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Jacqueline Immanuele Firstiany
Fakultas Ekonomi dan Bisnis Universitas Udayana
Economics, Econometrics & Finance

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Reaksi Pasar Atas Right Issue Jacqueline Immanuele Firstiany; Dewa Gede Wirama
E-Jurnal Akuntansi Vol 27 No 1 (2019)
Publisher : Accounting Department, Economic and Business Faculty of Universitas Udayana in collaboration with the Association of Accounting Department of Indonesia, Bali Region

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2019.v27.i01.p11

Abstract

Right issue is one of corporate actions that can affect the number and price of shares in the market. The information content from the announcement of the rights issue becomes important, because it can make the market react to the announcement. This study aims to examine the information content of the announcement of the rights issue at the Indonesia Stock Exchange with a research period of 10 years, from 2008 to 2017. Testing the information content of an event such as the announcement of the rights issue generally uses event study. The event window used in this study is 5 days using market-adjusted model in calculating abnormal returns. The sample of this study is 146 companies which were determined by purposive sampling method. Different from those hypothesized, the results of the one sample t-test indicates that the market does not react to the announcement of rights issue. Keywords: Right issue, market reaction, event study, market-adjusted model, abnormal return
Co-Authors Dewa Gede Wirama