scholarly journals RIGHT ISSUE: HUTANG ATAU INVESTASI?

2017 ◽  
Vol 14 (2) ◽  
pp. 1
Author(s):  
Deny Dwi Hartomo
Keyword(s):  
Abnormal Return ◽  
Stock Exchange ◽  
Event Window ◽  
The Difference ◽  
Adjusted Model ◽  
Rights Issue ◽  
Offering Price ◽  
Investor Reaction ◽  
Rights Issues ◽  
Debt Payment

<p><em>The objective of this study is to examine the difference of investor reaction on rights issue announcement pursuant to the purpose of using fund in Indonesia capital market. Investor react positively if the most using fund of right issue for investment and investor react negatively if the most using fund of right issue for debt payment. This study also examine influence offering price of right issue to investor reaction.</em></p><p><em>The samples are 55 firms that listing the rights issues in Indonesia Stock Exchange. Event study with 21 event window (from day -10 to day +10) are used to investigate the investor's reaction. Investor reaction is proxyed by abnormal return that was calculated by market-adjusted model. To investigate the determinants in investor's reactions are used linier regression between cumulative abnormal return for several days (determined based on significant abnormal return) as dependent variable and the purpose of using fund with dummy and offering price as independent variables.</em></p><p><em>The conclusions of this study are: (1) </em><em>investor react to right issue announcement, proved by significant abnormal return around right issue announcement date; (2) </em><em>investor react positively to right issue announcement that mostly using fund for investment; (3) investor react negatively to right issue announcement that mostly using fund for debt payment; (4) offering price of right issue have positively influential to investor reaction.</em></p>

scholarly journals Reaksi Investor atas Pengungkapan Internet Financial Reporting

2015 ◽  
Vol 3 (2) ◽  
Author(s):  
William Indra S. Mooduto
Keyword(s):  
Financial Reporting ◽  
Information Disclosure ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Event Window ◽  
Analysis Techniques ◽  
Keywords Internet ◽  
Final Prediction Error ◽  
A Company ◽  
Investor Reaction

The purpose of this research was to examine investor reactions on internet financial reporting. This research also examined the factors that affect investor reactions on internet financial reporting, by examining the influence of the degree of information disclosure and the scope of internet reporting. In addition, this research also compared the speed of investor reactions between a company that provides a greater degree of IFR disclosure and a company that provides a less degree of IFR disclosure. The samples were selected by purposive sampling criteria. The number of samples were 295 companies listed on the Indonesian Stock Exchange in 2012. The research was conducted using event studies, multiple regression analysis techniques, and final prediction error (FPE) methodology. The results showed that investors react to the presence of internet financial reporting disclosures, as indicated by the presence of abnormal return in the event window. The results also showed that the investor reaction is influenced by the level of information in the IFR disclosure. While the scope of the disclosure IFR can’t explain the cause of the reaction of investors. In addition, the results also showed that there was no difference the speed of investor reactions between a company that provides a greater degree of IFR disclosure and a company that provides a less degree of IFR disclosure. Keywords: internet financial reporting, investor reaction, abnormal return.

scholarly journals Reaksi Pasar Modal Terhadap Pengumuman Right Issue pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

2019 ◽  
pp. 159
Author(s):  
Pita Qurnia Amir ◽  
I. G. N. Agung Suaryana
Keyword(s):  
Abnormal Return ◽  
Market Reaction ◽  
Stock Exchange ◽  
Participant Observation ◽  
Sample Selection ◽  
Sampling Technique ◽  
Analysis Technique ◽  
Observation Method ◽  
Rights Issue ◽  
Rights Issues

This research aims to determine whether there is a market reaction to the announcement of the rights issue. This research was conducted on the Indonesia Stock Exchange (IDX) in publicly listed companies that conducted rights issues during the period 2011-2017 with a population of 143 companies. The sample selection uses non-participant observation method with purposive sampling technique, obtained a sample of 103 companies. The analysis technique used is to test one sample t-test on the cumulative abnormal return. Based on the results of the analysis conducted, it was found that there is no market reaction to the announcement of the rights issue, which means the announcement of the rights issue does not have information content so it does not affect the investor's preference in making decisions. Keywords: Right issue, abnormal return, market reaction.

