scholarly journals Earnings shocks: An event study on Boursa Kuwait

2021 ◽  
Vol 10 (3) ◽  
pp. 363-368
Author(s):  
Saad B F M AlHajraf
Keyword(s):  
Stock Prices ◽  
Important Implication ◽  
Stock Exchange ◽  
Earnings Announcements ◽  
Abnormal Returns ◽  
Rate Of Return ◽  
Study Results ◽  
Kuwait Stock Exchange ◽  
Before And After ◽  
Abnormal Rate

This study investigates the effects of earnings announcements on stock prices in Boursa Kuwait, formerly known as the Kuwait Stock Exchange (KSE).  The data spans the period 2018–2020, and both positive and negative earnings announcements are employed as shock events and their effects assessed. The study results show that there is a statistically abnormal rate of return before and after the earnings announcements and that most abnormal returns are just after the earnings announcement.  This most likely indicates that Boursa Kuwait is a semi-strong efficient stock market.  One important implication is an indication that insider-related trading might be absent in Boursa Kuwait. 

scholarly journals Analisis Pengaruh Stock Split Terhadap Volume Perdagangan, Harga Saham, dan Abnormal Return pada Perusahaan yang Terdaftar di BEI Periode 2017 - 2018

2020 ◽  
Vol 4 (1) ◽  
pp. 84
Author(s):  
Agus Amanda Tanoyo
Keyword(s):  
Stock Prices ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Rank Test ◽  
Volume Activity ◽  
Stock Split ◽  
Before And After ◽  
Signed Rank Test ◽  
The Difference

This study aims to determine the difference in the trading volume activity, stock prices and abnormal returns before and after the announcement of a stock split. The population of this study are all companies listed in Indonesia Stock Exchange that take corporate action in the form of stock split at period 2017-2018. Sampling using purposive sampling. Based on the sampling criteria predetermined number of samples acquired 24 stocks. The analytical method used is the analysis Wilcoxon Signed Rank Test with the observation period (event window) is 14 days. The results showed that there were differences in the trading volume activity and stock prices before and after the announcement of stock split, while the last hypothesis showed that there were no differences in abnormal returns before and after the announcement of stock split.

scholarly journals Apakah Pembatasan Sosial Berskala Besar Warga Negara Asing Berdampak Pada Average Abnormal Return?

2021 ◽  
Vol 1 (2) ◽  
pp. 160-171
Author(s):  
Asnat Susanti Dangga Lolu ◽  
Lusianus Heronimus Sinyo Kelen
Keyword(s):  
Stock Prices ◽  
Abnormal Return ◽  
Large Scale ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Economic Sector ◽  
Stock Trading ◽  
Average Abnormal Return ◽  
Before And After ◽  
Research Period

This study examines the differences in stock prices listed on the Indonesia Stock Exchange as measured using average abnormal returns on events (event studies) before and after the enactment of Large-Scale Social Restrictions for Foreign Citizens, especially COVID-19 which has an impact not only threatening human health but also has an impact on the economic sector. This condition will certainly have an impact on all sectors including stock trading on the Indonesia Stock Exchange, especially the Tourism, Hospitality, and Restaurant sub-sector. By using a sample of 41 companies on the Indonesia Stock Exchange with a research period of 3 months (16 November 2020 to 15 February 2021) the type of purposive sampling research that meets the criteria and using paired sample t-test, the results show that there is no difference Average Abnormal Return before and after the occurrence of a PSBB event for Foreign Citizens. So it can be concluded that the PSBB for Foreign Citizens has no impact on the average abnormal return obtained by investors.

scholarly journals REAKSI PASAR MODAL TERHADAP PENGUMUMAN PAKET KEBIJAKAN EKONOMI XVI (Studi Empiris Pada Saham Perusahaan Yang Masuk Dalam Indeks LQ 45)

2020 ◽  
Vol 14 (2) ◽  
Author(s):  
Tirsa Rante ◽  
Syaikhul Falah ◽  
Bill J.C Pangayow
Keyword(s):  
Economic Policy ◽  
Stock Prices ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Study Data ◽  
Volume Activity ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After

