REAKSI PASAR MODAL TERHADAP HASIL PEMILIHAN UMUM DAN PERGANTIAN PEMERINTAHAN TAHUN 2004
ABSTRACT: This paper uses
event study methodology to investi-gate the stock price reaction to domestic
political events, Indonesian presidential election and cabinet announcements in
2004. By using 44 stock of LQ-45 category, the analysis reveals that abnormal
returns are: (1) not significantly different before and after presidential
election announcement, (2) significantly negative on day –5, –4, and +5 and
significantly positive on day –3, –2, –1, 0, +1, +3, and +4 around presidential
election announcement, (3) significantly different be-fore and after cabinet
announcement, and (4) significantly negative on day 0 around cabinet announcement.
The results reported here indicate that Indonesian capital market is sensitive
to political events.
Key word: pasar modal, pemilu
Penulis: Baldric Siregar
Kode Jurnal: jpmanajemendd050015
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