REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN HASIL REAL COUNT PEMILU PRESIDEN DAN WAKIL PRESIDEN INDONESIA TANGGAL 22 JULI TAHUN 2014

Abstract

The capital market is one of the economic instruments which develop rapidly. It is used as an indicator and support of a country's economic progress. Capital markets react to events that contain information, both non-economic events and economic events. Political events closely related to the stability and performance of the economy of a country. In Indonesia, political events seems cannot be separated from the reaction which occurs in the capital market.

This research tries to analyze the capital market reaction through the political events in Indonesia, namely the Real Count Results Announcement Election of President and Vice President which is held on July 22, 2014. The reaction of the stock market measured by the abnormal stock returns. The test of the market reaction use analytical techniques and sampling event study conducted with a purposive random sampling method from LQ45 in Indonesia Stock Exchange (IDX) during the observation period.

Results oftshowed nosignificant, this means thatnooccurrence ofabnormal returns. Ifno occurrence ofabnormal returns, thismeansthat themarketin the form ofsemi-strong efficient. In addition, thereis alsonodifferencein the averageabnormal returnbeforeand after theannouncement ofthe results ofthe realcountElectionof President and VicePresidentin 2014.

Keywords: Real count, capital market reaction, event study, abnormal return