scholarly journals ANALYZING ABNORMAL RETURN BEFORE AND AFTER THE ANNOUNCEMENT OF MERGER AND ACQUISITION IN 2018

2018 ◽  
Vol 1 (2) ◽  
pp. 14-22
Author(s):  
Sonny Haryanto ◽  
Umi Mardiyati ◽  
Agung Dharmawan Buchdadi
Keyword(s):  
Mergers And Acquisitions ◽  
Stock Price ◽  
Abnormal Return ◽  
Abnormal Returns ◽  
T Test ◽  
Testing Hypotheses ◽  
Paired Sample ◽  
Minute Period ◽  
Before And After ◽  
Observation Period

This study aims to analyze the abnormal returns before and after the announcement of mergers and acquisitions in the companies listed on the IDX 2018. In this study the observation period taken was three days before and after the announcement of mergers and acquisitions with the number of samples observed were 9 companies. The method for calculating abnormal returns used is the market adjusted return by using an intraday stock price of 15 minutes. Based on testing hypotheses conducted by paired sample t-test, it was found that there were no significant differences in abnormal returns before and after the announcement of mergers and acquisitions in each 15 minute period.

scholarly journals Analyzing Abnormal Return Before And After The Announcement Of Merger And Acquisition In 2018

2018 ◽  
Vol 2 (1) ◽  
pp. 9-17
Author(s):  
Sonny Haryanto ◽  
Umi Mardiyati ◽  
Agung Dharmawan Buchdadi
Keyword(s):  
Mergers And Acquisitions ◽  
Stock Price ◽  
Abnormal Return ◽  
Abnormal Returns ◽  
T Test ◽  
Testing Hypotheses ◽  
Paired Sample ◽  
Minute Period ◽  
Before And After ◽  
Observation Period

This study aims to analyze the abnormal returns before and after the announcement of mergers and acquisitions in the companies listed on the IDX 2018. In this study the observation period taken was three days before and after the announcement of mergers and acquisitions with the number of samples observed were 9 companies. The method for calculating abnormal returns used is the market adjusted return by using an intraday stock price of 15 minutes. Based on testing hypotheses conducted by paired sample t-test, it was found that there were no significant differences in abnormal returns before and after the announcement of mergers and acquisitions in each 15 minute period.

scholarly journals The Announcement of Sharia Bank’s Conditional Merger Agreement. How Investor Reacted?

2021 ◽  
Vol 2 (2) ◽  
pp. 136-146
Author(s):  
Syamsuddin Syamsuddin ◽  
Versiandika Yudha Pratama
Keyword(s):  
Event Study ◽  
Stock Price ◽  
Abnormal Return ◽  
Secondary Data ◽  
T Test ◽  
Event Window ◽  
Paired Sample ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After

This study aims to determine there is a difference in average abnormal return of BRI Syariah before and after the signing of the Conditional Merger Agreement (CMA), which is on October 12th, 2020. This research used event study for method and the data in this study are secondary data in the form of stock price data of BRI Syariah. The event window in this study for 11 (eleven) working days which is 5 (five) days before the event, 1 (one) day when the event occurs and 5 (five) days after the signing of the Conditional Merger Agreement (CMA) BUMN sharia bank. Meanwhile, the estimated period is set for 120 exchange days, namely at t-125 to t-6. Test conducted by paired sample t-test. The results of the paired sample t-test showed that there is no significant difference between the average abnormal return of BRI Syariah shares before and after the signing of the Conditional Merger Agreement. It can be concluded that neither the market nor investors reacted to the signing of the Conditional Merger Agreement (CMA) that occurred at BRI Syariah Bank.

scholarly journals DAMPAK KERUSUHAN MAKO BRIMOB MEI 2018 TERHADAP ABNORMAL RETURN INDEKS LQ45 YANG TERDAFTAR DI BEI

2021 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
Dewo Adhi Guminto ◽  
Maria Assumpta Evi Marlina
Keyword(s):  
Abnormal Return ◽  
T Test ◽  
P Value ◽  
Paired Sample ◽  
Normality Test ◽  
Average Abnormal Return ◽  
Before And After ◽  
The Subject ◽  
Corporate Actions ◽  
Observation Period

