scholarly journals ANALISIS PORTOFOLIO SAHAM SYARIAH PADA JAKARTA ISLAMIC INDEKS PADA BURSA EFEK JAKARTA

2005 ◽  
Vol 4 (2) ◽  
Author(s):  
Poerwanto . ◽  
Heru Sylvanata
Keyword(s):  
Capital Market ◽  
Historical Data ◽  
Stock Exchange ◽  
Portfolio Analysis ◽  
Optimal Portfolio ◽  
Security Market ◽  
Risk And Return ◽  
Good Investment ◽  
The Capital Market

Commonstock portfolio analysis was important contributing to determine a good investment in the capital market. There was a way to know the optimal expected risk and return of the stock.    The purpose of this research for knowing level of commonstock Beta that listed in Jakarta Islamic Index and for guidance diversification process and find the optimal portfolio for the member of this combination.Based on analysis of commonstock historical data, we obtain 5 stocks with highest beta and above security market line, therefore this stocks place as portfolio member. We combine these five stocks with combination equation and resulting in 26 combinations. By using indifferent curve tools, we obtain 4 efficient portfolios.The result of this study were 4 optimal portfolio, which are: (1) Combination of 2 stocks, UNTR and BRPT, that give 12,72222 return and 19,999994 risk, (2) Combination of  3 stocks, UNTR, BRPT, PTBA, that give 9,3586% return and 12,4609% risk, (3) Combination of 3 stocks SMGR, UNTR, and BRPT that give 3,930% return and 6,325% risk, (4) Combination of 3 stocks, SMGR, AALI, and UNTR, that give 3,930 % return and 6,325% risk.This research can be used as reference for investor or potential investor in syariah stock exchange regarding of less information about stocks in the market today.

Do voluntary positive earnings forecasts of Chinese listed companies benefit publicly or privately?

2018 ◽  
Vol 9 (1) ◽  
pp. 78-98
Author(s):  
Jing Zhang ◽  
Guihua Lu ◽  
Baoliang Liu
Keyword(s):  
Insider Trading ◽  
Capital Market ◽  
Information Disclosure ◽  
Stock Exchange ◽  
Scientific Evidence ◽  
Earnings Forecasts ◽  
Listed Companies ◽  
Security Market ◽  
Content Type ◽  
The Capital Market

Purpose According to the Chinese Stock Exchange rules, the listed companies’ management earnings forecasts (MEFs) are divided into mandatory and voluntary earnings forecasts. Different information disclosure mechanisms may bring different economic consequences. Compared with the former, when, how frequently and what kind of voluntary earnings forecasts are disclosed almost entirely depends on the discretion of managers and the major shareholders[1]. The purpose of this paper is to examine whether listed companies’ voluntary earnings forecasts have self-benefited motives before the major shareholders’ selling of original non-tradable shares and how the capital market reacts in China. Design/methodology/approach This paper uses multiple regression analyses to examine the influence of the major shareholders’ non-tradable shares selling motives on MEFs’ type and frequency of A-share listed companies and makes robust tests using the difference in difference model (DID). Findings In the paper, it is found that before the major shareholders’ selling of original non-tradable shares, managers of listed companies are prone to release positive voluntary MEFs; during the shares reduction year of the major shareholders, the disclosure frequency of MEFs is much higher; these forecasts before the major stockholders’ selling have significant higher excess market returns. The evidence suggests that voluntary positive MEFs are for the major shareholders’ self-interested motive rather than for the open, fair and just disclosure purpose that damages the allocation efficiency of the capital market. Originality/value This paper enriches the understanding of voluntary MEFs’ incentives literature and provides scientific evidence to improve the supervision of information disclosure and insider trading in Chinese security market.

scholarly journals Application of The Leading Sector Identification Method in The Portfolio Analysis

2017 ◽  
Vol 2 (328) ◽  
Author(s):  
Waldemar Stafan Tarczyński ◽  
Małgorzata Ludmiła Tarczyńska-Łuniewska
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Portfolio Analysis ◽  
Simple Method ◽  
Identification Method ◽  
Warsaw Stock Exchange ◽  
Level Of Economic Development ◽  
The Impact ◽  
Selection Of ◽  
The Capital Market

