ANALISIS PERBANDINGAN BID ASK SPREAD PADA MASA SEBELUM DAN SESUDAH PENGUMUMAN RIGHT ISSUE DI BURSA EFEK INDONESIA TAHUN 2015-2018

ANINDYA CELINAWATI, YUYUN ISBANAH

Abstract


This study aims to determine whether there are differences in stock liquidity that is proxied by the bid-ask spread at the time before and after rights issue announcement. The sample used in this study amounted to 77 companies that carried out rights issues in 2015-2018 but didn’t do other corporate actions in the study period. The analysis technique used in this study was comparative analysis using the wilcoxon sign rank test. The wilcoxon sign rank test testing in this study found that there was no significant difference between the bid-ask spread average before rights issue announcement and the bid-ask spread average after rights issue announcement. The absence of this difference is due to the right issue announcement didn’t contain information that cause differences in investor preferences.




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