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MARKET REACTION OF EVENTS MERGERS AND ACQUISITIONS IN INDONESIA STOCK EXCHANGE (IDX) Merger and Acquisition activity is part of a corporate action that results in a signaling theory. Investors will be responding to and announcement if the information contained therein is considered profitable and generate and abnormal return. Event study conducted on Mergers and Acquisitions of events in this study using market efficiencies in the form of semi-strong. This study aimed to see whether there is abnormal return around the observation period with the period of the event (event period) seven days before and seven days after the announcement of the merger and acquisition with the estimated period of 100 days in the estimation period. The scope of the research is all companies for mergers and acquisitions in the Indonesia Stock Exchange (IDX) for a period of 3 years of observations in 2013-2015. The samples in this study did not consider the corporate Action others besides mergers and acquisitions alone, so got 30 companies as the sample material. an analytical tool used in this research is multiple linear regression with Level Of Singnificance by (LOS) 5%. The results showed that there were no abnormal return around the study period. So it can be said that there is no market reaction around the announcement of mergers and acquisitions as evidenced by the significance lies in the research results. Most likely this is because there is no leakage of information during the period of study so that it can be concluded that the Indonesian market has included a semi-strong market.

PENGUJIAN REAKSI PASAR TERHADAP PERISTIWA MERGER DAN AKUISISI DI BURSA EFEK INDONESIA (BEI)