PENGUMUMAN RIGHT ISSUE, EX-DATE & PERUBAHAN HARGA SAHAM

Sari

This study aims to test abaout how market reactrelated to right issue announcement and how market react atthe ex-date. The sampling technique is purposive sampling which are firms that established right issue and actively traded in Indonesian Stock Exchange. Testing period is begin from December 2013 to February 2017. Techniques used are paired sample t-test and event study. Total population are 79 stocks where 63 samples are used for the first test and 62 samples for the second test. The results shows that the right issue announcement resulted in a positive and significant change of return of 1.32% compared to the previous period of -0.62% where p-value of paired sample t-test less than 0,05. While testing market reaction related to ex-date indicate that there is no significant decline in stock price but vice versa. Market react positively altough not significant which p-value more than 0,05. Furthermore, out of 62 samples, there are only 13 stock that experience a decline in stock prices at ex-date.