This study aims to analyze whether there are significant differences in abnormal returns before and after the announcement of economic policy XVI and trading volume activity before and after the announcement of XVI economic policy on November 16, 2018. This study uses event study, where observations of the average abnormal return are carried out. and the average trading volume activityduring the 11 day observation period. In this study data was obtained from the Indonesia Stock Exchange. The data used in this study include daily closing stock prices (closing price), daily stock trading volume, and the number of shares outstanding. The sample used amounted to 45 LQ45 index companies. The results of this study indicate (1) there is no significant difference in abnormal returns before and after the announcement of economic policy XVI (2) on the trading volume activity indicator there are significant differences before and after the announcement of XVI economic policy.

scholarly journals REAKSI SAHAM INDEKS JII TERHADAP PENGUMUMAN RESHUFFLE KABINET KERJA TAHUN 2015 DI BURSA EFEK INDONESIA

2020 ◽  
Vol 7 (1) ◽  
pp. 36
Author(s):  
Herizka Ayuk Arviani ◽  
Rikha Muftia Khoirunnisa
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
T Test ◽  
Price Reaction ◽  
Before And After ◽  
Stock Price Reaction ◽  
The Difference

This study aims to determine the speed of JII stock price reaction on the Indonesia Stock Exchange around the date of the announcement of the Working Cabinet reshuffle and to analyze the difference in average trade volume in the period before and after the announcement of the Working Cabinet reshuffle. This data collection technique uses population techniques taken by 30 companies in the JII Index for the period June - November 2015 with observation period 10 days before and 10 days after the announcement. Analysis tools that are used to determine the reaction of stock prices before and after using one sample t test while the analytical tool to distinguish the average trading volume using paired sample t test using an alpha level (α) of 10%. The results of the analysis of stock price reactions indicate that there is a JII stock price reaction at Indonesia Stock Exchange in the period before and after the announcement of the Working Cabinet reshuffle. Because abnormal returns occur at H-7, H-4, H-1, H0, H + 1, H + 7 and H + 10. And the results of the average volume test that is there is a difference in the average trading volume before and after the announcement of the Working Cabinet reshuffle. This can be seen from the significance value lower than alpha 10% (0.033 <0.0.1).

scholarly journals Dampak pandemi Covid-19 terhadap harga saham dan aktivitas volume perdagangan (Studi kasus saham LQ-45 di Bursa Efek Indonesia)

2020 ◽  
Vol 2 (2) ◽  
pp. 204
Author(s):  
Galuh Artika Febriyanti
Keyword(s):  
Stock Prices ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Stock Company ◽  
First Case ◽  
Significant Difference ◽  
Before And After ◽  
Sample Test ◽  
The Impact

The purpose of this research to examine the impact of the Covid-19 on stock prices and trading volume activity on listed firms of Index LQ-45 on the Indonesia Stock Exchange. The first case of the Covid-19 in Indonesia was announced on March 2nd, 2020. This research is to find out whether there are average abnormal returns and transaction volume of the stock company listed in Index LQ-45 before and after of event the first case of the Covid-19 in Indonesia was announced on March 2nd, 2020. These data have been taken for 30 days before and 30 days after the first announcement of Covid-19 in Indonesia. The result of the paired sample test shows that there is a significant difference in the abnormal return of stock company listed in index LQ-45 between before and after the first announcement of the Covid-19 case in Indonesia. This is indicated by the significance value of 0,008 < 0,05 which the stock prices decreased after the first announcement of the Covid-19 case in Indonesia. The volume transaction also shows different significance. The transaction volume after the announcement of shares shows an increasing value.

Studying the Effect of Changing the Managing Director on the Abnormal Returns of Shares of Companies Listed on the Iraqi Stock Exchange

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Hussein Hasan ◽  
Hudaa Nadhim Khalbas ◽  
Farqad Mohammed Bakr AL Saadi
Keyword(s):  
Stock Returns ◽  
Significant Relationship ◽  
Stock Prices ◽  
Market Reaction ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Abnormal Returns ◽  
The Other ◽  
Other Hand ◽  
Abnormal Stock Returns

