Open AccessAnalisis Perbandingan Abnormal Return,Trading Volume Activity, dan Bid-Ask Spread Sebelum dan Sesudah Stock Split
Author(s) -
Fahrizal Anwar,
Nadia Asandimitra
Publication year - 2018
Publication title -
bisma (bisnis dan manajemen)/bisma (bisnis dan manajemen)
Language(s) - English
Resource type - Journals
eISSN - 2549-7790
pISSN - 1979-7192
DOI - 10.26740/bisma.v7n1.p34-44
Subject(s) - abnormal return , stock exchange , stock (firearms) , bid–ask spread , business , ask price , stock market , event study , econometrics , financial economics , economics , monetary economics , finance , mechanical engineering , paleontology , context (archaeology) , horse , engineering , biology
Stock splits or stock split is to break a piece of stock into n shares so that the new price per share after the stock split is 1 / n of the previous price.This study aims to investigate the market reaction to the announcement of the stock split the company listed in Indonesia Stock Exchange Period 2012-2013. The market reaction is indicated by the presence or absence of abnormal return differences, trading volume activity, and bid-ask spreads before and after the stock split announcement.Type of research is a study of events (event study).The study sample as many as 17 companies based on purposive sampling.Testing is done with a period of 5 days before and 5 after the announcement of the stock split.The technique of data analysis performed using paired sample t-test on abnormal returns while Wilcoxon signed ranks test on trading volume activity and bid-ask spreads.