KESIMPULAN ANALISIS LIKUIDITAS SAHAM SEBELUM DAN SESUDAH PENGUMUMAN REVERSE STOCK SPLIT PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA.
55
BAB V
KESIMPULAN
Dalam menentukan apakah investor akan melakukan transaksi di pasar
modal, biasanya ia akan mendasarkan keputusannya pada berbagai informasi yang
dimilikinya. Salah satu informasi yang dapat mempengaruhi reaksi pasar adalah
informasi mengenai corporate action. Reverse stock split merupakan salah satu
informasi yang dipublikasikan kepada publik sebagai suatu pengumuman atau
peristiwa yang berhubungan dengan perusahaan (corporate action). Jika suatu
pengumuman memiliki kandungan informasi, maka pasar akan bereaksi pada waktu
informasi tersebut diterima pasar. Reaksi pasar atas suatu pengumuman dapat
mempengaruhi likuiditas saham. Dalam penelitian ini likuiditas saham diproksikan
dengan bid-ask spread dan volume perdagangan saham.
Berdasarkan pengujian hipotesis yang telah dilakukan terhadap 22
perusahaan yang melakukan reverse stock split pada periode 2001 sampai dengan
Juni 2009, maka dapat diambil kesimpulan bahwa tidak terdapat perbedaan signifikan
likuiditas saham sebelum dan sesudah pengumuman reverse stock split. Hal tersebut
ditunjukkan dengan tidak terdapatnya perbedaan bid-ask spread dan volume
perdagangan saham sebelum dan sesudah pengumuman reverse stock split. Hasil
penelitian tersebut menunjukkan bahwa pengumuman reverse stock split tidak
memiliki nilai ekonomis, sehingga pengumuman reverse stock split bukan merupakan
56
informasi yang relevan bagi investor dalam membuat keputusan investasinya.
Ketidakrelevanan informasi dalam pengumuman reverse stock split tersebut dapat
saja disebabkan oleh motif beberapa perusahaan yang melakukan reverse stock split
untuk menghindari kriteria delisting yang ditetapkan oleh bursa yang memiliki
peraturan harga minimum saham.
Daftar Referensi
BEI, 2004, Peraturan Pencatatan Efek Nomor I-A: 19/07/04 tentang Pencatatan
Saham dan Efek Bersifat Ekuitas Bukan Saham yang Diterbitkan oleh
Perusahaan Tercatat, Jakarta.
Conroy, R. M.; R. S. Haris, 1990, The Effect of Stock Splits on Bid-Ask Spread,
Journal of Finance 45, 1285-1295.
Copeland, Thomas E, 2007, Financial Theory and Corporate Policy, (Pearson
Addison Wesley, New York).
Fransson, Abbe, 2005, Reverse Stock Split: An Emprical Approach To The
Signaling And Trading Range Hyphotheses On Swedish Stocks Subject To
Reverse Split Between 1995 And 2004, Journal of Business 10, 1-17.
Han, 1995, The Effect of Reverse Splits on the Liquidity of the Stock, Journal of
Financial and Quantitative Analysis 30 (1), 159-169.
Hartono, Jogiyanto, 2005, Metodologi Penelitian Bisnis: Salah Kaprah dan
Pengalaman-pengalaman, (BPFE UGM, Yogyakarta).
Hartono, Jogiyanto, 2005, Pasar Efisien Secara Keputusan, (PT Gramedia Pustaka
Utama, Jakarta).
Hartono, Jogiyanto, 2008, Teori Portofolio dan Analisis Investasi, Edisi Kelima,
(BPFE UGM, Yogyakarta).
Horne, James C, 1995, Financial Management and Policy, (A Simon and Schuster
Company, New Jersey).
Jing, Lihua, 2002, An Event Study of Reverse Stock Splits in Hongkong Market,
SSRN Accounting Journal.
Jog, Vijay; Cheng Zhu, 2004, Thirty Years Of Stock Splits Reverse Stock Splits
And Stock Dividends In Canada, Quarterly Journal of Business and
Economic 36, 51-61.
Nelling, E. F; Chen Y, 2002, Reverse Stock Split: Microstructure Effect and
Nonparametric Analysis of the Ex Date Return, Finance and Management
14, 52-56
Pangaribuan, Arini A, 2009, Analisis Perbedaan Likuiditas dan Abnormal Return
Sebelum dan Sesudah Pengumuman Reverse Split di Bursa Efek Indonesia,
Akuntansi (Universitas Atma Jaya Yogyakarta, Yogyakarta).
Pratisto, Arif, 2009, Statistik Menjadi Mudah dengan SPSS 17, (Elex Media
Komputindo, Jakarta).
Ross, A. S.; R. W. Westerfield; J. Jaffe, 2007, Core Principles and Applications
of Corporate Finance, (Mc Graw-Hill, New York).
Savitri, Melinda; Dwi Martani, 2005, The Analysis Impact of Stock Split and
Reverse Stock split on Stock Return and Volume The Case of Jakarta Stock
Exchange, Journal of Accounting.
Sutopo, Evelyn, 2005, Analisis Likuiditas Saham di Seputar Reverse Stock Splits,
Akuntansi (Universitas Atma Jaya Yogyakarta, Yogyakarta).
Teguh, Daniel Adi Nugroho, 2005, Pengaruh Kebijakan Reverse Stock Split
terhadap Return Saham, Akuntansi (Universitas Atma Jaya Yogyakarta,
Yogyakarta).
Weygandt, Jerry J.; Donald E. Keiso; Walter G. Kell, 2002, Accounting
Principles, (John Wiley & Sons, Inc, New York).
Wild, John J; K. R. Subramanyan; Robert F. Halsey, 2005, Financial Statement
Analysis, (Mc Graw-Hill, New York).
www.idx.co.id
www.yahoofinance.com
Lampiran 1 Daftar Sampel Perusahaan yang Melakukan Kebijakan Reverse
Stock Split
Kode emiten
Nama perusahaan
Tanggal pengumuman
reverse stock split
BDMN
Bank Danamon Indonesia Tbk
17 Juli 2001
BNII
Bank International Indonesia Tbk
13 Juni 2002
LPBN
Bank Lippo Tbk
11 Desember 2002
BDMN
Bank Danamon Indonesia Tbk
22 Januari 2003
SMMA
Sinar Mas Multiartha
4 Maret 2003
MTFN
Bakrie Finance
6 Maret 2003
SUBA
Suba Indah Tbk
1 Oktober 2003
BBNI
Bank Negara Indonesia
23 Desember 2003
PLAS
Palm Asia Corpora
18 Maret 2004
UNIT
United Capital Indonesia Tbk
29 April 2004
SIPD
Sierad Produce Tbk
15 Oktober 2004
IIKP
Inti Indah Karya Plasindo
19 Januari 2005
BNBR
Bakrie and Brother Tbk
14 Maret 2005
LPLI
Lippo E-net Tbk
28 Maret 2005
APIC
