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Analisis Reaksi Pasar Atas Pengumuman Cum Dividen (Studi Pada Saham Yang Terdaftar di Jakarta Islamic Index Tahun 2012-2013) Mohammad Mulfi Na'im; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 1 (2015): Januari-2015
Publisher : Universitas Airlangga

Cash dividends is one of the corporate action that contains information related to the company's performance and signal to investors about the company's prospects. This internal information of the company will affect the investment decisions of investors. The reaction of investors in the market will lead to changes in demand and supply of common stocks around the cum-dividend date. This study aims to determine the reaction of the Islamic capital market as indicated by the change in abnormal return around the cum-dividend date.This study uses event study approach, carried out on 30 issuers listed on the JII during 2012-2013 who pay cash dividends. The period of observation in this study was for 29 days, starting 14 days before the event date to 14 days after the event date. This study uses one-sample test in hypothesis testing.The results based on the statistical test showed significant variables caar AAR and on some days around cum dividedn date. These results indicate that there is a market reaction around cum dividend.

Reaksi Pasar Atas Penerbitan Sukuk (Studi Pada Emiten Saham Penerbit Sukuk Periode 2008-2012) Vita Fatimatuzzahra; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 1 No. 5 (2014): Mei-2014
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol1iss20145pp363-384

Issuance of Sukûk’s corporation, it can be an opportunity for many companies to become proponent necessity for funding and business expansion. Sukûk publication announcement is an information for investors in order to assess it based on their investment decisions. In order to get the investment decisions, investors often based on the signals that had been given by the company. That signal can caused the changes of demand and supply’s shares. This study aims to find out the reaction of the stock from the Sukûk publication as indicated by the presence of abnormal returns around the date of publication and the Trading Volume Activity (TVA) difference which is occured before and after Sukûk publication.This study uses event study approach, it carries out on 11 issuer stock of Sukûk publisher which is listing in Indonesia Stock Exchange period : 2008-2012. This study also uses observation period for 81 days, they are t - 10 (70 days before publication), t - 0 (event date) and t +10 (10 days after publication). The hypothesis calibration of this thesis uses a one sample t - test and paired t - test.The results of this study is based on a statistical test with a significance level (α) = 5 %resulted AAR which was in a significantly positive on t - 2 at 0.03711 and significantly negativeat t +9 of 0.03. In contrast with TVA, the statistic results showed probability value of 0.026,which means there is a significant different of trading volume activity before and after ofSukûk publication. The lack of information about Sukûk also caused there is significant AARreaction only in some poriods of observation and significant negative TVA . REFERENCESAccounting and Auditing Organisation for Islamic Financial Institution. 2004. Investment Sukûk. Sharia Standart. Bahrain.Afaf, Nafiah. 2007. Analisis Pengaruh Pengumuman Penerbitan Obligasi Terhadap Return Saham di Bursa Efek Jakarta. Tesis S2 yang tidak dipublikasikan. Bogor Institut Pertanian Bogor.Alwi, Syafaruddin. 