ABNORMAL RETURNS

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KEPEMILIKAN INSIDER, PRIOR, DAN PRICE SEBAGAI ESTIMATOR ABNORMAL RETURNS (STUDI PADA PERUSAHAAN PEMECAH SAHAM DI BEJ)

KEPEMILIKAN INSIDER, PRIOR, DAN PRICE SEBAGAI ESTIMATOR ABNORMAL RETURNS (STUDI PADA PERUSAHAAN PEMECAH SAHAM DI BEJ)

The purpose of this research was to examines and evidence empirically the effects of stock split announcement on abnormal return; effects of insider ownership, prior and price on cumulative abnormal return (CAR) at period of split around for Jakarta stock exchange (JSE)-listed companies during 1995 to 1997. Market-adjusted model is used estimate the abnormal return. Statistic average test and paired samples test abnormal return is used to indicating the market react to split. The result show stock split announcement at the significant effected to the abnormal return and that factors (insider ownership, prior and price) at the significant effected to the cumulative abnormal return. Using analysis of multiple regression the research found that cumulative abnormal return is dependent variable and ownership insider, prior, and price at variable independent.
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Directory UMM :Data Elmu:jurnal:I:International Review of Economics And Finance:Vol8.Issue4.Nov1999:

Directory UMM :Data Elmu:jurnal:I:International Review of Economics And Finance:Vol8.Issue4.Nov1999:

We conducted regression analysis to simultaneously account for firm size, event contamination (other announcements occurring on or near the director announcement date), and whether the new director is a replacement or expands the board. After controlling for these variables, we found no significant differences in abnormal returns across the different types of directors. The coefficient on the natural logarithm of the market value of equity is negative and statistically significant at the 0.05 level (two- tailed test), in keeping with previous results. In the interest of brevity, regression results are omitted.
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Directory UMM :Data Elmu:jurnal:J-a:Journal Of Business Research:Vol49.Issue1.2000:

Directory UMM :Data Elmu:jurnal:J-a:Journal Of Business Research:Vol49.Issue1.2000:

goodwill amortization harms stock prices.” Several studies provide evidence that goodwill values are This study examines this issue. Specifically, we examine the viewed as assets by the market (e.g., Vincent, 1997; Wang, extent to which increases in purchased goodwill are negatively 1993; McCarthy and Schneider, 1995; Jennings, Robinson, associated with the security prices of acquiring companies at Thompson, and Duvall, 1996). Jennings, Robinson, Thomp- the time of the first earnings announcement following the son, and Duvall examined the relation between equity values completion of the merger. The results indicate that firms ex- and reported goodwill for the period 1982–1988. They found hibit negative abnormal returns around the first quarterly that when goodwill was regressed against the market value of earnings announcement date following a purchase business equity, a strong positive relation was found for each of seven combination and that the size of the reaction is negatively years after the acquisition. The size of the coefficient decreased related to the amount of goodwill associated with the pur- each year consistent with goodwill being a wasting asset. chase. Thus, the results support the concerns expressed by Jennings, Robinson, Thompson, and Duvall also examined the financial press that reporting large amounts of goodwill the relation between market values and goodwill amortization is bad news at the time of earnings announcements. These in the seven post-merger years. The results are mixed de- results are not inconsistent with the findings of earlier work pending upon the form of the model but provide some evi- suggesting that goodwill is positively valued by the market. dence that goodwill amortization is negatively associated with Rather, our results suggest that while goodwill may be viewed market value.
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064 Abnormal Trading dan Abnormal return