Artha Pasific International Tbk
18 April 2005
INDX
Indoexchange Tbk
25 Agustus 2005
SRSN
Sarasa Nugraha
6 Oktober 2005
JAKA
Jaka Artha Graha
19 Juli 2006
BKSL
Royal Sentul Highland Tbk
1 Agustus 2006
INPC
Inter-Pasific Bank
10 Januari 2007
BNBR
Bakrie and Brother Tbk
6 Maret 2008
POLY
Polysindo Eka Perkasa Tbk
14 Maret 2008
Lampiran 2 Bid-ask Spread
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t-3
Bid price
t-3
bid-ask spread
t-3
35
30
0 .1 6 7
20
15
0 .3 3 3
36
31
0 .1 6 1
270
255
0 .0 5 9
45
40
0 .1 2 5
10
10
0 .0 0 0
20
15
0 .3 3 3
100
95
0 .0 5 3
2
1
1 .0 0 0
550
550
0 .0 0 0
20
15
0 .3 3 3
375
325
0 .1 5 4
335
320
0 .0 4 7
50
45
0 .1 1 1
200
200
0 .0 0 0
10
10
0 .0 0 0
40
40
0 .0 0 0
25
25
0 .0 0 0
30
25
0 .2 0 0
48
45
0 .0 6 7
335
320
0 .0 4 7
50
50
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t-2
Bid price
t-2
bid-ask spread
t-2
35
30
0 .1 6 7
20
15
0 .3 3 3
36
31
0 .1 6 1
255
235
0 .0 8 5
45
40
0 .1 2 5
10
10
0 .0 0 0
20
15
0 .3 3 3
100
95
0 .0 5 3
2
1
1 .0 0 0
575
550
0 .0 4 5
20
15
0 .3 3 3
325
300
0 .0 8 3
40
30
0 .3 3 3
50
45
0 .1 1 1
200
200
0 .0 0 0
10
10
0 .0 0 0
40
35
0 .1 4 3
25
25
0 .0 0 0
30
30
0 .0 0 0
49
48
0 .0 2 1
325
310
0 .0 4 8
50
50
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t-1
Bid price
t-1
bid-ask spread
t-1
35
30
0 .1 6 7
20
15
0 .3 3 3
36
31
0 .1 6 1
240
235
0 .0 2 1
40
35
0 .1 4 3
10
10
0 .0 0 0
20
15
0 .3 3 3
100
90
0 .1 1 1
2
1
1 .0 0 0
550
550
0 .0 0 0
20
15
0 .3 3 3
70
60
0 .1 6 7
325
310
0 .0 4 8
40
40
0 .0 0 0
10
10
0 .0 0 0
10
10
0 .0 0 0
35
30
0 .1 6 7
25
25
0 .0 0 0
30
25
0 .2 0 0
49
48
0 .0 2 1
325
310
0 .0 4 8
50
50
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t+1
Bid price
t+1
bid-ask spread
t+1
675
625
0 .0 8 0
135
125
0 .0 8 0
280
270
0 .0 3 7
1100
1050
0 .0 4 8
470
300
0 .5 6 7
550
525
0 .0 4 8
125
120
0 .0 4 2
1300
1300
0 .0 0 0
455
410
0 .1 1 0
1250
1200
0 .0 4 2
160
150
0 .0 6 7
405
380
0 .0 6 6
160
150
0 .0 6 7
450
430
0 .0 4 7
180
175
0 .0 2 9
75
45
0 .6 6 7
85
80
0 .0 6 3
75
65
0 .1 5 4
100
100
0 .0 0 0
280
270
0 .0 3 7
650
580
0 .1 2 1
490
490
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t+2
Bid price
t+2
bid-ask spread
t+2
650
650
0 .0 0 0
130
125
0 .0 4 0
275
265
0 .0 3 8
1000
975
0 .0 2 6
400
300
0 .3 3 3
600
550
0 .0 9 1
120
115
0 .0 4 3
1300
1300
0 .0 0 0
455
455
0 .0 0 0
1200
1200
0 .0 0 0
160
155
0 .0 3 2
400
400
0 .0 0 0
600
580
0 .0 3 4
460
430
0 .0 7 0
190
175
0 .0 8 6
65
55
0 .1 8 2
85
80
0 .0 6 3
75
70
0 .0 7 1
115
100
0 .1 5 0
245
240
0 .0 2 1
600
580
0 .0 3 4
385
320
0 .2 0 3
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t+3
Bid price
t+3
bid-ask spread
t+3
675
650
0 .0 3 8
130
125
0 .0 4 0
270
265
0 .0 1 9
950
925
0 .0 2 7
400
300
0 .3 3 3
400
400
0 .0 0 0
125
115
0 .0 8 7
1300
1300
0 .0 0 0
510
455
0 .1 2 1
1400
1250
0 .1 2 0
160
155
0 .0 3 2
410
360
0 .1 3 9
270
210
0 .2 8 6
445
440
0 .0 1 1
165
150
0 .1 0 0
65
55
0 .1 8 2
85
85
0 .0 0 0
85
75
0 .1 3 3
115
115
0 .0 0 0
245
220
0 .1 1 4
620
590
0 .0 5 1
320
320
0 .0 0 0
Lampiran 5 Rata-rata Trading Volume Activity
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
TVAit-3
TVAit-2
TVAit-1
∑TVA
sebelum
2 .2 6 1 E- 0 5
5 .3 4 2 E- 0 6
1 .2 7 2 E- 0 5
4 .0 6 7 6 4 E- 0 5
1 .3 5 5 8 8 E- 0 5
1 .9 4 3 E- 0 5
2 .3 0 2 E- 0 5
3 .7 0 1 E- 0 5
7 .9 4 6 4 E- 0 5
2 .6 4 8 8 E- 0 5
0 .0 0 0 2 3 3
0 .0 0 3 1 4 3
4
9
9 .9 9 5 E- 0 5
3
0 .0 0 1 1 5 9 0 9 4
3 .1 7 8 E- 0 5
2 .7 1 3 E- 0 5
2 .7 7 9 E- 0 5
8 .6 7 0 5 E- 0 5
2 .8 9 0 1 7 E- 0 5
1 .1 5 8 E- 0 5
5 .6 1 5 E- 0 6
0 .0 0 0 1 2 7
6
0 .0 0 0 2 4 0
0 .0 0 0 5 5 1 9 2
0 .0 0 3 4 7 7 2 8
0 .0 0 0 1 4 4 2 3
0 .0 0 0 2 5 5
5
5 .6 3 3 E- 0 5
1
1
0 .0 0 0 3 5 2
0 .0 0 0 1 9 7
0 .0 0 1 2 3 6
0 .0 0 1 7 8 6 8 0
1
9
8
BBNI
PLAS
UNIT
SIPD
IIKP
6 .5 7 6 E- 0 6
8 .0 9 9 E- 0 5
0 .1 3 3 0 8
0 .0 6 0 3 4
0 .0 0 0 1 2 2
JAKA
BKSL
INPC
BNBR
POLY
8 .2 7 5 E- 0 5
0 .0 0 0 1 8 3 9 7 4
0 .0 0 0 5 9 5 6 0 2
1
5 .6 7 7 3 8 E- 0 5
0 .1 3 6 9 8
0 .2 1 7 5 2
0 .4 1 0 9 4
0 .0 0 0 5 7 5
0 .0 0 0 7 4 8 3 0
6
5
2
5 .0 5 2 E- 0 5
0 .0 0 0 6 6 5
0 .0 0 0 3 4 9
4
6
0 .0 0 1 6 0 9
8
0 .0 0 1 9 8 3
0 .0 0 5 5 5 1
0 .0 1 6 9 7 8
0 .0 2 4 5 1 3 0 6
2
4
5
8
4
0 .0 0 0 2 4 9 4 3 5
0 .0 0 2 6 2 3 9 7
0 .0 0 7 7 5 2
0
APIC
INDX
SRSN
6
4 .8 0 7 8 8 E- 0 5
0 .0 0 0 1 7 0 3 2
BNBR
LPLI
rata2 TVA
sebelum
0 .0 0 0 8 7 4 6 5 9
0 .0 0 8 1 7 1 0 2 3
0 .0 1 2 1 4 4 4 4
0 .0 0 4 3 9 2
3
0 .0 0 4 0 4 8 1 4 8
0 .0 0 2 1 2 1 7 7
0 .0 0 0 1 9 2
3
8 .4 5 2 E- 0 5
0 .0 0 1 8 4 5
1
0 .0 0 0 7 0 7 2 5 7
4 .7 7 7 E- 0 5
2 E- 0 5
1 .2 2 2 E- 0 6
6 .8 9 9 2 1 E- 0 5
2 .2 9 9 7 4 E- 0 5
1 .0 8 7 E- 0 5
0
6 .3 4 1 E- 0 6
1 .7 2 1 0 4 E- 0 5
5 .7 3 6 7 9 E- 0 6
0 .0 0 3 6 9 3
0 .0 1 1 5 3 8
0 .0 1 9 7 9 9
0 .0 3 5 0 3 0 9 0
2
6
1
9
0 .0 1 1 6 7 6 9 7
2 .8 8 5 E- 0 6
1 .9 2 3 E- 0 7
7 .6 9 2 E- 0 7
3 .8 4 6 1 5 E- 0 6
1 .2 8 2 0 5 E- 0 6
1 .9 3 2 E- 0 6
6 .2 5 7 E- 0 6
1 .6 7 5 E- 0 5
2 .4 9 3 5 6 E- 0 5
8 .3 1 1 8 6 E- 0 6
0 .0 0 0 1 2 8
0 .0 0 0 2 6 7 5 2
8 .9 1 7 3 6 E- 0 5
5 .3 3 6 E- 0 5
8
0 .0 1 5 0 3 6
0 .0 0 7 7 5 2
7
4
0 .0 0 4 3 9 2
2
0 .0 0 9 0 6 0 3 8 7
1 .9 0 4 E- 0 6
7 .3 6 3 E- 0 7
1 .8 4 1 E- 0 6
4 .4 8 0 6 1 E- 0 6
1 .4 9 3 5 4 E- 0 6
8 .5 3 8 E- 0 5
1
0 .0 2 7 1 8 1 1 6
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
TVAit+1
TVAit+2
∑TVA
sesudah
TVAit+3
rata2 TVA
sesudah
2 .0 5 9 E- 0 6
1 .4 4 1 E- 0 6
4 .7 3 5 E- 0 6
8 .2 3 4 0 9 E- 0 6
2 .7 4 4 7 E- 0 6
0 .0 0 3 0 4 4 7
0 .0 0 0 6 5 5 3
0 .0 0 0 1 4 5 9
