Data Analysis

A. Knot
Based on the results of data analysis, it can be as follows:
1. Dividend increase announcement does not affect stock prices. Means that the first hypothetical does not have the difference between the dividend rate variability before the dividend announcement with the level of variability dividend after dividend announcement for the group increased, evidently correct.
2. Dividend reduction announcement does not affect stock prices. Means that the second hypothetical that is not the difference between the dividend rate variability before the dividend announcement with the level of variability dividend after dividend announcement for the group down, evidently correct.

B. limitations
This study has limitations, which are:
Determining the event date is only based on the publication Bei and investors may not get all the information.

C. Advice
Based on the conclusions and limitations on, the suggestions can be given is as follows:
1. Announcement of dividend does not have a significant effect on stock prices. Changes in stock price itself is influenced by fundamental factors and technical factors. Therefore, further research is suggested to use other factors, particularly factors related to the fundamental performance of the company and attention to other factors such as socio-political situation, macro-economic conditions, government policies, and others.
2. Bei and emiten company can publish the information through various mass media both print and electronic information so that it can be expected up to investors quickly.