Time Evolution of Market Efficiency and Multifractality of the Japanese Stock Market

This study investigates the time evolution of market efficiency in the Japanese stock markets, considering three indices: Tokyo Stock Price Index (TOPIX), Tokyo Stock Exchange Second Section Index, and TOPIX-Small. The Hurst exponent reveals that the Japanese markets are inefficient in their early stages and improve gradually. TOPIX and TOPIX-Small showed an anti-persistence around the year 2000, which still persists. The degree of multifractality varies over time and does not show that the Japanese markets are permanently efficient. The multifractal properties of the Japanese markets changed considerably around the year 2000; this may have been caused by the complete migration from the stock trading floor to the Tokyo Stock Exchange’s computer trading system and the financial system reform, also known as the “Japanese Big Bang”.

Influence of Internet Financial Reporting, Website Information Disclosure Rate, Number of Shares Outstanding, and Sales Growth on The Frequency of Stock Trading on Manufacturing Companies on The Indonesia Stock Exchange (2015-2019)

The purpose of this study was to determine the effect of Internet Financial Reporting, Website Information Disclosure Rate, Number of Outstanding Shares, and Sales Growth on the Frequency of Stock Trading in Manufacturing Companies on the Indonesia Stock Exchange. The population of this study are manufacturing companies in 2015-2019. Sampling using purposive sampling technique. The number of samples used was 290 samples. The results of the partial study of Internet Financial Reporting do not have a significant positive effect on the frequency of stock trading. The level of Website Information Disclosure has a significant positive effect on the frequency of stock trading. The number of outstanding shares has a significant positive effect on the frequency of stock trading. Sales growth has no significant positive effect on the frequency of stock trading

PENGARUH PEMBAGIAN DIVIDEN MELALUI MODEL BLACK-SCHOLES

Stock trading has a risk that can be said to be quite large due to fluctuations in stock prices. In stock trading, one alternative to reduce the amount of risk is options. The focus of this research is on European options which are financial contracts by giving the holder the right, not the obligation, to sell or buy the principal asset from the writer when it expires at a predetermined price. The Black-Scholes model is an option pricing model commonly used in the financial sector. This study aims to determine the effect of dividend distribution through the Black-Scholes model on stock prices. The effect of dividend distribution through the Black-Scholes model on stock prices results in the stock price immediately after the dividend distribution being lower than the stock price shortly before the dividend distribution

PENGARUH INTERNET FINANCIAL REPORTING, TINGKAT PENGUNGKAPAN INFORMASI BERBASIS WEBSITE, DAN JUMLAH SAHAM BEREDAR TERHADAP FREKUENSI PERDAGANGAN SAHAM

The objectives of this study are: (1) to prove, test, empirically and analyze the impact of Internet Financial Reporting on Stock Trading Frequency, (2) to prove, test, empirically and analyze the impact of the Website-Based Information Disclosure Level on Stock Trading Frequency, (3) Testing, proving, by empirical means and analyzing the impact of the Number of Outstanding Shares on the Trading Frequency of Shares. This study uses quantitative methods using secondary data taken from the company's website and the IDX through www.idx.co.id in 2016-2018. In this study, we will use data analysis techniques with multiple linear regression with the help of SmartPLS 3.29. The results of this study show that (1) "Internet Financial Reporting" has no effect on Stock Trading Frequency, (2) Website-Based Information Disclosure has no effect on Stock Trading Frequency, (3) Number of Outstanding Shares has no effect on Stock Trading Frequency. The implications of this research are paying attention to financial information in the company that is listed through the website then investors can predict future financial performance and prospects and can make decisions related to investment decision making, by uploading and updating information owned by the company can provide education to the public. users and prosper the company. The high and low level of disclosure of company website information will have a small impact on the impact of disclosure on investor decisions. In addition, taking into account factors other than the number of outstanding shares, such as fundamental factors and stock prices, can attract investors to invest in the company, because basically investors in buying shares must choose liquid shares.

Apakah Pembatasan Sosial Berskala Besar Warga Negara Asing Berdampak Pada Average Abnormal Return?

This study examines the differences in stock prices listed on the Indonesia Stock Exchange as measured using average abnormal returns on events (event studies) before and after the enactment of Large-Scale Social Restrictions for Foreign Citizens, especially COVID-19 which has an impact not only threatening human health but also has an impact on the economic sector. This condition will certainly have an impact on all sectors including stock trading on the Indonesia Stock Exchange, especially the Tourism, Hospitality, and Restaurant sub-sector. By using a sample of 41 companies on the Indonesia Stock Exchange with a research period of 3 months (16 November 2020 to 15 February 2021) the type of purposive sampling research that meets the criteria and using paired sample t-test, the results show that there is no difference Average Abnormal Return before and after the occurrence of a PSBB event for Foreign Citizens. So it can be concluded that the PSBB for Foreign Citizens has no impact on the average abnormal return obtained by investors.

Analysis of Pre-existing Investment Behavior and Influence of Trading Apps

The last few years have seen a rise in trading apps, and Robinhood is one trading app that has attracted millennials. This paper explores trading apps such as Robinhood and their role in providing financial inclusion and safe trading opportunities. This paper discusses investment behavior in the status quo, explaining overconfidence, sociability, and the disposition effect. Investment behavior can include the behavioral biases and common notions investors utilize for trading. Furthermore, this paper assesses the design and business model of Robinhood. Five expert investors were interviewed (such as a professor and other MBA graduates from Wharton School of Business, financial experts from private equity firms in the US and Mexico, and a JP Morgan investment banking professional), and five casual investors were interviewed to understand their opinions on investment behavior, certain trading apps, common criticisms of stock trading, and solutions to these concerns. The findings led to the conclusion that investment behavior is harmful in the status quo. Results did indicate that Robinhood does promote at least some dangerous behavior through excessive active trading and is one example of a problematic trading app through the 4th Industrial Revolution, but trading apps can only amplify behavioral biases most retail investors already display.

A Class of Recursive Optimal Stopping Problems with Applications to Stock Trading

In this paper, we introduce and solve a class of optimal stopping problems of recursive type. In particular, the stopping payoff depends directly on the value function of the problem itself. In a multidimensional Markovian setting, we show that the problem is well posed in the sense that the value is indeed the unique solution to a fixed point problem in a suitable space of continuous functions, and an optimal stopping time exists. We then apply our class of problems to a model for stock trading in two different market venues, and we determine the optimal stopping rule in that case.

An Experimental Economic Study of Loss Aversion in Stock Trading Decisions

The disposition effect is a form of behavioral bias that tends to result in investors holding on to their losing stocks for too long and selling winning stocks too soon. It can be explained by the behavioral economics theory of loss aversion. Even though many have studied this kind of behavioral bias in a variety of different countries, none of them have investigated the disposition effect in the case of Thailand. Therefore, the main objective of our study is to test the disposition effect among Thais by applying the experimental economic approaches of Weber & Camerer (1998) and Odean (1998) whilst also including the findings from questionnaires and interviews. We set up a simulation stock trading market to test the disposition effect of participants regardless of whether they had stock trading experienced or not. Subjects were required to trade among six stocks in 14 trading periods. We also added three more periods to test how different types of news impacted the subjects’ trading decisions. In addition, we analyzed socioeconomic factors that affect disposition effect behavior by using an econometric binary choice model. We found that this experiment can exhibit the disposition effect of subjects in terms of overall and individual measurement. In normal stock trading situations, we found that over 70% of subjects showed clear signs of the disposition effect, which seemed to decrease after they received fictional news.