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<![CDATA[Analisis January Effect Pada Saham Astra Internasional (ASII) Di Bursa Efek Indonesia Pada Periode 2005 - 2015 ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Ultima Management : Jurnal Ilmu Manajemen Vol 8 No 2 (2016): ULTIMA MANAGEMENT ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/manajemen.v8i2.592
<![CDATA[In Stock Market our goal is pursue optimum wealth by appreciation of our Stocks. Stock price fluctuate over time as nobody can predict. In this research our aim is to observe the market anomaly that might be happened as the investor behave. We will examine January Effect as Keim observe in 1986 in Indonesia Stock Exchange. Also we can also examine Efficient Market Hypothesis as the result from anomaly and abnormal return that founded in this research. If we can find the market anomaly perhaps we can map the market seasonal trend as the past data recorded. If this anomaly exists we could suggest investor to invest their money as the anomaly data shown. Then investor could gain optimum wealth base on this information. Purpose of this paper is to examine market anomaly and does it exist in Indonesia market? Our main objective is to predict the market movement base on seasonal or anomaly pattern that has been found in previous research. We use CAPM to measure Expected Return of Asset and we use ASII stock price to measure the return of the stock. Our finding is far from our expectation. We expect to find January Effect here but unfortunately we found another anomaly that happen in May and October. Our research suggest that we should cautious for this investor behavior because they seem react as the new information or news appear Keywords: Abnormal Return, January-Effect, Market Anomaly, CAPM, Efficient Market Hypothesis]]>
<![CDATA[Analisis Sektor Industri Pertanian pada Model CAPM ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Ultima Management : Jurnal Ilmu Manajemen Vol 7 No 1 (2015): ULTIMA MANAGEMENT ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/manajemen.v7i1.921
<![CDATA[The most popular Asset Pricing that has been known for long time was CAPM. This model offers very simple approach and strong fundamental theory for financial literature. Base of previous research using time-series data, this model show very good explanation in explain variation of portfolio return. Aim of this research is to find some pattern in different industrial sector, especially agriculture sector. Keywords: CAPM, Empirical Evidence, Abnormal Return, Stock Return]]>
<![CDATA[ANOMALI PASAR MODAL MENUJU STUDI BEHAVIORAL ECONOMICS ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Ultima Management : Jurnal Ilmu Manajemen Vol 12 No 1 (2020): Ultima Management : Jurnal Ilmu Manajemen ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/manajemen.v12i1.1479
<![CDATA[Abstract- This research examine market anomali that used to be found in capital market. There are 3 (three) common market anomalies that observed by financial researcher, holiday effect (in this case Lebaran Effect), January effect and Monday effect. The goal in this empirical study is to confirm and examine these anomalies on consumer goods firms. One of most common misleading statement that would like to be argued by this research is on Lebaran Season; most likely consumer goods stocks would be the most wanted and highest return. Dummy variables are applied in research model to test research hypothesis regarding to this issue. Research models are analyzed using OLS approach and the result is indeed finding some anomali in Lebaran, January and Monday Effect. But the result from adjusted R2 is very low (<1%) which implies that explanatory power of event to abnormal return is need a critic and improvement. Further result from loss aversion theory confirms that most of Indonesian Citizen play save strategy under sure loss condition. Keywords: Capital Market Anomali, EMH, Lebaran Effect, January Effect, Monday Effect, Behaviour Economics]]>
<![CDATA[ENDOWMENT EFFECT DURING COVID-19 IN INDONESIA - BEHAVIORAL STUDY ON UNIVERSITY STUDENT’S PERCEPTION FOR MEDICAL MASK PRICE ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Ultima Management : Jurnal Ilmu Manajemen Vol 12 No 2 (2020): Ultima Management : Jurnal Ilmu Manajemen ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/manajemen.v12i2.1752
