scholarly journals The Analysis Impact of Bad News and Good News to Stock Return of State-Owned Banks Sebsector in Indonesia Period 2018

JEMBATAN ◽  
2020 ◽  
Vol 17 (2) ◽  
pp. 73-98
Author(s):  
Josephine Surya ◽  
Isni Andriana ◽  
Rasyid HS Umrie
Keyword(s):  
Stock Returns ◽  
Press Release ◽  
Bad News ◽  
Good News ◽  
Rank Test ◽  
Press Releases ◽  
Significant Difference ◽  
The Press ◽  
Before And After ◽  
The Impact

This study aims to determine and analyze the impact of bad news and good news on changes in stock returns of the four state-owned banks of Indonesia, period 2018. The population of this study is consists of four state-owned banks in Indonesia. Using a saturated sampling technique obtained four sample companies. Event study used to examine abnormal return around good news and bad news press release (announcement) date. The analysis technique used is Statistics Descriptive, One Sample Kolmogorov-Smirnov, Paired Sample T-Test, and Wilcoxon Sign Rank Test. There is no significant difference between before and after the press release of bad news. From ninety-six press releases of good news, five press releases showed there is a significant differences between before and after the press release of good news.

scholarly journals The Impact of Bond Rating Announcement on Companies Listed Stock Returns: Evidence from Indonesia

2019 ◽  
Vol 1 (2) ◽  
pp. 75
Author(s):  
Novyandri Taufik Bahtera
Keyword(s):  
Stock Returns ◽  
Sampling Method ◽  
Stock Exchange ◽  
Bond Ratings ◽  
Bond Rating ◽  
Significant Difference ◽  
Before And After ◽  
The Impact ◽  
Observation Period

This study aims to determine whether there is a difference between stock returns before and after the announcement of both increases and decreases in bond ratings. This study is classified as a case study with an observation period of 5 days before and 5 days after the announcement of the bond rating. The population of this study is all companies listed on the Indonesia Stock Exchange that announced the ratings of bonds from 1999 to 2009, which made a total of 331 bond ratings in 52 companies. The sample was chosen using a purposive sampling method and 24 samples were obtained for the announcement of the increase in bond ratings and 18 samples for the announcement of the bond rating decline. Data testing is done using paired sample t-test. Based on the results of the study it can be concluded that (1) there is no significant difference in stock returns around the date of the announcement of the increase in bond ratings. This indicates that the announcement of an increase in bond ratings does not bring information to investors. (2) There is a significant difference in stock returns around the date of the announcement of the decline in bond ratings. This indicates that the announcement of the downgrade of bonds carries information content for investors.

scholarly journals The impact of demonetization on Indian firms’ performance: does company’s age make a difference?

2018 ◽  
Vol 15 (3) ◽  
pp. 71-82
Author(s):  
Waleed M. Al-ahdal ◽  
Najib H.S. Farhan ◽  
Mosab I. Tabash ◽  
T. Prusty
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Nonparametric Test ◽  
Rank Test ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test ◽  
Financial Consultants ◽  
Level Of Significance ◽  
The Impact

The main aim of this paper is to evaluate the impact of demonetization on Indian firm’s quarterly financial performance before and after demonetization period (March-December, 2017), and to find out if companies’ age helps to face financial disruption. Four variables, which are net sales, total income, net profit after tax, and earnings per share, were taken as proxies for analyzing the quarterly financial performance of 2,892 companies listed on Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and Calcutta Stock Exchange (CSE). Nonparametric test, particularly Wilcoxon Matched-Pairs Signed Rank Test and Kruskal-Wallis one-way analysis of variance, were applied in analyzing the data. Results reveal that there is a statistically significant difference between the financial performance before and after demonetization at 5% level of significance. It was also found that the decrease/increase in the financial performance of all the firms was affected by the demonetization process, irrespective of their ages. The findings could be useful for financial managers and financial consultants, as they would be able to focus on the issues that matter most at the time of financial disruption.

scholarly journals REAKSI PASAR MODAL DARI DAMPAK PERISTIWA HARI BESAR AGAMA ISLAM TERHADAP ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY SAHAM PERUSAHAAN INDEKS JII YANG TERDAFTAR DI BURSA EFEK INDONESIA

