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Journal : SENTRALISASI

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 (Efi), Nunung Ayu Sofiati Abdul Aziz Mubarok, Dadan Abdul Aziz, Dadan Adhima, Rio Fauzan agung setiawan Aldi Rahman Lazuardi Alfarisi, Ade Salman Ali , Mochammad Mukti Ali, Mochamad Mukti Amanati, Nuzul Ana Hadiana Ana Hadiana, Ana Andi Sukandi Andre Suryaningprang Andre Suyaningprang Andriasan Sudarso Anggono Raras Tirto Sakti Anggraeni, Yulia Dyah Anik Rahayu, Anik Anindya, Sevina Hanisa Aprilliani, Pritta Ardinal Djalil Ardinal Djalil Arie Hendra Saputro Arief Yulianto Arief Yulianto Aris Setiyani, Aris Astrin Kusumawardani Ayatika, Arini Ayu Sofiat, Nunung Ayu Sofiati, Nunung Aziz, Dadan Abdul Budiantara, Jaka Perbawa Cahyono, Yoyok Cellia, Cindy Chaidir, Moehammad Ilham Cokins, Gary Dadan Abdul Azis Mubarok Dadan Abdul Aziz Dadan Abdul Aziz Dadan Abdul Aziz Dadan Abdul Aziz Mubarok Dadan Abdul Aziz Mubarok Dayan Hakim Natigor Dayona Ismail, Gurawan Dayona, Gurawan Diah Febriyanti Diki Wahyu Nugraha Doni Zaelani Dyah Purnamasari E Landitha Karunia Antika Erna Herlinawati Fanji Wijaya Fany Oktaviani Febrianto Febrianto, Febrianto Febriyanti, Diah Fina Fahrina Fahrunisa Fitri Julianti Fitriani, Epi Ganesha, Dicky Tri Gunawan, Wulandari Gurawan Dayona Ismail Gurawan Dayona Ismail Gustiawan, Rudi Hakim Natigor Sipahutar, Dayan Hamdani, Deni Hendi Suhendraya Muchtar Hendriawanto, Hendriawanto Hikmah, Agung Mohamad Hisashi, Rendy Mahardhika Icha Sandrina, Icha Sandrina Ismail, Dr. Gurawan Dayona Ismail, Gurawan Dayona Ita Kumaratih Juanda, Ujang Jumadil Saputra Kaniasari Wulan Dewi Karunia Antika, E Landitha Khairunisya, Hania Khoirunnisa, Asyifa Kingking Muttaqien Kumaratih, Ita Laela, Sri Lazuardi, Aldi Rahman Lenggogeni, Lenggogeni Lili Suryati Listri Herlina Luntungan, Irving Ignatius Paul Luska Lusyana Sari Manasye Arveni Sinamo Maulani, Magfira Gifani Meilani, Haifa Syafira Mohamad Arfiman Yosep Mohamad Arfiman yosep Mohd Hassan Che Haat Mohd Yusoff Yusliza Mubarok , Dadan Abdul Muhammad Yusuf Mukti Ali, Mochamad Mukti Ali, Mochammad Munjinadir, Hafid Muttaqin , Ridlwan Nandan Limakrisna Naufal, Aldi Nenobais, Manoakh Noviani, Dinda Nunung Ayu Sofiati (Efi) Nur Sumawidjaja, Riyandi Nur Sumawidjaya, Riyandi Nuraini, Risda Nurlaela, Ika Nurshifa Putri Irawan Nurul Afifah, Rima Omo Permana Omo Permana Palupi Permata Rahmi Permana, Ari Permana, Omo Pertiwi, R. Dewi Pratiwi, Nunur Fitri Pujianto, Gatot Purnamasari, Weny R. Rheina Amalina Iskandar Rama Chandra Jaya Rasti Ristiya Recky Rega, Mochammad Reviana, Raisa Ridlwan Muttaqin Ridwan Ramadhan Rifqi Farisan Akbar Rima Nurul Afifah Rimayani, Rimayani Riyandi Nur Sumawidjaja Riyandi Nur Sumawidjaja Riyandi Nur Sumawidjaja Riyandi Nur Sumawidjaja Rizki Fathurrahman Septian Safitri, Meilina Santi Susila Nengsih Sayyidinaa Zahra Ridha Pramitha Siddiq, Andhika Mochamad Siti Nur Asyifa, Alma Siti Sarah, Siti Siti Susanti Sofiati, Nunung Ayu Sofiaty, Nunung Ayu Solihah, Maya Sonia Chandra Utami Suci Fauziah Lestari Sudarmadji, Harrys Sugandi, Akhmad Suhendar Suhendar Sujatmika, Dendi Sumawidjaya, Riyandi Nur Supiyadi, Dedi Surachman Surjaatmadja Surachman Surjaatmadja Susila Nengsih, Santi Sutaryat Trisnamansyah Sutisna Sutisna Syamsul Bachri Thessa Tri Astuty Tjipto Sajekti Walhidayat, Taufik Wardana, Wikrama Wiara Sanchia Grafita Ryana Devi Wildan Guretno Prasetiyo Wulandari Gunawan Yosi Josiva Zikri Muhammad Zulfiqar, Mochammad