Volatility of LQ45 Index Situation Before and After Eid al-Fitr

Many factors influence the movement of stocks on the capital market, one of which is a major event that occurs at a certain time, such as religious holiday event. This study aims to examine whether or not there is a change in the level of stock volume movement and abnormal return of stocks affected by the religious holiday event, namely Eid al-Fitr, thus affecting transactions in the capital market. The variable studied is the volume of shares that gives an idea of the number of outstanding shares traded every day and the abnormal variable return of shares is the difference between the actual return that occurs with the return of expectations. Both variables can provide information that is expected to help investors manage investment strategies at major events such as Eid al-Fitr. The data used is secondary data from the www.investing.com sites from 2013 to 2019, namely 15 days before and 15 days after Eid al-Fitr. The method used is Wilcoxon Signed Ranks test because it turns out that the processed data is not distributed normally after being tested for normality. The results of this study prove that there is no difference in the abnormal level of return of shares before and after Eid al-Fitr, and proves the hypothesis that there is a change in stock volume before and after the Eid al-Fitr event.

ISLAMIC BANKING MARKET DISCIPLINE IN INDONESIA

This paper examines the market discipline of Islamic banks, as manifested by the responses of depositors with regard to their deposits and profit-sharing ratio to the fundamentals of the banks in the case of Indonesia. We analyse the supply and demand function of deposits using panel data from 10 Islamic banks from 2010 Q1 to 2019 Q4. We empirically find that market discipline in Indonesian Islamic banks is relatively weak, and conjecture that this is for two reasons. First, religious depositors have driven the unusual behaviour of Islamic banks, as we find that they stay with the same bank, even if it has poor fundamental conditions. Second, the profit and loss sharing mechanism means that Islamic bank depositors do not have great flexibility in demanding a higher rate relevant to the risk they must bear. This is because depositors' actual return is set to be consistent with the actual profit obtained from the banks' lending activities. Our results lead to the call for policymakers to effectively monitor the fundamental conditions of Islamic banks and to collaborate with agencies and organisations that promote Islamic bank development in Indonesia.

A robust fuzzy optimization approach for reverse logistics network design with buyback offers

Purpose In this paper, the authors aim to investigate the relationship between buyback policy and the potential number of used products that could be collected by developing a robust fuzzy reverse logistics network. Design/methodology/approach In this approach, the authors seek to determine the amount of buyback based on the condition of used products at the time of return. In this process, the authors also take into account that apart from the condition of used products, other factors exist that the actual return rate could be dependent on them. This matter propelled us to make a novel distinction between the probability of return estimated from appropriate buybacks offered to consumers, and the actual return rate of used products using fuzzy mathematical methods. Besides that, a compatible robust fuzzy optimization method has been implemented on the model to deal with uncertain properties of it and simultaneously fortifying its responses against any possible effect of return rate fluctuation. Findings To analyze and evaluate the model performance, the authors decided to apply a series of exhaustive randomly generated experiments onto it. Also, the authors introduced a Lagrangian relaxation solution methodology to facilitate and improve the solving process of the model. Then, the evaluation of the results enabled us to demonstrate the model validity, and underscore its utility to deal with problems with more sophisticated used product collection process that practitioners tend to encounter in the real-world circumstances. Originality/value This study suggests a novel way to design the return rate of used products in a reverse logistics network with buyback offers through a complete set of factors affecting it. Furthermore, the procedure of developing the model encompasses several important aspects that significantly decrease its complexity and improve its applicability.

CAPITAL ASSET PRICING MODEL (CAPM) DAN ACCUMULATED / DISTRIBUTION LINE UNTUK PENENTUAN KELOMPOK SAHAM-SAHAM EFISIEN

This study aims to see which groups of stocks are included in the efficient stock group using the Capital Asset Pricing Model (CAPM) and the Accumulation and Distribution Line method. The population in this study was 697 shares of companies listed on the Indonesian stock exchange during the period 2016 to 2019. The sampling method used was purposive sampling so that 109 observational data that met the criteria were obtained. To assess the efficiency of shares is done by comparing the stock actual return (Ri) with the expected return of stock E (Ri). Efficient stocks have a value of Ri greater than E (Ri) or [Ri> E (Ri)], while inefficient stocks are stocks that have a value of Ri less than E (Ri) or [Ri <E (Ri)]. This study found that there are 54 company stocks that are included in the efficient stock category and 55 stocks which are included in the inefficient category. Penelitian ini bertujuan untuk melihat kelompok saham yang termasuk kelompok saham efisien dengan menggunakan metode Capital Asset Pricing Model (CAPM) serta Accumulation and Distribution Line. Populasi dalam penelitian ini adalah 697 saham perusahaan yang terdaftar di bursa efek Indonesia selama periode 2016 sampai 2019. Metode sampling yang digunakan adalah purposive sampling technique sehingga didapatkan 109 data observasi yang memenuhi kriteria. Untuk menilai efisiensi saham dilakukan dengan membandingkan actual return saham (Ri) dengan expected return saham E(Ri). Saham efisien memiliki nilai Ri lebih besar daripada E(Ri) atau [Ri > E(Ri)], sedangkan saham tidak efiesien adalah saham yang memiliki nilai Ri lebih kecil daripada E(Ri) atau [Ri< E(Ri)]. Penelitian ini menemukan bahwa terdapat 54 saham perusahaan yang termasuk dalam kategori saham efisien dan 55 saham termasuk kategori tidak efisien.

