Reaksi Pasar Dan Informasi Asimetri Terhadap Tindakan Perataan Laba Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

The investor's attention on the net income number without regard to the procedures used, has encouragedmanagement to carrry out earnings management, include within earnings management is income smooting. Incomesmoothing is the way to reduce earnings variability over a number of period as movement toward unexpected levelof reported earning.Objective of this study is to anaylize 1) market reaction and asymetri information surounding the companyannouncement date 2)Effect assymetry informatin on stock price. The sample that used is the company with eckelindex less than one (i.e to indicate income smoothing practice). Using purposive sampling method this study examine39 companies listed in the Indonesian stock exchange. Market reaction is measured as cumulative abnormal returnfive days surrounding the companie earnng announceent date. T-test was used to examine market reaction andasymetri information surrounding the companies earnings management date. Regresion linear was used to examineeffect of asymetri informationtoward share price.Result of this study indicate that 1) there is income smoothing practise in Indonesian stock exchange 2)There is significant market reaction asymetri information surrounding the companies earnings management 3)Thereis significant positive effect of asymetri information toward share price