0 .0 0 3 8 4 5 8 3 9
0 .0 0 1 2 8 1 9 4 6
0 .0 0 2 7 6 3 4
0 .0 0 1 8 7 6 4
0 .0 0 0 7 8 4 1
0 .0 0 5 4 2 3 8 5 9
0 .0 0 1 8 0 7 9 5 3
1 .2 1 5 E- 0 5
8 .3 5 8 E- 0 5
1 .7 7 E- 0 5
0 .0 0 0 1 1 3 4 2 5
3 .7 8 0 8 2 E- 0 5
0
0
0
0
0
0 .0 0 1 2 7 2 1
0 .0 0 0 4 4 1 3
5 .1 9 2 E- 0 5
0 .0 0 1 7 6 5 3 1 7
0 .0 0 0 5 8 8 4 3 9
0 .0 0 5 7 9 0 7
0 .0 0 1 7 2 2 2
0 .0 0 0 2 0 3 7
0 .0 0 7 7 1 6 6 6 7
0 .0 0 2 5 7 2 2 2 2
1 .1 5 2 E- 0 5
2 .6 3 5 E- 0 5
5 .1 7 2 E- 0 6
4 .3 0 4 5 5 E- 0 5
1 .4 3 4 8 5 E- 0 5
0 .0 2 2 1 4
0 .0 3 0 5
0 .0 1 7 9 2
0 .0 7 0 5 6
0 .0 2 3 5 2
0 .0 0 0 2 4 6 9
0
0 .0 0 1 1 5 5 5
0 .0 0 1 4 0 2 3 7 2
0 .0 0 0 4 6 7 4 5 7
0 .0 0 0 2 6 1 8
0 .0 0 0 4 9 1 2
8 .4 9 7 E- 0 5
0 .0 0 0 8 3 7 9 5 4
0 .0 0 0 2 7 9 3 1 8
0 .0 0 4 4 5 3
0
0 .0 0 2 2 9 6 8
0 .0 0 6 7 4 9 8 1 1
0 .0 0 2 2 4 9 9 3 7
0 .0 0 7 7 2 5 7
0 .0 0 8 6 5 3 5
0 .2 1 4 8 4 6 2
0 .2 3 1 2 2 5 3 8 5
0 .0 7 7 0 7 5 1 2 8
0 .0 0 3 5 7 6 5
0 .0 0 0 9 1 1 9
6 .9 9 7 E- 0 5
0 .0 0 4 5 5 8 3 1 4
0 .0 0 1 5 1 9 4 3 8
0 .0 1 7 6 2 4 8
0 .0 6 2 9 8 1 8
0 .0 0 0 3 2 7 6
0 .0 8 0 9 3 4 2 0 2
0 .0 2 6 9 7 8 0 6 7
1 .9 5 6 E- 0 6
0 .0 0 0 8 7 9 1
0 .0 0 1 0 8 9 7
0 .0 0 1 9 7 0 7 9 7
0 .0 0 0 6 5 6 9 3 2
0 .0 2 0 9 8 6 7
0 .0 3 5 2 6 8 3
0 .0 1 8 6 1 1 3
0 .0 7 4 8 6 6 2 7 9
0 .0 2 4 9 5 5 4 2 6
0 .0 0 4 9 0 3 8
0 .0 0 3 1 8 5 6
0 .0 0 1 2 8 0 8
0 .0 0 9 3 7 0 1 9 2
0 .0 0 3 1 2 3 3 9 7
7 .3 6 1 E- 0 6
0 .0 0 0 1 1 0 8
9 .2 0 1 E- 0 6
0 .0 0 0 1 2 7 3 4 6
4 .2 4 4 8 8 E- 0 5
3 .0 0 6 E- 0 7
1 .2 0 2 E- 0 6
4 .9 7 E- 0 5
5 .1 2 0 6 1 E- 0 5
1 .7 0 6 8 7 E- 0 5
0 .0 1 2 6 0 1 7
0 .0 0 8 6 5 3 5
0 .0 0 5 7 8 5 1
0 .0 2 7 0 4 0 3 5 9
0 .0 0 9 0 1 3 4 5 3
1 .7 6 7 E- 0 5
0 .0 0 7 0 5 5 4
0
0 .0 0 7 0 7 3 0 5 5
0 .0 0 2 3 5 7 6 8 5
Lampiran 3 Rata-rata Bid-ask Spread
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
bid-ask spread
t-3
bid-ask spread
t-2
bid-ask spread
t-1
∑bid-ask spread
sebelum
rata2 bid-ask spread
sebelum
0 .1 6 7
0 .1 6 7
0 .1 6 7
0 .5 0 0
0 .1 6 7
0 .3 3 3
0 .3 3 3
0 .3 3 3
1 .0 0 0
0 .3 3 3
0 .1 6 1
0 .1 6 1
0 .1 6 1
0 .4 8 4
0 .1 6 1
0 .0 5 9
0 .0 8 5
0 .0 2 1
0 .1 6 5
0 .0 5 5
0 .1 2 5
0 .1 2 5
0 .1 4 3
0 .3 9 3
0 .1 3 1
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .3 3 3
0 .3 3 3
0 .3 3 3
1 .0 0 0
0 .3 3 3
0 .0 5 3
0 .0 5 3
0 .1 1 1
0 .2 1 6
0 .0 7 2
1 .0 0 0
1 .0 0 0
1 .0 0 0
3 .0 0 0
1 .0 0 0
0 .0 0 0
0 .0 4 5
0 .0 0 0
0 .0 4 5
0 .0 1 5
0 .3 3 3
0 .3 3 3
0 .3 3 3
1 .0 0 0
0 .3 3 3
0 .1 5 4
0 .0 8 3
0 .1 6 7
0 .4 0 4
0 .1 3 5
0 .0 4 7
0 .3 3 3
0 .0 4 8
0 .4 2 9
0 .1 4 3
0 .1 1 1
0 .1 1 1
0 .0 0 0
0 .2 2 2
0 .0 7 4
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .1 4 3
0 .1 6 7
0 .3 1 0
0 .1 0 3
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .2 0 0
0 .0 0 0
0 .2 0 0
0 .4 0 0
0 .1 3 3
0 .0 6 7
0 .0 2 1
0 .0 2 1
0 .1 0 8
0 .0 3 6
0 .0 4 7
0 .0 4 8
0 .0 4 8
0 .1 4 4
0 .0 4 8
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
bid-ask spread
t+1
bid-ask spread
t+2
bid-ask spread
t+3
∑bid-ask spread
sesudah
rata2 bid-ask spread
sesudah
0 .0 8 0
0 .0 0 0
0 .0 3 8
0 .1 1 8
0 .0 3 9
0 .0 8 0
0 .0 4 0
0 .0 4 0
0 .1 6 0
0 .0 5 3
0 .0 3 7
0 .0 3 8
0 .0 1 9
0 .0 9 4
0 .0 3 1
0 .0 4 8
0 .0 2 6
0 .0 2 7
0 .1 0 0
0 .0 3 3
0 .5 6 7
0 .3 3 3
0 .3 3 3
1 .2 3 3
0 .4 1 1
0 .0 4 8
0 .0 9 1
0 .0 0 0
0 .1 3 9
0 .0 4 6
0 .0 4 2
0 .0 4 3
0 .0 8 7
0 .1 7 2
0 .0 5 7
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .1 1 0
0 .0 0 0
0 .1 2 1
0 .2 3 1
0 .0 7 7
0 .0 4 2
0 .0 0 0
0 .1 2 0
0 .1 6 2
0 .0 5 4
0 .0 6 7
0 .0 3 2
0 .0 3 2
0 .1 3 1
0 .0 4 4
0 .0 6 6
0 .0 0 0
0 .1 3 9
0 .2 0 5
0 .0 6 8
0 .0 6 7
0 .0 3 4
0 .2 8 6
0 .3 8 7
0 .1 2 9
0 .0 4 7
0 .0 7 0
0 .0 1 1
0 .1 2 8
0 .0 4 3
0 .0 2 9
0 .0 8 6
0 .1 0 0
0 .2 1 4
0 .0 7 1
0 .6 6 7
0 .1 8 2
0 .1 8 2
1 .0 3 0
0 .3 4 3
0 .0 6 3
0 .0 6 3
0 .0 0 0
0 .1 2 5
0 .0 4 2
0 .1 5 4
0 .0 7 1
0 .1 3 3
0 .3 5 9
0 .1 2 0
0 .0 0 0
0 .1 5 0
0 .0 0 0
0 .1 5 0
0 .0 5 0
0 .0 3 7
0 .0 2 1
0 .1 1 4
0 .1 7 2
0 .0 5 7
0 .1 2 1
0 .0 3 4
0 .0 5 1
0 .2 0 6
0 .0 6 9
0 .0 0 0
0 .2 0 3
0 .0 0 0
0 .2 0 3
0 .0 6 8
Lampiran 4 Trading Volume Activity
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t-3
saham perusahaan yang beredar
waktu t-3
TVAit-3
10985000
485785278000
2 .2 6 1 2 9 E- 0 5
1785000
91865528942
1 .9 4 3 0 6 E- 0 5
9049000
38765757081
0 .0 0 0 2 3 3 4 2 8
772000
24289263900
3 .1 7 8 3 6 E- 0 5
16500
1424743680
1 .1 5 8 1 E- 0 5
492000
1926000000
0 .0 0 0 2 5 5 4 5 2
760500
2160000000
0 .0 0 0 3 5 2 0 8 3
1297000
1 .9 7 2 3 3 E+ 1 1
6 .5 7 5 9 8 E- 0 6
33270000
250000000
0 .1 3 3 0 8
243000
1989163103
0 .0 0 0 1 2 2 1 6 2
4816000
7237865083
0 .0 0 0 6 6 5 3 9
317300
159996294
0 .0 0 1 9 8 3 1 7 1
0
38750400000
0
865500
4501664634
0 .0 0 0 1 9 2 2 6 2
127100
2660451250
4 .7 7 7 3 9 E- 0 5
12000
1103985000
1 .0 8 6 9 7 E- 0 5
8125000
2200000000
0 .0 0 3 6 9 3 1 8 2
7500
2600000000
2 .8 8 4 6 2 E- 0 6
10500
5434000000
1 .9 3 2 2 8 E- 0 6
1597500
2 9 ,9 3 7 ,8 5 9 ,6 7 7
5 .3 3 6 0 5 E- 0 5
405544500
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 1 5 0 3 6 7 1 9
90500
4 7 ,5 3 8 ,1 5 8 ,7 5 0
1 .9 0 3 7 3 E- 0 6
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangakan
waktu t-2
saham perusahaan yang beredar
waktu t-2
TVAit-2
2595000
485785278000
5 .3 4 1 8 7 E- 0 6
2115000
91865528942
2 .3 0 2 2 8 E- 0 5
121876000
38765757081
0 .0 0 3 1 4 3 9 0 9
659000
24289263900
2 .7 1 3 1 3 E- 0 5
8000
1424743680
5 .6 1 5 0 5 E- 0 6
108500
1926000000
5 .6 3 3 4 4 E- 0 5
