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Abstract
Capital markets are an integral part of economic activity in many countries. One type of capital market is bonds. In Indonesia has developed two types of bonds are syariah-based bonds called sukuk and bonds are not based on sharia. The purpose of this study is to analyze the impact of issuance of sukuk and conventional bonds on stock returns. The company under study is a company that issues both sukuk and syariah bonds. This study uses event study to see the reaction of capital market to the event of issuance of sukuk and conventional bonds. The results showed that the abnormal return of stock is only influenced by variable of maturity value of sukuk and conventional bond. Thus, the stock market is not very responsive to the issuance of sukuk or conventional bonds.
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References
- Afaf, Nafian.2008. Analisis Pengaruh Pengumuman Penerbitan Obligasi terhadap Return Saham di Bursa Efek Jakarta.Tesis S2 yang tidak dipublikasikan, Universitas Indonesia.
- Arshanapalli, B., Fabozzi, F., Switzer, L.N, and Gosselin, G.2004. New evidence on the market impact of convertible bond issues in US. Paper presented at annual meeting of California.
- Ashhari, Z.M., Chun, L. S., and Nassir, A. Md. 2009. Conventional vs Islamic Bond Announcements: the effects on Shareholders’ wealth. International Journal of Business and Management, vol.4: 105-111.
- Burlaccu, R. 2000. New evidence on the pecking order hypothesis: the case of French convertible bond.Journal of Multinational Financial Management, 10: 439-459
References
Afaf, Nafian.2008. Analisis Pengaruh Pengumuman Penerbitan Obligasi terhadap Return Saham di Bursa Efek Jakarta.Tesis S2 yang tidak dipublikasikan, Universitas Indonesia.
Arshanapalli, B., Fabozzi, F., Switzer, L.N, and Gosselin, G.2004. New evidence on the market impact of convertible bond issues in US. Paper presented at annual meeting of California.
Ashhari, Z.M., Chun, L. S., and Nassir, A. Md. 2009. Conventional vs Islamic Bond Announcements: the effects on Shareholders’ wealth. International Journal of Business and Management, vol.4: 105-111.
Burlaccu, R. 2000. New evidence on the pecking order hypothesis: the case of French convertible bond.Journal of Multinational Financial Management, 10: 439-459