<![CDATA[Behavioral study about how people make decision becomes very popular nowadays. Many various researches address a problem or an error in people action. One of the errors that would like to be explored in this article is endowment effect. Endowment effect explains that people perceive fairness based on prior knowledge or a “frame” that put into their mind. This would be a problem because it could cause inconsistency in people action. Purpose of this research is to detect the endowment effect on university student when COVID-19 is taking place. The issue that would like to be explored is medical mask price increase during this outbreak. Simple survey on two groups of university students is conducted to detect this endowment effect. If the response from research respondents is the same on both groups then there is no endowment effect. Independent t-test is applied to test research hypothesis and validate the result. The finding is quite surprising; there is inconsistency between descriptive and hypothetical result. Most of respondents agree that the price is actually tradable at Rp 4,000 (it increases from normal price and about 0.27 USD) but they are reluctant to say this action fair. Some discussion and analysis are performed to expand this finding. Key Words: Behavioral Economics, Bounded Rationality, Endowment Effect, Opportunity Cost, and Self-Control]]>
<![CDATA[STATUS-QUO BIAS IN VALUING INVESTMENT ASSETS: A BEHAVIOURAL EXPERIMENT ON GAIN OR LOSS ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Ultima Management : Jurnal Ilmu Manajemen Vol 13 No 2 (2021): Ultima Management : Jurnal Ilmu Manajemen ]]>
Publisher : <![CDATA[Universitas Multimedia Nusantara ]]>
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DOI: 10.31937/manajemen.v13i2.2155
<![CDATA[Abstract - Nowadays, human decision making is one of the most important area in financial & investment research. Previously, financial researches failed to detect market anomalies, which leads to investigation on investor decision-making process. In the decision-making process, behavioral economist found that the way people assessed value of the assets was completely different than utility theory at that time. Therefore, prospect theory was born to answer several biases in human thinking patern. The novelty of this research is to bring behavioral economics perspective on investment study in Indonesia as yet there is only very small numbers of investment study on this topic. This research was conducted based on experimental basis research. There were two conditions that were tested on the subjects: the first one was win condition when the stock price increased over the given time frame and losing condition when the stock price decreased over the time and subjects were asked to fill the questionnaire based on their preference on the given scenario. The result shows that status-quo bias is exist on both conditions and confirms the complexity on how these students make an investment decision. Several implications for investment business practice are also discussed in the final section Keywords: ; Endowment Effect; Investment Valuation; Prospect Theory; Risk Preference; Status-Quo Bias]]>
<![CDATA[Portofolio dan Diversifikasi Investasi Pasca Covid-19 Kajian Portofolio Saham Kapitalisasi Tinggi Di Indonesia ]]>
<![CDATA[Andreas Kiky]]>;
<![CDATA[Michelle Suparman]]>;
<![CDATA[Viona Marcella]]>
<![CDATA[ Jurnal Ecodemica : Jurnal Ekonomi Manajemen dan Bisnis Vol 6, No 1 (2022): Jurnal Ecodemica: Jurnal Ekonomi, Manajemen dan Bisnis ]]>
Publisher : <![CDATA[LPPM Universitas BSI ]]>
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DOI: 10.31294/eco.v6i1.11434
<![CDATA[ABSTRACTIn portfolio theory, financial researchers understand that every (n) asset in portfolio could potentially reduce portfolio risk until it reaches undiversified level. Our research offers a novel idea in creation of diagonal matrix as mini simulation to proved this statement. In general, there are two main purposes of this article, first is to check whether our diagonal matrix simulation able to confirm old theory of diversification concept in financial literature. The second purpose is to check whether certain capitalization-based portfolio would be less volatile and become major answer to diversify investment asset during COVID-19 uncertainty situation. The result confirms our goal and objective with several question in the future. It is clear that diagonal matrix in this research has a limitation in the implementation. It will cause average expected return to be equal for every (n) asset portfolio. But we believe that with several input and improvement in the future, it would be very great tool to teach undergraduate students (especially financial major) to understand the diversification concept. Keywords: Portfolio Theory, Asset Diversification, COVID-19 Investment Study, Diagonal Matrix Simulation, Capitalization Based Portfolio]]>
