REAKSI PASAR MODAL TERHADAP PENGUMUMAN KEPUTUSAN INVESTASI RAJA SALMAN DI INDONESIA

Ima Kristina Yulita

Abstract


The purpose of this research is to test the capital market reaction to investment decision announcement of Salman King in Indonesia. It was hypothesized that the market reacts positively to investment decision announcement of Salman King in Indonesia. This study will investigate the existence of abnormal return as an indicator of market reaction in the days around investment decision announcement of Salman King. The sample used is 95 companies listed in the Kompas 100 Index. The study period consists of estimation period and event period lasting from December 30, 2016 to March 15, 2017. Event study is used to test how fast the market react to new information. The test showed that that the market reacts positively on the second day after the announcement. This result is aligned with the Signaling Theory where the market will tend to interpret  investment announcement events from King Salman as a signal that Indonesia has good economic prospects in the future. This signal will affect the activity in the capital market is marked by the movement of stock prices.

Keywords: abnormal return, event study, investment, market reaction.


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References


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