427500
2160000000
0 .0 0 0 1 9 7 9 1 7
15974000
1 .9 7 2 3 3 E+ 1 1
8 .0 9 9 0 5 E- 0 5
15085000
250000000
0 .0 6 0 3 4
100500
1989163103
5 .0 5 2 3 8 E- 0 5
2530000
7237865083
0 .0 0 0 3 4 9 5 5 1
888200
159996294
0 .0 0 5 5 5 1 3 7 9
209085000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 7 7 5 2 4 2 3
380500
4501664634
8 .4 5 2 4 3 E- 0 5
53200
2660451250
1 .9 9 9 6 6 E- 0 5
0
1103985000
0
25385000
2200000000
0 .0 1 1 5 3 8 6 3 6
500
2600000000
1 .9 2 3 0 8 E- 0 7
34000
5434000000
6 .2 5 6 9 E- 0 6
3855500
2 9 ,9 3 7 ,8 5 9 ,6 7 7
0 .0 0 0 1 2 8 7 8 3
209085000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 7 7 5 2 4 2 3
35000
4 7 ,5 3 8 ,1 5 8 ,7 5 0
7 .3 6 2 5 1 E- 0 7
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangakan
waktu t-1
saham perusahaan yang beredar
waktu t-1
TVAit-1
6180000
485785278000
1 .2 7 2 1 7 E- 0 5
3400000
91865528942
3 .7 0 1 0 6 E- 0 5
3874500
38765757081
9 .9 9 4 6 5 E- 0 5
675000
24289263900
2 .7 7 9 0 1 E- 0 5
181000
1424743680
0 .0 0 0 1 2 7 0 4
462500
1926000000
0 .0 0 0 2 4 0 1 3 5
2671500
2160000000
0 .0 0 1 2 3 6 8 0 6
16322000
1 .9 7 2 3 3 E+ 1 1
8 .2 7 5 4 9 E- 0 5
54380000
250000000
0 .2 1 7 5 2
1145000
1989163103
0 .0 0 0 5 7 5 6 1 9
11646000
7237865083
0 .0 0 1 6 0 9 0 3 8
2716500
159996294
0 .0 1 6 9 7 8 5 1 8
118454000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 4 3 9 2 0 2
8305500
4501664634
0 .0 0 1 8 4 4 9 8 4
65000
53209025000
1 .2 2 1 6 E- 0 6
7000
1103985000
6 .3 4 0 6 7 E- 0 6
43558000
2200000000
0 .0 1 9 7 9 9 0 9 1
2000
2600000000
7 .6 9 2 3 1 E- 0 7
91000
5434000000
1 .6 7 4 6 4 E- 0 5
2556000
2 9 ,9 3 7 ,8 5 9 ,6 7 7
8 .5 3 7 6 8 E- 0 5
118454000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 4 3 9 2 0 2
87500
4 7 ,5 3 8 ,1 5 8 ,7 5 0
1 .8 4 0 6 3 E- 0 6
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t+1
saham perusahaan yang beredar
waktu t+1
TVAit+1
50000
24289263900
2 .0 5 8 5 2 E- 0 6
27970000
9186552894
0 .0 0 3 0 4 4 6 6 8
10712500
3876575709
0 .0 0 2 7 6 3 3 9 2
59000
4857852780
1 .2 1 4 5 3 E- 0 5
0
142474368
0
24500
19260000
0 .0 0 1 2 7 2 0 6 6
1563500
270000000
0 .0 0 5 7 9 0 7 4 1
151500
13148870526
1 .1 5 2 1 9 E- 0 5
553500
25000000
0 .0 2 2 1 4
26600
107746000
0 .0 0 0 2 4 6 8 7 7
189500
723786509
0 .0 0 0 2 6 1 8 1 8
142500
32000898
0 .0 0 4 4 5 3
59875000
7750080000
0 .0 0 7 7 2 5 7 2 7
1610000
450166463
0 .0 0 3 5 7 6 4 5 5
2344500
133022563
0 .0 1 7 6 2 4 8 3
1500
766695000
1 .9 5 6 4 5 E- 0 6
12634000
602000000
0 .0 2 0 9 8 6 7 1 1
2550000
520000000
0 .0 0 4 9 0 3 8 4 6
10000
1358500000
7 .3 6 1 0 6 E- 0 6
1500
4 ,9 8 9 ,6 4 3 ,2 8 0
3 .0 0 6 2 3 E- 0 7
169936000
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 1 2 6 0 1 7 2 4
42000
2 ,3 7 6 ,9 0 7 ,9 3 7
1 .7 6 7 E- 0 5
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t+2
saham perusahaan yang beredar
waktu t+2
TVAit+2
35000
24289263900
1 .4 4 0 9 7 E- 0 6
6020000
9186552894
0 .0 0 0 6 5 5 3 0 6
7274000
3876575709
0 .0 0 1 8 7 6 3 9 8
406000
4857852780
8 .3 5 7 6 E- 0 5
0
142474368
0
8500
19260000
0 .0 0 0 4 4 1 3 2 9
465000
270000000
0 .0 0 1 7 2 2 2 2 2
346500
13148870526
2 .6 3 5 2 1 E- 0 5
762500
25000000
0 .0 3 0 5
0
107746000
0
355500
723786509
0 .0 0 0 4 9 1 1 6 7
0
32000898
0
116693500
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 0 8 6 5 3 4 8 9
410500
450166463
0 .0 0 0 9 1 1 8 8 5
8378000
133022563
0 .0 6 2 9 8 1 7 9 7
674000
766695000
0 .0 0 0 8 7 9 0 9 8
21231500
602000000
0 .0 3 5 2 6 8 2 7 2
1656500
520000000
0 .0 0 3 1 8 5 5 7 7
150500
1358500000
0 .0 0 0 1 1 0 7 8 4
6000
4 ,9 8 9 ,6 4 3 ,2 8 0
1 .2 0 2 4 9 E- 0 6
116693500
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 0 8 6 5 3 4 8 9
16770000
2 ,3 7 6 ,9 0 7 ,9 3 7
0 .0 0 7 0 5 5 3 8 5
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t+3
saham perusahaan yang beredar
waktu t+3
TVAit+3
115000
24289263900
4 .7 3 4 6 E- 0 6
1340000
9186552894
0 .0 0 0 1 4 5 8 7
3039500
3876575709
0 .0 0 0 7 8 4 0 7
86000
4857852780
1 .7 7 0 3 E- 0 5
0
142474368
0
1000
19260000
5 .1 9 2 1 E- 0 5
55000
270000000
0 .0 0 0 2 0 3 7
68000
13148870526
5 .1 7 1 5 E- 0 6
448000
25000000
0 .0 1 7 9 2
124500
107746000
0 .0 0 1 1 5 5 5
61500
723786509
8 .4 9 7 E- 0 5
73500
32000898
0 .0 0 2 2 9 6 8 1
1665075000
7750080000
0 .2 1 4 8 4 6 1 7
31500
450166463
6 .9 9 7 4 E- 0 5
871500
2660451250
0 .0 0 0 3 2 7 5 8
835500
766695000
0 .0 0 1 0 8 9 7 4
11204000
602000000
0 .0 1 8 6 1 1 3
666000
520000000
0 .0 0 1 2 8 0 7 7
12500
1358500000
9 .2 0 1 3 E- 0 6
248000
4 ,9 8 9 ,6 4 3 ,2 8 0
4 .9 7 0 3 E- 0 5
78013500
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 0 5 7 8 5 1 5
0
2 ,3 7 6 ,9 0 7 ,9 3 7
0
BAB V
KESIMPULAN
Dalam menentukan apakah investor akan melakukan transaksi di pasar
modal, biasanya ia akan mendasarkan keputusannya pada berbagai informasi yang
dimilikinya. Salah satu informasi yang dapat mempengaruhi reaksi pasar adalah
informasi mengenai corporate action. Reverse stock split merupakan salah satu
informasi yang dipublikasikan kepada publik sebagai suatu pengumuman atau
peristiwa yang berhubungan dengan perusahaan (corporate action). Jika suatu
pengumuman memiliki kandungan informasi, maka pasar akan bereaksi pada waktu
informasi tersebut diterima pasar. Reaksi pasar atas suatu pengumuman dapat
mempengaruhi likuiditas saham. Dalam penelitian ini likuiditas saham diproksikan
dengan bid-ask spread dan volume perdagangan saham.
