REAKSI PASAR MODAL DENGAN ADANYA  PENGUMUMAN PENERBITAN WARRANT  TERHADAP HARGA SAHAM PERUSAHAAN YANG  TERDAFTAR DI BEI

Authors

This study employ the reaction of the capital market on the stock warrants announcement before and

after the date of warrant listing on the Indonesia Stock Exchange. The data used the secondary data

from the company that has issued the warrant on the Indonesia Stock Exchange in the period 2011 -

2014 with a population of fifteen companies. The sampling technique used in this study is purposive

sampling the ten companies selected for the research sample. The method analysis used in this study is

the event study technique using fifteen windows before and after listing date warrant. Hypothesis

testing using t-test statistics. Before testing the hypothesis, all data is stationary test using the Dickey

Fuller and Phillips Perron Test. The Result found that there are significant differences abnormal

returns and cumulative abnormal return before and after the date of warrant listing on the Stock

Exchange Indonesia, and the Indonesian capital market is semi strong form efficiency.

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Keyword: Return, Abnormal Return, Cumulative Abnormal Return, listing date warrant, and Indonesia

Stock Exchange.