1994. Alat-alat Analisis Dalam Pembelanjaan, Edisi Revisi/Keempat, Yogyakarta: Andi Offset.Al-Quran dan Terjemahannya. 2003. Tafsir Fi Zhilalil Qur’an. Jilid 6. Jakarta: ema Insani Press.Ang, Robert. 1997. The Journal of Financial Research. Buku Pintar Pasar Modal Indonesia Vol V : 3. Jakarta: Media Staff Indonesia The Journal of Financial Research. Vol V : 3Anshori, Muslich, Iswati. 2009. Metodologi Penelitian Kuantitatif. Surabaya: Airlangga University Press.Anwar,Choirul. 2004. Studi Peristiwa Reaksi Pasar terhadap Pemilihan Umum tanggal 5 April 2005 pada Bursa Efek Jakarta. Jurnal Ekonomi & Bisnis No.2 Jilid 9 Badan Pengawas Pasar Modal dan Lembaga Keuangan. 2006. Peraturan No.IX.A.13 tentang Penerbitan Efek Syariah. JakartaBodie, Zvi, Alex Kane, dan Alan J. Marcus. 1999. Investments. Fourth Edition. Boston: McGrae-Hill Inc.Bhattacharya U, H, Doouk & B. Jorgenson,2000, When Evement is Non An Event. The Curious Care of An Emerginal Market, Journal of Financial Economies Vol 55Brigham, Eugene F. Dan Joel F. Houston. 1998. Fundamentals of Financial Management. Eight Edition. Florida: Harcourt Inc.Budiarto, Arif Murtanto. 2002. Event Study: Telaah Metodologi dan Penerapannya di Bidang Ekonomi dan Keuangannya. Jurnal Bisnis dan Akuntansi. Vol 4, No.3: 295-320Bursa Efek Indonesia (BEI). 2004. Studi tentang Investasi Syariah di Pasar Modal Indonesia. (Online) www.idx.co.id, diakses pada 16 Oktober 2013Bursa Efek Indonesia. 2007. Mengenal Pasar Modal. (Online) www.idx.co.id, diakses pada 02 September 2013Cheng, Wei, N. Visaltanachoti, dan P.Kesayan.2005. A stock market reaction following convertible Bond Issuance: evidenve from japan. International Journal of Business, Vol. 10: 323-339Campbell, John Y, Andrew W Lo, dan A. Craig McKinlay. 1996. The Econometrics of Financial Markets. US: Princeton University PressDarsono dan Ratri Dian H.2012. Pengaruh Karakteristik Perusahaan Terhadap Struktur Modal Perusahaan Manufaktur yang Terdaftar Pada Bursa Efek Indonesia. Volume I, No. 1. Diponegoro Journal of Accounting.Dewan Syariah Nasional. 2002. Fatwa No.32/DSN/MUI/IX/2002 tentang Obligasi Syariah. (Online) www.bapepam.go.id diakses pada 01 November 2012Dewan Syariah Nasional. 2002. Fatwa No.33/DSN/MUI/IX/2002 tentang Obligasi Syariah Mudhârabah. (Online) www.bapepam.go.id diakses pada 01 November 2012Dewan Syariah Nasional. 2004. Fatwa No 40/DSN/MUI/X tentang Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Pasar Modal. (Online) diakses pada 1 November 2012.Dewan Syariah Nasional. 2002. Fatwa No.41/DSN/MUI/IX/2002 tentang Obligasi Syariah Ijarah. (Online) www.bapepam.go.id diakses pada 01 November 2012Endri, 2011. Corporate Governance Terhadap Peringkat Sukûk Korporasi di Indonesia. Jurnal Keuangan dan Perbankan. Vol.15, No.2: 178-190Elfakhani, Said, dan M. Kabir Hassan dan Yusuf Sidani, 2005. Comparative Performance of Islamic Versus Secular Mutual Funds. LebanonFatmawati, Sri dan Marwan Asri. 1999. Pengaruh Stock Split terhadap Likuiditas saham yang diukur dengan besarnya Bid-ask spread di Bursa Efek Jakarta. Jurnal Ekonomi dan Bisnis Indonesia. Vol 14: 93-110Foster, G. 1986. Financial Statement Analysis, 2nd edition. Engglewood Cliffs. New Jersey: Prentice Hall InternationalHartono, dan Jogiyanto. 2003. Teori Portfolio dan Analisis Investasi. Yogyakarta: BPFEHusnan, Suad. 1998. Dasar-dasar Teori Portofolio dan Analisis Sekuritas. Yogyakarta: UPP AMP YKPN.International Organization of Securities Commissions. 