064 Abnormal Trading dan Abnormal return

Jumlah pengungkapan yang dibutuhkan oleh perusahaan untuk pengguna eksternal meningkat secara signifikan (Lehavy et al., 2011). Penelitian ini bertujuan untuk menguji dampak dari kompleksitas laporan tahunan terhadap abnormal trading dan abnormal returns perusahaan. Penelitian ini juga melakukan analisis terhadap dampak kinerja perusahaan dalam hubungan antara kompleksitas laporan tahunan dan abnormal returns serta abnormal trading. Analisis penelitian ini menggunakan ordinary least square. Menggunakan sampel sebanyak 159 perusahaan, penelitian ini menemukan bahwa terdapat pengaruh negatif kompleksitas laporan tahunan terhadap abnormal stock return perusahaan. Namun untuk abnormal trading (baik abnormal volume maunpun abnormal value) tidak terdapat pengaruh. Penelitian ini juga menemukan bahwa kinerja tidak berpengaruh terhadap hubungan antara kompleksitas laporan tahunan dan abnormal trading maupun abnormal return. Penelitian ini berkontribusi untuk evaluasi atas kebijakan pengungkapan dilakukan selama ini. Pengungkapan merupakan kebijakan yang baik untuk transparansi namun pada titik tertentu akan memberikan dampak negatif bagi investor. Seperti yang disampaikan Levitt (1997) bahwa dalam banyak kasus, masalah yang ada bukan kurangnya informasi namun sebaliknya terlalu banyak informasi sama masalahnya dengan terlalu sedikit informasi. Pengungkapan yang banyak tidak selalu berarti pengungkapan yang lebih baik.
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Effect of 2008 and 2016 U.S Presidential Election in the Indonesian Stock Market - Scientific Repository

Effect of 2008 and 2016 U.S Presidential Election in the Indonesian Stock Market - Scientific Repository

A t-test will be applied where mean CAR for all shares in each sectors were aggregated and means of the two periods, that is, before and after election date checked for significant differences. The level of significance for the t-test was 1%, 5%, and 10% (99%, 95%, and 90% confidence level). If the significance number found is less than the critical value, there exists significant difference in abnormal returns before and after the U.S Presidential elections. The conclusion is that the information content of U.S. presidential elections and inauguration day is significant to Indonesian Stock market. Otherwise the events study concludes that U.S Presidential elections and inauguration day do not influence stock returns in Indonesia.
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Directory UMM :Data Elmu:jurnal:J-a:Journal of Economics and Business:Vol52.Issue4.July2000:

Directory UMM :Data Elmu:jurnal:J-a:Journal of Economics and Business:Vol52.Issue4.July2000:

Bhargava and Fraser (1998) use a multivariate regression model to study prior effects of four Federal Reserve Board decisions that allowed commercial banks to participate in investment banking through Section 20 subsidiaries. When the less expansive powers to underwrite mortgage securities and municipal revenue bonds were initially proposed in April 1987, banks that participated experienced positive and significant abnormal returns. When these powers were expanded in January 1989 to include corporate debt and equity, as well as the subsequent decision to double the amount allowed in September 1989, banks experienced negative abnormal returns and increases in risk. They also study the 1996 proposal by the Federal Reserve Board to increase the allowable Section 20 revenue to increase to 25% and find no wealth effects for commercial banks or investment banks. Bhargava and Fraser do not study the wealth effects of large banks expanding underwrit- ing power on smaller banks and only look at the initial proposal to increase the section 20 loophole. 3
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Directory UMM :Data Elmu:jurnal:J-a:Journal Of Banking And Finance:Vol24.Issue7.2000:

Directory UMM :Data Elmu:jurnal:J-a:Journal Of Banking And Finance:Vol24.Issue7.2000:

Long term impact of the deals. In the year following the deal's announce- ment, we ®nd that the higher and signi®cant abnormal returns are observed only for mergers with insurance companies, with an average excess return of +4.73% signi®cant at the 5% level. This strengthens our results based on a short-term event window. Our interpretation of the market performance after the announcement period is mainly related to the complexity of the deal an- nounced. We believe that marriages between banks and other type of ®nancial institutions must be scrutinized carefully by the market. It is possible that it takes some time to better appreciate the impact of the transaction on the pro®tability of both buyer and seller. A learning story is also likely in the case of dropped deals, which were penalized from the market as the outcome failed to materialize.
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the long run performance of initial public offerings

the long run performance of initial public offerings

Our research sheds additional light on the performance of IPOs by empirically examining the long-run performance of shariah-based IPOs. We therefore add to the growing body of evidence on the long-run performance of new issuers. The study of IPOs in the Islamic capital market is of interest because IPOs in Islamic capital market are smaller than those launched in non Islamic capital market. Furthermore, the characteristics of shariah-based firms are different from the characteristics of non shariah-based firms. We thus hope to shed light on whether the characteristics and the institutional setting of shariah-based firms might affect IPO performance. This research makes two distinct contributions to the literature concerning the long-run performance of IPOs. First, we use shariah-based and non shariah- based firms as sample. Second, we use two different measures to calculate the abnormal return : cumulative abnormal returns and buy-and-hold abnormal returns.
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Directory UMM :Data Elmu:jurnal:J-a:Journal Of Banking And Finance:Vol24.Issue3.2000:

