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All Journal SENTRALISASI Aptisi Transactions on Technopreneurship (ATT) Dinasti International Journal of Education Management and Social Science Airlangga Journal of Innovation Management Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) International Journal of Community Service & Engagement JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Indonesian Journal of Economics and Management Journal of Public Representative and Society Provision Eduvest - Journal of Universal Studies Research Horizon Journal Integration of Management Studies Siber International Journal of Digital Business EDUKASI
Sofiati, Nunung Ayu
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Analyzing Investor Reaction to PT Chandra Daya Investasi’s Initial Public Offering through Abnormal Returns and Trading Volume Patterns in the Prajogo Pangestu Group Amanati, Nuzul; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Ismail, Gurawan Dayona
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5069

Abstract

This research investigates how the stock market responds to the Initial Public Offering of PT Chandra Daya Investasi Tbk (CDIA) and examines its influence on abnormal returns and trading volume activities of companies within the Prajogo Pangestu Group. The study applies an event-study approach to four affiliated issuers, namely BRPT, BREN, TPIA, and CUAN, using an 11-day event window around the IPO and a 60-day estimation period for return modeling. The analysis assesses whether CDIA’s listing generated meaningful price or trading-volume reactions within the group. The findings show that the IPO did not lead to significant abnormal returns or notable changes in trading activity for the affiliated stocks. Only a minor anticipatory response appeared on T–4, while neither the event day nor the days following it exhibited a meaningful market reaction. Overall, the results suggest that the CDIA IPO was treated as a firm-specific event with limited information spillover to other companies in the group.
Co-Authors Admaja, Firma Agustin Dwi agung setiawan Alfarisi, Ade Salman Ali , Mochammad Mukti Ali, Mariyuana Abdussamad Ali, Mochamad Mukti Amanati, Nuzul Andrean, Meilani Eka Putri Andriasan Sudarso Anggono Raras Tirto Sakti Anindya, Sevina Hanisa Aris Setiyani, Aris Aziz, Dadan Abdul Bernadus, Benny Dadan Abdul Aziz Mubarok Dadan Abdul Aziz Mubarok Dayan Hakim Natigor Dayona, Gurawan Detya Wiryany Ekapaula, Rolla Fajar, Kartika Bunga Febrianto Febrianto, Febrianto Febriyanti, Karina Fernandez, Egi Ganesha, Dicky Tri Hamdani, Deni Hikmah, Agung Mohamad Ismail, Gurawan Dayona Jaya, Rama Chandra Jordan, Reza Kamal, Muhhammad Ikhsan Luntungan, Irving Ignatius Paul Muharam, Asep Toni Mukti Ali, Mochammad Mulyawan Safwandy Nugraha Nengsi, Astiana Nenobais, Manoakh Noviani, Dinda Nuradina, Kartika Prasetiyo, Wildan Guretno Pratiwi, Nunur Fitri Prilaksono, Kursusantyo Dudung Purnamasari, Weny Purwoko, Harry Ridwan Ramadhan Rimayani, Rimayani Riyandi Nur Sumawidjaja Sastri, Prinska Damara Sidjabat, Sonya Sudarmadji, Harrys Sudaryo , Yoyo Sugandi, Akhmad Sugiarti Sugiarti Sujatmika, Dendi Sumawidjaya, Riyandi Nur Sutisna Sutisna Syarif, Devyanthi Tjipto Sajekti Widodo, Rintis Eko Wiryani, Detya Yoyo Sudaryo Yuningsih, Salsa Billa Putri