2004. Islamic Capital Market Fact Finding Report. Report Of The Islamic Capital Market Task Force Of The International Organization Of Securities Commissions. SpanyolJogiyanto. 2000. Teori Portfolio dan Analisis Investasi. Edisi Ketiga, Yogyakarta: Fakultas Ekonomi Universitas Gajah Mada.Jogianto,2008, Teori Portofolio dan Analisis Investasi,Edisi Kelima, BPFE UGM, YogyakartaJones, Charles P. 2002. Investments. Eight Edition. New York: John Wiley & Sons, Inc.Karim, Adiwarman. 2004. Bank Islam: Analisis Fiqih dan Keuangan. Jakarta: Raja Grafindo PersadaKasmir, 1999, Bank dan Lembaga Keuangan Lainnya, Edisi Baru, PT.RajaGrafindo Persada, JakartaLestari, Elly. 2011. Pengujian Reaksi Pasar Terhadap Perusahaan yang Melakukan Stock Splits Berdasarkan Rasio Split di Bursa Efek Indonesia. Tesis. Universitas Airlangga.Mannan, M. Abdul. 2007. Obligasi Syariah. (Online) http://badilag.net diakses 5 Desember 2010Manurung, Adler Haymans & Ira, Cahyanti. 2002. Pengaruh Peristiwa Politik (Pengumuman Hasil Pemilu Legislatif, Pengumuman Susunan Kabinet, Reshulffle Kabinet) terhadap Sektor-sektor Industri di Bursa Efek Jakarta.Meidawati, Neni dan Mahendra Harimawan. 2004. The Impact of Bank Restructuring Announcements on The Banking Stock Prices: The Cases of Indonesia’s Bonds on May 28, 1999. Gajah Mada International Journal of Business. No I : 119-139Mujahid, dan Tettet Fitrijanti. 2010. Pengaruh Penerbitan Obligasi Syariah (Sukûk) Perusahaan Terhadap Reaksi Pasar. SNA XIII. Universitas Jenderal Soedirman Purwokerto.Nasution, Mustafa Edwin & Huda, Nurul. 2008. Investasi pada pasar Modal Syariah. Jakarta: KencanaNursiam dan Puteranto, Lastiyono Doso. 2004. Analisis Efisiensi PasarModal Indonesia Periode 1998-2000 (Studi pada PT.Bursa Efek Jakarta). Jurnal Akuntansi dan Keuangan.Nusantara, Agung. 2004. Pasar Modal Islami Antrara Harapan dan Kenyataan. Fokus Ekononi. Agustus, Vol. 3, No. 2Pratiwi, Widiati. 2012. Pengaruh Informasi Penerapan Good Corporate Governance Terhadap Kenaikan Harga Saham Pada PT Adhi Karya (Persero) Tbk. Skripsi. Universitas Pendidikan Indonesia.Ryandono, Muhamad Nafik H. 2009. Bursa Efek dan Investasi Syariah. Jakarta: Serambi.Siamat, Dahlan. 2005. Manajemen Lembaga Keuangan. Edisi Kelima. Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia.Sudana, I Made. 2009. Manajemen Keuangan Teori dan Praktik. Surabaya: Airlangga University Press.Sudarsono, Heri. 2008. Bank dan Lembaga Keuangan Syariah. Yogyakarta: EkonisiaSugiyono. 2009. Metode Penelitian Kuantitatif Kualitatif dan R&D. Bandung:AlfabetaSukmaningrum, Puji Sucia. 2012. Reaksi Pasar Terhadap Pengumuman Penerbitan Obligasi Syariah di Bursa Efek Indonesia. Program Sarjana Universitas AirlanggaSupranto J. 2009. Statistik Teori dan Aplikasi. Edisi Ketujuh. Jakarta: Erlangga.Suryabrata, Sumadi. 2009. Metodologi Penelitian. Jakarta: Raja Grafindo Persada.Suryomurti, Wiku. 2011. Supercerdas Investasi Syariah, Jakarta: Qultum MediaSutedi, Adrian. 2011. Pasar Modal Syariah. Jakarta: Sinar GrafikaTandelilin, Eduardus. 2001. Analisis Investasi Dan Manajemen Portofolio. Yogyakarta: BPFE YogyakartaTariq, Ali Arsalan. 2004. Managing Financial Risk of Sukûk Structures. Disertasi, tidak diterbitkan. UK. Longboroungh University.Touriq, Muhammad. 2011. Arah Kebijakan Pengembangan Pasar Modal Syariah. Iqtishodia Jurnal Ekonomi Islam Republika. Hal.23 Tahun 2011Wahid, Nazaruddin Abdul. 2010. Sukûk: Memahami dan Membedah Obligasi pada Perbankan Syariah. Yogyakarta: Ar-Ruzz Media.www.adiwarmankarim.comwww.duniainvestasi.comwww.finance.yahoo.comwww.idx.co.idwww.standartandpoors.com

