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Jurnal Keuangan dan Perbankan


KEYWORD : abnormal return, bonus share, information content, trading volume activity


  1. Lydia Angela Natasya
  2. Tarsisius Renald Suganda


    1. FINANCE
    2. BANKING



      ABSTRACT :

      The aims of this
      paper was to investigate the market reaction of bonus share announcement in
      indonesia stock exchange. Bonus share was the signal given by company to public
      or stockholders. If bonus shares announcement consisted of the information, it
      would be reacted by the market. There were pro’s and con’s about the finding of
      bonus share’s announcement. The standard of event study method had been used
      for the purpose of studying the bonus sharer issues announcement reaction. The
      proxies of market reaction were abnormal return and trading volume activity. In
      this study , the researcher found a significant negative abnormal return and it
      meant that the announcement of bonus share had negative information content.
      This finding probably meant that most companies had liquidity problem. The study
      also found that the everage of trading volume activity was insignificantly
      decreased after bonus share announcement. This empirical study showed that
      bonus share indicate a bad signal for the indonesia market.


      Vol 17, Nomor 03, Tahun 2013


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