DAMPAK COVID-19 TERHADAP ABNORMAL RETURN DAN VOLUME PERDAGANGAN SAHAM

The COVID-19 pandemic is a non-natural disaster that has a huge impact around the world. This research is a quantitative research with event study method. The purpose of this research is to test the capital market reaction by looking at abnormal returns and trading volume activity before and after the COVID-19 non-natural disaster. The event day in this study was April 13rd, 2020 when the Presidential Decree was issued regarding the designation of COVID-19 as a national disaster. Using purposive sampling method, the sample of this study were 27 companies engaged in the hotel, restaurant, and tourism sub-sectors listed on the Indonesia Stock Exchange. The event period is 11 days, namely 5 days before the event, 1 day at the time of the event and 5 days after the event. Data analysis using t-test and wilxocon signed ranks test. The results of this study are: 1) there is no abnormal return during the event period, 2) there is no difference in the average abnormal return before and after the COVID-19 non-natural disaster event, 3) there is no difference in the average trading volume activity before and after the COVID-19 non-natural disaster event and after the COVID-19 non-natural disaster event. Keywords: Event Study, Abnormal Return, Trading Volume Activity, COVID-19.

ANALISIS REAKSI PASAR MODAL INDONESIA TERHADAP PENETAPAN UNDANG UNDANG CIPTA KERJA TAHUN 2020

Undang Undang Cipta Kerja Tahun 2020 yang disahkan pada tanggal 5 Oktober 2020 dinilai memberikan dampak yang positif bagi pasar modal Indonesia. Kandungan informasi dalam penetapan Undang-Undang Cipta Kerja dimanfaatkan oleh investor dalam membuat keputusan investasi. Penelitian ini bertujuan untuk menganalisis reaksi pasar modal Indonesia yang dilakukan dengan cara mengamati pergerakan harga saham dan volume perdagangan saham. Pergerakan harga saham digunakan untuk melihat ada tidaknya abnormal return, sedangkan volume perdagangan digunakan untuk melihat ada tidaknya peningkatan trading volume activity. Penelitian ini menggunakan metode studi peristiwa dengan periode pengamatan selama 21 hari yang terdiri dari 10 hari sebelum dan 10 hari setelah pengumuman penetapan Undang Undang Cipta Kerja tahun 2020. Sampel penelitian adalah 14 perusahaan manufaktur yang sahamnya terdaftar dalam Indeks LQ 45 dengan kriteria tertentu. Hasil penelitian menunjukan bahwa tidak terjadi perbedaan pada rata-rata abnormal return antara sebelum dan sesudah pengumuman penetapan Undang Undang Cipta Kerja tahun 2020. Akan tetapi terdapat perbedaan pada rata-rata trading volume activity saat sebelum dan sesudah pengumuman penetapan Undang Undang Cipta Kerja tahun 2020.

Reaksi Pasar terhadap Penerapan Pembatasan Sosial Berskala Besar pada Masa Pandemi Covid-19

On April 6, 2020, the government approved the implementation of the first Large-Scale Social Restrictions (PSBB) in Indonesia in the context of accelerating the handling of the Covid-19 pandemic. This study uses this event as an event under study to observe the market reaction before and after it, with a window period of 11 days. The average abnormal return and the average trading volume activity of stocks are used as indicators of market reaction. The study was conducted on 152 trading, service and investment sector companies listed on the Indonesia Stock Exchange (IDX), which were determined using a non-probability sampling method with a purposive sampling technique. Data were analyzed by using paired sample t-test and Wilcoxon signed rank test. The results showed that there was no difference between the average abnormal return and the average trading volume activity before and after the first PSBB was approved in Indonesia. The absence of market reaction is assumed because the level of market efficiency in Indonesia is still weak. Keywords : Covid-19; Social Distancing Policy; Market Reaction; Abnormal Return; Trading Volume Activity.