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.

Impact of Corporate Actions on Shareholder Wealth: A Study on the Bombay Stock Exchange

2019 ◽  
Keyword(s):  
Total Population ◽  
Stock Exchange ◽  
Shareholder Wealth ◽  
Share Price ◽  
Event Window ◽  
Buy Back ◽  
Corporate Actions ◽  
High Level ◽  
The Impact ◽  
Rights Issues

This study focuses on five corporate actions (dividend announcement, stock split, bonus issue, right issues, buy-back, and right issue) and attempts to determine their impact on shareholders’ wealth. The companies in the S&P BSE 500 index are taken as the total population, and the performance of those with corporate actions is compared to that in the broader universe. The study analyzes the impact by taking the share price of sampled companies for 30 days before and 30 days after the announcement of corporate actions. A paired-sample t-test is used to determine the impact of the corporate actions on share price in the event window period. The study concludes that corporate actions have significant impact on shareholders’ wealth; the level of impact is different for different corporate actions, but it does not differ according to the nature of the industry. The dividend and buy-back have a low level of impact, and bonus issues, rights issues, and stock splits have a high level of impact on shareholders’ wealth. Finally, the study proves that corporate actions are quite relevant to shareholders’ wealth.

scholarly journals PENGARUH RETURN ON ASSET, FINANCIAL LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAPUNDERPRICING PADA PERUSAHAAN YANG MELAKUKAN INITIAL PUBLIC OFFERING (IPO) DI BURSAEFEK INDONESIA

2016 ◽  
Vol 11 (2) ◽  
pp. 35 ◽  
Author(s):  
Putu Widhiastina ◽  
Rida Prihatni
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Company Size ◽  
Financial Leverage ◽  
Return On Assets ◽  
Result Show ◽  
The Difference ◽  
Public Offering ◽  
Offering Price

This study aimed to determine the influence of The Influence of return on asset, financial leverage, and size of company on underpricing. Underpricing is measured by division the difference between clossing prices and offering price with offering price, return on asset is measured by division net profit with total asset, financial leverage is measured by division total debt with total equity and size of company is mesured with total sales in annual report company. This study took a sample of initial public offering company listed in Indonesia Stock Exchange during the years 2010-2013. The data obtained by purposive sampling techniques and using multiple regression analysis. Simultaneous hypothesis testing result show that return on asset, financial leverage and company size simultaneously affect the underpricing. The partial hypothesis test result show that retun on asset, financial leverage and company size have a significant affect the underpricing.    Keywords: Return On Assets, Financial Leverage, Company Size, Underpricing

scholarly journals PENGUJIAN JANUARY EFFECT : STUDI KOMPARASI PADA BURSA EFEK INDONESIA DAN BURSA SAHAM SHANGHAI PERIODE 2011-2013

2017 ◽  
Vol 6 (1) ◽  
Author(s):  
Latanza Hanum Kartikasari
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
T Test ◽  
January Effect ◽  
Volume Activity ◽  
Paired Sample ◽  
The Difference ◽  
One Way Anova

The January Effect occurred as a result companies that have a strategy to improve it is financial statements. The company will sell stocks that have low values at the end of the year and sell shares favorable to attract investment back at the beginning of next year. January Effect the anomaly that serves low stock Return occurred in December and the highest Return ing January. The purpose of this research was to examine whether there is a phenomenon January Effect on Effect Indonesia Stock Exchange and Shanghai Stock Exchange in Period 2011-2013The variables used in this study are the Return, Abnormal Return and trading volume activity. This research was conducted at the company that is static between years 2011-2013 were in a group LQ45 and SSE50 samples that meet the criteria. The model used is the determination of the sample with purposive sampling method. The tools used are Test One-Way ANOVA and Paired Sample (t-test). The results of analysis showed that look Abnormal Return  stock and Return  there is a difference between January to January in addition to the Indonesia Stock Exchange and Shanghai Stock Exchange by using One-Way ANOVA, while the Paired Sample (t-test) on the Shanghai Stock Exchange there the difference between January to be for January. And for testing of trading volume activity, The January Effect does not occurred in the Indonesia Stock Exchange and Shanghai Stock Exchange.

