ANALISIS DAMPAK REVERSE STOCK SPLIT TERHADAP ABNORMAL RETURN DAN LIKUIDITAS SAHAM DI BURSA EFEK JAKARTA

The puspose of this research is to know the effect of reverse stock split announcement to abnormal return and Trading Volume Activity (TVA) of the stock trade along period of 2001 — 2006 in Jakarta Stock Exchange (JSA). Event that used as a variable in this research is reverse stock split announcement. Abnormal return and Trading Volume Activity (7'VA) are used as variables that exam how market reaction and stock liquidity between before and after reverse stock split announcement. Mean while the analysis that used is a statistic nonparametric test (Wilcoxon Signed Ranks Test). Sample in this research 22 cases. The samples was choose using purposive sampling tehcnic. The result of this research it's showed that (1) there is no significant differences between abnormal return average before and after reverse stock split announcement, it's meaning that the market had no reaction to reverse stock split announcement (2) there is a differences that significant between trading volume activity (TVA) average before and after reverse stock split announcement, it's meaning reverse stock split can increase stock liquidity.