This study investigates the Brazilian capital market’s reaction to sustainable bond issuances by publicly traded companies on B3. Using event study methodology on 62 issuances between 2015 and 2024, we measure cumulative abnormal returns across multiple temporal windows. Results reveal a systematic pattern of negative abnormal returns, with an average cumulative abnormal return of -1.71% over 21 trading days, significant at the 5% level, contrasting with evidence from developed markets, where green bond issuances typically generate positive or neutral returns. Spillover analysis on 248 competing firm observations identifies no significant impacts, suggesting the market treats these issuances as idiosyncratic decisions. Sub-period analysis indicates possible deterioration in market perception after 2020. Findings carry implications for issuers, investors, and regulators. This study contributes to sustainable finance literature by documenting the first systematic evidence on green bond market reactions in Brazil, showing that developed-market patterns do not automatically generalize to emerging economies.
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Comissão Científica
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