Analysis of Abnormal Return and Trading Volume Activity Difference Before and After the Announcement of New Normal Implementation by President Joko Widodo: Study on LQ 45 in the Indonesia Stock Exchange
The COVID-19 virus pandemic affected the health sector and affected Indonesia's economic and capital markets that have fallen due to the banning of public activity. Hence, to keep the wheels of Indonesia's economy running, President Jokowi announced a new normal on May 15th. This study aims to analyze whether there is a difference between abnormal returns and trading volume activity on the announcement of the new normal implementation by President Joko Widodo with an observation period of 5 days before and five days after the information. The method used in this research is quantitative. The data used are secondary in daily closing stock prices and the number of shares traded on the LQ45 Index. The results showed no difference in abnormal returns and trading volume activity before and after the announcement of implementing the new standard policy by President Joko Widodo. The test results for each company showed no difference in abnormal returns and trading volume activity before and after the announcement. This means that the existing information is not accepted by market players quickly and accurately