Pola Pergerakan Harga Saham dan Tingkat Likuiditas Saham pada Pengumuman Bonusshare: Studi Empiris pada Thin Market  

Oleh:

Kurniawati, Indah

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Jurnal Akuntansi & Auditing Indonesia vol. 11 no. 2 (Dec. 2007), page 173-186.
Topik: Bonusshare; Market Reaction; Stock Liquidity

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: AA70 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

The objective of this study is to investigate effect of public announcement bonusshare- on market reaction in the Jakarta Stock Exchange. Since the trade condition in the Jakarta Stock Exchange is still a non-synchronous trading, therefore, this study employs a research method which is appropriate for such market. The sample consists of 54 companies which announce bonusshare from 1994-1996. The market reaction is measured using the Single Index Model and beta bias is corrected using Fowler and Rorke Method (1983) with four lags and four leads. Comparison of stock liquidity before and after the Bonusshare made use of wilcoxon signed ranks test and one sample kolmogorof snmirnof test for data normality test. The result of this research shows that bonusshare announcement is positively responded statistically but not significantly responded by the market around the date of bonusshare announcement. The difference between stock liquidity before and after the bonusshare is insignificant except trading volume.

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