scholarly journals PRICE EARNINGS RATIO (PER) MODEL CONSISTENCY: EVIDENCE FROM JAKARTA STOCK EXCHANGE

2018 ◽  
Vol 1 (2) ◽  
pp. 85
Author(s):  
Prof. Marwan Asri, M.B.A., Ph.D. ◽  
Antonius N. Heveadi
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Regression Models ◽  
Stock Exchange ◽  
Stock Valuation ◽  
Cross Sectional ◽  
Significance Level ◽  
Valuation Model ◽  
Time Periods ◽  
Sectional Model

Recently, stock valuation model using the earning multiplier approach (PER) is more popular among investors and analysts. This popularity has caused this model to seem to be the most perfect model among other valuation models. In response to the fact above, this research tries togive empirical evidence whether PER’s cross-sectional model can be used in determining the fairness of stock price traded in Jakarta Stock Exchange.Evaluation of the capability of PER’s cross-sectional model in determining the common stock price was conducted by developing three regression models from different time periods, namely the years of 1995, 1996, and 1997. The regression models used in this research was the one developed by Whitbeck-Kisor (1973). The model employed growth, dividend payout ratio (DPR), and standard deviation of growth (s-growth) as independent variable.This research was intended to test the consistency of the model in assessing stock prices. The result of this research showed that each model developed at different time periods, though with the same sample and method, gave different results. The differences were in the significance level and in the weight of influence of independent variables to the corresponding dependent variables. As a stock valuation model, a regression model should perform consistently from period to period, so normalPER of a stock could be predicted based on the model that was developed by historical data.

scholarly journals The The Effect of Profitability (Return on Investment) and Financial Risk Against Stock Price Before Covide-19

2020 ◽  
Vol 1 (2) ◽  
pp. 87-99
Author(s):  
Deni Sunaryo
Keyword(s):  
Stock Prices ◽  
Return On Investment ◽  
Stock Price ◽  
Financial Risk ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Spare Parts ◽  
Significance Level ◽  
Simultaneous Test

The discussion leads to the effect of profitability of return on investment (ROI) and financial risk on stock prices which shows the inequality of the results of previous studies. Therefore, this study was conducted to determine whether the difference has a relationship between return on investment (ROI) profitability and financial risk to the stock price under study. This research uses automotive industry and spare parts companies in the Southeast Asia Stock Exchange for the 2012-2018 period. The method used was purposive sampling to obtain 10 companies that present complete financial statements, so as many as 70 samples were obtained. The analysis technique used is multiple linear regression analysis, partial test and simultaneous test. The results of the partial study concluded that the profitability of return on investment (ROI) and financial risk have a significant effect on stock prices. The results of the study simultaneously return on investment (ROI) profitability and financial risk has a significance level of 0.001 <0.05 then simultaneously states that profitability return on investment (ROI) and financial risk have a significant effect on stock prices. Future studies are expected to add or replace variables and methodologies of other sub-sectors

scholarly journals Performance Evaluation of Stocks’ Valuation Models at MSE

2018 ◽  
Vol 11 (2) ◽  
pp. 7-23
Author(s):  
Zoran Ivanovski ◽  
Zoran Narasanov ◽  
Nadica Ivanovska
Keyword(s):  
Cash Flow ◽  
Stock Prices ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Main Task ◽  
Stock Valuation ◽  
Market Prices ◽  
Valuation Model ◽  
Relative Valuation ◽  
Dcf Model

Abstract Subject and purpose of work: The main task of this paper is to examine the proximity of valuations generated by different valuation models to stock prices in order to investigate their reliability at Macedonian Stock Exchange (MSE) and to present alternative “scenario” methodology for discounted free cash flow to firm valuation. Materials and methods: By using publicly available data from MSE we are calculating stock prices with three stock valuation models: Discounted Free Cash Flow, Dividend Discount and Relative Valuation. Results: The evaluation of performance of three stock valuation models at the MSE identified that model of Price Multiplies (P/E and other profitability ratios) offer reliable stock values determination and lower level of price errors compared with the average stocks market prices. Conclusions: The Discounted Free Cash Flow (DCF) model provides values close to average market prices, while Dividend Discount (DDM) valuation model generally mispriced stocks at MSE. We suggest the use of DCF model combined with relative valuation models for accurate stocks’ values calculation at MSE.

