Detail Hasil Pencarian

Judul :
Pengaruh Stock Split Terhadap Likuiditas Saham Yang Diukur Dengan Besarnya Bid-Ask Spread Di Bursa Efek Jakarta
Pengarang : Sri Fatmawati, Marvvan Asri
Jurnal : Jurnal Ekonomi dan Bisnis Indonesia 1999, XIV(4)
Tahun : 1999
Summary / Kata Kunci : ABSTRACT
It is widely believed that stock splits are purely cosmetic, since the corporation's cash flows are unaffected, each shareholder retains his proportionate ownership and the claims of other classes of security holders are unaltered Although stock splits appear to be purely cosmetic changes, research shows real effects associated with them. Despite extensive study, controversies still abound in the literature about these effects. These controversies include whether stock splits affect shareholder wealth, change a stock risk, improve liquidity, and provide signals to the market. The objective of this research is to verify empirically that stock splits relate those real effects especially stock liquidity as measured by bid-ask spread.
This research examines thirty companies which did stock splits in Jakarta Stock Exchange during July 1995 to June 1997. A paired-difference test is used to test some hypothesis about the difference between two population means for stock prince, variance, trading volume, turnover volume, and bid-ask spread variables. Furthermore, the multiple regression analysis is used to examine the relation of stock price, trading volume, stock volatility to bid-ask spread.
Overall, the results of this research indicate that there are significant differences among stock price, turnover volume, and bid-ask spread for before and after the listing date. Besides that, the difference of bid-ask spread is affected by stock price, volatility, and trading volume.

Keywords: bid-ask spread, liquidity, stock-splits
File : tidak tersedia untuk didownload
     
Sitasi  
    (tidak ada sitasi)
     
Referensi    
1.   A. Dravid, A Note on The Behaviour Stock Returns Around Ex-Dates of Stoc Distributions., 1987
2.   C.A.Barker, Effective Stock Splits, 1956
3.   C.P. Jones, Investments: Analysis and Management, 1996
4.   E. Farna, The Adjustment of Stoc Prices to New Information. Internation,, 1969
5.   E.F. Brigham, L.C. Gapenski, Financ Management: Theory & Practice, 1994
6.   G.J. Benston, E.L. Hagerman, Determinants of Bid-Ask Spread in the Over-The-Counter Market., 1974
7.   H. Demsetz, The Cost of Transactin Quarterly Journal of Economics 82:33-53, 1968
8.   H.I. Bishara, Stock Splits, Stock Returns, and Trading Benefits on Canadian Stock Markets, 1988
9.   H.K.Badan G.E. Powell, Further Evidence on Managerial Motives for Stock Splits, 1993
10.   I.E. Copeland, Liquidity Chan Following Stock Splits., 1979
11.   I.E. Copeland, D. Gatai,, Inform Lion Effects on the Bid-Ask Spread, 1983
12.   J.S. Howe, Ji-Chai Lin, Divideit Policy and the Bid-ask Spread: An Empi rical Analysis,, 1992
13.   Keith Johnson, Stock Split and Price Changes., 1966
14.   M. Brennan, T. Copeland, Stock Splits, Stock Prices and transactions Costs., 1988
15.   M. Grinblatt, R. Masulis , S. Titman, The Valuation Effects of Stock Splits an Stock Dividends, 1988
16.   R. Aggarwal, S.N. Chen, Stock Splits and Return Volatility, 1989
17.   R.M. Conroy, M. Flood, The Effi of Stock Splits on Marketability: Tra saction Rate and Share Ownersh, 1989
18.   R.M. Conroy, R.S. Harris, B.A. Ben, The Effects of Stock Splits on B: Ask Spread, 1990
19.   S.Bar-Yosef, L. Brown, A Reexamination of Stock Splits Using Moving Betas., 1977
20.   W. Baker, P. Gallagher, Management View of Stock Splits, 1980
     
     
Inherent UGM
Gedung Pusat UGM
Lt 3 Sayap Utara
Bulaksumur
Telp. (0274) 564416