PENGARUH RIGHT ISSUE TERHADAP ABNORMAL RETURN PADA PERUSAHAAN PUBLIK YANG TERDAFTAR DI BURSA EFEK INDONESIA

EKA SRIYANI BACHRI, Influence of Right Issue to Abnormal Return on Public Companies Listed in Indonesia Stock Exchange. Faculty of Economics, State University of Jakarta. 2013. This study aimed to describe the rights issue, abnormal returns, and examine the effect of the rights issue to the abnormal return on a public company listed on the Indonesia Stock Exchange. Companies that become the object of study is the 28 public companies listed on the Indonesia Stock Exchange in 2010. This research is a form of secondary research and research using event study methods (event studies). The approach used to calculate abnormal returns using the market model approach. Observation (event window) of the abnormal returns around the announcement made in the rights issue, which is 7 days before and 7 days after the rights issue. And the estimation period used to calculate the expected return is for 100 days. Data analysis methods used in this research is using descriptive statistical analysis, normality test, homogeneity test, and test sample paired t test for paired difference test of data. The results show that the announcement of the rights issue does not affect the abnormal return, as shown by the absence of a significant difference between the abnormal returns before the announcement of the rights issue announcement abnormal return after the rights issue. Based on the results, it can be concluded that the stock market does not react to the announcement of the rights issue