Analysis of Warrant Issuing: on Abnormal Return

Mediaty; Abdul Hamid Habbe; Nurfaiqah Yunus

doi:10.55927/esa.v3i1.7300

Authors

Mediaty Departemen Akuntansi, Universitas Hasanuddin, Makassar
Abdul Hamid Habbe Departemen Akuntansi, Universitas Hasanuddin, Makassar
Nurfaiqah Yunus Departemen Akuntansi, Universitas Hasanuddin, Makassar

DOI:

https://doi.org/10.55927/esa.v3i1.7300

Keywords:

Abnormal Return, Warrant Issuing, Stock Exchange

Abstract

This research aims to determine the market reaction to abnormal stock returns before and after the issuance of warrants. This research data is secondary data. The population of this research are companies that issued warrants in the 2020-2023 period and are listed on the Indonesia Stock Exchange (BEI). The sampling technique for this research is a purposive sampling technique, namely selecting samples based on certain criteria. The sample for this research was 40 companies. The research uses an event study research model with an observation period of 10 days, namely 5 days before and 5 days after the announcement. The data analysis method used in this research uses the non-parametric statistical test Wilcoxon signed-rank test with the help of SPSS 29. The results of the research show that there is no influence on the issuance of warrants on abnormal stock returns.

Downloads

Download data is not yet available.

References

Chung, San-Lin., Wen-Rang Liu, and Wei-Che Tsai. 2014. The Impact of Derivatives Hedging on the Stock Market: Evidence from Taiwan’s Covered Warrants Market. Journal of Banking & Finance. Vol. 42, 123-133.

Eugene, F. B., and Joel F. Houston. 2001. Manajemen Keuangan. Jakarta: Erlangga.

Fama, Eugene Francis. 1970. Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance. Vol. 25, No. 2: 383-417.

Gumanti and Tatang A. 2009. Teori Sinyal dalam Manajemen Keuangan. (Online). Diakses pada 08 Desember 2023.

Habbe, Abdul Hamid., dan Henni Mande. 2016. The Effect of Information Sequential and Personality on the Investor Belief Revision (An Experimental Study in Decision Making). International Scientific Researches Journal. Vol. 72, No. 10: 150-166.

Jogiyanto, H.M. 2010. Portofolio dan Analisis Investasi, Edisi Ketujuh. Yogyakarta: BPFE.

Mediaty, Asri Usman, Fivi Selfi, Lasri Ningsih, dan Dinda Reskiana Putri. 2023. The Implementation of Balance Scorecard in Indonesian Companies: A Systematic Literature Review. International Journal of Economics, Business, and Innovation Research. Vol. 2, No. 4: 282-301.

Nani, Siti Sakina., David P.E Saerang, and Stanley W. Alexander. (2019). Pengaruh Pengumuman Dividen Tunai terhadap Harga Saham Sebelum dan Sesudah Ex Dividend Date pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014 Â€“ 2017. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. Vol. 17, No. 3: 2641–2650.

Nelmida. 2018. Reaksi Pasar Modal dengan Adanya Pengumuman Penerbitan Warrant terhadap Harga Saham Perusahaan yang terdaftar di BEI. Seminar Nasional I Universitas Pamulang.

Reilly, Frank K., and Keith C. Brown. 1997. Investment Analysis and Portfolio Management. Philadelphia: San Diego: Dyrden Press.

Suryawinata, Stefan., Aldwin Tekadtuera, and Dahlia Ervina. 2020. Dampak Pencatatan dan Jatuh Tempo Waran terhadap Harga Saham yang Disertai Waran di Indonesia. Studi Akuntansi dan Keuangan Indonesia. Vol. 3, No. 1: 74-99.

Susanti, Putu Adi., and Pt. Agus Ardiana. 2014. Reaksi Pasar terhadap Pengumuman Right Issue pada Perusahaan Warrant Issuer dan Non Warrant Issuer. E-Jurnal Akuntansi Universitas Udayana.

Wong, Wing-Keung., Hooi Hooi Lean, Michael McAleer, and Feng-Tse Tsai. 2018. Why are Warrant Markets Sustained in Taiwan but not in China? Sustainability.