Market Reaction to the Announcement of Covid-19: Event Study in Indonesia

The aim of this study is to examine if there are substantial variations in irregular return and trading volume behavior prior after President Joko Widodo's March 2, 2020 national declaration the first Coronavirus Disease-19 case Indonesia. This analysis was conducted using secondary evidence. community comprised all companies listed on Indonesian Stock Exchange 2020, with a purposive sample size 327 firms. time span covered review 11 days: 5 days being confirmed (t-5), day announcement (t0), reported (t+5). estimate duration research 10 days, from t-15 t-5 occurrence day. data where analyzed Wilcoxon Signed Rank Test. According results, were inconsistencies returns activity following