PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI PERUSAHAAN ASING VERSUS DOMESTIK
The objective of this research is to examine differences behavior investors to bond rating changes in foreign and domestic companies. The event date is the time when PT Pefindo as a rating agency in Indonesia announce the changes of bond rating during 2002-2011. Event study method is used to analyze...
| Main Authors: | , |
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2013
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| _version_ | 1797033407031541760 |
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| author | , IRDHA YUSRA , Prof. Dr. Eduardus Tandelilin, MBA |
| author_facet | , IRDHA YUSRA , Prof. Dr. Eduardus Tandelilin, MBA |
| author_sort | , IRDHA YUSRA |
| collection | UGM |
| description | The objective of this research is to examine differences behavior investors to
bond rating changes in foreign and domestic companies. The event date is the
time when PT Pefindo as a rating agency in Indonesia announce the changes of
bond rating during 2002-2011. Event study method is used to analyze investor
reaction to bond rating changes announcement. The samples are taken by
purposive sampling method and the results are 89 observation, 51 upgrade and 8
downgrade for foreign companies, 15 upgrade and 16 downgrade for domestic
companies.
Market model used to calculate whether there is any abnormal return. Event
windows are 21 days which 10 days before the rating announcement, the day of
rating announcement, and 10 days after the rating announcement. The variables
is average abnormal return.
Generally, the were positive abnormal return at bond rating upgrade
announcement and there were negative abnormal return at bond rating
downgrade announcement. The result is Indonesian Capital Market, especially
Indonesian Stock Exchange significantly react to bond rating upgrade and
downgrade, for both categories of foreign and domestic companies. This results
indicates that investors react positively to the announcement of the change of
bond rating companies foreign and domestic. This research also find different
response from investors, where the reaction of investors to changes of bond rating
from domestic companies higher than to changes of bond rating from foreign
companies. |
| first_indexed | 2024-03-13T22:53:27Z |
| format | Thesis |
| id | oai:generic.eprints.org:120637 |
| institution | Universiti Gadjah Mada |
| last_indexed | 2024-03-13T22:53:27Z |
| publishDate | 2013 |
| publisher | [Yogyakarta] : Universitas Gadjah Mada |
| record_format | dspace |
| spelling | oai:generic.eprints.org:1206372016-03-04T08:39:04Z https://repository.ugm.ac.id/120637/ PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI PERUSAHAAN ASING VERSUS DOMESTIK , IRDHA YUSRA , Prof. Dr. Eduardus Tandelilin, MBA ETD The objective of this research is to examine differences behavior investors to bond rating changes in foreign and domestic companies. The event date is the time when PT Pefindo as a rating agency in Indonesia announce the changes of bond rating during 2002-2011. Event study method is used to analyze investor reaction to bond rating changes announcement. The samples are taken by purposive sampling method and the results are 89 observation, 51 upgrade and 8 downgrade for foreign companies, 15 upgrade and 16 downgrade for domestic companies. Market model used to calculate whether there is any abnormal return. Event windows are 21 days which 10 days before the rating announcement, the day of rating announcement, and 10 days after the rating announcement. The variables is average abnormal return. Generally, the were positive abnormal return at bond rating upgrade announcement and there were negative abnormal return at bond rating downgrade announcement. The result is Indonesian Capital Market, especially Indonesian Stock Exchange significantly react to bond rating upgrade and downgrade, for both categories of foreign and domestic companies. This results indicates that investors react positively to the announcement of the change of bond rating companies foreign and domestic. This research also find different response from investors, where the reaction of investors to changes of bond rating from domestic companies higher than to changes of bond rating from foreign companies. [Yogyakarta] : Universitas Gadjah Mada 2013 Thesis NonPeerReviewed , IRDHA YUSRA and , Prof. Dr. Eduardus Tandelilin, MBA (2013) PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI PERUSAHAAN ASING VERSUS DOMESTIK. UNSPECIFIED thesis, UNSPECIFIED. http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=60675 |
| spellingShingle | ETD , IRDHA YUSRA , Prof. Dr. Eduardus Tandelilin, MBA PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI PERUSAHAAN ASING VERSUS DOMESTIK |
| title | PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI
PERUSAHAAN ASING VERSUS DOMESTIK |
| title_full | PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI
PERUSAHAAN ASING VERSUS DOMESTIK |
| title_fullStr | PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI
PERUSAHAAN ASING VERSUS DOMESTIK |
| title_full_unstemmed | PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI
PERUSAHAAN ASING VERSUS DOMESTIK |
| title_short | PERBEDAAN PERILAKU INVESTOR TERHADAP PENGUMUMAN PERUBAHAN PERINGKAT OBLIGASI
PERUSAHAAN ASING VERSUS DOMESTIK |
| title_sort | perbedaan perilaku investor terhadap pengumuman perubahan peringkat obligasi perusahaan asing versus domestik |
| topic | ETD |
| work_keys_str_mv | AT irdhayusra perbedaanperilakuinvestorterhadappengumumanperubahanperingkatobligasiperusahaanasingversusdomestik AT profdreduardustandelilinmba perbedaanperilakuinvestorterhadappengumumanperubahanperingkatobligasiperusahaanasingversusdomestik |