Analisis dampak pengumuman Right issue terhadap reaksi pasar di bursa efek Jakarta  

Oleh:

Ghozali, Imam ; Agus, Solichin

Jenis: Article from Journal - ilmiah nasional
Dalam koleksi: Jurnal Ekonomi Perusahaan vol. 10 no. 1 (Mar. 2003), page 100.
Topik: Right Issue; Market Model; Stock Return
Fulltext: Analisis dampak right issues.pdf (1.76MB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ60 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The efficient market hypotheses state that security prices intaneously reflect all relevant available information. The purpose of this study is to investigate the investor reaction to right issue announcement in Indonesia Capital Market. Investor reaction is proxied by abnormal return surrounding announcement day. The sample are the right issue by firms listed in Jakrta Stock Exchange during the period 1996-1997. Event study with 11 event window (from day -5 to day +5) is used to investigate the investors reaction. Abnormal return was calculated by Market model. Generally, we find that there is not any different stock return significantly, either before, after, or arround right issue announcement, this means that right issue does not have an information content. There is no change of stock return, caused by possibility of insider information which received by investor or there is another information that is more important than right issue announcement. In 1996 - 1997, the condition of Jakarta Stock Exchange did not include a semi strong market efficiency. It shows that the change of stock return did not fully reflect information of right issue announcement, this means that market reacts slowly which is signaled by some days market reaction after right issue announcement conveyed to public. Finally, we conclude that right issue announcement was not a good news for investor, the information of right issue hasn't been received together by investor yet

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