PERBEDAAN REAKSI PASAR MODAL TERHADAP PERISTIWA PEMILIHAN PRESIDEN DAN WAKIL PRESIDEN REPUBLIK INDONESIA TAHUN 2014

This research is an events study that aims to analyze whether there is any difference of Indonesia capital market reaction during President and Vice President Elections in 2014. All companies listed on Indonesia Stock Exchange in 2014 was used as a population by using purposive sampling method according to specified criteria. Data analysis technique using a different test method with three days observation period that is t-1, t0, and t+1. The results showed, the event announcement of difference quick count results that was performed by twelve survey institutions in Indonesia and the announcement of the official vote count (real count) by the General Election Commission (KPU), there is no difference in market reaction to the company’s shares which has high and low DER. While the announcement of the winner in the event of Elections by the Constitutional Court and the events of the inauguration of President and Vice President of the Republic of Indonesia were elected, there was a difference in the stock of market reaction to the company’s which has high and low DER.