Pengaruh Kinerja Keuangan Terhadap Return Saham (Studi Pada Emiten Saham Syariah Sektor Manufaktur Yang Terdaftar di Indeks Saham Syariah Indonesia Tahun 2011-2012) Rizkary Roslianti; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 1 No. 7 (2014): Juli-2014
Publisher : Universitas Airlangga

Islamic stocks is one of the most preffered investment type by Muslim investors. In the decision making process, the investors have to considered the financial reports and stock analysis. This study aims to investigate the effect of fundamental factors that represented by Return on Assets, Debt to Equity Ratio and Total Assets Turnover toward stock return.This study used a quantitative approach using secondary data, they are financial statements and stock return companies listed on Indeks Saham Syariah Indonesia years 2011-2012. This study used a significance level of 5%.Based on the regression analysis results, it indicates that Return on Assets variable has a very significant effect on the stock return. On the other hand, Debt to Equity Ratio variable and Total Assets Turnover variable do not have significant effect to the stock return. Simultaneously, Return on Assets, Debt to Equity Ratio and Total Assets Turnover have significant effect to stock return. REFERENCESBudialim, Giovanni. 2013. “Pengaruh Kinerja Keuangan dan Risiko Terhadap Return Saham Perusahaan Sektor Consumer Goods di Bursa Efek Indonesia Periode 2007-2011”.Calyptra: Jurnal Ilmiah Mahasiswa. Vol 2 No 1. Universitas Surabaya.Brigham, Eugene F. dan Joel F. Houston. 1998. Fundamentals of Financials Management. Eight Edition. Florida: Harcourt Inc.Cahyadithama, Kurnifan. 2012. Pengaruh CR, DER, ROA, ROE dan EPS Terhadap Return Saham Pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia Thun 2006-2010. Skripsi Universitas Airlangga Departemen Agama RI. 2013. Al-Qur’an dan Tafsirnya. Jakarta: CV AtlasFahman, Diaz Ferdy Febiano. 2013. Analisis Pengaruh PER, PBV dan DER Terhadap Return Saham Perusahaan Industri Otomotif.. Skripsi Universitas AirlanggaHarahap, Sofyan Syafri. 2004. Analisis Kritis atas Laporan Keuangan. Edisi Pertama Cet.4. Jakarta: PT Grafindo Persada.Heykal, Mohamad. 2012. Tuntunan dan Aplikasi Investasi Syariah. Jakarta: PT Elex Media KomputindoHusnan, Suad dan Enny Pudjiastuti. 2012. Dasar-Dasar Manajemen Keuangan. Yogyakarta: UPP STIM YKPN. Madura, Jeff. 2009. Pengantar Bisnis. Edisi Keempat. Buku 2. Jakarta: Salemba Empat.Sholeh, Ilham. 2012. Pengaruh Rasio Likuiditas, Return on Investment, Solvabilitas dan Pemanfaatan Aktiva Terhadap Return Saham (Studi Pada Perusahaan Transportasi yang Terdaftar di BEI). Skripsi Universitas AirlanggaSudana, I Made. 2011. Manajemen Keuangan Perusahaan Teori & Praktik. Jakarta: Penerbit Erlangga. Sugiyono. 2011. Statistika untuk Penelitian. Bandung: Alfabeta.Sundjaja, Ridwan S. dan Inge Barlian. 2002. Manajemen Keuangan Dua. Edisi Ketiga. Jakarta: Prenhallindo.Tandelilin, Eduardus. 2010. Portofolio dan Investasi. Yogyakarta: Kanisius (Anggota IKAPI)Thrisye, Risca Yuliana dan Nicodemus Simu. 2013. “Analisis Pengaruh Rasio Keuangan Terhadap Return Saham BUMN Sektor Pertambangan Periode 2007- 2010”. Jurnal Ilmiah Akuntansi dan Bisnis. Vil. 8 No. 2. Hal 75-81. Perbanas Institute Jakarta.http://www.bapepam.go.id/syariah/statist ik/pdf/2013/Statistik_Saham_Maret. p df diunduh pada tanggal 29 April 2013 pukul 06.11 WIB.

Pengaruh Current Ratio (CR) dan Net Profit Margin (NPM) Terhadap Return Saham Syariah (Studi Pada Perusahaan Pertambangan Yang Terdaftar Dalam Jakarta Islamic Index Periode 2008-2012) Gian Daruyudhasena; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 1 No. 11 (2014): November-2014
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol1iss201411pp778-795

The purpose of this research is to investigate the significant effect of the variables current ration and net profit margin partially and simultaneously to the return of sharia stock on mining companies that were listed on Jakarta Islamic Index period 2008-2012). The approach that is used is multiple regression analysis technique with two variables current ratio and net profit margin as exogenous variable and return of stock as endogenous variable. The companies that are used for this research are Adaro Energy Tbk, Aneka Tambang Tbk,Borneo Lumbung Energi & Metal Tbk, Bumi Resource Tbk, Elnusa Tbk, Energi Mega Persada Tbk, Harum Energy Tbk, Vale Indonesia Tbk, Indo Tambangraya Megah Tbk, Tambang Batubara Bukit Asam Tbk, Timah Tbk. The data that is used is a secondary data. All data are gathered from the annual financial report of the period 2008-2012.The result is current ratio and net profit margin are insignificant neither partially nor simultaneously to the return of stock.

