SPSS program. The value of the standard deviation, t-count

c. SPSS program. The value of the standard deviation, t-count

ASII (PT Astra International, Tbk) and the results of hypothesis testing of each of the sampled

d. GJTL (PT Gajah Tunggal Tbk)

stocks, can be seen in Table 1.

Table 1 above shows the results of testing the hypothesis of

TABLE 1: HYPOTHESIS TESTING

13 stocks of companies that were sampled where most significant (hypothesis accepted) to Bank Indonesia. Only 3 Std

t-count

Hypothesis

shares of companies that had no significant effect (hypothesis is rejected), namely ASII, BDMN and BBRI.

IV. CONCLUSION BBCA

Credit policy implemented by Bank Indonesia is included in BMRI

Rejected

the published information that affect the prices of securities of

all companies listed on the stock market. Bank Indonesia BBNI

Accepted

policy is said to contain information in case of changes in stock BBRI

prices. Changes in stock prices as a result of investor reaction ELTY

was measured using the abnormal return. Investor reaction that KIJA

caused the stock price change is what meant by the market LPKR

Through the abnormal return calculation, the results GJTL

Accepted

showed a significant effect of the adoption of the policy of JSMR

Bank Indonesia, where the stokes of 13 companies associated TRAM

with the Mortgages and Motor Vehicle Credit, 10 of stocks had Source: Processing of SPSS (2013)

positive effect on BI policy, which means that there is The Abnormal Return sector transportation, toll roads, the significant information content of Bank Indonesia policy.

automotive and components tend to fluctuate, but when Bank While the three other stocks that ASII, BDMN and BBRI lack Indonesia policy came into effect (H+1 to H+10) AR graphs of positive influence, which means that it doesn’t contains tend to slightly increase, despite the negative sentiment due to significant information on that 3 stocks. the influence of the arising from the application of Bank

LQ-45 Index as well as the basis for determining a Indonesia policy.

benchmark in setting and see the reaction of the market price Hypothesis testing performed in this research is the t test. changes (returns) shares through the information content is

To determine the value of t table specified significant level of seen abnormal return. LQ-45 stock index is an index that 5% (95% confidence interval) with degrees of freedom df = measures 45 stocks actively traded companies and are regularly (nk) where n is the number of observations and k is the number assessed periodically every 6 months. of variables including the constant. Basic test decision is as follows:

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