The development of the stock market requires taking into account the impact of many factors. Knowledge of the entire market is a result of research at different levels of aggregation. Referring to sectors, it should be stated that the level of economic development and financial sector shapes the picture of economic and market conditions being a derivative of development level of the entities forming the market. Therefore, the possibility of identification of leading sectors or companies that have the greatest impact on the market becomes significant. This approach is important due to several reasons. One of them is the process of investing in the capital market. Thus, the main objective of the study is to provide methods of identifying the leading sector in the capital market and the use of this information in the procedure of building a portfolio of securities. The study was carried out for the Warsaw Stock Exchange in 2006–2010. Certain information in the field of fundamental factors was utilized in the analysis. Selected factors were used for the construction of the dynamic fundamental power index FPI. This paper proposes a simple method of determining the leading sector. The method takes into account information about the fundamental strengths of companies forming a sector and the number of companies comprising a given sector. Based on this information, a procedure of building a portfolio of securities was proposed. At the beginning of 2011 two types of portfolios were constructed and their effectiveness for 2011–2016 (26 IX) was verified. As a result of the research the hypothesis that selection of securities to portfolio using the leading sector identification method is better than the classical methods of portfolio analysis was proven.

scholarly journals Analisis Strategi Optimalisasi Portofolio Saham LQ 45 (pada Bursa Efek Indonesia Tahun 2009-2011)

2016 ◽  
Vol 4 (2) ◽  
pp. 163
Author(s):  
Dwi Larasati ◽  
Abdul Kohar Irwanto ◽  
Yusrina Permanasari
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Excess Return ◽  
Optimal Portfolio ◽  
Minimal Risk ◽  
Expected Return ◽  
Risk And Return ◽  
Single Index ◽  
Index Model ◽  
Single Index Model

<p><em>Capital market </em><em>is</em><em> a </em><em>meeting </em><em>place for pe</em><em>ople</em><em> who h</em><em>ave</em><em> excess money </em><em>and those</em><em> who </em><em>need money</em><em> </em><em>for </em><em> transaction of security. Every investor need</em><em>s </em><em>optimal profits with minimal risk. Portfolio is basically related to how one allocates a number of stocks into various investment types that results </em><em>i</em><em>n optimal profits. By making diversification, investor</em><em>s</em><em> may reduce the rate of risk and at the sametime optimize the rate of expected return. Based on this case this research raises the problem of how to design an optimal portfolio simulation. i.e. a combination of liquid shares LQ 45 list ini Indonesia</em><em>n</em><em> Stock Exchange in the period of 2009-2011 by using two method</em><em>s</em><em>, using Single Index Model and Indexing. Single index Model is a model of portfolio analysis using the account of Excess Return to Beta (ERB) ratio and value of C* to gain optimal shares  on portfolio. The procedure of indexing is </em><em>to </em><em>make </em><em>one’s</em><em> own group i.e liquid LQ 45 calculat</em><em>ing</em><em> the risk and return then compare the result with Single Index Model, the procedure </em><em>of</em><em> all securities are ranked by ERB instead of Excess Return to Risk</em><em> (ERR)</em><em>. After securities </em><em>were</em><em> ranked using the above ratio, securities with greater Excess return to standart deviation and cut off point (C*) </em><em>we</em><em>re included into the optimal portfolio. The conclu</em><em>sion</em><em> of this research </em><em>is that it is </em><em>better to choose Single Index Model as the methode  result</em><em>ing i</em><em>n optimal profits.  </em><em></em></p><em>Keyword: Optimum portfolio, LQ 45, single index, indexing</em>

scholarly journals Capital Market Performance as a Panacea for Economic Growth in Nigeria

2019 ◽  
Vol 13 (2) ◽  
pp. 1
Author(s):  
Akpokerere Othuke Emmanuel ◽  
Okoroyibo Eloho Elizabeth
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Stock Exchange ◽  
Market Performance ◽  
Secondary Data ◽  
Least Square ◽  
Ex Post ◽  
Ordinary Least Square Regression ◽  
Market Variables ◽  
The Capital Market