REAKSI PASAR MODAL INDONESIA TERHADAP PEMILIHAN PRESIDEN AMERIKA SERIKAT TAHUN 2020

ABSTRAKTujuan penelitian ini adalah untuk mengetahui reaksi pasar modal Indonesia ketika terjadi peristiwa politik di Internasional. Perusahaan LQ45 periode Agustus 2020–Januari 2021 dipilih sebagai populasi dan sampel dengan menggunakan metode sample jenuh. Teknik single index model digunakan untuk mencari abnormal return. Periode jendela peristiwa lima belas hari, dan tiga puluh hari periode estimasi dengan teknik analisis data gabungan antara One Sample t-test, One Sample Wilcoxon Signed Rank Test, dan Paired Sample t-test. Hasil analisis menunjukan tidak terdapat imbal hasil tak normal yang signifikan di sekitar periode peristiwa, tetapi kondisi abnormal return sebelum dan sesudah peristiwa pilpres AS 2020 mengalami perbedaan yang signifikan. Terdapat trading volume activity yang signifikan selama lima belas hari di sekitar periode peristiwa tersebut. Terjadi reaksi di LQ45 pada abnormal return tetapi tidak signifikan dengan trading volume activity yang signifikan. Dengan mempertimbangkan kedua hal tersebut pada saat terjadinya suatu peristiwa politik, investor dapat mengambil sikap dengan menggunakan analisis mendalam tentang kecenderungan return yang terdapat di sebuah pasar modal. ABSTRACTThe purpose of this research is to determine the reaction of the Indonesian capital market when international political events occur. LQ45 companies for the period August 2020–January 2021 were selected as the population and sample, using the saturated sample method. With the single index model technique to find the abnormal return. The event window period is fifteen days, and the estimation period is thirty days with a combined data analysis technique between One Sample t-test, one sample Wilcoxon Signed Rank Test and Paired Sample t-test. The results of the analysis showed that there were no significant abnormal returns around the event period, but the abnormal return conditions before and after the 2020 US presidential election experienced significant differences. There was significant trading volume activity for fifteen days around the event period. There was a reaction in LQ45 on abnormal returns but not significant with significant trading volume activity. By considering these two things when a political event occurs, investors can take a stand by using an in-depth analysis of the trend of returns in a capital market.

Does Trading Volume Activity React To The Announcement of Large-Scale Social Restrictions During The Covid-19 Pandemic?

This research is an event study that aims to examine the information content as measured by trading volume activity as a form of capital market reaction to the announcement of the COVID-19 pandemic in Indonesia. The purpose of this research study is to determine and analyze the presence or absence of trading volume activity before and after the announcement of Large-Scale Social Restrictions in the context of handling COVID-19 in Indonesia. The analytical method used in the study is a quantitative method in research with an event study approach which is used to analyze the reaction of the capital market to the announcement of large-scale social restrictions (PSBB) in the context of handling the COVID-19 pandemic in Indonesia. The data analysis technique in this research is using event study. The results showed that there were significant differences in stock trading volume activity before and after the announcement of the PSBB policy during the Covid-19 pandemic in DKI Jakarta.

Hygienic assessment of personnel working conditions in underground uranium mining

The aim of the study is to assess the main radiation-hazardous factors that determine the effective dose of personnel during underground uranium mining at the Priargunsky Industrial Mining and Chemical Association, and to summarize the data of the radiation control of the enterprise for 2016-2020. The main factors that create personnel dose loads are: the volume activity of short-lived daughter products of radon decay in the air, the dose rate of external gamma radiation, and the volume activity of long-lived alpha-emitting radionuclides of the uranium-radium series in industrial dust. Information on the structure and values of individual effective doses of workers is presented. Recommendations for improving the radiation monitoring system are given.

THE ANALYSIS OF ABNORMAL RETURNS AND TRADING VOLUME ACTIVITY BEFORE AND AFTER SIMULTANEOUS GENERAL ELECTION IN THE YEAR 2019 (STUDY OF STOCKS THAT ARE INCLUDED IN THE JAKARTA ISLAMIC INDEX)

Political events are one of the factors that influence a country’s economic conditions. The capital market as an economic instrument cannot be separated from various environmental influences, both economic and non economic environment. The aim of the research is to find out the difference of abnormal return and trading volume activity between 10 days before and 10 days after Simultaneous General Election 2019 on the stocks included in the Jakarta Islamic Index. The sampling method in this study was conducted using saturated samples of 30 companies. Statistical analysis method used is Paired Sample T-Test and Wilcoxon Signed Ranks Test. The result of statistical test shows that variabel abnormal return and trading volume activity produce the conclution that there is no difference in abnormal return and trading volume activity between 10 days before and 10 days after Simultaneous General Election 2019 on the stocks included in the Jakarta Islamic Index. The implications of this study for issuers do not need to worry about Simultaneous General Election information because the event does not significantly influence on abnormal return and trading volume activity.

ANALISIS PERBEDAAN ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY SEBELUM DAN SESUDAH PERISTIWA PENETAPAN UNDANG-UNDANG TAX AMNESTY

The purpose of this study was to determine the difference in the average abnormal return and trading volume activity before and after the enactment of the tax amnesty law on the LQ-45 index. The type of data used in this study is secondary data with data collection techniques using the documentation method. Determination of the sample in this study using purposive sampling method with certain criteria so as to obtain 45 samples. The analytical technique used in this research is paired sample t-test with an observation period of 10 days. The results of this study indicate that: (1) There is no difference in the average abnormal return before and after the enactment of the tax amnesty law. (2) There is no difference in the average trading volume activity before and after the enactment of the tax amnesty law.