scholarly journals PENGARUH PELANTIKAN KABINET KERJA HASIL RESHUFFLE JILID II TERHADAP HARGA SAHAM LQ-45

2017 ◽  
Vol 13 (1) ◽  
pp. 1
Author(s):  
Aulia Hatmanti ◽  
Bambang Sudibyo
Keyword(s):  
Event Study ◽  
Stock Prices ◽  
Abnormal Return ◽  
T Test ◽  
Good News ◽  
Political Event ◽  
Paired Sample ◽  
The Difference ◽  
Adjusted Model ◽  
The Impact

Abstrak: Pengaruh Pelantikan Kabinet Kerja Hasil Reshuffle Jilid II terhadap Harga Saham LQ-45. Tujuan dari penelitian ini adalah untuk melihat pengaruh peristiwa politik-pelantikan Kabinet Kerja hasil reshuffle jilid II-terhadap harga saham yang terdaftar dalam kelompok saham LQ-45. Penelitian ini menggunakan metode studi peristiwa untuk melihat adanya reaksi pasar yang dapat dilihat dari adanya abnormal return pada saham. Abnormal return pada penelitian ini dihitung menggunakan mean-adjusted model. Berdasarkan hasil uji beda t-test satu sisi, terdapat abnormal return positif yang signifikan pada event day (t) dan t+3. Uji beda rata-rata menggunakan paired sample t-test yang dilakukan untuk melihat perbedaan rata-rata abnormal return pada 5 hari sebelum dan 5 hari sesudah peristiwa tidak menunjukkan adanya hasil yang signifikan. Berdasarkan hasil tersebut, dapat disimpulkan bahwa peristiwa politik berupa pelantikan Kabinet Kerja hasil reshuffle jilid II merupakan good news bagi investor. Kata kunci: studi peristiwa, abnormal return, LQ-45, peristiwa politik Abstract: The Impact of the Inauguration of 2nd Reshuffled Cabinet on LQ-45 Stock Prices. The purpose of this research is to observe the impact of the political event the inauguration of 2nd reshuffled cabinet-to LQ-45 group’s stock prices. This study used event study method to identify the market reaction that can be seen from the abnormal return on the stock prices. The abnormal return is calculated using mean-adjusted model. T-test indicates that there is a significant positive abnormal return on event day (t) and t+3. Besides, paired sample t-test was conducted to see the difference in the average abnormal return in 5 days before and five days after the events didn’t show any significant results. Based on these results, it can be concluded that the inauguration of 2nd reshuffled cabinet is good news for investors. Keywords: event study, abnormal return, LQ-45, political events

scholarly journals Analisis Sell in May and Go Away di Bursa Efek Indonesia dan Malaysia Periode 2017-2019

2021 ◽  
Vol 9 (1) ◽  
pp. 311
Author(s):  
Laila Marta Zarika ◽  
R.A. Sista Paramita
Keyword(s):  
Hypothesis Testing ◽  
Stock Price ◽  
Abnormal Return ◽  
Stock Exchange ◽  
T Test ◽  
The Other ◽  
Price Movement ◽  
Paired Sample ◽  
Price Data ◽  
The Difference

