scholarly journals PENGARUH KONSERVATISME AKUNTANSI TERHADAP ABNORMAL RETURN SAHAM PADA SAAT PENGUMUMAN SEASONED EQUITY OFFERINGS

MODUS ◽  
2016 ◽  
Vol 27 (1) ◽  
pp. 77
Author(s):  
Vinny Violetta ◽  
Jenjang Sri Lestari
Keyword(s):  
Stock Returns ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Seasoned Equity Offerings ◽  
Accounting Conservatism ◽  
Equity Offerings ◽  
Control Variables ◽  
Abnormal Stock Returns

This study aims to determine the efect of conservatism against abnormal stock returns during the announcement of Seasoned Equity Oferings (SEO) companies listed on the Stock Exchange. Tis study was conducted to see the efect of accounting conservatism towards abnormal return during the announcement of SEO. Tis study also uses the control variables of size and leverage. The sample in this company using the 39 companies listed on the Stock Exchange and ofering additional shares during 2011-2013. Results from the study showed that conservatism has a signifcant positive efect on abnormal stock returns during the announcement of SEO. Control variables leverage signifcant negative efect on abnormal stock returns during the announcement of SEO. While size has no efect on abnormal stock returns during the announcement of SEO.Keywords: abnormal return, conservatism, leverage, seasoned equity ofering

scholarly journals PENGUJIAN ANOMALI PASAR (JANUARY EFFECT) DI BURSA EFEK INDONESIA

2019 ◽  
Vol 8 (9) ◽  
pp. 5571
Author(s):  
Ni Kadek Ema Yunita ◽  
Henny Rahyuda
Keyword(s):  
Stock Returns ◽  
Capital Market ◽  
Stock Price ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Secondary Data ◽  
January Effect ◽  
Test Results ◽  
Average Return ◽  
Abnormal Stock Returns

The January effect is a phenomenon of deviation from the form of efficient capital markets, where the average return in January is higher than in other months. The purpose of this research is to find out whether there is a January effect on the IDX30 index group companies on the Indonesia Stock Exchange in the period February 2013 to January 2018. This study uses secondary data in the form of monthly stock price data used closing price on the Indonesia Stock Exchange. The sample used was 17 companies. The test results using the SPSS program is a t-test which shows that there is no difference in abnormal stock returns in January with months other than January. So, it can be concluded that the phenomenon of the January Effect does not occur in the Indonesian capital market. Keywords: january Effect, abnormal return, IDX30 Index

scholarly journals Dinamika Abnormal Return Saham pada Perusahaan Terdaftar di BEI

2018 ◽  
Vol 1 (1) ◽  
pp. 77
Author(s):  
Ganisya Kirana
Keyword(s):  
Positive Affect ◽  
Stock Returns ◽  
Empirical Evidence ◽  
Multiple Regression ◽  
Abnormal Return ◽  
Stock Return ◽  
Stock Exchange ◽  
Independent Variables ◽  
Regression Test ◽  
Abnormal Stock Returns

AbstrakThe purpose of this research was to get empirical evidence about the effect of the issuance of islamic bonds (sukuk) and conventional bonds on the abnormal stock returns. The independent variables used are islamic bonds (sukuk) and conventional bonds. The dependent variable used in this study is the abnormal stock return in observations from 2008-2016.The population in this study are all issue islamic bonds (sukuk) and conventional bonds on the Indonesia stock exchange, those are 13 companies with criterias issuing islamic bond (sukuk) and conventional bonds, this obtained 30 samples used in this study. And the samples are the compaines listed during the period 2008-2014. The sampling is done by purposive sampling.The result showed based on multiple regression test for islmaic bonds (sukuk) and conventional bonds that positive affect the abnormal stock return  Keywords: Islamic bonds (sukuk) conventional bonds, and abnormal stock returns.

Are Bank Loans Special? Evidence on the Post-Announcement Performance of Bank Borrowers

2006 ◽  
Vol 41 (4) ◽  
pp. 733-751 ◽  
Author(s):  
Matthew T. Billett ◽  
Mark J. Flannery ◽  
Jon A. Garfinkel
Keyword(s):  
Stock Returns ◽  
Public Debt ◽  
Poor Performance ◽  
Seasoned Equity Offerings ◽  
Bank Loans ◽  
Bank Loan ◽  
Equity Offerings ◽  
Long Run ◽  
Loan Financing ◽  
Abnormal Stock Returns

AbstractUnlike seasoned equity or public debt offerings, bank loan financing elicits a significantly positive announcement return, which has led financial economists to characterize bank loans as “special.” Here, we find that firms announcing bank loans suffer negative abnormal stock returns over the subsequent three years. In the long run, bank loans appear no different from seasoned equity offerings or public debt issues. Our evidence suggests that larger loans (relative to borrower equity) are followed by worse stock performance. We also find that lender protection is negatively related to borrower performance, suggesting the lender is somewhat shielded from the poor performance.

scholarly journals Stock Price Reactions And Long Run Performance Of Rule 144A Equity Issuance

2013 ◽  
Vol 29 (6) ◽  
pp. 1615
Author(s):  
Kelly Cai
Keyword(s):  
Stock Returns ◽  
Stock Price ◽  
Abnormal Return ◽  
Seasoned Equity Offerings ◽  
Cumulative Abnormal Return ◽  
Equity Issuance ◽  
Equity Offerings ◽  
Valuation Effect ◽  
Long Run ◽  
Common Stocks