2020 ◽  
Vol 15 (1) ◽  
pp. 59-69
Author(s):  
Septiana Endang Subekti ◽  
Ika Yustina Rahmawati
Keyword(s):  
Stock Returns ◽  
Abnormal Return ◽  
Trading Volume ◽  
Secondary Data ◽  
Volume Activity ◽  
Significant Difference ◽  
Before And After ◽  
Abnormal Stock Returns ◽  
The Impact ◽  
Observation Period

   The purpose of this study is to analyze the capital market reaction from the impact of religious holidays which will be indicated by the presence or absence of abnormal return and trading volume activity. The sample used is the Jakarta Islamic Index (JII). This type of research is event study so that the observation period is used to see reactions before and after the event occurs. The events used in this study were the Birthday of the Prophet Muhammad, Isra Mi'raj, Eid al-Fitr, Eid al-Adha and Islamic New Year. The observation period used is from 2014 to 2017. The research period used was 7 days before the event and 7 days after the event. Data sources are obtained from Yahoo Finance, Sahamok.com and IDX. The data used in this study are secondary data, such as stock closing prices, IHSG closing prices and stock trading volume. The analytical tool used to test the hypothesis in this study is a paired t-test. The results showed that Eid al-Adha holidays had a significant difference to the abnormal return and trading volume activity before and after holidays. There were no significant differences in the abnormal return and trading volume activity before and after the Miraj Isra holiday. While the birthday of the Prophet Muhammad SAW, Eid holidays and Islamic New Year holidays there is no significant difference between abnormal stock returns and there are differences in trading volume activity before and after holidays.

scholarly journals ANALISIS RETURN DAN LIKUIDITAS SAHAM SEBELUM DAN SESUDAH PENGUMUMAN RIGHT ISSUE DI BURSA EFEK INDONESIA

2018 ◽  
Author(s):  
Irdha Yusra
Keyword(s):  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Secondary Data ◽  
Bad News ◽  
Good News ◽  
Volume Activity ◽  
Significant Difference ◽  
Before And After ◽  
Rights Issue

The purpose of this study was to analyze the abnormal returns and trading volume activity before and after the announcement of the rights issue. This research is the event study using secondary data. 33 companies listed in Indonesia Stock Exchange from 2005 to 2009 were sampled using a purposive sampling method, which consists of 9 samples (good news) and 24 samples (bad news). The results of this study showed that there was no significant difference in abnormal return observation period 5 days, 15 days, 60 days, 90 days, 180 days before and after the announcement of the rights issue in the group of good news and bad news. While the volume of trading activity, trading volume activity differences are significant at the 5 day period prior to the announcement of the rights issue after the group bad news.

Existence of Notoriety Bias in FDA Adverse Event Reporting System Database and Its Impact on Signal Strength

2019 ◽  
pp. 001857871988232
Author(s):  
Reddy Neha ◽  
Viswam Subeesh ◽  
Elsa Beulah ◽  
Nair Gouri ◽  
Eswaran Maheswari
Keyword(s):  
Adverse Event Reporting System ◽  
Signal Strength ◽  
Adverse Event Reporting ◽  
Rank Test ◽  
Label Change ◽  
Safety Alert ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test ◽  
The Impact

Background: Notoriety bias is defined as “a selection bias in which a case has a greater chance of being reported if the subject is exposed to the studied factor known to cause, thought to cause, or likely to cause the event of interest.” This study aimed to determine the existence of notoriety bias in the FDA Adverse Event Reporting System (FAERS) database and estimate the impact of potential notoriety bias induced by safety alerts on signal estimation using disproportionality analysis. Methods: Publicly available FAERS data were downloaded and used for analysis. Thirty-one drugs which had label change/safety alert issued by FDA from 2009 to 2013 were considered. These drugs were reviewed 4 quarters before and after the safety alert notification for the existence of notoriety bias. The impact of notoriety bias induced by safety alerts was analyzed by comparing the signal strength using reporting odds ratio (ROR) and proportional reporting ratio (PRR), 2 years before and after the safety alert. Wilcoxon signed rank test was used to determine whether there were a statistically significant difference before and after the safety alert. Results: There was increased reporting for 11 drugs after the safety alert/label change by the FDA. The reporting of 20 drugs decreased or remained unchanged after the safety alert/label change by the FDA. Wilcoxon signed rank test showed that there is no statistically significant difference with respect to the number of reports before and after the safety alert ( P = .330, Z = −0.974). Fourteen (45.16%) drugs had an increase in ROR, while 17 (54.83%) drugs had a decrease in ROR after safety alert issued by FDA ( P = .953, Z = −0.059). Fourteen (45.16%) drugs had an increase in PRR, while 17 (54.83%) drugs had a decrease in PRR after safety alert issued by the FDA ( P = .914, Z = −0.108). Conclusion: Although few FDA safety alert/warnings had a strong and immediate impact, many had no impact on reporting of AE and signal strength. This study found that overreporting due to notoriety bias does not exist in the FAERS database and the overall disproportionality in signal estimates is not altered by the safety alert.

