Reaksi Pasar Modal Atas Pengumuman Perubahan Peringkat Obligasi Perusahaan Yang Terdaftar Di Bursa Efek Indonesia

Septiana, Felicia (2021) Reaksi Pasar Modal Atas Pengumuman Perubahan Peringkat Obligasi Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Undergraduate thesis, Universitas Katolik Musi Charitas.

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Abstract

Investors need some informations to make investment decisions in the capital market. One of that information is the announcement of bond ratings changes issued by bond rating agency. This study aims to analyze whether the market reaction to the announcement of across class bond ratings changes is greater than within rating class. The population in this study are companies listed on the IDX that was announced bond ratings changes by PEFINDO during 2012-2019. Samples taken by purposive sampling method. The samples of this study are 8 announcements of upgrade across class, 7 announcements of upgrade within class, 13 announcements of downgrade across class, and 15 announcements of downgrade within class. The hypothesis analysis in this study was tested by using the independent sample t-test. The results of this study indicate that the market reaction to the announcement of across class bond ratings changes is greater than within rating class. Keywords: Market Reaction, Bond Rating, Across Class, Within Class.

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