The aim of this research is to study the market reaction to the change of the managing director and how this change affects the abnormal returns of the shares. The research is based on the information published by the companies listed on the Iraq Stock Exchange, and 35 companies were selected for the period from 2015 to 2019. The results of the hypothesis test for this study show that there is a negative and significant relationship between the change of the managing director and abnormal stock returns. On the other hand, investors undervalue stock prices when changing CEOs. As a result, the stock returns are less than expected.

scholarly journals Market reaction to the rights issue announcement on the Indonesia stock exchange

2019 ◽  
Vol 6 (6) ◽  
pp. 264-269
Author(s):  
Ni Putu Linsia Dewi ◽  
Ica Rika Candraningrat
Keyword(s):  
Capital Market ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Statistical Tests ◽  
Abnormal Returns ◽  
Analysis Technique ◽  
Before And After ◽  
Parametric Statistical Test ◽  
The Right ◽  
Rights Issue

Rights issue or the issuance of pre-emptive rights are the rights granted by an issuer company made to its existing shareholders to buy new shares issued within a predetermined period of time. This study aims to empirically explain the differences in abnormal returns before and after the announcement of the rights issue and to determine the form of capital market efficiency in Indonesia. Data are collected from 27 listed companies in the Indonesia Stock Exchange (IDX) that conducted a rights issue in 2014-2018. The data analysis technique used is the Kolmogorov-Smirnov Normality Test and the Parametric Statistical Test with a paired sample t-test. Based on the results of hypothesis testing not found differences in abnormal returns both before and after the announcement date indicating the market does not react to the right issue event. The results of statistical tests show a downward trend of abnormal return which is proxied in the Cumulative Abnormal Return (CAR), implying a market tends to react negatively to the announcement of the rights issue. Rights issue information causes a new equilibrium price adjustment in the market, thus making the form of efficiency of the Indonesian capital market a semi-strong form.

scholarly journals Impacto dos Ratings de crédito nas ações de empresas de capital aberto no Brasil

2017 ◽  
Vol 16 (2) ◽  
pp. 573-602
Author(s):  
Rafaela Augusta Cunha Silveira ◽  
Renata Turola Takamatsu ◽  
Bruna Camargos Avelino
Keyword(s):  
Stock Prices ◽  
Credit Rating ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Final Analysis ◽  
Share Prices ◽  
New Information ◽  
Agency Issues ◽  
Study Methodology ◽  
The Impact

Resumo O rating de crédito expressa uma opinião, por intermédio de escalas, sobre a qualidade do crédito de empresas, utilizado-a como medida de avaliação de risco no mercado. Agências de classificação de risco de crédito, como a Moody’s, divulgam os ratings que atribuem às empresas. Primeiramente, essas agências emitem o new rating, que representa o primeiro rating da companhia, e, posteriormente, essa emissão pode apresentar variações, denominadas upgrades e downgrades, relativas a boas e más notícias, respectivamente. Além disso, os ratings podem ser colocados em uma Watchlist quando, em breve, pode haver uma mudança do rating para downgrade ou para upgrade. O objetivo com este estudo consistiu, diante do que foi tratado, em abordar o impacto do rating de crédito sobre os preços das ações de empresas listadas na bolsa de valores brasileira. Para alcançar o objetivo proposto, foi analisada uma amostra de 44 empresas comercializadas na BM&FBovespa e 65 ratings nacionais de longo prazo emitidos pela Moody’s entre 2000 e 2015. Utilizou-se a metodologia de estudo de eventos, com os retornos normais calculados pelo modelo de retornos ajustados ao risco e ao mercado, e o Teste-F e o Teste-T para verificar a significância dos resultados. As análises finais evidenciaram que os preços das ações não são afetados de forma significativa pelas divulgações dos new ratings, downgrades, upgrades, on watch – possible downgrades e on watch – possible upgrades em nenhuma janela do evento, indicando que os ratings, para a amostra analisada, não trazem novas informações ao mercado.Palavras-chave: Ações. Rating. Estudo de eventos. Retornos anormais. Abstract Credit ratings are used as a mean to investors get new information on the companies by reducing the information asymmetry in the market. Thus, the rating is an important mean of business information with investors, enabling share prices relating to companies react to it. Branches of credit rating as Moody's, disclose the ratings they assign to companies. First, the agency issues the new rating, which represents the company's first rating, then this issue may vary, upgrades and downgrades calls relating to good and bad news respectively. In addition, the ratings could be placed in a Watchlist when, soon there may be a change to the rating downgrade or upgrade. The purpose of this study was to discuss the impact that the credit rating has on stock prices of companies listed on the Brazilian stock exchange. For a sample of 44 companies traded on BM&FBovespa and 65 long-term national ratings issued by Moody's between 2000 and 2015, we used the event study methodology, with normal returns calculated by the model of returns adjusted for risk and market the F-Test and T-Test to test the significance of the results. The final analysis showed that stock prices are not significantly affected by the disclosures of new ratings, downgrades, upgrades, on watch – possible downgrades and on watch – possible upgrades in any event window, indicating that the ratings do not bring new information to the market.Keywords: Stocks. Rating. Event studies. Abnormal returns.

