Perbedaan Asimetri Informasi dan Volume Perdagangan Saham sebelum dan Setelah Pengumuman Merger dan Akuisisi

Abstract

          This research was conducted with the aim to know the difference of information asymmetry and trading volume of stock before and after announcement of merger and acquisition at public company in Indonesia Stock Exchange period 2013-2015 period. In this study information asymmetry is measured using bid-ask spreads and stock trading volumes measured by comparing the number of shares traded and the number of shares outstanding. The research method used in this research is descriptive research method. The data source used is secondary data. In this study the population is mergers and acquisitions company in the period 2013-2015 and the sampling using purposive sampling. Based on the technique, obtained a sample of 36 companies. Event window of this research is one year before and one year after announcement. Statistic analysis used to test the hypothesis is paired sample t-test. The results is 1) there is a difference of information asymmetry before and after the announcement of mergers and acquisitions: and 2) there is no difference in trading volume of shares before and after mergers and acquisitions in public companies in Indonesia Stock Exchange period 2013-2015. Suggestions for future research should be 1) adding to the samples, so it can increase the generalization of the difference in information asymmetry and trading volume of shares before and after mergers and acquisitions; and 2) adding the period of research so that the results of research can reflect the real reality.