Berdasarkan pengujian hipotesis yang telah dilakukan terhadap 22
perusahaan yang melakukan reverse stock split pada periode 2001 sampai dengan
Juni 2009, maka dapat diambil kesimpulan bahwa tidak terdapat perbedaan signifikan
likuiditas saham sebelum dan sesudah pengumuman reverse stock split. Hal tersebut
ditunjukkan dengan tidak terdapatnya perbedaan bid-ask spread dan volume
perdagangan saham sebelum dan sesudah pengumuman reverse stock split. Hasil
penelitian tersebut menunjukkan bahwa pengumuman reverse stock split tidak
memiliki nilai ekonomis, sehingga pengumuman reverse stock split bukan merupakan
56
informasi yang relevan bagi investor dalam membuat keputusan investasinya.
Ketidakrelevanan informasi dalam pengumuman reverse stock split tersebut dapat
saja disebabkan oleh motif beberapa perusahaan yang melakukan reverse stock split
untuk menghindari kriteria delisting yang ditetapkan oleh bursa yang memiliki
peraturan harga minimum saham.
Daftar Referensi
BEI, 2004, Peraturan Pencatatan Efek Nomor I-A: 19/07/04 tentang Pencatatan
Saham dan Efek Bersifat Ekuitas Bukan Saham yang Diterbitkan oleh
Perusahaan Tercatat, Jakarta.
Conroy, R. M.; R. S. Haris, 1990, The Effect of Stock Splits on Bid-Ask Spread,
Journal of Finance 45, 1285-1295.
Copeland, Thomas E, 2007, Financial Theory and Corporate Policy, (Pearson
Addison Wesley, New York).
Fransson, Abbe, 2005, Reverse Stock Split: An Emprical Approach To The
Signaling And Trading Range Hyphotheses On Swedish Stocks Subject To
Reverse Split Between 1995 And 2004, Journal of Business 10, 1-17.
Han, 1995, The Effect of Reverse Splits on the Liquidity of the Stock, Journal of
Financial and Quantitative Analysis 30 (1), 159-169.
Hartono, Jogiyanto, 2005, Metodologi Penelitian Bisnis: Salah Kaprah dan
Pengalaman-pengalaman, (BPFE UGM, Yogyakarta).
Hartono, Jogiyanto, 2005, Pasar Efisien Secara Keputusan, (PT Gramedia Pustaka
Utama, Jakarta).
Hartono, Jogiyanto, 2008, Teori Portofolio dan Analisis Investasi, Edisi Kelima,
(BPFE UGM, Yogyakarta).
Horne, James C, 1995, Financial Management and Policy, (A Simon and Schuster
Company, New Jersey).
Jing, Lihua, 2002, An Event Study of Reverse Stock Splits in Hongkong Market,
SSRN Accounting Journal.
Jog, Vijay; Cheng Zhu, 2004, Thirty Years Of Stock Splits Reverse Stock Splits
And Stock Dividends In Canada, Quarterly Journal of Business and
Economic 36, 51-61.
Nelling, E. F; Chen Y, 2002, Reverse Stock Split: Microstructure Effect and
Nonparametric Analysis of the Ex Date Return, Finance and Management
14, 52-56
Pangaribuan, Arini A, 2009, Analisis Perbedaan Likuiditas dan Abnormal Return
Sebelum dan Sesudah Pengumuman Reverse Split di Bursa Efek Indonesia,
Akuntansi (Universitas Atma Jaya Yogyakarta, Yogyakarta).
Pratisto, Arif, 2009, Statistik Menjadi Mudah dengan SPSS 17, (Elex Media
Komputindo, Jakarta).
Ross, A. S.; R. W. Westerfield; J. Jaffe, 2007, Core Principles and Applications
of Corporate Finance, (Mc Graw-Hill, New York).
Savitri, Melinda; Dwi Martani, 2005, The Analysis Impact of Stock Split and
Reverse Stock split on Stock Return and Volume The Case of Jakarta Stock
Exchange, Journal of Accounting.
Sutopo, Evelyn, 2005, Analisis Likuiditas Saham di Seputar Reverse Stock Splits,
Akuntansi (Universitas Atma Jaya Yogyakarta, Yogyakarta).
Teguh, Daniel Adi Nugroho, 2005, Pengaruh Kebijakan Reverse Stock Split
terhadap Return Saham, Akuntansi (Universitas Atma Jaya Yogyakarta,
Yogyakarta).
Weygandt, Jerry J.; Donald E. Keiso; Walter G. Kell, 2002, Accounting
Principles, (John Wiley & Sons, Inc, New York).
Wild, John J; K. R. Subramanyan; Robert F. Halsey, 2005, Financial Statement
Analysis, (Mc Graw-Hill, New York).
www.idx.co.id
www.yahoofinance.com
Lampiran 1 Daftar Sampel Perusahaan yang Melakukan Kebijakan Reverse
Stock Split
Kode emiten
Nama perusahaan
Tanggal pengumuman
reverse stock split
BDMN
Bank Danamon Indonesia Tbk
17 Juli 2001
BNII
Bank International Indonesia Tbk
13 Juni 2002
LPBN
Bank Lippo Tbk
11 Desember 2002
BDMN
Bank Danamon Indonesia Tbk
22 Januari 2003
SMMA
Sinar Mas Multiartha
4 Maret 2003
MTFN
Bakrie Finance
6 Maret 2003
SUBA
Suba Indah Tbk
1 Oktober 2003
BBNI
Bank Negara Indonesia
23 Desember 2003
PLAS
Palm Asia Corpora
18 Maret 2004
UNIT
United Capital Indonesia Tbk
29 April 2004
SIPD
Sierad Produce Tbk
15 Oktober 2004
IIKP
Inti Indah Karya Plasindo
19 Januari 2005
BNBR
Bakrie and Brother Tbk
14 Maret 2005
LPLI
Lippo E-net Tbk
28 Maret 2005
APIC
Artha Pasific International Tbk
18 April 2005
INDX
Indoexchange Tbk
25 Agustus 2005
SRSN
Sarasa Nugraha
6 Oktober 2005
JAKA
Jaka Artha Graha
19 Juli 2006
BKSL
Royal Sentul Highland Tbk
1 Agustus 2006
INPC
Inter-Pasific Bank
10 Januari 2007
BNBR
Bakrie and Brother Tbk
6 Maret 2008
POLY
Polysindo Eka Perkasa Tbk
14 Maret 2008
Lampiran 2 Bid-ask Spread
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t-3
Bid price
t-3
bid-ask spread
t-3
35
30
0 .1 6 7
20
15
0 .3 3 3
36
31
0 .1 6 1
270
255
0 .0 5 9
45
40
0 .1 2 5
10