scholarly journals Macroeconomic Approach of the Determinants of Stock Price Movements in Jordan

2016 ◽  
Vol 8 (2) ◽  
pp. 60 ◽  
Author(s):  
Imad Zeyad Ramadan
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Least Square ◽  
Cross Sectional ◽  
Industrial Firms ◽  
Macroeconomic Factors ◽  
Industrial Companies ◽  
Inflation Rates ◽  
Negative Effect

<p>This study aimed to test the effect of macroeconomic factors on the movements of stock prices of Jordanian industrial companies listed in Amman Stock Exchange (ASE) in order to provide empirical evidence about the determinants of the movements of stock prices. To achieve this objective, all the 77 Jordanian industrial firms listed at ASE for fifteen years from 2000 to 2014 have been selected, resulting in 1054 firm-year observations. The unbalanced pooled cross-sectional time series multiple least square regression method has been used to present data analysis. while the experiential results showed significant negative effect of two of the macroeconomic factors, namely, interest and inflation rates, on the movements of the Jordanian industrial companies stock prices, results found that the effect of money supply and GDP on the movements of stock prices were significantly positive. These results are consistent with (Mukherjee and Naka, 1995, Zhao, 1999 &amp; Udegbunam and Eriki, 2001, Al-Qenae, Li &amp; Wearing, 2002, Dimitrios Tsoukalas, 2003 , Ibrahim 2003; Chaudhuri and Smiles, 2004)</p>

scholarly journals Pengaruh Return On Invesment (ROI) dan Earning Per Share (EPS) terhadap Harga Saham pada Perusahaan Otomotif yang Terdaftar di Bursa Efek Indonesia

2020 ◽  
Vol 15 (1) ◽  
pp. 16-24
Author(s):  
Wahyu Indah Mursalini
Keyword(s):  
Stock Prices ◽  
Return On Investment ◽  
Stock Price ◽  
Stock Exchange ◽  
Cash Flows ◽  
Coefficient Of Determination ◽  
Significance Level ◽  
A Value ◽  
Automotive Company ◽  
Net Profit

Information earning per share of a company’s net profit shows the company is ready to share to the shareholders of the company. ROI and EPS is part of the profitability ratios. This study aimed to examine the effect of Return On Investment and Earning Per Share to the stock price on the automotive company listed on the Indonesia Stock Exchange. The population in this study is the automotive company which is listed on the Indonesia Stock Exchange during the period 2014 to 2018. The sample is determined based on purposive sampling method in order to obtain six samples of the company. Data used is secondary data obtained from www.idx.co.id. The analytical method used is the classic assumption test, Tarbelt regression, t-test, f and the coefficient of determination.Based on analysis of partial significance level of 5%, then the results of this study concluded: (1) Return On Investment affect the prices of shares with a value of 3.089 t count > t table 2.052 with significant value 0,005 < α 0,05, (2 ) Earning PerShare on stock price with the t value of 1.586 < t table 2,052 with significant value0,127  > α 0.05.And test results f where earnings and cash flows simultaneous effect on the price of shares with a value of F 5.885228 with probability (Prob. F-Statistik) with the value 0,000. And the coefficient of determination (R2) of 0.652 or 65.2% of profit and cash flows affect stock prices, 34.8% are influenced by other factors not examined in this study among other things, sales grwoth, debt, and net profit margin.

scholarly journals Pengaruh DPS, EPS dan ROE Terhadap Harga Saham Syariah

2020 ◽  
Vol 6 (1) ◽  
Author(s):  
Irton Irton
Keyword(s):  
Regression Model ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Average Price ◽  
Return On Equity ◽  
Valuation Model ◽  
Single Regression ◽  
Observation Period

