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All Journal CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya
DICKY MARKUS ANGKASAJAYA
Jurusan Manajemen Fakultas Bisnis dan Ekonomika Universitas Surabaya
Education

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Journal : CALYPTRA : Jurnal Ilmiah Mahasiswa Universitas Surabaya

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UJI EFEK PENGUMUMAN RIGHTS OFFERINGS/RIGHTS ISSUEPADA PASAR SAHAM INDONESIAPERIODE 2012-2016 DICKY MARKUS ANGKASAJAYA; Putu Anom Mahadwartha; Endang Ernawati
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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Abstract

The purpose of this study is to examine how the market will react to rights offerings/rights issue announcement day (at extraordinary general meeting). This study used the company data listed on Indonesian Stock Exchange (BEI) from period 2012-2016 who has held rights offerings/rights issue. This study uses event study methodology to observe the abnormal return and cumulative abnormal return that occurred around the rights offerings/rights issue announcement day (at extraordinary general meeting). This study found that abnormal return would occur sorrounding the announcement date (t-1 for discounted rights offerings and t+3 for premium rights offerings). Both types of offerings show that investors will give a positive reaction about the rights offerings. This study also found that cumulative abnormal return would occur arround the announcement date (t-3 to t+3) and investors will be benefited if they buy that stock at three days before and sell it at three days after rights offerings announcement.
Co-Authors Endang Ernawati Putu Anom Mahadwartha