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Wacana, Jurnal Sosial dan Humaniora
Published by Universitas Brawijaya
ISSN : 14110199     EISSN : 23381884     DOI : https://doi.org/10.21776/ub.wacana
Core Subject : Economy, Humanities, Social,
Humanities Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences
This journal has a focus on inter and multidisciplinary studies of social sciences and humanities. The scope is the socio-cultural phenomenon, the history, and transformation of society, changes, and stagnation of socio-political institutions, actor orientation, and behavior, the performance of political regimes and socio-economic structures. The scope is not limited by state, nation, temporal duration, certain ideas, and narrow beliefs. This journal is open to various approaches, theories, methodologies, research methods carried out by scientists, academics, researchers and practitioners in the fields and disciplines: economics, social, political science, government studies, international relations, sociology, anthropology, demography, history, religious and cultural studies, philosophy of science, communication science, and development studies.
Arjuna Subject : Ilmu Sosial - Ilmu Sosial (Lain-Lain)
Articles 12 Documents
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Search results for , issue "Vol. 12 No. 4 (2009)" : 12 Documents clear
ANALISIS REAKSI INVESTOR TERHADAP PENGUMUMAN RIGHT ISSUE DI BURSA EFEK JAKARTA (Suatu Pengamatan pada Return, Abnormal Return, Aktivitas Volume Perdagangan dan Bid-Ask Spread Saham) SRI DEWI YUSUF; ATIM - DJAZULI; H.M. HARRY - SUSANTO
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT Development of stock market activity, which grows very fast lead to significant changes on the demand of information quality. To make the rational investor decision making, it is needed a relevant information in order to identify any work of the company. Event study is a study which analyze any market reactions toward an event which the information is published as announcement. Right issue announcement can affect market, it is depent on the existence of the content of the information in the right issue announcement above. If the right issue announcement contains some information so the market will react and the market won’t react if no information. The research sample is determined by a purposive sampling method, and there are 17 companies which announce right issue between 2000-2003. Statistical experiment used is T-test experiment (paired two samples for means). The Observation period which is done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the announce right issue. Results show that there is a significant difference between return and abnormal return in the period of between at the moment, and after the announce right issue. The result in the before-after announce right issue period shows that there is no significant difference. The result in the variable activity of stock’s trade volume shows that there is signification difference in the before-at the moment and after period, but in the result of before-after period show that there is no significant difference there. And the result of bid-ask spread variable shows that there is no significant different in the before-at the moment and after period of announce right issue, but in the before-after period the result shows that there is no significant different there. And the result of bid-ask spread variable shows that there is no significant different in the before-at the moment and after period of announce right issue, but in the before-after period the result shows that there is significant different there. Cumulatively, this research gives a conclusion that announcement right issue have no information contents positive so that the market in general give no reaction. Keywords: Right Issue announcement, Return, Abnormal Return, TVA, Bid-Ask Spread
ANALISIS RETURN, ABNORMAL RETURN, AKTIVITAS VOLUME PERDAGANGAN ATAS PENGUMUMAN MERGER DAN AKUISISI (Studi pada Perusahaan yang Listed di BEJ tahun 2000-2002) SLAMAT HARIJONO ARITONANG; ATIM - DJAZULI; H.M. HARRY - SUSANTO
Wacana Journal of Social and Humanity Studies Vol. 12 No. 4 (2009)
Publisher : Sekolah Pascasarjana Universitas Brawijaya

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Abstract

ABSTRACT   Merger and acquisition events can influence market depend on the existence of the content of informations in the merger and acquisition phenomenon or not. If the merger and acquisition contain informations then market will react and vice versa. Objective of this study is to find out the difference of return, abnormal return, trade volume activity, before, in the moment, after the merger and acquisition announcement. Research sample is determined by the purposive sampling method, and there are 9 companies which announce merger and Acquisition between 2000-2002. Statistical experiment used is T-test experiment (paired two samples for means). The observation was done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the merger and acquisition. Results of this research show that there is no significant difference between return in period of the moment, after and before-after merger and acquisition announcement. In the case of abnormal return, there is  no signification difference in the before-at the moment and after period, but before-after periods show the significant difference. The activity of stock’s trade volume suggest no signification difference in the before-at the moment, at the moment - after and before-after periods. Cumulatively, it is concluded that merger and acquisition have no information content,  so that market in general give no reaction, it due to the merger and acquisition announcement can’t give positive signal information   Keywords: Merger , acquisition, return, abnormal return, TVA

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