10
0 .0 0 0
20
15
0 .3 3 3
100
95
0 .0 5 3
2
1
1 .0 0 0
550
550
0 .0 0 0
20
15
0 .3 3 3
375
325
0 .1 5 4
335
320
0 .0 4 7
50
45
0 .1 1 1
200
200
0 .0 0 0
10
10
0 .0 0 0
40
40
0 .0 0 0
25
25
0 .0 0 0
30
25
0 .2 0 0
48
45
0 .0 6 7
335
320
0 .0 4 7
50
50
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t-2
Bid price
t-2
bid-ask spread
t-2
35
30
0 .1 6 7
20
15
0 .3 3 3
36
31
0 .1 6 1
255
235
0 .0 8 5
45
40
0 .1 2 5
10
10
0 .0 0 0
20
15
0 .3 3 3
100
95
0 .0 5 3
2
1
1 .0 0 0
575
550
0 .0 4 5
20
15
0 .3 3 3
325
300
0 .0 8 3
40
30
0 .3 3 3
50
45
0 .1 1 1
200
200
0 .0 0 0
10
10
0 .0 0 0
40
35
0 .1 4 3
25
25
0 .0 0 0
30
30
0 .0 0 0
49
48
0 .0 2 1
325
310
0 .0 4 8
50
50
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t-1
Bid price
t-1
bid-ask spread
t-1
35
30
0 .1 6 7
20
15
0 .3 3 3
36
31
0 .1 6 1
240
235
0 .0 2 1
40
35
0 .1 4 3
10
10
0 .0 0 0
20
15
0 .3 3 3
100
90
0 .1 1 1
2
1
1 .0 0 0
550
550
0 .0 0 0
20
15
0 .3 3 3
70
60
0 .1 6 7
325
310
0 .0 4 8
40
40
0 .0 0 0
10
10
0 .0 0 0
10
10
0 .0 0 0
35
30
0 .1 6 7
25
25
0 .0 0 0
30
25
0 .2 0 0
49
48
0 .0 2 1
325
310
0 .0 4 8
50
50
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t+1
Bid price
t+1
bid-ask spread
t+1
675
625
0 .0 8 0
135
125
0 .0 8 0
280
270
0 .0 3 7
1100
1050
0 .0 4 8
470
300
0 .5 6 7
550
525
0 .0 4 8
125
120
0 .0 4 2
1300
1300
0 .0 0 0
455
410
0 .1 1 0
1250
1200
0 .0 4 2
160
150
0 .0 6 7
405
380
0 .0 6 6
160
150
0 .0 6 7
450
430
0 .0 4 7
180
175
0 .0 2 9
75
45
0 .6 6 7
85
80
0 .0 6 3
75
65
0 .1 5 4
100
100
0 .0 0 0
280
270
0 .0 3 7
650
580
0 .1 2 1
490
490
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t+2
Bid price
t+2
bid-ask spread
t+2
650
650
0 .0 0 0
130
125
0 .0 4 0
275
265
0 .0 3 8
1000
975
0 .0 2 6
400
300
0 .3 3 3
600
550
0 .0 9 1
120
115
0 .0 4 3
1300
1300
0 .0 0 0
455
455
0 .0 0 0
1200
1200
0 .0 0 0
160
155
0 .0 3 2
400
400
0 .0 0 0
600
580
0 .0 3 4
460
430
0 .0 7 0
190
175
0 .0 8 6
65
55
0 .1 8 2
85
80
0 .0 6 3
75
70
0 .0 7 1
115
100
0 .1 5 0
245
240
0 .0 2 1
600
580
0 .0 3 4
385
320
0 .2 0 3
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
Ask price
t+3
Bid price
t+3
bid-ask spread
t+3
675
650
0 .0 3 8
130
125
0 .0 4 0
270
265
0 .0 1 9
950
925
0 .0 2 7
400
300
0 .3 3 3
400
400
0 .0 0 0
125
115
0 .0 8 7
1300
1300
0 .0 0 0
510
455
0 .1 2 1
1400
1250
0 .1 2 0
160
155
0 .0 3 2
410
360
0 .1 3 9
270
210
0 .2 8 6
445
440
0 .0 1 1
165
150
0 .1 0 0
65
55
0 .1 8 2
85
85
0 .0 0 0
85
75
0 .1 3 3
115
115
0 .0 0 0
245
220
0 .1 1 4
620
590
0 .0 5 1
320
320
0 .0 0 0
Lampiran 5 Rata-rata Trading Volume Activity
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
TVAit-3
TVAit-2
TVAit-1
∑TVA
sebelum
2 .2 6 1 E- 0 5
5 .3 4 2 E- 0 6
1 .2 7 2 E- 0 5
4 .0 6 7 6 4 E- 0 5
1 .3 5 5 8 8 E- 0 5
1 .9 4 3 E- 0 5
2 .3 0 2 E- 0 5
3 .7 0 1 E- 0 5
7 .9 4 6 4 E- 0 5
2 .6 4 8 8 E- 0 5
0 .0 0 0 2 3 3
0 .0 0 3 1 4 3
4
9
9 .9 9 5 E- 0 5
3
0 .0 0 1 1 5 9 0 9 4
3 .1 7 8 E- 0 5
2 .7 1 3 E- 0 5
2 .7 7 9 E- 0 5
8 .6 7 0 5 E- 0 5
2 .8 9 0 1 7 E- 0 5
1 .1 5 8 E- 0 5
5 .6 1 5 E- 0 6
0 .0 0 0 1 2 7
6
0 .0 0 0 2 4 0
0 .0 0 0 5 5 1 9 2
0 .0 0 3 4 7 7 2 8
0 .0 0 0 1 4 4 2 3
0 .0 0 0 2 5 5
5
5 .6 3 3 E- 0 5
1
1
0 .0 0 0 3 5 2
0 .0 0 0 1 9 7
0 .0 0 1 2 3 6
0 .0 0 1 7 8 6 8 0
1
9
8
BBNI
PLAS
UNIT
SIPD
IIKP
6 .5 7 6 E- 0 6
8 .0 9 9 E- 0 5
0 .1 3 3 0 8
0 .0 6 0 3 4
0 .0 0 0 1 2 2
JAKA
BKSL
INPC
BNBR
POLY
8 .2 7 5 E- 0 5
0 .0 0 0 1 8 3 9 7 4
0 .0 0 0 5 9 5 6 0 2
1
5 .6 7 7 3 8 E- 0 5
0 .1 3 6 9 8
0 .2 1 7 5 2
0 .4 1 0 9 4
0 .0 0 0 5 7 5
0 .0 0 0 7 4 8 3 0
6
5
2
5 .0 5 2 E- 0 5
0 .0 0 0 6 6 5
0 .0 0 0 3 4 9
4
6
0 .0 0 1 6 0 9
8
0 .0 0 1 9 8 3
0 .0 0 5 5 5 1
0 .0 1 6 9 7 8
0 .0 2 4 5 1 3 0 6
2
4
5
8
4
0 .0 0 0 2 4 9 4 3 5
0 .0 0 2 6 2 3 9 7
0 .0 0 7 7 5 2
0
APIC
INDX
SRSN
6
4 .8 0 7 8 8 E- 0 5
0 .0 0 0 1 7 0 3 2
BNBR
LPLI
rata2 TVA
sebelum
0 .0 0 0 8 7 4 6 5 9
0 .0 0 8 1 7 1 0 2 3
0 .0 1 2 1 4 4 4 4
0 .0 0 4 3 9 2
3
0 .0 0 4 0 4 8 1 4 8
0 .0 0 2 1 2 1 7 7
0 .0 0 0 1 9 2
3
8 .4 5 2 E- 0 5
0 .0 0 1 8 4 5
1
0 .0 0 0 7 0 7 2 5 7
4 .7 7 7 E- 0 5
2 E- 0 5
1 .2 2 2 E- 0 6
6 .8 9 9 2 1 E- 0 5
2 .2 9 9 7 4 E- 0 5
1 .0 8 7 E- 0 5
0
6 .3 4 1 E- 0 6
1 .7 2 1 0 4 E- 0 5
5 .7 3 6 7 9 E- 0 6
0 .0 0 3 6 9 3
0 .0 1 1 5 3 8
0 .0 1 9 7 9 9
0 .0 3 5 0 3 0 9 0
2
6
1
9
0 .0 1 1 6 7 6 9 7
2 .8 8 5 E- 0 6
1 .9 2 3 E- 0 7
7 .6 9 2 E- 0 7
3 .8 4 6 1 5 E- 0 6
1 .2 8 2 0 5 E- 0 6
1 .9 3 2 E- 0 6
6 .2 5 7 E- 0 6
1 .6 7 5 E- 0 5
2 .4 9 3 5 6 E- 0 5
8 .3 1 1 8 6 E- 0 6
0 .0 0 0 1 2 8
0 .0 0 0 2 6 7 5 2
8 .9 1 7 3 6 E- 0 5
5 .3 3 6 E- 0 5
8
0 .0 1 5 0 3 6
0 .0 0 7 7 5 2
7
4
0 .0 0 4 3 9 2
2
0 .0 0 9 0 6 0 3 8 7
1 .9 0 4 E- 0 6
7 .3 6 3 E- 0 7
1 .8 4 1 E- 0 6
4 .4 8 0 6 1 E- 0 6
1 .4 9 3 5 4 E- 0 6
8 .5 3 8 E- 0 5
1
0 .0 2 7 1 8 1 1 6
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
TVAit+1
TVAit+2
∑TVA
sesudah
TVAit+3
rata2 TVA
sesudah
2 .0 5 9 E- 0 6
1 .4 4 1 E- 0 6
4 .7 3 5 E- 0 6
8 .2 3 4 0 9 E- 0 6
2 .7 4 4 7 E- 0 6
0 .0 0 3 0 4 4 7
0 .0 0 0 6 5 5 3
0 .0 0 0 1 4 5 9
0 .0 0 3 8 4 5 8 3 9
0 .0 0 1 2 8 1 9 4 6
0 .0 0 2 7 6 3 4
0 .0 0 1 8 7 6 4
0 .0 0 0 7 8 4 1
0 .0 0 5 4 2 3 8 5 9