This research is an event study that aims to determine the differencein the average Abnormal return (AR) before, during, and after the MakoBrimob riot. The subject of this study is the LQ45 index company that hasfulfilled the criteria. The company does not conduct corporate actions suchas the announcement of stock split, right issue, merger & acquisition, anddividend in the observation period, which is five days before the riot, oneday during the riot (May 9, 2018) and five days after the riot. The results ofthe data normality test found that the data in this study were normallydistributed. P-value shows the number 0.412. The results of the differenttests using independent Sample T-Test (H1) showed no difference in theaverage abnormal return before, and during the Mako Brimob riots (ρ =0.050). The results of different tests using independent Sample T-Test (H2)were no difference in the average abnormal return during and after the incidentof the Mako Brimob riots (ρ = 0.117). The results of different testsusing Paired Sample T-Test (H3) were no difference in the average abnormalreturn before and after the incident of the Mako Brimob riots (ρ = 0.77).

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 Abnormal Return Disekitar Tanggal Pengumuman Stock Split

2019 ◽  
Vol 2 (2) ◽  
pp. 77
Author(s):  
Sri Yunawati
Keyword(s):  
Abnormal Return ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
T Test ◽  
Significance Level ◽  
Paired Sample ◽  
Paired Samples ◽  
Average Abnormal Return ◽  
Stock Split ◽  
Before And After

The purpose of this study is to prove how the effect of the stock split on abnormal returns and whether there are differences in average abnormal returns before and after the stock split. This research was conducted at a company that conducted a stock split which was listed on the Indonesia Stock Exchange in 2017. The method used by a statistical test is one sample t-test (t-test for one sample) at a significance level of a = 5%. Research results show that there is no significant abnormal return when the stock split. And the tests performed on abnormal return averages before and after the stock split using paired sample t-test (t-test for two paired samples) showed that there were no significant differences in the average abnormal return before and after the stock split. Tujuan penelitian ini adalah untuk membuktikan bagaimana pengaruh stock split terhadap abnormal return dan apakah terdapat perbedaan rata-rata abnormal return sebelum dan setelah stock split. Penelitian ini dilakukan pada perusahaan yang melakukan pemecahan saham yang terdaftar di Bursa Efek Indonesia tahun 2017. Metode yang digunakan dengan uji statistik one sampel t-test (uji t untuk satu sampel) pada tingkat signifikansi a =5%. Hasil Penelitian menunjukkan bahwa tidak terdapat abnormal retum yang signifikan pada saat stock split. Dan pengujian yang dilakukan terhadap rata-rata abnormal retun sebelum dan setelah stock split dengan menggunakan paired sample t test (uji t untuk dua sampel berpasangan) diperoleh hasil bahwa tidak terdapat perbedaan yang signifikan pada rata-rata abnormal return sebelum dan sesudah stock split.

scholarly journals Analisis Pengaruh Merger dan Akuisisi terhadap Kinerja Keuangan dan Abnormal Return pada Perusahaan di Bursa Efek Indonesia Tahun 2014-2018

2021 ◽  
Vol 5 (1) ◽  
pp. 34
Author(s):  
Sylvi Liani Dewi ◽  
Indra Widjaja
Keyword(s):  
Abnormal Return ◽  
Abnormal Returns ◽  
Merger And Acquisition ◽  
T Test ◽  
Rank Test ◽  
Paired Sample ◽  
Signed Rank ◽  
Wilcoxon Signed Rank Test ◽  
Before And After ◽  
Signed Rank Test

This study aims to examine the difference in firm performances and abnormal returns before and after the merger and acquisition in the companies listed on the Indonesian Stock Exchange in the year 2014 to 2018. The data observation period is 1 year before the merger dan acquisition and 2 years after merger and acquisition. The analysis technique used is the Wilcoxon Signed Rank Test for ratio performance and Paired Sample T-test for abnormal return. The results of the testing of the hypothesis show that period 1 year before M&A and comparison comparison 2 years after M&A shows there is no significant difference in company financial performance before and after merger and acquisition. Hypothesis for Abnormal return, there is no difference before and after merger and acquisition.Penelitian ini bertujuan untuk menguji perbedaan kinerja perusahaan dan abnormal return sebelum dan sesudah merger dan akuisisi pada perusahaan yang terdaftar di Bursa Efek pada tahun 2014 hingga 2018. Periode observasi data adalah 1 tahun sebelum merger dan akuisisi dan 1& 2 tahun sesudah merger dan akuisisi. Metode analisa data yang digunakan adalah Wilcoxon Signed Rank Test dan Paired Sample T-Test untuk abnormal return. Hasil pengujian hipotesis menunjukkan bahwa periode 1 tahun sebelum M&A dan perbandingan 2 tahun setelah M&A menunjukkan tidak ada perbedaan signifikan dalam kinerja keuangan perusahaan sebelum dan sesudah merger dan akuisisi. Hipotesis untuk Abnormal return, tidak ada perbedaan sebelum dan sesudah merger dan akuisisi.