Directory UMM :Data Elmu:jurnal:J-a:Journal Of Banking And Finance:Vol24.Issue3.2000:

This paper validates the key results of prior studies of bank loan an- nouncement e€ects using a common data set drawn from the Canadian capital market. We ®nd that announcements of bank loans are associated with positive abnormal returns and that these are signi®cantly higher than found for an- nouncements of private placements. Also consistent with prior research is our ®nding that syndication weakens the announcement e€ect because it diminishes a key advantage of bank borrowing: the ¯exibility to renegotiate loan terms.

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ANALISIS KINERJA KEUANGAN PERBANKAN  SEBELUM DAN SESUDAH MERGER

ANALISIS KINERJA KEUANGAN PERBANKAN SEBELUM DAN SESUDAH MERGER

Dengan demikian, ia menemukan bahwa pada saat itu transaksi anak perusahaan yang diukir-keluar anak dilakukan lebih baik dari induknya TABLE 11.5 Average Abnormal Returns for Equity Car[r]

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Dynamic Trading with Predictable Returns and Transaction Costs

Dynamic Trading with Predictable Returns and Transaction Costs

However, the second shortcoming (point (ii)) cannot be fixed in this way. In- terestingly, with multiple return-predicting factors, no choice of risk aversion γ and trading cost λ recovers the dynamic solution. This is because the static so- lution treats all factors the same, while the dynamic solution gives more weight to factors with slower alpha decay. We show empirically in Section VI that even the best choice of γ and λ in a static model may perform significantly worse than our dynamic solution. To recover the dynamic solution in a static setting, one must change not only γ and λ, but also the expected returns E t (r t + 1 ) = Bf t
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ANALISIS PRAKTEK REAL EARNINGS MANAGEMENT MELALUI MANIPULASI AKTIVITAS RIIL DAN DAMPAKNYA TERHADAP DIVIDEND PAYOUT RATIO.

ANALISIS PRAKTEK REAL EARNINGS MANAGEMENT MELALUI MANIPULASI AKTIVITAS RIIL DAN DAMPAKNYA TERHADAP DIVIDEND PAYOUT RATIO.

dapat disimpulkan bahwa variabel independen abnormal arus kas kegiatan operasi, abnormal biaya produksi, dan abnormal biaya diskresioner serta variabel kontrol net income, ROI, market-to-book, dan log total aset secara simultan hanya mampu menjelaskan dividend payout ratio, sebagai variabel dependen, sebesar 25,2%, sedangkan sisanya 74,8% (100% - 25,2%) dijelaskan oleh faktor-faktor lain di luar dari faktor-faktor yang diuji dalam penelitian ini. Hal ini mengindikasikan bahwa masih banyak faktor-faktor lain yang dapat menjelaskan variabel dependen.
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silabus Psikologi Abnormal

silabus Psikologi Abnormal

Setelah lulus mata kuliah ini mahasiswa diharapkan memiliki pemahaman mengenai pengertian perilaku normal dan abnormal pada manusia, menge- tahui pendekatan-pendekatan dalam psikologi abnormal, memahami penye- bab munculnya perilaku abnormal, mengenal gejala dan memahami dina- mika terjadinya gangguan perilaku, emosi, dan kepribadian manusia, serta mengenal prevensi, asesmen dan terapi gangguan perilaku, emosi, dan ke- pribadian manusia.

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PENGARUH REVENUE SURPRISE  TERHADAP ABNORMAL RETURN  PENGARUH REVENUE SURPRISE TERHADAP ABNORMAL RETURN.

