Abstract :

The purpose of this study is to find out whether there is a difference in abnormal returns on the day around the first announcement of the COVID-19 case and to find out whether there is a difference in abnormal returns after and before the first announcement of the COVID-19 case in Indonesia in pharmaceutical industry stocks listed on the Indonesia Stock Exchange. The population in this study are pharmaceutical companies listed on the Indonesian Stock Exchange. While the sampling technique was purposive sampling. The data analysis technique used in this study was a one-sample t-test on normally distributed data and one sample Wilcoxon signed ranked test for abnormally distributed data for days around the announcement of Covid 19. The results of this study show whether there is no difference in abnormal returns around the announcement of Covid -19. And also there is no difference in abnormal returns 5 days before and after the announcement of Covid 19.

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Keywords :

abnormal return, COVID-19

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