ANALISIS SEBELUM DAN SESUDAH PENGUMUMAN RIGHT ISSUE TERHADAP ABNORMAL RETURN, VOLUME PERDAGANGAN SAHAM, DAN BID ASK SPREAD

This experiment conducted in purpose of reviewing the response and the state of the capital market; both before and after the announcement of right issue, by observing the volume of capital trading, capital abnormal return, and bid ask spread. The participants of this particular surveys involves every single companies listed in the Indonesian Stock Exchange Market. The experiment's samples are obtained by using the method of purposive sampling, which approximately conducted on 72 different enterprises in the space of three years time.
Hyphothetical observation method was implemented as well by using TwoRelated Sample method, which reveals 5% rate of significancy as a result of uneven distribution of experiment's variables by using SPSS program ver. 21. The
outcome of the first experiment (Ha1) which concluded that there was specific abnormal return differences both before and after the publication of right issues was rejected. The second hyphotetical experiment (Ha2) which stated that there were significant differences between the rate of capital tradings before and after the announcement of right issue, is accepted. Last but not least, the third experiment (Ha3) which assumed that there were a particular differences of the rate of bid - ask spread between before and after the news of the right issue publication, is rejected as well.

Keyword : Right Issue, Abnormal Return, Bid-Ask Spread