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All Journal Journal of Business & Banking Journal of Indonesian Economy and Business The Spirit of Society Journal : International Journal of Society Development and Engagement
Sri Lestari Kurniawati
STIE Perbanas Surabaya
Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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Journal : Journal of Business

 1 
PENGUJIAN EFISIENSI BENTUK SETENGAH KUAT DI INDONESIA Sri Lestari Kurniawati; Wiwik Lestari
Journal of Business & Banking Vol 1, No 2 (2011): November 2011
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jbb.v1i2.247

Abstract

Efficient market is the market in which when there is an announcement the market get a reac- tion quickly from the investors. This finally influences the price movement of securities to- ward the new equilibrium price. Some of action dealing with announcement and that it is be- lieved to have trustable information, this information can be considered feasible to get re- sponse technically so as to influence the transaction in the capital market outside. Further- more, a market can be efficient also when it is a strong form and the security prices fully ex- presses all information widespread. This study attempts to find out to what extend the effi- ciency for capital market information in Indonesia by testing some actions done by the com- panies announced on the stock split, reverse split, profit announcement, and dividend shar- ing. The sample was taken by means of purposive sampling. Each consists of 26 samples of events for stock split and 19 sample of event for stock reverse. For announcement of the profit consists of 28 companies with 45 events and dividend announcement 26 companies for 52 events. The Expected is calculated using 3 models (Market Model, Mean Adjusted Model, and Market Adjusted Model). Using estimation period of 100 with five day observation pe- riod after event analysis, it shows that Indonesia capital markets has different reactions to- ward each event. In general, the results show that only profit announcement is responded by the capital market.
PENGUJIAN MARKET EFFICIENCY: PEMBUKTIAN FENOMENA ANOMALI PASAR PADA STRAIT TIMES INDEX DI BURSA EFEK SINGAPURA Christian Adrianus Harijanto; Sri Lestari Kurniawati
Journal of Business & Banking Vol 3, No 2 (2013): November 2013
Publisher : STIE Perbanas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jbb.v3i2.239

Abstract

Market efficiency has become a vital discussion so far. Therefore, it is a good effort when the study attempts to analyze factors in market efficiency. This study tries to investigate the existence of the market anomalies such as Monday Effect, Week-four Effect, and January Effectin Singapore Stock Exchange during the period of 1 January 2010 to 31 December 2012.Using non-random sampling technique, especially the purposive sampling, this study took 27 companies from the Strait Times Index as the sample of this study. The data used in this research comes from the daily closing prices of the samples. The three hypotheses are tested by means of independent sample t-test. The result shows that there is no evidence of the market anomalies phenomenon on Strait Times Index. Neither of Monday Effect, Weekfour Effect, and January Effect exist in Singapore Stock Exchange during the period of this study. The disappearance of this phenomenon is suspected as a result of the global economic crisis which led to changing the investors trading behavior in capital market. Furthermore, the characteristic of the Singaporean investor and the Governments policy about tax regulation are also another reason why this phenomenon doesnt exist in Strait Times Index.
Co-Authors Christian Adrianus Harijanto Nosy Yodi Metana Tatik Suryani Titis Puspitaningrum Dewi Kartika Wiwik Lestari