0 .0 0 1 8 0 7 9 5 3
1 .2 1 5 E- 0 5
8 .3 5 8 E- 0 5
1 .7 7 E- 0 5
0 .0 0 0 1 1 3 4 2 5
3 .7 8 0 8 2 E- 0 5
0
0
0
0
0
0 .0 0 1 2 7 2 1
0 .0 0 0 4 4 1 3
5 .1 9 2 E- 0 5
0 .0 0 1 7 6 5 3 1 7
0 .0 0 0 5 8 8 4 3 9
0 .0 0 5 7 9 0 7
0 .0 0 1 7 2 2 2
0 .0 0 0 2 0 3 7
0 .0 0 7 7 1 6 6 6 7
0 .0 0 2 5 7 2 2 2 2
1 .1 5 2 E- 0 5
2 .6 3 5 E- 0 5
5 .1 7 2 E- 0 6
4 .3 0 4 5 5 E- 0 5
1 .4 3 4 8 5 E- 0 5
0 .0 2 2 1 4
0 .0 3 0 5
0 .0 1 7 9 2
0 .0 7 0 5 6
0 .0 2 3 5 2
0 .0 0 0 2 4 6 9
0
0 .0 0 1 1 5 5 5
0 .0 0 1 4 0 2 3 7 2
0 .0 0 0 4 6 7 4 5 7
0 .0 0 0 2 6 1 8
0 .0 0 0 4 9 1 2
8 .4 9 7 E- 0 5
0 .0 0 0 8 3 7 9 5 4
0 .0 0 0 2 7 9 3 1 8
0 .0 0 4 4 5 3
0
0 .0 0 2 2 9 6 8
0 .0 0 6 7 4 9 8 1 1
0 .0 0 2 2 4 9 9 3 7
0 .0 0 7 7 2 5 7
0 .0 0 8 6 5 3 5
0 .2 1 4 8 4 6 2
0 .2 3 1 2 2 5 3 8 5
0 .0 7 7 0 7 5 1 2 8
0 .0 0 3 5 7 6 5
0 .0 0 0 9 1 1 9
6 .9 9 7 E- 0 5
0 .0 0 4 5 5 8 3 1 4
0 .0 0 1 5 1 9 4 3 8
0 .0 1 7 6 2 4 8
0 .0 6 2 9 8 1 8
0 .0 0 0 3 2 7 6
0 .0 8 0 9 3 4 2 0 2
0 .0 2 6 9 7 8 0 6 7
1 .9 5 6 E- 0 6
0 .0 0 0 8 7 9 1
0 .0 0 1 0 8 9 7
0 .0 0 1 9 7 0 7 9 7
0 .0 0 0 6 5 6 9 3 2
0 .0 2 0 9 8 6 7
0 .0 3 5 2 6 8 3
0 .0 1 8 6 1 1 3
0 .0 7 4 8 6 6 2 7 9
0 .0 2 4 9 5 5 4 2 6
0 .0 0 4 9 0 3 8
0 .0 0 3 1 8 5 6
0 .0 0 1 2 8 0 8
0 .0 0 9 3 7 0 1 9 2
0 .0 0 3 1 2 3 3 9 7
7 .3 6 1 E- 0 6
0 .0 0 0 1 1 0 8
9 .2 0 1 E- 0 6
0 .0 0 0 1 2 7 3 4 6
4 .2 4 4 8 8 E- 0 5
3 .0 0 6 E- 0 7
1 .2 0 2 E- 0 6
4 .9 7 E- 0 5
5 .1 2 0 6 1 E- 0 5
1 .7 0 6 8 7 E- 0 5
0 .0 1 2 6 0 1 7
0 .0 0 8 6 5 3 5
0 .0 0 5 7 8 5 1
0 .0 2 7 0 4 0 3 5 9
0 .0 0 9 0 1 3 4 5 3
1 .7 6 7 E- 0 5
0 .0 0 7 0 5 5 4
0
0 .0 0 7 0 7 3 0 5 5
0 .0 0 2 3 5 7 6 8 5
Lampiran 3 Rata-rata Bid-ask Spread
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
bid-ask spread
t-3
bid-ask spread
t-2
bid-ask spread
t-1
∑bid-ask spread
sebelum
rata2 bid-ask spread
sebelum
0 .1 6 7
0 .1 6 7
0 .1 6 7
0 .5 0 0
0 .1 6 7
0 .3 3 3
0 .3 3 3
0 .3 3 3
1 .0 0 0
0 .3 3 3
0 .1 6 1
0 .1 6 1
0 .1 6 1
0 .4 8 4
0 .1 6 1
0 .0 5 9
0 .0 8 5
0 .0 2 1
0 .1 6 5
0 .0 5 5
0 .1 2 5
0 .1 2 5
0 .1 4 3
0 .3 9 3
0 .1 3 1
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .3 3 3
0 .3 3 3
0 .3 3 3
1 .0 0 0
0 .3 3 3
0 .0 5 3
0 .0 5 3
0 .1 1 1
0 .2 1 6
0 .0 7 2
1 .0 0 0
1 .0 0 0
1 .0 0 0
3 .0 0 0
1 .0 0 0
0 .0 0 0
0 .0 4 5
0 .0 0 0
0 .0 4 5
0 .0 1 5
0 .3 3 3
0 .3 3 3
0 .3 3 3
1 .0 0 0
0 .3 3 3
0 .1 5 4
0 .0 8 3
0 .1 6 7
0 .4 0 4
0 .1 3 5
0 .0 4 7
0 .3 3 3
0 .0 4 8
0 .4 2 9
0 .1 4 3
0 .1 1 1
0 .1 1 1
0 .0 0 0
0 .2 2 2
0 .0 7 4
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .1 4 3
0 .1 6 7
0 .3 1 0
0 .1 0 3
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .2 0 0
0 .0 0 0
0 .2 0 0
0 .4 0 0
0 .1 3 3
0 .0 6 7
0 .0 2 1
0 .0 2 1
0 .1 0 8
0 .0 3 6
0 .0 4 7
0 .0 4 8
0 .0 4 8
0 .1 4 4
0 .0 4 8
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
bid-ask spread
t+1
bid-ask spread
t+2
bid-ask spread
t+3
∑bid-ask spread
sesudah
rata2 bid-ask spread
sesudah
0 .0 8 0
0 .0 0 0
0 .0 3 8
0 .1 1 8
0 .0 3 9
0 .0 8 0
0 .0 4 0
0 .0 4 0
0 .1 6 0
0 .0 5 3
0 .0 3 7
0 .0 3 8
0 .0 1 9
0 .0 9 4
0 .0 3 1
0 .0 4 8
0 .0 2 6
0 .0 2 7
0 .1 0 0
0 .0 3 3
0 .5 6 7
0 .3 3 3
0 .3 3 3
1 .2 3 3
0 .4 1 1
0 .0 4 8
0 .0 9 1
0 .0 0 0
0 .1 3 9
0 .0 4 6
0 .0 4 2
0 .0 4 3
0 .0 8 7
0 .1 7 2
0 .0 5 7
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .0 0 0
0 .1 1 0
0 .0 0 0
0 .1 2 1
0 .2 3 1
0 .0 7 7
0 .0 4 2
0 .0 0 0
0 .1 2 0
0 .1 6 2
0 .0 5 4
0 .0 6 7
0 .0 3 2
0 .0 3 2
0 .1 3 1
0 .0 4 4
0 .0 6 6
0 .0 0 0
0 .1 3 9
0 .2 0 5
0 .0 6 8
0 .0 6 7
0 .0 3 4
0 .2 8 6
0 .3 8 7
0 .1 2 9
0 .0 4 7
0 .0 7 0
0 .0 1 1
0 .1 2 8
0 .0 4 3
0 .0 2 9
0 .0 8 6
0 .1 0 0
0 .2 1 4
0 .0 7 1
0 .6 6 7
0 .1 8 2
0 .1 8 2
1 .0 3 0
0 .3 4 3
0 .0 6 3
0 .0 6 3
0 .0 0 0
0 .1 2 5
0 .0 4 2
0 .1 5 4
0 .0 7 1
0 .1 3 3
0 .3 5 9
0 .1 2 0
0 .0 0 0
0 .1 5 0
0 .0 0 0
0 .1 5 0
0 .0 5 0
0 .0 3 7
0 .0 2 1
0 .1 1 4
0 .1 7 2
0 .0 5 7
0 .1 2 1
0 .0 3 4
0 .0 5 1
0 .2 0 6
0 .0 6 9
0 .0 0 0
0 .2 0 3
0 .0 0 0
0 .2 0 3
0 .0 6 8
Lampiran 4 Trading Volume Activity
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t-3
saham perusahaan yang beredar
waktu t-3
TVAit-3
10985000
485785278000
2 .2 6 1 2 9 E- 0 5
1785000
91865528942
1 .9 4 3 0 6 E- 0 5
9049000
38765757081
0 .0 0 0 2 3 3 4 2 8
772000
24289263900
3 .1 7 8 3 6 E- 0 5
16500
1424743680
1 .1 5 8 1 E- 0 5
492000
1926000000
0 .0 0 0 2 5 5 4 5 2
760500
2160000000
0 .0 0 0 3 5 2 0 8 3
1297000
1 .9 7 2 3 3 E+ 1 1
6 .5 7 5 9 8 E- 0 6
33270000
250000000
0 .1 3 3 0 8
243000
1989163103
0 .0 0 0 1 2 2 1 6 2
4816000
7237865083
0 .0 0 0 6 6 5 3 9
317300
159996294
0 .0 0 1 9 8 3 1 7 1
0
38750400000
0
865500
4501664634
0 .0 0 0 1 9 2 2 6 2
127100
2660451250
4 .7 7 7 3 9 E- 0 5
12000
1103985000
1 .0 8 6 9 7 E- 0 5
8125000
2200000000
0 .0 0 3 6 9 3 1 8 2
7500
2600000000
2 .8 8 4 6 2 E- 0 6
10500
5434000000
1 .9 3 2 2 8 E- 0 6
1597500
2 9 ,9 3 7 ,8 5 9 ,6 7 7
5 .3 3 6 0 5 E- 0 5
405544500
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 1 5 0 3 6 7 1 9
90500
4 7 ,5 3 8 ,1 5 8 ,7 5 0
1 .9 0 3 7 3 E- 0 6
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangakan
waktu t-2
saham perusahaan yang beredar
waktu t-2
TVAit-2
2595000
485785278000
5 .3 4 1 8 7 E- 0 6
2115000
91865528942
2 .3 0 2 2 8 E- 0 5
121876000
38765757081
0 .0 0 3 1 4 3 9 0 9
659000
24289263900
2 .7 1 3 1 3 E- 0 5
8000
1424743680
5 .6 1 5 0 5 E- 0 6
108500
1926000000
5 .6 3 3 4 4 E- 0 5
427500
2160000000
0 .0 0 0 1 9 7 9 1 7
15974000
1 .9 7 2 3 3 E+ 1 1
8 .0 9 9 0 5 E- 0 5
15085000
250000000
0 .0 6 0 3 4
100500
1989163103
5 .0 5 2 3 8 E- 0 5
2530000
7237865083
0 .0 0 0 3 4 9 5 5 1
888200
159996294
0 .0 0 5 5 5 1 3 7 9
209085000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 7 7 5 2 4 2 3
380500
4501664634
8 .4 5 2 4 3 E- 0 5
53200
2660451250
1 .9 9 9 6 6 E- 0 5
0
1103985000
0
25385000
2200000000
0 .0 1 1 5 3 8 6 3 6
500
2600000000
1 .9 2 3 0 8 E- 0 7
34000
5434000000
6 .2 5 6 9 E- 0 6
3855500
2 9 ,9 3 7 ,8 5 9 ,6 7 7
0 .0 0 0 1 2 8 7 8 3
209085000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 7 7 5 2 4 2 3
35000
4 7 ,5 3 8 ,1 5 8 ,7 5 0
7 .3 6 2 5 1 E- 0 7
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangakan
waktu t-1
saham perusahaan yang beredar
waktu t-1
TVAit-1
6180000
485785278000
1 .2 7 2 1 7 E- 0 5
3400000
91865528942
3 .7 0 1 0 6 E- 0 5
3874500
38765757081
9 .9 9 4 6 5 E- 0 5
675000
24289263900
2 .7 7 9 0 1 E- 0 5
181000
1424743680
0 .0 0 0 1 2 7 0 4
462500
1926000000
0 .0 0 0 2 4 0 1 3 5
2671500
2160000000
0 .0 0 1 2 3 6 8 0 6
16322000
1 .9 7 2 3 3 E+ 1 1
8 .2 7 5 4 9 E- 0 5
54380000
250000000
0 .2 1 7 5 2
1145000
1989163103
0 .0 0 0 5 7 5 6 1 9
11646000
7237865083
0 .0 0 1 6 0 9 0 3 8
2716500
159996294
0 .0 1 6 9 7 8 5 1 8
118454000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 4 3 9 2 0 2
8305500
4501664634
0 .0 0 1 8 4 4 9 8 4
65000
53209025000
1 .2 2 1 6 E- 0 6
7000
1103985000
6 .3 4 0 6 7 E- 0 6
43558000
2200000000
0 .0 1 9 7 9 9 0 9 1
2000
2600000000
7 .6 9 2 3 1 E- 0 7
91000
5434000000
1 .6 7 4 6 4 E- 0 5
2556000
2 9 ,9 3 7 ,8 5 9 ,6 7 7
8 .5 3 7 6 8 E- 0 5
118454000
2 6 ,9 7 0 ,2 7 8 ,4 0 0
0 .0 0 4 3 9 2 0 2
87500
4 7 ,5 3 8 ,1 5 8 ,7 5 0
1 .8 4 0 6 3 E- 0 6
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t+1
saham perusahaan yang beredar
waktu t+1
TVAit+1
50000
24289263900
2 .0 5 8 5 2 E- 0 6
27970000
9186552894
0 .0 0 3 0 4 4 6 6 8
10712500
3876575709
0 .0 0 2 7 6 3 3 9 2
59000
4857852780
1 .2 1 4 5 3 E- 0 5
0
142474368
0
24500
19260000
0 .0 0 1 2 7 2 0 6 6
1563500
270000000
0 .0 0 5 7 9 0 7 4 1
151500
13148870526
1 .1 5 2 1 9 E- 0 5
553500
25000000
0 .0 2 2 1 4
26600
107746000
0 .0 0 0 2 4 6 8 7 7
189500
723786509
0 .0 0 0 2 6 1 8 1 8
142500
32000898
0 .0 0 4 4 5 3
59875000
7750080000
0 .0 0 7 7 2 5 7 2 7
1610000
450166463
0 .0 0 3 5 7 6 4 5 5
2344500
133022563
0 .0 1 7 6 2 4 8 3
1500
766695000
1 .9 5 6 4 5 E- 0 6
12634000
602000000
0 .0 2 0 9 8 6 7 1 1
2550000
520000000
0 .0 0 4 9 0 3 8 4 6
10000
1358500000
7 .3 6 1 0 6 E- 0 6
1500
4 ,9 8 9 ,6 4 3 ,2 8 0
3 .0 0 6 2 3 E- 0 7
169936000
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 1 2 6 0 1 7 2 4
42000
2 ,3 7 6 ,9 0 7 ,9 3 7
1 .7 6 7 E- 0 5
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t+2
saham perusahaan yang beredar
waktu t+2
TVAit+2
35000
24289263900
1 .4 4 0 9 7 E- 0 6
6020000
9186552894
0 .0 0 0 6 5 5 3 0 6
7274000
3876575709
0 .0 0 1 8 7 6 3 9 8
406000
4857852780
8 .3 5 7 6 E- 0 5
0
142474368
0
8500
19260000
0 .0 0 0 4 4 1 3 2 9
465000
270000000
0 .0 0 1 7 2 2 2 2 2
346500
13148870526
2 .6 3 5 2 1 E- 0 5
762500
25000000
0 .0 3 0 5
0
107746000
0
355500
723786509
0 .0 0 0 4 9 1 1 6 7
0
32000898
0
116693500
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 0 8 6 5 3 4 8 9
410500
450166463
0 .0 0 0 9 1 1 8 8 5
8378000
133022563
0 .0 6 2 9 8 1 7 9 7
674000
766695000
0 .0 0 0 8 7 9 0 9 8
21231500
602000000
0 .0 3 5 2 6 8 2 7 2
1656500
520000000
0 .0 0 3 1 8 5 5 7 7
150500
1358500000
0 .0 0 0 1 1 0 7 8 4
6000
4 ,9 8 9 ,6 4 3 ,2 8 0
1 .2 0 2 4 9 E- 0 6
116693500
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 0 8 6 5 3 4 8 9
16770000
2 ,3 7 6 ,9 0 7 ,9 3 7
0 .0 0 7 0 5 5 3 8 5
Kode
Emiten
BDMN
BNII
LPBN
BDMN
SMMA
MTFN
SUBA
BBNI
PLAS
UNIT
SIPD
IIKP
BNBR
LPLI
APIC
INDX
SRSN
JAKA
BKSL
INPC
BNBR
POLY
saham perusahaan yang diperdagangkan
waktu t+3
saham perusahaan yang beredar
waktu t+3
TVAit+3
115000
24289263900
4 .7 3 4 6 E- 0 6
1340000
9186552894
0 .0 0 0 1 4 5 8 7
3039500
3876575709
0 .0 0 0 7 8 4 0 7
86000
4857852780
1 .7 7 0 3 E- 0 5
0
142474368
0
1000
19260000
5 .1 9 2 1 E- 0 5
55000
270000000
0 .0 0 0 2 0 3 7
68000
13148870526
5 .1 7 1 5 E- 0 6
448000
25000000
0 .0 1 7 9 2
124500
107746000
0 .0 0 1 1 5 5 5
61500
723786509
8 .4 9 7 E- 0 5
73500
32000898
0 .0 0 2 2 9 6 8 1
1665075000
7750080000
0 .2 1 4 8 4 6 1 7
31500
450166463
6 .9 9 7 4 E- 0 5
871500
2660451250
0 .0 0 0 3 2 7 5 8
835500
766695000
0 .0 0 1 0 8 9 7 4
11204000
602000000
0 .0 1 8 6 1 1 3
666000
520000000
0 .0 0 1 2 8 0 7 7
12500
1358500000
9 .2 0 1 3 E- 0 6
248000
4 ,9 8 9 ,6 4 3 ,2 8 0
4 .9 7 0 3 E- 0 5
78013500
1 3 ,4 8 5 ,1 3 9 ,2 0 0
0 .0 0 5 7 8 5 1 5
0
2 ,3 7 6 ,9 0 7 ,9 3 7
0