Open AccessDampak Pencatatandan Jatuh TempoWaran terhadap Harga Saham yang Disertai Waran di Indonesia
Author(s) -
S.T. A. Suryawinata,
Aldwin Tekadtuera,
Dahlia Ervina
Publication year - 2020
Publication title -
studi akuntansi dan keuangan indonesia
Language(s) - English
Resource type - Journals
ISSN - 2654-6221
DOI - 10.21632/saki.3.1.74-99
Subject(s) - abnormal return , warrant , stock (firearms) , event study , business , listing (finance) , maturity (psychological) , stock market , financial economics , economics , stock exchange , finance , geography , law , political science , context (archaeology) , archaeology
This research discusses the stock abnormal return effect of warrants to its underlying stock on its listing and maturity date. This study sample is the stock price changes of stocks backed with a warrant in the Indonesian stock market for the year 2008 to 2018—using an event study approach to observe stock abnormal return effect on the listing and maturity date of warrants. The results of this research are that we find a significant negative abnormal return around the warrants' listing date. On the warrants' expiration date, we find a significant negative effect before and after the money warrants' maturity date. However, a different result is obtained for the observation of out-of-the-money warrants that do not show any significant abnormal return on the event window.