Reaksi Pasar Terhadap Pengumuman Right Issue pada Perusahaan-perusahaan Yang Terdaftar di BEI Periode 2008
Right issue is one of the corporate action taken by the issuer to obtain additional funding sources. Announcement of right issue would theoretically have a negatif influence on stock prices. The objective of this study is to determine whether there is information content and market reaction to the a...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2013
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/119118/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59110 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | Right issue is one of the corporate action taken by the issuer to obtain
additional funding sources. Announcement of right issue would theoretically have
a negatif influence on stock prices. The objective of this study is to determine
whether there is information content and market reaction to the announcement of
right issue in indonesia stock exchange by testing the presense or absense of
abnormal return difference between before and after the issuance of the right issue
announcement and examine the differences between stock trading volume before
and after the announcement.
This study uses event study methodology with the windows period of 21
days: 10 days before the announcement, at the time of the announcement, and 10
days after the announcement. Determination of abnormal return using the market
model approach, so it requires the estimation period and in this study are set for
100 days or 110 days before the announcement. Selected sample is all companies
listed at Indonesia stock exchange conducting a right issue without another
corporate action activities in which there are 15 companies that qualified as
sample during 2008. Chosen in 2008 because that year there has been a financial
crisis impact the decline in stock price index in Indonesia stock exchange by more
than 50%.
The results indicate that at the time of the right issue announcement,
market reacted negatively by generate negative abnormal return. Different things
indicated there is no abnormal return between before and after the right issue
announcement. This suggests that the announcement of a right issue does not
contain information that may affect investor preferences. In terms of trading
volume there are no difference as well between before and after the announcement
of right issue. |
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