ANALISIS REAKSI INVESTOR SEBELUM DAN SESUDAH MERGER DAN AKUISISI TERHADAP ABNORMAL RETURN SAHAM PADA PERUSAHAAN YANG TERDAFTAR DI BEI PERIODE 2013-2015

Yordan, Praoja (2016) ANALISIS REAKSI INVESTOR SEBELUM DAN SESUDAH MERGER DAN AKUISISI TERHADAP ABNORMAL RETURN SAHAM PADA PERUSAHAAN YANG TERDAFTAR DI BEI PERIODE 2013-2015. Undergraduate thesis, Universitas Katolik Musi Charitas Palembang.

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Abstract

The purpose of this study to investigate the effect of merger and acquisition of abnormal stock returns . Type of research is the study of events with the estimation period of 20 days and the event period of 10 days before and after the merger . The sample used in this study were 24 company listed on the BEI in the period 2013-2015 with the research method of comparative studies using parametric test One Sample T Test and Paired Sample T - Test to answer the hypothesis . The test results showed negative influence around the date of the acquisition announcement , in other words, the market reaction tends to be negative on acquisitions that occurred . The positive effects occurred long before the announcement date of acquisition resulting information already known in advance by the market , it demonstrates the capital market in Indonesia has not fulfilled an efficient capital market assumptions Keywords: acquisition, merger, abnormal return, stocks, efficient

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