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This study examines stock price movements due to the Covid-19 tax stimulus policy announcement on April 27, 2020. This thinks about whether there are differences in abnormal returns, trading volume activity, and stock liquidity before and after the event. This research population is the companies in the sub-sector of hotels, restaurants, and tourism listed on the IDX during the study period. The examining method employments purposive examining to get a test of 34 companies. The analytical method used is the two-difference test analysis with the average observation period (event window), five days sometime recently and five days after the event. There appeared no critical contrast within the average unusual return, TVA, and stock liquidity before and after the event date. This research's implication can be good news for the company but bad news for capital market players because there is no meaningful information in the announcement.