文章基本信息

标题：Market Reaction to Cabinet Reshuffle: The Indonesian Evidence
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作者：Supramono Supramono ; Widhiastuti Wilis ; I. Utami 等
期刊名称：International Journal of Economics and Financial Issues
电子版ISSN：2146-4138
出版年度：2017
卷号：7
期号：5
页码：183-188
语种：English
出版社：EconJournals
摘要：This event study investigates the Indonesian capital market reaction to the announcement of cabinet reshuffle as a major political event in Indonesia. We also detect the possibility of size effect anomaly related to this political event. Consequently, we not only study 43 large-capitalization firms that are classified into LQ 45 index but also 26 small-capitalization shares. Our findings show that there is no significant abnormal return surrounding the announcement date. We conclude that the announcement of cabinet reshuffle does not contain information value to the market and does not cause size effect.
其他摘要：This event study investigates the Indonesian capital market reaction to the announcement of cabinet reshuffle as a major political event in Indonesia. We also detect the possibility of size effect anomaly related to this political event. Consequently, we not only study 43 large-capitalization firms that are classified into LQ 45 index but also 26 small-capitalization shares. Our findings show that there is no significant abnormal return surrounding the announcement date. We conclude that the announcement of cabinet reshuffle does not contain information value to the market and does not cause size effect. Keywords : event study, market reaction, size effect, cabinet reshuffle, abnormal return. JEL Classification : M2
关键词：event study; market reaction; size effect; cabinet reshuffle; abnormal return