ANALISIS CALENDAR ANOMALIES DI PASAR SAHAM INDONESIA TAHUN 1998 – 2018

ABSTRACT The Efficient Market Hypothesis Theory of Fama states that stock prices cannot be predicted by its movement tendency (random walk). In some stock markets, the movement of stock prices has a seasonal effect, which is the repetition of stock movements at a certain time that can be called a calendar anomalies. The repetition or seasonal effect on rate of return shows that the stock price can be predicted, thus it can be exploited by investors to get the probability of a higher rate of return. This research aims to see whether calendar anomalies prevail in the Indonesian stock market by using the daily and monthly rate of return of LQ45 and the Jakarta Composite Index (JCI) with an observation period of 21 years from 1998 to 2018 and estimated using the GARCH-M model (1,1). The results of this research are the existence of daily anomalies on Monday as the day with the lowest rate of return and Wednesday as the day with the highest rate of return. In addition, we also get the results of monthly anomalies in August as the month with the lowest rate of return and December as the month with the highest rate of return.

How Do Capital Ratios Affect Bank Risk-Taking: New Evidence From the United States

This study aims to examine the impact of different capital ratios on Non-Performing loans, Loan Loss Reserves, and Risk-Weighted Assets by studying large commercial banks of the United States. The study employed a two-step system generalized method of movement (GMM) approach by collecting the data over the period ranging from 2002 to 2018. The study finds that using Non-Performing loans and Loan Loss Reserves as a proxy for risk, results support moral hazard hypothesis theory, whereas the results support regulatory hypothesis theory when Risk-Weighted Assets is used as a proxy for risk. The results confirm that the influence of high-quality capital on Non-Performing loans, Loan Loss Reserves, and Risk-Weighted Assets is substantial. The distinctive signs of Non-Performing loans, Loan Loss Reserves, and Risk-Weighted Assets have indications for policymakers. The results are intimate for formulating new guidelines regarding risk mitigation to recognize Non-Performing loans and Loan Loss Reserves and the Risk-Weighted Assets for better results. JEL Classification: G21, G28, G29

The Efficient IPO Market Hypothesis: Theory and Evidence

We derive the optimal underwriting method and the quantitative initial public offering (IPO) pricing rule that this method implies in a market with informational frictions consisting of fully rational banks, issuers, and investors. In an efficient IPO market, an issuer’s expected initial return will be determined entirely by the combination of this pricing rule and issuer fundamentals. Applying this rule, we find that we can explain the quantitative magnitude of the principal aspects of the time-series and cross-sectional variation in IPO average initial returns. We conclude that the IPO market is efficient.

A Review of the Application and Development of Output Hypothesis Theory in Foreign Language Teaching

Since Swain proposed the theory of output hypothesis in 1985, the study focus of foreign language teaching has been shifted from input research to input and output research. The positive impact of output has been demonstrated by a large number of studies and output has been received more and more attention in the field of second language acquisition. This paper sorts out the development and application of output hypothesis theory in foreign language teaching in order to lay the foundation for further exploration.