“…Their results supported Asquith and Mullins (1986) and Masulis and Korwar (1986), which showed that stock price reactions were positive during periods preceding announcements and issuances, and negative at the moment of announcement and issuance . Other international studies have corroborated these findings for developed markets (Healy and Palepu, 1990;Eckbo and Masulis, 1992;Mitto, 1996;Burton et al, 2000;Welch, 2004; Barnes and Walker, 2006) as well as emerging markets (Leal and Amaral, 2000;De Medeiros and Matsumoto, 2005;Vithessonthi, 2008aVithessonthi, , 2008bVithessonthi, , 2008cChen and Shehu, 2009;Liu et al, 2016). Furthermore, these papers have documented that abnormal returns decrease more for equity issuances than for debt issuances.…”