scholarly journals Kinerja Keuangan, Abnormal Return Sebelum dan Setelah Pengumuman Merger

2017 ◽  
Vol 1 (1) ◽  
pp. 73
Author(s):  
Farid Addy Sumantri
Keyword(s):  
Financial Performance ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Profit Margin ◽  
Current Ratio ◽  
Return On Equity ◽  
Net Profit ◽  
Before And After ◽  
Price Earnings Ratio

This study aims to examine the differences infinancial performance and abnormal returns in the period before and after the announcement of the merger of the companies listed on the Stock Exchange in the period 2004-2013. In this study the measurement of financial performance using four financial ratios which are the current ratio (CR), the net profit margin (NPM), return on equity(ROE) and price earnings ratio (PER), while the abnormal return is measured using the market return and the actual return. This study used purposive sampling in the sampling study. Company samples tested here are 8 companies from various different types of industries. Hypothesis testing is performed using paired sample t test with a confidence level of 5%. The test results of financial performance in the proxy with the current ratio (CR), the net profit margin (NPM), return on equity (ROE) and price earnings ratio (PER) its how sthe difference before and after the announcement of the merger on the companies listed on the Stock Exchange period 2004-2013.

scholarly journals ANALISIS PERBEDAAN HARGA SAHAM, RETURN SAHAM, DAN ABNORMAL RETURN SEBELUM DAN SESUDAH STOCK SPLIT PADA PERUSAHAAN HIGH PROFILE DAN LOW PROFILE YANG TERDAFTAR DI BURSA EFEK INDONESIA

2021 ◽  
Vol 11 (1) ◽  
pp. 42
Author(s):  
Pita Rahmawati ◽  
Jawoto Nusantoro ◽  
Gustin Padwa Sari
Keyword(s):  
Stock Returns ◽  
Stock Prices ◽  
Abnormal Returns ◽  
T Test ◽  
Paired Sample ◽  
High Profile ◽  
Normality Test ◽  
Low Profile ◽  
Stock Split ◽  
Before And After

This research aims to determine whether there are differences in stock prices, stock returns and abnormal returns before and after a stock split in high profile and low profile companies. The research period used in this study was on 2016-2018. The research was analyzed in quantitative method by using a purposive sampling method. Based on the sampling criteria, 40 companies were selected as research samples. Kolmogorov Smirnov One Sample test was used for the normality test. After the normality test was carried out, the data was processed using the two paired-sample difference test. The t-test (paired sample t-test) was used if data were normally distributed but if it was not normally distributed the Wilcoxon Signed Rank test would be used. Hypothesis testing results showed that (1) there are differences in stock prices whether before and after a stock split in high profile companies (2) there are differences in stock prices whether before and after the stock split in low profile companies (3) there are differences in stock returns whether before and after a stock split in the company high profile (4) there is no difference in stock returns whether before and after the stock split in low profile companies (5) there is no difference in abnormal returns whether before and after the stock split in high profile companies (6) there is no difference in abnormal returns whether before and after the stock split in low profile companies (7) there are differences in stock prices after a stock split in high profile companies and low profile (8) there is no difference in stock returns whether before and after the stock split in high profile and low profile companies (9) there is no difference in abnormal stock returns whether before and after a stock split at high profile and low profile companies.

Sign in / Sign up

Export Citation Format

Share Document