摘要：The objective of this research is to the empirical test hyphotesis (1) the effect of the information disclosures strategy to the stocks return.,(2) the lower average abnormal return after the announcement of information disclosures strategy then average abnormal return before of the announcement it, (3) the lower average abnormal return after the announcement of information disclosurse strategy then average abnormal return on the date of announcement it. The methodology of this research is expalanatory survey by using secondary data and 154 of listing companys at Indonesia Stock Exchanges as sample size, the sampling method used is a purposive random which category only the company sending the disclosures strategy to the Bapepam. The analysist data method is used the market model(Markowitz) with the events study -3 days before and +3 days after at the date announcement of disclosures strategy. The results of these research are (1) the effect of the information disclosures strategy to the stocks return is significantly.,(2) the lower average abnormal return after the announcement of information disclosures strategy then average abnormal return before of the announcement has an empirical prove, (3) the lower average abnormal return after the announcement of information disclosures strategy then average abnormal return on the date of announcement has an empirical prove . The conclusion of this research are the results of these research is consistently with the study before, however the assumption is used did not the efficient market in the semi-strong form, but in the weak-form especially for the Indonesia Capital Market.
关键词：disclosures strategy; market model; the efficient market assumption
