Article Per Year (5 Year)
p-Index From 2020 - 2025
7.39
P-Index
This Author published in this journals
All Journal JURNAL RISET AKUNTANSI DAN AUDITING JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI JURNAL RISET AKUNTANSI GOING CONCERN ACCOUNTABILITY Jurnal Ipteks Akuntansi Bagi Masyarakat Gorontalo Accounting Journal Journal of Contemporary Accounting Abdimas UNWAHAS : Jurnal Pengabdian Masyarakat UNWAHAS Indonesia Accounting Journal The Studies of Social Sciences International Journal of Applied Business and International Management Journal of Governance, Taxation, and Auditing The Contrarian: Finance, Accounting, and Business Research Riset Akuntansi dan Portofolio Investasi Manajemen Bisnis dan Keuangan Korporat Riset Akuntansi dan Manajemen Pragmatis Jurnal Akuntansi Kontemporer Research In Management and Accounting (RIMA)
Novi Swandari Budiarso
Unknown Affiliation
Agriculture, Biological Sciences & Forestry Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Medicine & Pharmacology Social Sciences

Published : 73 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search
Journal : Jurnal Akuntansi Kontemporer

 1 
WILL “THE HAWK” MAKE THE MARKET RANDOM WALK? Budiarso, Novi Swandari; Pontoh, Winston
Jurnal Akuntansi Kontemporer Vol. 16 No. 2 (2024)
Publisher : Widya Mandala Surabaya Catholic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/jako.v16i2.5445

Abstract

Research Purposes. Objective of study is examining market efficiency in Indonesia under high interest rates issue.Research Methods. Observation period on Indonesia stock composite index starts from June 7, 2023 to February 29, 2024. Several procedures are applied in objective of hypothesis testing, which are: (1) mean difference test supported by Cohen's test and normality test by Anderson-Darling in terms of detecting how market returns differ in the two observation periods; (2) runs test runs test in terms of detecting the randomness of market returns after the risk-free rate; (3) ARIMA is supported by the Augmented Dickey-Fuller test in terms of detecting whether randomness is just noise (or white noise); and (4) variance ratio test in terms of confirming the results of runs test and ARIMA to determine whether the market returns are efficient or just a noise.Research Results and Findings. Consistent with efficient market hypothesis, findings show that the market condition during the effective interest rate period of 6% has higher returns, riskier, better risk-return trade-off, and less efficient. During that period, noise seemed to play a role in creating market gaps. This study concludes that monetary policy in maintaining high effective interest rates cannot determine whether the market is more efficient. As implication, the high effective interest rate tends not to result in a shift in investor behavior to allocate stock investments to risk-free assets. This study contributes to develop the finance and accounting science, especially in the fair presentation of financial information including investment decisions.
Co-Authors Altje L. Tumbel Andea, Selint Gar Aneke Wangkar Anneke Wangkar Ante, Jeine Margareta Bangun, Aron Karolina Baware, Denray Datu, Christian V. David P. E. Saerang David P. E. Saerang David Paul Elia Saerang Dhullo Afandi Dian Purnamasari Duinkerken, Jessie Christy Natalia Fitria Ayu Lestari Niu Gerungai, Natalia Y. T. Giam, Richard Sarmento Grace B. Nangoi Gracia, Hana Heince R.N Wokas Herman Karamoy Herwanto, Theo Alfan Imbing, Grasela Feini IROTH, RANDA MATTHEW Jantje J. Tinangon Jenny Morasa Jocom, Agnes Michelle Josua Semuel Turangan Jullie J Sondakh Kaindeh, Gracia Dineliska Kalalo, Meily Yoke Betsy Kapojos , Peter Marshall Kapojos, Peter Marshall Kareth, Vebby Karo, Lusinda Natalya Debora Khristian, Edwin Kula, Agustince Neti Kumaat, Swinglie K. Lapian, Stanss Levynna Hermien Verronica Joyce Lintje Kalangi Liwe, Alther Gabriel Lohonauman, Hans Lomboan, Meiva Fransiska Makalalag, Afiansyah Makalare, Zevania Mamahit, Tiara Angelica Mamangkey, Trixie Manikome, Elis Felisya Manuho, Priskila Maradesa, Djeini Meily Y. B. Kalalo, Meily Y. B. MENGKO, Maria Hilda Mokoginta, Mia Istiana Mondigir, Vania Salsabella Christy Belina Oktaviani Palit Opit, Ananda Nikita Paat, Meidy I. Parera, Meyline Trisuksi Paulina Amanda Sadondang, Paulina Amanda Pinatik, Trianti K. A. Piri, Christian Putri, Evita M. C. Ranndy Sterry Kindangen Ritto, Fanesia Rombebunga, Frenly Rorong, Richard Sem Rorong, Tessalonica Salatnaya, Riseda Samad, Faturrahman H. Sardjono , Olivia Y.M. Sardjono, Olivia Y. M. Sherly Pinatik Siagian, Timotius Sintje Rondonuwu, Sintje Sonu, Sri Sunarni Stanley Kho Walandouw Steven J. Tangkuman Steven Tangkuman Sumendap, Steinly Tatemba, Happy Tede, Reni Tumanduk, Leonardo Turambi, Krisno Ventje Ilat Wangkar , Anneke Weku, Priscillia Wibisono, Bagus Tutuka Winston Pontoh Winston Pontoh Wokas, Heince Rudy Nicky Yuvita M. F Goni, Yuvita M. F