Pengaruh Kurs Rupiah Terhadap Indeks Harga Saham (Studi Pada Indeks Saham Syariah Indonesia Periode 2011-2013) Imam Dwi Saputra; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 1 No. 12 (2014): Desember-2014
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol1iss201412pp832-840

Sensitivity of stock market is appeared when the domestic currency exchange rate fluctuations happened. Uncontrolled currency fluctuations will affect the performance of capital market entities which have an impact on stock price movement. This thesis is to determine the effect of exchange rate on ISSI stock price index in the 2011-2013 periods.This thesis uses a quantitative approach to analyze secondary data whichrepresented by exchange rate and ISSI stock price index. Those values are monthly data over the period 2011-2013. This thesis also uses a significance level of 5%.The regression result in this thesis indicates that the exchange rate variable has a significant effect partially on ISSI stock price index in the 2011-2013 periods. REFERENCES Boediono. 2005. Seri Sinopsis Pengantar Ilmu Ekonomi No 3 : Ekonomi Internasional. Edisi Pertama. Yogyakarta: PT BPFEJogiyanto, HM. 2009. Teori Portofolio dan Analisis Investasi. Edisi Keenam. Yogyakarta: PT BPFEKismono, Gugup. 2001. Pengantar Bisnis. Edisi Pertama. Yogyakarta: PT BPFENugraha, Adit Tia. 2013. Analisis Pengaruh SBI, Kurs Rupiah, Harga Emas Dunia, Indeks Hang Seng, dan Indeks Nikkei 225 terhadap IHSG (Studi Kasus Bursa Efek Indonesia Periode 2008-2011). Skripsi tidak diterbitkan. Jakarta Fakultas Ekonomi UIN Syarif HidayatullahShihab, Quraish. 2009. Tafsir Al Mishbah Volume 6. Jakarta: Lentera HatiSugiyono. 2011. Statistika untuk Penelitian. Bandung: AlfabetaSukirno, Sadono. 2004. Makroekonomi Teori Pengantar. Edisi Ketiga. Jakarta: Rajawali PersTriyono. 2008. Analisis Perubahan Kurs Rupiah Terhadap Dollar Amerika. Jurnal Ekonomi Pembangunan. Vol 9 No 2. Desember 2008: 156-167. Universitas Muhammadiyah Surakartawww.bi.go.idwww.idx.co.id

Reaksi Pasar Atas Pemilu Presiden 2014 (Studi Pada Emiten Yang Listing di Jakarta Islamic Index) Astuti Kurniawati; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 3 (2015): Maret-2015
Publisher : Universitas Airlangga

The results of the presidential elections can provide a signal for investors to make decisions to invest. The purpose of this study was to determine the market reaction to the results of the presidential elections. Market reaction in this study is indicated by the presence of abnormal returns around the announcement date and the difference in trading volume activity before and after the announcement. This study is a quantitative research by using event study method with 25 issuers that listed on the Jakarta Islamic Index during the study period. The study was conducted during the 121 days consisting of 100-day estimation period and 21-day observation period. Statistical calculation in this study showed insignificant results both in the AAR and TVR. It means there is no impact from the announcement of the presidential election’s result because the investors may have been anticipating the result of the announcement.