PENGARUH REVENUE SURPRISE TERHADAP ABNORMAL RETURN PENGARUH REVENUE SURPRISE TERHADAP ABNORMAL RETURN.

Puji dan syukur penulis panjatkan kepada Tuhan Yang Maha Esa atas berkat dan karunia yang telah diberikan-Nya, sehingga penulis dapat menyelesaikan skripsi ini dengan baik. Adapun penyusunan skripsi yang berjudul “Pengaruh Revenue Surprise Terhadap Abnormal Return” ini digunakan untuk memenuhi salah satu syarat untuk memperoleh gelar Sarjana Ekonomi pada Fakultas Ekonomi Universitas Atma Jaya Yogyakarta.

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Perbedaan Kinerja Keuangan dan Abnormal

Perbedaan Kinerja Keuangan dan Abnormal

Pengujian hipotesis variabel keuangan abnormal return menyatakan H 0 diterima yang artinya abnormal return sesudah akuisisi lebih rendah atau sama dengan abnormal return sebelum akuisisi pada perusahaan diakuisisi. Hal ini disebabkan karena peningkatan harga saham sesudah akuisisi tidak cukup tinggi dibanding dengan harga sebelum akuisisi. Ini terjadi karena selain bebarapa perusahaan melakukan stock split juga saham-saham perusahaan diakuisisi cenderung tidak stabil karena pada dasarnya perusahaan yang diakuisisi itu mempunyai permintaan yang kurang bagus di bursa, karena kondisi teknikal dan fundamentalnya kurang begitu bagus. Kesimpulannya rata-rata abnormal return perusahaan pengakuisisi mengalami penurunan setelah akuisisi dan tidak signiikan secara statistik.
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Psikologi Abnormal (buku).pdf

Psikologi Abnormal (buku).pdf

Abnormal artinya menyimpang dari yang normal. Yang normal itu yang bagaimana? Bilamana gejala jiwa atau perilaku dinyatakan normal ? Pertanyaan tersebut tidak mudah untuk dijawab sebab manusia merupakan makhluk multi dimensional. Manusia merupakan makhluk biologis, makhluk individu, makhluk sosial, makhluk etis, dst., sehingga perilaku manusia dapat dijelaskan dari dimensi-dimensi tersebut. begitu juga bila berbicara mengenai abnormalitas jiwa. Berikut ini dikemukakan beberapa konsepsi mengenai abnormalitas menurut tinjauan tertentu (Maramis, 2005 : 94-100; Kartini Kartono, 1999 : 1-10).
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Abnormal Heart Beat Detector.

Abnormal Heart Beat Detector.

ABNORML HEART BEAT DETECTOR LOHSOONWEI Tlls rport is submitted in ptial ulillment of the requirement for the awrd of Bachelor of Electronic Engineering Industrial Electronics with Hon[r]

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PSIKOLOGI ABNORMAL APAKAH PERILAKU ABNOR

PSIKOLOGI ABNORMAL APAKAH PERILAKU ABNOR

 Biasanya perilaku abnormal merupakan suatu bentuk respon yang tidak diharapkan terjadi. Contohnya seseorang tiba-tiba menjadi cemas (misalnya ditunjukkan dengan berkeringat dan gemetar) ketika berada di tengah- tengah suasana keluarganya yang berbahagia. Atau seseorang mengkhawatirkan kondisi keuangan keluarganya, padahal ekonomi keluarganya saat itu sedang meningkat. Respon yang ditunjukkan adalah tidak diharapkan terjadi.

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PERBEDAAN ABNORMAL RETURN ANTARA PERUSAH

PERBEDAAN ABNORMAL RETURN ANTARA PERUSAH

Praktik perataan laba (income smooting) merupakan suatu cara yang digunakan oleh manajemen untuk mengurangi fluktuasi laba agar mencapai target yang diinginkan baik secara artificial (melalui akuntansi) maupun secara riil (melalui transaksi). Tujuan penelitian ini adalah untuk mengetahui perbedaan abnormal return perusahaan yang melakukan perataan laba dan yang tidak melakukan perataan laba.

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