Cross country evaluation of equity return concept: An empirical study about the relationship between actual and expected returns

This paper studies the concept of equity returns and sees whether there is a significant difference between the expected return which is calculated through the capital asset pricing model (CAPM) and the actual return given by the stock. For this study, 10 stocks with maximum market capitalization are taken focusing on 12 countries for our research subdivided into developed and developing countries. The period of study is 10 calendar years from 2010 to 2019. The hypothesis being whether the actual stock returns are significantly different from the expected stock return, for the same paired t-test has been deployed on 120 stocks to check the significance. Further evaluation has been done to check whether the expected return is undervalued or overvalued in reference to the actual return. To check whether there is a significant difference between the actual and expected return across the companies, panel regression was used, and then the same was done to check whether there is a significant difference between countries and also whether there is a significant difference on the basis whether the countries are developed or developing. The authors have existing research confined to particular geographies that discuss VAR models

Stock Market Reaction LQ 45 for Indonesia's 2019

This study aims to examine the stock market reaction of lq 45 to the 2019 presidential and vice presidential elections. The sample used is LQ 45 shares listed on the Indonesia Stock Exchange (IDX) in 2019. The number of samples in this study is as many as 10 issuers. The study used a paired sample t test analysis by testing actual return and expected (normal) return to determine whether or not it was abnormal during the 2019 presidential and vice presidential elections. The results of this study show that it does not have a significant impact between the return market to the stock retun.

Perbandingan Abnormal Return Saham Sebelum dan Sesudah Perubahan Waktu Perdagangan Selama Pandemi Covid-19

Penelitian ini bertujuan untuk mengetahui adanya perbedaan abnormal return sebelum dan sesudah pengumuman perubahan waktu perdagangan atas transaksi bursa pada Bursa Efek Indonesia selama pandemi covid 19. Populasi penelitian adalah seluruh perusahaan yang melakukan masuk ke dalam perusahaan LQ45 di BEI pada periode bulan Februari – Juli 2020 yaitu sebanyak 45 perusahaan. Sampel pada penelitian ini diambil dengan menggunakan metode sensus, berarti jumlah sampel yang diambil sama dengan jumlah anggota populasi. Untuk menguji hipotesis penelitian ini menggunakan Paired sample test. Uji ini digunakan untuk mengetahui ada atau tidaknya perbedaan rata-rata antara dua kelompok sampel yang berpasangan (berhubungan). Artinya, sebuah sampel tetapi mengalami dua perlakuan yang berbeda. Objek penelitian ini adalah abnormal return. Untuk melakukan perhitungan abnormal return, terlebih dahulu harus mencari actual return dan expected return. Untuk melakukan perhitungan expected return menggunakan pengukuran Market Adjusted Model.Hasil dari penelitian ini menunjukkan bahwa terdapat perbedaan abnormal return sebelum dan sesudah pengumuman perubahan waktu perdagangan atas transaksi bursa pada Bursa Efek Indonesia selama pandemi covid 19.