This paper examines the valuation effect of Rule 144A equity offers on issuing firms common stocks for the period 1970 to 2010. Similar to findings for seasoned equity offerings, I find a statistically significant cumulative abnormal return of -3.07 percent over the three-day issue period for the overall sample of 160 Rule 144A equity offers. Further, I find that issuing firms exhibit significant long-run under-performance in stock returns over the three years after the issuance of Rule 144A equity offers. The results are consistent with the under-reaction hypothesis.

scholarly journals KINERJA SAHAM DI SEPUTAR SEASONED EQUITY OFFERINGS (SEO)

Wahana ◽  
2009 ◽  
Vol 11 (1) ◽  
pp. 15-29
Author(s):  
Djaja Perdana
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
Seasoned Equity Offerings ◽  
T Test ◽  
Equity Offerings ◽  
Volume Activity ◽  
Paired Sample ◽  
Purposive Sampling ◽  
Average Return

This research aims to investigate the market reaction to seasoned equity offerings (SEO). This research was conducted at Jakarta Stock Exchange over 2000-2002 using 77 emitens based on purposive sampling. Paired sample t-test is used in testing return, abnormal return and trading volume activity surronding seasoned equity offerings (SEO) announcement (t-5 until t+5). The result of the all analysis shows that there are no significant average return, abnormal return and trading volume activity surrounding seasoned equity offerings (SEO).Keywords: Seasoned Equity Offerings, Return, Abnormal Return, Trading Volume Activity

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 PENGARUH PENERBITAN SUKUK TERHADAP REAKSI PASAR (SURVEY TERHADAP PERUSAHAAN-PERUSAHAAN YANG MENERBITKAN OBLIGASI SYARIAH YANG TERDAFTAR DIBURSA EFEK INDONESIA SELAMA TAHUN 2015)

2019 ◽  
Vol 4 (3) ◽  
pp. 496-503
Author(s):  
Mulya Iskandar ◽  
Ridwan Ridwan
Keyword(s):  
Stock Returns ◽  
Abnormal Return ◽  
Research Method ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Cumulative Abnormal Return ◽  
Market Reactions ◽  
Independent Variables ◽  
The Relationship

This study aims to determine how the influence of a sukuk instrument issuance on market reactions listed on the Indonesia Stock Exchange (IDX) during 2015. The research method used in this study is quantitative research. Quantitative research contains a relationship between cause and effect. The type of data used is secondary data, data collection used by the author is to know the relationship between two or more variables. The object to be examined in this study is the total value and rating of the issuance of Islamic bonds (sukuk) companies as independent variables and cumulative abnormal return shares of companies that issue Islamic bonds (sukuk) listed on the Indonesia Stock Exchange in 2015. The results of this study indicate the value of sukuk bond issuance and sukuk bond issuance ratings jointly affect stock returns. The value of issuing sukuk bonds partially affects stock returns and the rating of bond issuance has an effect on return.

The long run performance of secondary equity offerings on the Johannesburg Stock Exchange

2018 ◽  
Vol 13 (5) ◽  
pp. 1211-1232
Author(s):  
Jesse Alves da Cunha ◽  
Yudhvir Seetharam
Keyword(s):  
Stock Exchange ◽  
Operating Performance ◽  
Investor Sentiment ◽  
Seasoned Equity Offerings ◽  
Equity Offerings ◽  
Content Type ◽  
Market Participants ◽  
Johannesburg Stock Exchange ◽  
Long Run ◽  
The Impact

Purpose Opinions have been divided on whether there is a rational explanation to the reason behind seasoned equity offerings (SEOs) or whether the explanation lies within the behavioural intricacies attributed to stock market participants. The paper aims to discuss these issues. Design/methodology/approach This study investigates the long-run performance of firms conducting SEOs on the Johannesburg Stock Exchange (JSE) over the period of 1998–2015, by examining the return performance and operating performance of firms, along with the impact of investor sentiment on these variables. Findings The results of this study are inconsistent with the existing literature, which argues that the long-run performance of issuing firms signalled an initial underreaction to SEOs buoyed by over-optimistic investors. Research limitations/implications Instead, the long-run performance of issuing firms is adequately explained by the rational models centred on the risk-return framework, implying that investors are reacting swiftly to SEOs in an unbiased fashion. Originality/value Investor sentiment does not materially influence the long-run share performance or operating performance of issuing firms, casting doubt on the ability of the market timing theory to explain the long-run performance of SEOs. The authors thus find that SEO performance cannot be explained by behavioural-based reasoning, in contrast to some asset pricing studies on the JSE which indicate the role of sentiment in explaining returns.

The Role of Accounting Conservatism in the Equity Market: Evidence from Seasoned Equity Offerings

2013 ◽  
Vol 88 (4) ◽  
pp. 1327-1356 ◽  
Author(s):  
Yongtae Kim ◽  
Siqi Li ◽  
Carrie Pan ◽  
Luo Zuo
Keyword(s):  
Negative Impact ◽  
Seasoned Equity Offerings ◽  
Equity Market ◽  
Accounting Conservatism ◽  
Data Availability ◽  
Equity Offerings ◽  
Market Reactions ◽  
Conservative Accounting ◽  
Financing Costs

ABSTRACT Using seasoned equity offerings (SEOs) from 1989 to 2008, we examine the role of accounting conservatism in the equity market. We find that issuers with a greater degree of conservatism experience fewer negative market reactions to SEO announcements. We further show that an important mechanism through which conservatism affects SEO announcement returns is by mitigating the negative impact of information asymmetry. Additional analyses suggest that our results are not driven by the effects of other forms of corporate governance. We also find evidence that conservative issuers continue to use conservative accounting after the equity offerings. Taken together, our findings are consistent with the argument that accounting conservatism reduces financing costs in SEOs. Data Availability: Data used in this study are available from public sources identified in the study.

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