Stock Split, Fraksi Perdagangan, dan Likuiditas Saham di Bursa Efek Jakarta  

Oleh:

Ekaputra, Irwan Adi ; Putri, Okta Zuriani Eka

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: Manajemen Usahawan Indonesia vol. 35 no. 12 (Dec. 2006), page 20-24.
Topik: Saham; jakarta stock exchange; market microstructure; stock split; tick size; liquidity JEL classification : G14 ; G15; G18

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: MM15.27 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

Companies often split their stocks to adjust prices and increase liquidity. This paper investigates the impact of stock split on stock liquidity in the jakarta stock exchange. Liquidity is measured using two interrelated proxies. First, we use relative bid ask spread (RS) to measure two dimension liquidity : immediacy and width. Second, we use depth to relative spread (DTRS) ratio to measure the more complete or three dimension liquidity : immediacy, width and depth. We deduce the impact of stock split on liquidity will depend on the tick size after the split. To examine, we divide the sample into two groups. The first group consists of stocks experiencing tick size decline, while the second group consists of stocks traded using the same tick size after the split. Our investigations confirm that stock split enhances two dimension liquidity, only if the split reduces stock tick size. In other words, stock split does not improve two dimension liquidity if it does not decrease the tick size. Moreover, because of market depth and relative spread trade off, stock split does not promote three dimension liquidity, regardless of its effect on the tick size.

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