FENOMENA MONDAY EFFECT PADA OVERNIGHT RETURN DAN INTRADAY RETURN SAHAM YANG TERGABUNG DALAM INDEKS LQ45 PERIODE 2018

Sebagai Trader haruslah memiliki strategi trading yang menghasilkan capital gain/loss dari actual return. Overnight return dan intraday return merupakan bagian dari actual return. Namun actual return tersebut ternyata dipengaruhi oleh faktor lain. Faktor yang mempengaruhinya adalah fenomena anomaly Monday effect. Teori yang mendasari dari terbentuknya penelitian ini adalah Random Walk, Efficient Market Hypothesis, Anomalies. Random Walk menjelaskan mengenai pergerakan harga saham yang secara acak dan tidak adapat diprediksi sehinga return yang dihasilkan acak dan tidak dapat diprediksi. Efficient Market Hypothesis menjelaskan mengenai bagaimana informasi suatu sekuritas atau saham diguakan untuk memprediksi harga sekuritas atau saham di masa depan sehinga return yang dihasilkan dapat diprediksi. Anomalies menjelaskan mengenai fenomena yang menyimpang dari teori Efficient Market Hypothesis. Penelitian ini dilakukan pada perusahaan yang yang terdapat dalam Indeks LQ 45 yang terdaftar pada Bursa Efek Indonesia periode Januari 2018 – Desember 2018. Dengan menggunakan metode judgment sampling didapatkan sampel sebanyak 34 perusahaan dengan bantuan program SPSS 25. Teknik analisis data yang digunakan adalah uji beda dua rata-rata paired sample t-test. Hasil penelitian menunjukkan uji beda dua rata-rata paired sample t-test yang digunakan sudah memenuhi uji normalitas. Hasil uji normalitas menunjukkan semua data berdistribusi normal. Nilai signifikansi perbedaan antara rata-rata return hari Senin dengan rata-rata return hari non Senin pada overnight return adalah sebesar 0,119 dengan mean sebesar -0,041 dan Nilai signifikansi perbedaan antara rata-rata return hari Senin dengan rata-rata return hari non Senin pada intraday return adalah sebesar 0,069 dengan mean sebesar 0,1. Hasil penelitian menunjukkan bahwa (1) Tidak ada perbedaan antara perbedaan antara return hari Senin dengan return hari non Senin pada overnight return dan (2) Ada perbedaan antara perbedaan antara return hari Senin dengan return hari non Senin pada intraday return.

Reaksi Pasar Modal Indonesia terhadap Kemenangan Presiden Republik Indonesia dalam Pilpres 2019

Penelitian ini bertujuan untuk mengetahui apakah peristiwa pengumuman kemenangan Presiden Republik Indonesia dalam PILPRES 2019 menimbulkan reaksi pada pasar modal Indonesia dan apakah terdapat perbedaan reaksi pasar sebelum dan sesudah pengumuman serta antara saham Syariah dengan yang non Syariah dalam PILPRES 2019. Penelitian ini merupakan event study dengan dengan prosedur penelitian yaitu menentukan event window, menentukan populasi dan sampel, mengumpulkan data harga dan nilai kapitalisasi pasar, menghitung actual return, menghitung expected return, menghitung abnormal return dari setiap saham dengan mengurangi actual return dengan expected return dari masing-masing saham, menghitung rata-rata abnormal return dan menghitung standard errornya, melakukan analisis deskriptif, melakukan uji hipotesis dengan menggunakan analisis one sample t test, paired sample t-test atau wilcoxon serta melakukan interpretasi terhadap hasil pengujian. Populasi dalam penelitian adalah seluruh emiten yang tergabung dalam Sub Sektor Bank yang berjumlah 45 perusahaan. Dengan menggunakan purposive sampling maka yang menjadi sampel sebanyak 34 perusahaan. Penelitian ini menemukan bahwa pertama, pasar modal Indonesia tidak bereaksi pada saat peristiwa pengumuman kemenangan Presiden Republik Indonesia dalam PILPRES 2019. Kedua, tidak terdapat perbedaan reaksi pasar akibat peristiwa pengumuman kemenangan Presiden RI dalam PILPRES 2019 sebelum dan sesudah tanggal pengumuman pemenang. Dan tidak terdapat perbedaan reaksi pasar akibat peristiwa pengumuman kemenangan Presiden RI dalam PILPRES 2019 untuk saham perusahaan Syariah dengan saham perusahaan yang non Syariah.

Can Patient Expectations of Returning to Work Documented Before, During, or at the End of Treatment Predict Actual Return to Work Post-treatment? An Evidence-Based Structured Systematic Review

Background There is significant evidence that patient expectations can impact their treatment outcomes. The hypothesis of this systematic review was then the following. There will be significant consistent evidence as specified by the Agency for Health Care Policy and Research (AHCPR) guidelines that chronic pain patient (CPP) expectations for returning to work documented before, during, or at the end of treatment will predict actual return to work post-treatment. Methods Of 316 references, 12 studies fulfilled inclusion criteria. These studies analyzed expectations of returning to work documented before, during, or at the end of treatment and utilized these for predicting return to work post-treatment. Relevant aspects of these studies were abstracted into tabular form for numerical analysis. All studies were rated independently by two reviewers for quality. The percentage of the 12 studies supporting the hypothesis was determined. This was then utilized to determine an AHCPR guideline rating for consistency. Results No studies had a rejection quality score. All studies were type 4. The hypothesis was supported by 91.6% of the studies. According to the AHCPR guidelines, this translated into an A rating: consistent findings from multiple type 4 studies. Conclusions CPP expectations of returning to work as documented before, during, or at the end of treatment may predict actual return to work post-treatment.