This objective of the study is to investigate effect of dividend per share (DPS) , earning per share (EPS), and return on equity (ROE) to syariah stock price in Indonesian Stock Exchange. The Hypothesis are tested applying single regression model, which stock price are regressed with dividend per share, earning per share, and return on equity. Stock price are independend variable and dividend per share, earning per share, and return on equity as a dependen variable. Stock price are measure using the valuation model, which average price from beginning and ending years for observation 2016-2018. The study uses the samples 109 syariah stock listed on the Indonesian Stock Exchange for observation period of 2016-2018. The classical test are developed to test Autocorellation test, multicollinearity test. The t-test and F-test used to hypothesis test. The result of this study supported the proposed hypothesis that show that hypothesis 1,2, are received and hypothesis 3 are rejected. This study show that dividend per share, earning per share, and return on equity have effect to syariah stock prices.

scholarly journals PENGARUH EKONOMI MAKRO TERHADAP INDIKATOR PERGERAKAN (INDEKS) HARGA SAHAM

2020 ◽  
Vol 32 (02) ◽  
pp. 134-144
Author(s):  
Yusup Hari Subagya
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Price Index ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Significance Level ◽  
Stock Price Index ◽  
The Exchange Rate

The purpose of this research activity is to find out how the macroeconomic influence on the indicators of movement (index) of stock prices on the IDX. The research method uses multiple linear regression analysis and in the form of quantitative descriptive data, sampling with a sampling technique in the form of purposive sampling from publication data from 2009-2019. The results showed that inflation and interest rates have a significant effect on the stock price index on the Indonesia Stock Exchange, inflation with a significance level of 0.007 < 0.05 for the interest rate with a significance level of 0.000 < 0.05 and the exchange rate with a significance level of 0.126 > 0 , 05 then the exchange rate has no significant effect on the stock price index on the Indonesia Stock Exchange. Simultaneously, inflation, interest rates and exchange rates have a significant effect on the stock price index on the Indonesia Stock Exchange.

MULTIPLES AND STOCK PRICE, NEW APPROACH FOR RELATIVE VALUATION THROUGH NEURAL NETWORK

2020 ◽  
pp. 1-19
Author(s):  
SAIRA YAMIN ◽  
SAQIB GULZAR
Keyword(s):  
Neural Network ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Forecasting Model ◽  
Valuation Model ◽  
Neural Network Prediction ◽  
Network Prediction ◽  
Relative Valuation ◽  
The Relationship

Artificial Neural Networks (ANNs) has been used as a powerful modeling technique for forecasting. In this study, the relationship between multiples and stock prices has been investigated on the Pakistan Stock Exchange 100 Index by incorporating financial modeling through neural network. The aim is to develop multiple-based valuation model to check whether multiples are viable factor in predicting stock movements. Forecasting model has been developed by using neural network. Prediction accuracy of the developed forecasting model has been evaluated. Findings reveal that neural network outperforms in comparison to linear regression and forecasts stock prices with 98% accuracy.

scholarly journals THE EFFECT OF CORONA PANDEMIC, MINE COMMODITY PRICES AND RUPIAH EXCHANGE RATE ON INDONESIAN SHARIA SHARE PRICES IN THE MINING SECTOR 2020

2021 ◽  
Vol 7 (2) ◽  
pp. 350
Author(s):  
Muhammad Al Faridho Awwal ◽  
Mukhamad Yazid Afandi
Keyword(s):  
Exchange Rate ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Commodity Prices ◽  
Mining Sector ◽  
Cross Sectional ◽  
Coal Price ◽  
Share Prices ◽  
The World

This study aims to analyze the effect of the corona pandemic, mining commodity prices and the rupiah exchange rate on Indonesian Islamic Share Prices/Indeks Saham Syariah Indonesia (ISSI) in the mining sector in 2020. The corona pandemic is represented by daily active cases that occur in Indonesia, the mining commodities used are coal, oil and gold prices world, and the exchange rate of the rupiah against the dollar. The data used is a cross-sectional type with a sample of 32 companies with an observation duration of 195 days during the 2020 period. The results show that simultaneously the independent variables significantly affect the dependent variable and partially the world coal price, world oil price, gold price. The world and the rupiah exchange rate with the exception of corona have a significant effect on mining stock prices at Indonesian Islamic share prices in 2020. This research proves that the Market anomaly theory is proven to occur in 2020 as a result of the corona pandemic, anomaly in commodity prices and exchange rates on the Indonesia Stock Exchange, especially in the Indonesian Islamic share prices mining sector which proves that the market cannot be accurately predicted if it occurs a sentiment strong enough globally to move investors both in terms of selling or buying shares that previously could not be reflected by the company's stock price.

