REAKSI PASAR MODAL INDONESIA TERHADAP PELUNCURAN RUDAL KOREA UTARA

Nicholas Arditya Dwianto, Ima Kristina Yulita

Abstract


This study aimed to examine the Indonesia capital market reaction to the North
Korean missile launching. The type of this research is an event study by using the
market model estimation to estimate the expected return. This research used 100
days as the estimated period and 9 days as the windows period. The sample of this
research consisted of 76 companies listed in the Index Kompas 100. The result shew
that the stock price did not react negatively toward North Korean missile launching.
In this research, the emergence of disturbing events at t+3 and t+4 that North Korea
succeded in testing hydrogen bomb disturb the events observed by the author. At t
+3 and t+4, the stock price react negatively and significantly. The result of this
research supported the Signaling theory that the information about a countrys
particular events such as information about North Koreas succes in testing a
hydrogen bomb was interpreted as a negative signal (bad news)


Keywords


capital market reaction, event study

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References


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DOI: https://doi.org/10.24071/exero.v2i1.2059

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