scholarly journals Reaksi Pasar Modal terhadap Peristiwa Ekstrim dan Radikalisme (Studi Pasca Serangan Teroris di Surabaya)

2019 ◽  
Vol 10 (1) ◽  
pp. 59
Author(s):  
Sari Octavera ◽  
Febri Rahadi
Keyword(s):  
Stock Returns ◽  
Abnormal Return ◽  
Statistical Tests ◽  
Investor Sentiment ◽  
Bad News ◽  
Average Abnormal Return ◽  
Significant Difference ◽  
Before And After ◽  
Bomb Attack ◽  
Attack Data

Abstrak Penelitian ini bertujuan untuk melihat efek dari peristiwa ekstrim serangan terorisme yaitu Bom Surabaya pada 13 Mei 2018. Analisis terhadap Abnormal Return dilakukan untuk memperbandingan reaksi yang terjadi pra dan paska peristiwa tersebut. Hasil uji statistik beda dua rata-rata menunjukkan bahwa terdapat sentimen positif paska kejadian. Hal ini mengiplikasikan bahwasanya investor tidak merasa bahwa serangan terorisme merupakan gangguan yang besar terhadap investasi mereka. Perbandingan antara hari-hari pra dan paska serangan bom menunjukkan bahwa AAR hari kedua pra kejadian memiliki perbedaan yang signifikan dengan AAR hari ke 4 paska kejadian menunjukkan bahwa peristiwa pengeboman tidak termasuk sebagai bad news bagi pelaku pasar modal. Reaksi investor terhadap peristiwa serangan bom dilakukan dengan melihat nilai Cumulative average abnormal return (CAAR) dari data paska terjadinya serangan bom dan menunjukkan bahwa return saham perusahaan manufaktur cenderung stabil, dengan peningkatan dan penurunan yang tidak signifikan pada t+1 hingga t+5, yang menandakan bahwasanya tidak terbukti terjadi overreaction paska kejadian. Kata kunci:  Sentimen investor; fundamental perusahaan; over reaksi.   Abstract This study aims to see the effects of the extreme events of terrorism attacks namely the Surabaya Bomb on May 13, 2018. Analysis of Abnormal Return is carried out to compare the reactions that occur before and after the event. The results of two different statistical tests on average indicate that there is positive post-event sentiment. This implies that investors do not feel that terrorist attacks are a significant disruption to their investment. Comparison between the pre and post-bomb days shows that the AAR of the second day of the pre-event had a significant difference with the AAR on the 4th day after the incident indicating that the bombing event not included as bad news for capital market players. The investor's reaction to the bomb attack was carried out by looking at the value of Cumulative average abnormal return (CAAR) from post-bomb attack data and showing that manufacturing stock returns tend to be stable, with insignificant increases and decreases at t + 1 to t+5, which indicates that there is no evidence of post-event overreaction. Keywords: Investor Sentiment; firm’s fundamental; overreaction

scholarly journals Information Frictions and Stock Returns

2020 ◽  
Vol 13 (7) ◽  
pp. 140
Author(s):  
Xiaolou Yang
Keyword(s):  
Stock Returns ◽  
Ambiguity Aversion ◽  
Classical Model ◽  
Bad News ◽  
Good News ◽  
Information Frictions ◽  
Tree Model ◽  
Financial Analyst ◽  
Abnormal Stock Returns ◽  
The Impact

The purpose of this paper is to assess the impact of ambiguity on financial analyst forecast incentives and the associated abnormal stock returns. I present a model incorporating ambiguity aversion into a two-period Lucas tree model. The resulting model confirms the role of ambiguity in the determination of asset returns. In particular, the model with ambiguity aversion generates a lower price and a higher required rate of returns compared to the classical model without ambiguity concern. I construct a measure of ambiguity and provide empirical evidence showing that the incentive of analysts to misrepresent information is a function of ambiguity. Analysts are more likely to bias their forecasts when it is more difficult for investors to detect their misrepresentation. Under ambiguity, analysts’ optimistic forecasts for good/bad news tend to deteriorate. Moreover, stock returns are positively related with ambiguity. Under ambiguity neither good nor bad news is credible. Investors systematically underreact to good news forecast and overreact to bad news forecast when ambiguity exists.