scholarly journals THE PHENOMENON OF RATIFYING REVISION OF THE KPK LAW: HOW INVESTOR REACTED?

2021 ◽  
Vol 11 (1) ◽  
pp. 51-63
Author(s):  
Versiandika Yudha Pratama ◽  
Happy Sista Devy
Keyword(s):  
Event Study ◽  
Stock Price ◽  
Abnormal Return ◽  
Abnormal Returns ◽  
Secondary Data ◽  
Sampling Technique ◽  
T Test ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After

This research aimed to determine there are difference in average abnormal returns of companies in the Jakarta Islamic Index (JII) before and after phenomenon the revised Corruption Eradication Commission Act, which is on September 17th, 2019. This research use event study for method and the data in this study are secondary data in the form of stock price. Sampling technique uses purposive sampling method. Determined sampling technique, 27 companies were obtained as research samples. Tests conducted are one sample t-test and paired sample t-test. The result of the one sample t-test showed that the phenomenon of ratifying the revision of the KPK law becomes meaningful information to investors and investors show that reactions to these event. It showed by the result of significant and negative abnormal returns in the few day before and several days after phenomenon. The result of the second hypothesis testing indicate that there is no significant difference the average abnormal return before and after the ratification of revised Corruption Eradication Commission Act   Keywords: Revision of KPK Law, Average Abnormal Return, Event Study

scholarly journals Analisis Kinerja Saham LQ-45 Pada PILKADA DKI Jakarta Putaran II 2017

2019 ◽  
Vol 12 (2) ◽  
pp. 87-96
Author(s):  
Moh. Zaki Kurniawan
Keyword(s):  
Abnormal Return ◽  
Stock Return ◽  
Abnormal Returns ◽  
T Test ◽  
Cumulative Abnormal Return ◽  
Test Results ◽  
Paired Sample ◽  
Cumulative Abnormal Returns ◽  
Before And After ◽  
Research Period

The purpose of this study is to see the differences in the performance of LQ-45 shares before and after the Jakarta Election in the second round of 2017 through returns, abnormal returns, and cumulative abnormal returns on the Indonesia Stock Exchange.This study uses purposive sampling in the LQ 45 index. This type of research is an event study. The research period for 20 days: 10 days before and 10 days after event. Hypothesis testing uses paired sample t-test. Paired sample t-test test results showed the stock return did not differ before and after the period. The results of paired sample t-test abnormal return and cumulative abnormal return before and after the election were found to be no difference.

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.

scholarly journals Market Reaction Analysis of Annual Report Award Announcement: An Event Study Using Abnormal Return, Trading Volume Activity, and Stock Price

2020 ◽  
Vol 4 (1) ◽  
pp. 340
Author(s):  
Fitri Astuti ◽  
Anggi Setya Prayoga
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Abnormal Return ◽  
Trading Volume ◽  
Annual Report ◽  
Market Reaction ◽  
Abnormal Returns ◽  
Volume Activity ◽  
Event Window ◽  
Before And After

This study intends to examine the differences in market reaction around the announcement of the Annual Report Award which is not only measured by abnormal return but is also measured using trading volume activity and stock prices. The data used are quantitative data in the form of a list of companies that received the Annual Report Award for the 2015-2018 period, the daily closing price of the ARA-winning company in the event window, the composite stock price index, the number of shares traded, and the number of shares outstanding. The event window is selected for 11 days because the long window period will blend with the effects of other events or confounding effects. The results of the study concluded that the market reacted around the announcement of the Annual Report Award for the 2015-2018 period measured using abnormal returns, trading volume activity, and stock prices. There is no difference in abnormal returns before and after the announcement of the 2013-2016 Annual Report Award period. Instead there are differences in trading volume activity and stock prices before and after the announcement of the Annual Report Award for the 2015-2018 period.

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