scholarly journals PENGARUH EARNINGS PER SHARE (EPS), RETURN ON EQUITY (ROE), RETURN ON ASSETS (ROA), DAN NET PROFIT MARGIN (NPM) TERHADAP HARGA SAHAM (Studi pada Perusahaan Property dan Real Estate yang terdaftar di Bursa Efek Indonesia tahun 2014-2018)

2019 ◽  
Vol 3 (1) ◽  
pp. 111-127
Author(s):  
Ahmad Faisol
Keyword(s):  
Real Estate ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Share Price ◽  
Accurate Information ◽  
Significance Level ◽  
Property Companies

Investment in the capital market is a form of investment that is profitable but also high risk, so investors in investing need accurate information so that they are not trapped in adverse conditions. This information is used to find out variables that can affect stock price fluctuations. This study aims to determine the effect of EPS, ROE, ROA, and NPM on stock prices. This research was conducted by explanatory research method with a quantitative approach, where the data used in the form of secondary data. The population in this study were Property and Real Estate companies listed on the Indonesia Stock Exchange in 2014-2018, which numbered 50 companies. The number of samples used was 21 companies with Purposive Sampling techniques. The method of data analysis uses multiple linear regression analysis which is processed with SPSS. The results of this study indicate that the effect of EPS, ROE, ROA and NPM tested on stock prices shows that the value of tcount is (9,401> 1,984), (2,645> 1,984), (2,163> 1,984) and (0.009 <1,984) with the probability level significance with a significance level of 0.05. It can be concluded that partially the EPS ROE variable and ROA have an influence on the stock prices of Property Companies and real estate listed on the Indonesia Stock Exchange in 2014-2018. While the NPM variable has no influence on the stock prices of Property Companies and real estate listed on the Indonesia Stock Exchange in 2014-2018. Based on the F Test above, it shows that the Fcount is 31.581 while Ftable is 2.46 with a significance level α = 0.05. From these data indicate that Fcount> Ftable (31.581> 2.46) and probability of significance 0.000 <0.05. Then H5 is accepted and H0 is rejected, so it can be concluded that EPS (X1), ROE (X2), ROA (X3), and NPM (X4) variables simultaneously or jointly have a significant effect on the share price of Property Companies and real estate.

scholarly journals ANALISIS PENGARUH RENTABILITAS TERHADAP HARGA SAHAM PERBANKAN DI BURSA EFEK INDONESIA

2018 ◽  
Author(s):  
Afriyeni
Keyword(s):  
Linear Regression ◽  
Statistical Model ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Multiple Linear Regression Model ◽  
Statistical Test ◽  
Test Results ◽  
F Test ◽  
Significance Level

This study aims to determine the effect of each component contained in profitability as ROA , ROE , ROA, and NPM on the price of bank shares listed on the Indonesia Stock Exchange. Object of this research is the price of bank shares listed on the Indonesia Stock Exchange . Statistical model used in this study is a multiple linear regression model . Hypothesis testing is done in two ways, namely t statistical test (t-test) for the partial test and F test (Tes -F) to examine the effect of study variables simultaneously. The results based on t-tests from 2008 to 2012 found that profitability consisting of ROA, ROE, ROA, and NPM significant effect on stock price movements studied banking. Based on the F-test results obtained the overall study, that earnings have a significant effect on stock prices in 2008, with a significance level of 0.107 and in 2012 with a significance level of 0.140, while in 2009, 2010, and 2011 earnings no significant effect on stock prices , where in 2009, with a significance level of 0.644 , in 2010 with a significance of 0.788 and in 2011 with a significance of 0.527 .

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