Analysis of the Difference in Stock Prices Before and After the Cum-Ex Right Issue in 2024

Suci Febrina Almurdi; Zulfitra Zulfitra; Sahroni Sahroni

doi:10.47353/ijema.v3i6.337

Authors

Suci Febrina Almurdi Universitas Pamulang, Indonesia
Zulfitra Universitas Pamulang, Indonesia
Sahroni Universitas Pamulang, Indonesia

DOI:

https://doi.org/10.47353/ijema.v3i6.337

Keywords:

Rights Issues, Banking Companies, Wilcoxon Test, Dummy Regression

Abstract

This study examines whether stock prices differ before and after the cum-rights and ex-rights dates of rights issues conducted in 2024. Using a quantitative event-study design, we compile daily closing-price data for all issuers that executed rights issues in 2024. From 16 issuers, five banking firms are selected through purposive sampling. Differences in prices across the pre- and post-event windows are tested with the Wilcoxon signed-rank test, followed by a dummy-variable regression to estimate the magnitude and direction of change. The results indicate statistically significant price differences around the cum-ex rights issue period, implying that the market reacts to publicly available rights issue information. Overall, prices adjust after the event, consistent with semi-strong market efficiency and the dilution/price-adjustment mechanism often associated with rights issues. These findings inform investors and managers about expected price behavior around rights issue announcements and execution. The evidence supports monitoring cum-ex dates when planning trading strategies.

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