brazilian capital market and their effects on capital markets. Using event study methodology and data from the LSEG Eikon platform combined with documentary research, the research intends to investigate how the market reacts to announcements of these issuances, examining direct effects on the market value of issuing companies and possible spillover effects on competitors. The objectives include evaluating the Brazilian market's reaction, identifying factors that influence these reactions, and investigating impacts on companies in the same sector. The study calculates abnormal returns and cumulative abnormal returns across specific event windows. The research aims to expand the literature on sustainable finance in the Brazilian context and offer guidance for companies, investors, and regulators regarding the role of sustainable bonds in structuring a more responsible financial market and encouraging sustainable corporate practices.