| Judul | Abstract | Halaman |
|---|
| Investors's Cognitive Errors in Indonesia Stock Market | This research examines cognitive errors of the investors in Indonesia stock market. Data encompasses all firmsvexcluding financial companies listed on the Indonesia Stock Exchange from 2000-2010. The result shows that high cash flow portfolio generates positive excess return of 2.1% per month or 25% p.a. with 95% confidence level. Meanwhile, low cash flow portfolio does not generate statistically significant excess return. Hedge portfolio which represents long position to high cash flow portfolio and short position to low cash flow portfolio delivers excess return of 1.6% per month or 18.7%% p.a. with 90% confidence level. From the research finding, we conclude that cognitive error happens in Indonesia Stock Market. | 79 - 85 |
| Friday 13th Effect terhadap Imbal Hasil Saham dan Volatilitas IHSH dan Perusahaan yang Termasuk di LQ45 | The purpose of this study to determine the effect on Friday 13th and the volatility of stock returns and stock index companies listed in LQ-45. This study uses historical data daily price JCI and 12 companies listed in the LQ-45 from the period 1 January 2003-13 Juni by 2014. The results showed that there is a Friday the 13th effect on stock index returns and volatility and significant at the 10% significance level. In contrast there is no effect on Friday 13th yields 12 companies listed in the LQ-45 but there is a Friday the 13th effect on volatility 5 of 12 companies listed in the LQ-45. Friday 13" effect yang occur tend to be negative against volatility, although the stock inder returns are positive. | 86 - 100 |
| Pengaruh Kebijakan dividen Terhadap Performa Finansial Perusahaan Manufaktur yang Listed di Bursa Efek Indonesia tahun 2002-Kuartal Pertama Tahun 2007 | This study aims to determine how the effect of dummy dividend policy (POL) and other variables; firm size (SIZE), growth (GROWTH), corporate debt (LEV), the dividend payout ratio (PAY), the companys liquidity (LIO), and variable interactions between LIQ and POL; the financial performance of the company (TOBINS Q). This study used a sample of manufacturing companies listed on the Indonesian Stock Exchange (BEI) in the period 2002 to the first quarter 2007 sampling method was purposive sampling method. Therefore, afer there were 60 companies that were selected according to the criteria of the test penelitian. Hasil regression analysis states that the variables LEV, PAY, GROWTH and LIQPOL have a positive influence on the statistically significant variables TOBINS Q. Then POL dummy variable is significant, but the negative effect on TOBINS Q. While LIQ, the effect is not significant to the TOBINS Q when companies do not pay dividends. While the effect of LIQ against TOBINS Q increased when the company distributed dividends. By looking at the variable POL and LIQPOL variables that significantly affect TOBINS Q turns. Therefore, it can be concluded that the value of the company paying the dividends TOBINS Q different than the non-share dividend. | 101 - 116 |
| Penentuan Nilai Intrinsik Saham PT. London Sumatra | Fair market value valuation (share valuation) can be used by investor (acquirer) as a tool to evaluate the target companys share prior to investing in a particular company. The purpose of this research is to enhance the understandability investors as decision makers and used this tool prior to make any decision in acquiring or investing. This research used fundamental analysis with 2 (two) valuation methods. First, Discounted Cash Flow (DCF) Method which is using projected free cash flow to the firm which has been discounted with the appropriate discount rate. Second, multiple ratio with EV/EBITDA ratio which is using comparable companies as company comparison. The above comparison indicates that the intrinsic value per share of PT PP LondonSumatra Indonesia Tbk. with DCF method was slightly below the transaction price while by using multiple ratios method, is relatively above the acquisition plan value that is offered (undervalue). Therefore, PT Indofood Sukses Makmur Tbk. may still consider to purchase and acquire PT PP London Sumatra Indonesia Tbk. shares. | 117 - 141 |
| Pengaruh Rasio Aktivitas Terhadap Profitabilitas Perusahaan pada Sektor Perdagangan, Jasa dan Investasi yang Terdaftar di Bursa Efek Indonesia | This study aimed to obtain information on how to influence the activity ratio toward profitability. Object in this study are Trade, Services and Investments listed on the Indonesia Stock Exchange in Period 2008 - 2012. By using the purposive sampling, finally we used 15 fims. The results showed that influence of working capital turnover, cash turnover and inventory turnover on Return On Assets (ROA) is positive and signifcant either individually or simultaneously. | 142 - 158 |
| The Effect of Lot Size Reduction to Abnormal Return Toward The Ten Sectors in Indonesian Stock Exchange | In the early 2014, the Bursa Efek Indonesia announced the new policy to increase the liquidity of the capital arket. The new policy is Lot Size Reduction. The minimum lot size the people could buy normally is 500 shares per lot. The new policy annoutced that the minimum lot size is 100 shares per lot. From previous IHSG Indeks Harga Saham Gabungan) barely reached the 5000 level and it kept declining from September 2013 to necember 2013. As the lot size reduction started, the price level increased up to 5200 level. Bursa Efek Indonesia is trying to keep the capital market alive and increase the liquidity by giving an affordable amount of lot sise for middle class people. But, since February 2014 to April 2014, the price was declining and it might be affected by other event like the election. This research is purposed to analyze the empirical evidence of the effect occurred during before and after the Lot Size Reduction started, by comparing the abnormal return of the ten sectors (Agriculture, Mining, Basic Industry, Miscellaneous Industry, Consumer, Property, Infrastructure Finance, Trade, and Manufacture sectors). The abnormal return is compared between before and after the new policy started. Afer the results have found, the author can give recommendation to traders, investors, government, and further researcher who interested in stock performance. This research uses "Abnormal Returns and Efficiency Testing in Southeast Asian Stock Markets: Before and After European Crisis 20072011" by Aghnia Amalia Septiany as the primary reference and uses several theories such as abnormal return by Jogianto, event study by Mackinlay, efficient market hypothesis by Fama, and some prior research as references and guidance. The hvpothesis created in this research is Ho to identify if there is no significant difference in abnormal return between before and after the new policy, and H, to identify if there is a significant difference in abnormal return between before and after the new policy started. The data used in this research is daily returns in market return or IHSG daily difference and the daily abnormal returns of the ten sectors. The data used in this research are during September 2013 to April 2014 and November 2013 to February 2014. Two time windows is needed to reduce the bias of another event stuch as incoming election and the increasing of interest rate. In testing the hypothesis, the author used Paired T-Test and One Way ANOVA to find if the independent variable is affecting the dependent variable and significant difference. While using the longer time window, there is no significant difference, it may be affected by other events. From the analysis, there is a significant difference in the Property sector by using shorter time window. | 159 - 175 |