The paper examined capital market performance as a panacea for economic growth in Nigeria from 1986-2016. A number of related literatures have shown that the Nigerian capital market variables studied has satisfactory market performance and has contributed to economic growth. Yet some researchers observed that the capital market has not significantly mobilized and effectively channeled substantial capital to the real sector of the economy. What could have been the reason for the divergences? The study was anchored on the demand following hypothesis. Secondary data were sourced from Central Bank of Nigeria Statistical Bulletin and Nigeria Stock Exchange fact-book of various editions. The paper adopted the ex-post facto research design while ordinary least square regression techniques was used to process the data gathered using E-views 9.0 software. The null hypotheses (Ho) were tested at 5% level of significance. The findings of the paper revealed that there is negative and insignificant relationship between capital market and the variables studied. The paper conclude that liquidity of the capital market is pivotal for economic growth in Nigeria while the study recommended that all tiers of government should be encouraged to fund their realistic long term developmental program through the Nigeria capital market.

scholarly journals Pendampingan Pentingnya Strategi dalam Meningkatkan Minat Nasabah terhadap Investasi Saham di Surabaya

2020 ◽  
Vol 2 (2) ◽  
pp. 84-89
Author(s):  
Veronika Nugraheni Sri Lestari ◽  
Dwi Cahyono ◽  
Nila Romatal Azah ◽  
Devy Mei Ariyanti
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Initial Step ◽  
Financial Instruments ◽  
Public Companies ◽  
Public Offerings ◽  
Securities Trading ◽  
Market Infrastructure ◽  
The Capital Market

Capital markets are often interpreted as a market for a long-term financial instrument (securities) (its maturity is more than 1 year). In addition to that understanding, the capital market is also often associated as a place for the transaction of the party that needs funds (the company) and the Excess party (financier). The initial step of Sharia capital market developments in Indonesia began with the issuance of sharia funds on 25 June 1997 followed by the issuance of sharia bonds at the end of 2002, followed by the presence of the Jakarta Islamic Index (JII) in July 2000. The marketable securities traded on the stock exchange include stocks, bonds and mutual funds. Marketable securities are often referred to as ' financial instruments ' or ' securities ' or ' Sekuritas ' (Securities Act No. 8 year 1995 defines the capital market as "the activities concerned with public offerings and securities trading, public companies relating to securities, published, as well as institutions and professions relating to the securities". The capital market acts as a liaison between investors and companies or government institutions through the long-term trading of financial instruments. In an effort to support the realization of the Indonesian capital market to become a resilient and global economic driver of the national economy as stated in the Indonesian capital market blueprint, it needs to be done continuously to improve and expand the capital market infrastructure towards the better direction.

scholarly journals ELEMENTS OF CONTROL THEORY APPLIED TO AN INVESTMENT PORTFOLIO IN THE CAPITAL MARKET. THE OPTIMAL TIME HORIZON FOR SELLING A PORTFOLIO

2015 ◽  
Vol 1 (310) ◽  
Author(s):  
Jerzy Tymiński
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Optimal Time ◽  
Dynamic Programming Method ◽  
Financial Instruments ◽  
Investment Portfolio ◽  
Warsaw Stock Exchange ◽  
Investment Portfolios ◽  
Rational Investment ◽  
The Capital Market

The article presents a concept of capital management for assembling investment portfolios. Two optimization variants of a portfolio to be purchased are discussed. Portfolio I is structural, using the „traditional model”. To assemble Portfolio II, elements of reliability theory and the dynamic programming method were used. The article also analyses the sale of a portfolio with respect to the demand for financial instruments in the capital market. The presented concept dealing with rational investment decisions during transactions at the Warsaw Stock Exchange can also be used by managers to create an effective portfolio of financial instruments.

Growth of Capital Market in Nepal: Impact on Capitalization, GDP and NEPSE Index

2020 ◽  
Vol 11 ◽  
pp. 66-83
Author(s):  
Dhan Raj Chalise
Keyword(s):  
Capital Market ◽  
Significant Contribution ◽  
Positive Impact ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Resources ◽  
Descriptive Research ◽  
The Impact ◽  
The Capital Market

The capital market plays an importance role in an economy and provides the opportunity to the investor for the mobilization and channelization of funds. Nepalese capital market is in growing and improving phase. The objective of this study is to analyze the evaluation of the existing status of the capital market in term of its composition of types of the capital market and to examine the impact of capital mobilization in Gross Domestic Product (GDP) and to examine the contribution of capital market in financial resources and GDP. Besides, the study examines the share transaction in Nepal Stock Exchange (NEPSE) and its impact on NEPSE Index. The study period of 2000/01 to 2018/19 has been used for study purposes. Through the use of descriptive research design, the trends of capital market development track after 2000/01 to present status has been presented. Secondary data are analyzed through the use of regression and other descriptive statists to convert the information into data. The result indicates that the ordinary shares in the primary capital market and market capitalization in the secondary market has significant contribution for the capital market in Nepal. Also, the study reveals that there is a significant and positive impact of capital mobilization on GDP and the number of share transactions on the NEPSE Index in the Nepalese capital market. Hence there is a significant contribution of the capital market for financial resources mobilization and GDP of Nepal. The study reports for modernization and systematization of the capital market need more optimal efforts from concerned stakeholders.