In May and Go Away (SMGA), Sell is a type of seasonal Anomaly, which historically originated in Europe and America that between May-October returns lower than the other periods from November to April. This research aims to determine the difference in abnormal return in the May-October (Worst period) period and November-April (Best period) in Indonesia and Malaysia Stock Exchange between 2017 to 2019. This test conducted using the company's stock price data samples listed on the LQ45 index in the Indonesia Stock Exchange and the FBMKLCI index in the Malaysia Stock Exchange period 2017 to 2019. Hypothesis testing using paired sample t-test to answer if there is a difference in return between the best period and the worst period, to prove the Sell's existence in May and Go Away. The results showed no difference returns between the best and worst periods in the Sell in May and Go Away phenomenon at the Indonesia and Malaysia Stock Exchange period 2017 to 2019. The Investor considers SMGA as not a phenomenon containing excellent or bad information that is capable of affecting the price movement of shares so that SMGA as a strategy to buy stocks in the best period and sell in the worst period is no longer relevant

scholarly journals ABNORMAL RETURN DAN LIKUIDITAS SAHAM ATAS PENGUMUMAN AKUISISI

2017 ◽  
Vol 20 (1) ◽  
pp. 151
Author(s):  
Suherman Suherman ◽  
Riznita Nuraisyah ◽  
Gatot N. Ahmad
Keyword(s):  
Mergers And Acquisitions ◽  
Abnormal Return ◽  
Trading Volume ◽  
Abnormal Returns ◽  
Merger And Acquisition ◽  
Stock Liquidity ◽  
Before And After ◽  
The Difference ◽  
Adjusted Model ◽  
Observation Period

Tujuan penelitian ini adalah untuk menganalisis perbedaan abnormal return dan likuiditas saham sebelum dan sesudah pengumuman akuisisi. Pengukuran abnormal return menggunakan market-adjusted model. Pengukuran likuiditas saham menggunakan volume perdagangan dan Amihud’s Illiquidity ratio. Periode pengamatan (event windows) penelitian ini selama 11 hari bursa, yaitu 5 hari bursa sebelum pengumuman akuisisi dan 5 hari bursa sesudah pengumuman akuisisi. Sampel penelitian ini adalah 70 perusahaan yang mengumumkan akuisisi antara 2010-2014. Hasil uji hipotesis menunjukkan bahwa 1)terjadi perbedaan abnormal return yang signifikan sebelum dan sesudah akuisisi, dan 2)tidak terdapat perbedaan likuiditas saham yang signifikan pada periode sebelum dan sesudah akuisisi.The purpose of this study is to analyze the difference of abnormal return and liquidity before and after the announcement of mergers and acquisitions. Abnormal returns are measured with market-adjusted model. Liquidity is measured with trading volume and Amihud Illiquidity ratio. The observation period (event windows) of this research is 11 trading days which 5 trading days before the announcement of the merger and acquisition and 5 trading days after the announcement mergers and acquisitions. Research sample consists of 70 companies which announce merger and acquisition between 2010 and 2014. The results show that 1)there is significant differences of abnormal returns before and after merger and acquisition, and 2)there is no significant differences of stock liquidity before and after merger and acquisition.

scholarly journals ANALISIS PERBEDAAN RETURN SAHAM SEBELUM DAN SESUDAH PENGUMUMAN RIGHT ISSUE

2014 ◽  
Vol 4 (2) ◽  
pp. 121
Author(s):  
Masdalena Masdalena ◽  
Aftoni Sutanto
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
T Test ◽  
Test Results ◽  
Test Analysis ◽  
Event Window ◽  
Before And After ◽  
Sample Test ◽  
The Right ◽  
Rights Issue

This research aims to determine whether there are differences in stock returns before and after the announcement of the rights issue on the Indonesia Stock Exchange 2009-2013 period. This study was conducted on 43 companies listed in the Indonesia Stock Exchange right issues in the year 2009 to 2013, with a purposive sampling method. This research used the t-test analysis test by way Paired Sample Test with the observation period (event window) there are 20 days, t-10 (10 days prior to the announcement of the rights issue) and t + 10 (10 days after the announcement of the right issue). The announcement of the test results are known to contain information because the announcement led to market tereaksinya indicated by the presence pf abnormal return that occurred and the results of t-test menunjukkan significance value 0.036<α0.05 to distinction stock returns 10 days prior to the stock return 10 days after the announcement of the right issue. This that information is not leaked.

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