Efektivitas penggunaan tongue scraper terhadap penurunan indeks tongue coating dan jumlah koloni bakteri anaerob lidah Effectivity of tongue scraper on reducing tongue coating and anaerobic bacteria colony count

2011 ◽  
Vol 10 (1) ◽  
pp. 32
Author(s):  
Hamdini Hamid ◽  
Rabia’tul Aulia ◽  
Rasmidar Samad
Keyword(s):  
Anaerobic Bacteria ◽  
Colony Count ◽  
Rank Test ◽  
Tongue Coating ◽  
Bacterial Colony ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test ◽  
Tongue Cleaning ◽  
The Impact

Many microorganisms have been found colonizing the dorsum of tongue. To prevent infection and development ofother pathologies in oral cavity, tongue cleaning has been advocated to reduce the amount of coating andmicroorganism loading in the mouth. The aim of this study is to find out the impact of tongue cleaning using tonguescraper against tongue coating index and anaerobic bacterial colony count on tongue dorsum. This study wascarried out on 24 male and 16 female participants aged 11 to 17. Tongue coating index was used to assess tonguecoating and tongue samples were taken to count the bacterial colony. The result showed that there is a significantdifference tongue coating index (Wilcoxon Signed Rank test, p=0.000) and amount of anaerobic bacteria colony (tpairedtest, p=0.007)before and after using tongue scraper. In conclusion, tongue scraper can reduce tonguecoating index and there was significant difference in anaerobic bacteria colony count before and after using tonguescraper.

scholarly journals IMPACT OF POLITICAL INSTABILITY AND TERRORISM ON STOCK RETURNS: EVIDENCE FROM PAKISTAN

2013 ◽  
Vol 01 (02) ◽  
pp. 47-54
Author(s):  
Hasan Raza ◽  
Shafaq Malik
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Stock Returns ◽  
Political Instability ◽  
Bad News ◽  
Good News ◽  
Stock Market Volatility ◽  
Egarch Model ◽  
Year 2000 ◽  
The Impact

This study examines the impact of terrorist activities and regime in Pakistan on the return and volatility dynamics of the financial markets in Pakistan between year 2000 and 2010. The study constructs two dummy variables that quantify political instability and terror and examine the effect on stock market volatility. An ARCH and GARCH model to discover evidence that terrorism and regime has a significant impact on both the return and volatility dynamics of stock markets. To capture the asymmetries in terms of negative and positive shocks, this study also uses threshold GARCH (TGARCH) and an exponential GARCH (EGARCH) model. From both of the TGARCH and EGARCH results, it can be reveal that for the return of KSE-100, there are asymmetries in the news that shows bad news has a larger effect on the volatility of return than good news. Finally study of the reaction of the stock market to terrorist events may also provide indication to investors and speculators to adjust their positions when such events transpire.

PERBEDAAN FINANCIAL PERFORMANCE PASCA SECONDARY OFFERINGS

Wahana ◽  
2019 ◽  
Vol 22 (1) ◽  
pp. 41-49
Author(s):  
Djaja Perdana ◽  
Herbowo Herbowo
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Poor Performance ◽  
Rank Test ◽  
Growth Ratio ◽  
Significant Difference ◽  
Before And After ◽  
Signed Rank Test ◽  
Asset Turnover

This study aims to examine the differences in corporate financial performance before and after secondary offerings. The financial performance is proxied by WCR, DER, Solvency, ROA, ROE, Asset Turnover (ATO) and Growth ratio which representing the value of liquidity, financing, activity, performance and growth of the firm. The study involved 67 samples of the companies listed on the Indonesia Stock Exchange conducting secondary offerings during 2008-2013 period and selected through purposive random sampling method and using Financial Statement data from 2005-2016 period. Hypothesis test is performed using Wilcoxon Signed Rank test. The results of this study indicate that there is no significant difference in the ratio of Solvency, ROA and ROE between before and after secondary offerings, but there are significant differences in the ratio of WCR, DER, Asset Turnover and Growth. WCR ratio after secondary offerings increased, while DER ratio after secondary offerings decreased, the condition of both ratios showed better performance. While the indication of poor performance seen in decreasing asset turnover ratio and growth ratio.Keywords : agency theory, financial performance, secondary offerings

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