FOREIGN INVESTMENT AND THE POLITICAL ECONOMY OF INDONESIAN CAPITAL MARKET IN 2015-2016

2019 ◽  
Vol 7 (6) ◽  
pp. 340-348
Author(s):  
Faris Al-Fadhat ◽  
Mohammad Raihan Nadhir
Keyword(s):  
Political Economy ◽  
Interest Rates ◽  
Foreign Investment ◽  
Capital Market ◽  
International Political Economy ◽  
Stock Exchange ◽  
Economic Stability ◽  
Foreign Investors ◽  
The Impact ◽  
The Capital Market

Purpose of the study: This article examines the impact of foreign investment—especially through the capital market—towards the economic stability and strategic policy in Indonesia. Despite being a member of G20, a group of states with the world’s highest Gross Domestic Products, Indonesia is still a developing state whose need for investment to support economic growth is high. On the other side, Indonesia has a low capital accumulation rate due to low people’s savings which inhibits the development projects. Therefore, the government prioritizes the incoming flow of foreign investment. Methodology: This study applies the international political economy approach to provide critical analysis of Indonesian contemporary foreign investment, especially in the capital market. The data used is the investment activities through the Indonesia Stock Exchange during 2015-2016. Main Findings: It argues that Indonesia’s considerable dependence on investment has enabled foreign investors to play the capital flow to influence the national economic stability for their interests. Such influence was a result of two strategies: (i) the transaction domination in the capital market through the Indonesia Stock Exchange, and (ii) the alliance with financial actors in accessing inside information—which is not commonly owned by domestic investors. Implications/Applications: This study suggests that the politics of foreign investors has contributed towards the changes of government policies in the financial sectors to facilitate the process and to ensure the flow of foreign investment to Indonesia. Such policies include the government’s control of interest rates, fiscal policy, as well as currency stability through macroprudential regulation. Novelty/Originality: Essentially, the capital market is not politically neutral. It has been used by foreign investors to augment their interests by dominating transactions and building political alliances at the domestic level.

scholarly journals Capital Market and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Bounds Testing Approach

2021 ◽  
Vol 1 (2) ◽  
Author(s):  
Panan Danladi Gwaison ◽  
Livinus Nkuri Maimako ◽  
Pokyes Shekara Mwolchet
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Stock Exchange ◽  
Series Data ◽  
Fair Trading ◽  
Market Capitalization ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Long Run ◽  
The Capital Market

The role of the capital market in the growth and development of any economy need not be over-emphasized. The capital market is a complex institution and mechanisms through which economic units desirous to invest their surplus fund, interact directly or through financial intermediaries with those who wish to procure funds for their businesses. The Nigerian capital market started operations in mid-1961 with eight stocks and equities; with about seven United Kingdom (UK) firms quoted on the Nigerian Stock Exchange (NSE) which had, at the same time, dual quotations on the London Stock Exchange. This study examined the impact of the capital market on economic growth in Nigeria from 1981 to 2018. The expo facto research design was adopted for this study. The time-series data for the study were sourced from CBN statistical bulletin. Autoregressive Distributed Lag (ARDL) was used with the aid of e-view 10 software. The ARDL Bounds test revealed the existence of a long-run relationship among the variables. The result revealed that market capitalization has positive and insignificant effects on economic growth both in the short and long run. There is unidirectional causality among the variables.  The study recommended that regulatory authorities should restore confidence in the market by ensuring transparency and fair trading dealings and transactions in the market to enhance economic growth. There should be an improvement in the moribund market capitalization, by encouraging more foreign investors to participate in the market, maintain a state of the art technology like automated trading and settlement practices, electronic fund clearance, and eliminate physical transfer of shares.

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