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All Journal JURNAL RISET AKUNTANSI DAN AUDITING JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI JURNAL KEDOKTERAN KOMUNITAS DAN TROPIK JURNAL RISET AKUNTANSI GOING CONCERN JURNAL BERKALA ILMIAH EFISIENSI ACCOUNTABILITY JURNAL LPPM BIDANG EKOSOSBUDKUM Jurnal Ipteks Akuntansi Bagi Masyarakat JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Indonesia Accounting Journal The Studies of Social Sciences Riset Akuntansi dan Portofolio Investasi Manajemen Bisnis dan Keuangan Korporat West Science Social and Humanities Studies Riset Akuntansi dan Manajemen Pragmatis Jurnal Akuntansi Kontemporer Research In Management and Accounting (RIMA)
Winston Pontoh
Fakultas Ekonomi dan Bisnis Universitas Sam Ratulangi Manado
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Public Health Social Sciences

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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 Agus Toni Poputra, Agus Toni Akandji, Vidya Aleng, Chintia S Alting, Umilhair Andre Stevan Masihor, Andre Stevan Ardi Manuel Lomboan, Ardi Manuel Assa, Jeremiah Reinhart Azis, Taufiqurrahman Benawan, Erick Try Putra Boby Rantow Payu Claudia W.M. Korompis Cristofer Sumiok Dady, Fransher Damanik, Crysty Hanna Darmawan, Mizaco Ofayda Datu, Christian V. David P. E. Saerang David Paul Elia Saerang David Saerang, David Dwiki Rama Sbastian Fahri Eka Oktora Fona Budiarso Gerung, Ireyne Regina Gerungai, Natalia T. Gosal, Sharon Gloria Grace Nangoi Harijanto Sabijono Heince R.N Wokas Hendrik Gamaliel Hendro Tilaar Herman Karamoy Hullah, Abdurahman Rigel Humiang, Faisal I Gede Suwetja Imbang, Veronika Merlin Irvana Marina Kondoy, Irvana Marina Jantje J. Tinangon Jenny Morasa Jesella Lourina Makaluas, Jesella Lourina Jhon Fiesgrald Wungow, Jhon Fiesgrald Jullie J Sondakh Kadir, Mei I. S. Kakauhe, Anastasya Claudio Inri Kakunsi, Erica Kaparang, Griya Clara Kapojos, Peter Marshall Kiay, Dewi Sartika Korengkeng, Raymond R. Korompis, Claudia W. M. Kotambunan, Miranda Ellora Kussoy, Emerald Brilliant Lalenoh, Marsellino Alexander Latjandu, Lady Diana Lengkong, Angelina Elsy Lewa, Megawani Lidia Mawikere Linda Lambey, Linda Lintje Kalangi Liwe, Alther Gabriel Maikel Sanger Mangambe, Diony Jasinta Manuho, Jessica Jeniver Mararu, Gandi Maryam Mangantar Masdan, Susan Rabbany Meily Y. B. Kalalo, Meily Y. B. Mokoginta, Given Mokoginta, Novtania Nainggolan, Styven Farera Nangoi, Grace B Ningrum, Tiara Nofry, Sampoel Johanes Novi Budiarso Novi S. Budiarso, Novi S. Novi Swandari Budiarso Nunu, Indrawati Ogi, Gratia Patricia Paat, Victoria Maria Palar, Royke Polii, Imanuel Ronaldo Angelo Popang, Andika Saputra Pratama, Enriko Haris Rachel Anly Marilyn Lingkanwene Wullur, Rachel Anly Marilyn Lingkanwene Rambing, Thalia Amelia Constantie Rantetadung, Romario Rantung, Allbrian J. W. Ratnasari, Cicillia Recky Vincent Oktaviano Wuysang, Recky Vincent Oktaviano Rerung, Elypaz Donald Rimbing, Sheron H.R. Robert Lambey Ronald I. Ottay Rudy J. Pusung Rumawas, Alda Gabriela Runa, Yesika Runturambi, Irene V. Sanger, Christin Lisa Sendow, Gloria Julianita Sherly Pinatik Siampa, Felixius Sifrid Pangemanan Sifrid s Pangemanan Sintje Rondonuwu, Sintje Soleman, Muhammad T. Speny Ria Manengkey, Speny Ria Sri Murni Steven Tangkuman Suak, Lidya A. Sudarwati, Nina Suleman, Andini Tirta Cricela Sumanti, Alva O. Sumendap, Steinly Sylvia Febriany Gerungan, Sylvia Febriany Tangeren, Rachel Tangkuman, Steven Josia Tanod, Sendi Tingginehe, Nurgita Tinuwo, Mararusli Treesje Runtu Ventje Ilat Waney, Mekson Warbung, Kasih Michelly Kesya