ANALYSIS DIFFERENCES OF ABNORMAL RETURN AND LIQUIDITY LEVEL STOCK COMPANY IN IDX THE STOCK SPLIT
Abstract
Facing tough competition to expand the business, companies need funding not less. Currently, the stock market has been a source of funding that many enthused by the company. Stock liquidity is an important indication to study the market behavior, namely investors. In determining whether investors will be trading in the stock market, usually he would base decisions on a variety of information in its possession, one of the available information is the stock split announcement. The purpose of this research is to examine and analyze the significant differences Abnormal Return and stock trading volume activity (Trading Volume Activity / TVA) of the company before and after the stock split.
Data used in this research is secondary data. Data needed in this research is a form of trade transaction documents and a list of stocks listed on the Stock Exchange in the year 2005-2008. The analysis technique used is to use different test (Paired Sample Test) on the variable and variable returns Abnormal Trading Volume Activity (TVA).
The test results show that there are significant differences between the abnormal returns before the stock split announcement after the stock split event (stock spit) in 4 companies studied. While the test results on the activity of stock trading volume indicates that there were no significant differences in the activity of stock trading volume (Trading Volume Activity / TVA) between before and after the stock split stock split announcements of events (stock spit) in 4 companies studied.
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