Perbedaan Likuiditas Saham Sebelum dan Setelah Penerapan Keputusan Perubahan Satuan Perdagangan (Studi Pada Emiten di JII) Mirza Dewi Riskyta; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 3 (2015): Maret-2015
Publisher : Universitas Airlangga

Application of unit trade change decision is one that can be used as balance information for the investors to take an investment decision. Investors must be able to analyse the signal of any information regarding the application. That signal can change of supply and demand’s shares. This study aims to find out the reaction of stock liquidity on application of unit trade change decision indicated by the difference of Trading Volume Activity (TVA) and Transaction Frequency Activity (TFA) on before and after the application of trade change decision. This study use event study approach held on 30 emiten of stock listed on Indonesia Stock Exchange period December 2013 – May 2014. This study use observation period for 11 days, are t-5 (five days before the application), t-0 (event date), and t+5 (five days after the application). Hypothesis test use paired t-test. The result based on statistical test with significance level (α) = 5% produce probability value 0.599 for TVA and 0.121 for TFA. Based on these result, it can be concluded that there is no significant difference between TVA and TFA on before and after the application of trade change decision.

Pengaruh ROA, NPM, EPS Terhadap Return Saham Pada Emiten Jakarta Islamic Index Tahun 2010-2013 Rianti Syahputri; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 4 (2015): April-2015
Publisher : Universitas Airlangga

The purpose of this research is to investigate the significant effect of the variables Return On Asset and Net Profit Margin as well as the Earning Per Share partially and simultaneously to the stock return of sharia stock that were listed on Jakarta Islamic Index period 2010-2013. The approach that is used is the quantitative approach using regression analysis the data panel with four variables return on asset, net profit margin and earning per share as exogenous variable and stock return as endogenous variable. The companies that are used for this research are Astra Agro Lestari Tbk, Astra Internasional Tbk, Alam Sutera Realty Tbk, Charoen Pokphand Indonesia Tbk, Indocement Tunggal Prakarsa Tbk, Indo Tambangraya Megah Tbk, Kalbe Farma Tbk, Lippo Karawaci Tbk, PP London Sumatra Indonesia Tbk, Tambang Batubara Bukit Asam (Persero) Tbk, Semen Indonesia (Persero) Tbk, Telekomunikasi Indonesia (Persero) Tbk, United Tractors Tbk, Unilever Indonesia Tbk. The data that is used is a secondary data. All data are gathered from the annual financial report of the period 2010-2013.

Pengaruh Current Ratio, Total Assets Turnover, Debt To Equity Ratio, dan Return On Equity Terhadap Harga Saham Pada Perusahaan Yang Terdaftar di JII Periode 2009-2013 Puput Novitasari; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 4 (2015): April-2015
Publisher : Universitas Airlangga

Islamic stocks in implementation are not contrary to the principles of sharia. Before investing their money investors should pay attention to advance the company's performance. One of its attention is fundamental analysis based on financial ratios. This research aims to analyze the effect of Current Ratio, Total Assets Turnover, Debt to Equity Ratio, and Return on Equity of stock price companies that listed on Jakarta Islamic Index in 2009-2013. The subject is the consistent companies listed on Jakarta Islamic Index during the research period. Selection method of the population is purposive sampling. Analysis method is multiple linear regression with significance level 0.05. The results indicate theese variables as a partially and simultaneuously insignificant influence on the stock prices. The value of coefficient determination 0.144 shows that 14.4% the stock prices is influenced by these variables, while for 85,6% are affected by other variables that are not included in this research.

Efek Hari Libur Lebaran Pada Emiten Yang Terdaftar Dalam ISSI Periode 2011-2013 Venny Julia Utomo; Leo Herlambang
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 2 No. 5 (2015): Mei-2015
Publisher : Universitas Airlangga

This research aims to analyze the market reactions of Eid Mubarak Holiday which is indicated by the presence of average abnormal return and average abnormal trading volume activity on issuers in ISSI list within 2011-2013 period, and especially for the issuers which engaged in the field of food and drinking product industries, also retail industries as well.The method used in this research is event study which will analyze the alteration of price movements and volume of stock trading before and after Eid Mubarak Holiday. The hypothesis of this research is the presence of trading reaction that indicated by average normal return and the difference of average abnormal trading volume activity before and after Eid Mubarak Holiday. This research testing uses one sample-test to seek if there are any average normal returns around Eid Mubarak Holiday, while paired sample-test is used to test the difference of average normal trading volume activity before and after Eid Mubarak Holiday. The writer did the research within 41 days, divided into two periods. 30 days before Eid Mubarak Holiday and 10 days after Eid Mubarak Holiday. The amount of sample in this research is 31 issuers which have met the sampling criteria using purposive sampling.The result of the first hypothesis indicates that there is insignificant average abnormal return, while the second hypothesis indicates the difference of significant average abnormal trading volume activity.

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