<![CDATA[KAJIAN EMPIRIS TEORI PASAR EFISIEN (EFFICIENT MARKET HYPOTHESIS) PADA BURSA EFEK INDONESIA ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Jurnal Bina Manajemen Vol 6 No 2 (2018): Jurnal Bina Manajemen Vol.6 No.2 Maret 2018 ]]>
Publisher : <![CDATA[STIE Wiyatamandala ]]>
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<![CDATA[Efficient Market Hypothesis (EMH) has been used by many academic professions as fundamental theory in financial literature for almost five decades. This theory creates basic understanding about how the information could affect volatility of stock price. Base on this theory, market is divided into 3 categories: weak; semi-strong and strong. Each of the market type represents information absorbtion in the stock price. On the strong market all available information (private or public) have been absorbed in stock price. On the semi-strong and weak market, information absorbtion is not fully reflected in stock price. Then the result of this condition could cause some market anomaly or abnormal return. This research examines the effect of number of news on stock volatility in the first model. Then this research also examines the effect of stock relative performance to the market with the beta that generate from model 1. This approach and methodology is taken from Stefan (2014) research on EMH Theory. This research applies linear regressions on both models. For statistical confirmation F test and t tests is applied to confirm the research hypothesis. From both model this research also examines R2 value of model in order to check the goodness of fit from the model. Keyword : Efficient Market Hypothesis (EMH); Heuristic Bias; Linear Regression; Adaptive Market.]]>
<![CDATA[ANALISIS TINGKAT OPTIMIS, PESIMIS DAN EKSPEKTASI PENGEMBALIAN TERHADAP PERILAKU INVESTOR PADA INDEKS HARGA SAHAM GABUNGAN (IHSG) DI INDONESIA ]]>
<![CDATA[Bayu Laksma Pradana]]>;
<![CDATA[Andreas Kiky]]>
<![CDATA[ Jurnal Bina Manajemen Vol 6 No 1 (2017): Jurnal Bina Manajemen Vol.6 No.1 September 2017 ]]>
Publisher : <![CDATA[STIE Wiyatamandala ]]>
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<![CDATA[Human decision making process can be very complicated and complex. Especially in case of financial decision making by the investor in Financial Market. Rational investor should be risk averse and make some investment decision based on the risk and return (or reward) that could be obtained from the asset. But most of these “rational investors’ are failed to be rational investor. Many of them make some decision just base on heuristic judgment and lead them to bias or error. Some bias or errors are very common to be found, especially when we used system 1 in our decision making process. We tend to be fooled by past experience or if we could link with financial decision making is the past data. Our research aim to find the behavioral pattern that could be found in trading volume. We suspect there is some irrational decision making that might be happen in Jakarta Stock Exchange. We examine IHSG value and its volume from 2014 to 2016. Result from this research is far from expectation. R2 value is very low (about 2.3%) and other t-test only showed 1 dependent variable is significant. On the next step in behavioral study we think need to change the sample and applied this model on specific stocks price not on index. And after this research we also start to make behavior research roadmap to investigate risk preference base on behavior study that has been conducted by Thaler (2016), Ariely (2010) or Kahneman (2013).]]>
<![CDATA[OBSERVASI DATA INTRADAY, KAJIAN ILMU KEPERILAKUAN PADA SAHAM HRTA ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Jurnal Bina Manajemen Vol 6 No 1 (2017): Jurnal Bina Manajemen Vol.6 No.1 September 2017 ]]>
Publisher : <![CDATA[STIE Wiyatamandala ]]>
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<![CDATA[It is very long story from the beginning of our financial system until the era of information technology. At the first time money was created in order to simplified and made trade more convenient for the human. But through the history the function of money has started to disoriented and changed, not just as tools but also something that signaling our wealth and our wants. Investing nowadays not only worked and transacted very fast and accurate but also made human chasing the money and wealth as the purpose of life. These pheomonema sometimes lead human into heuristic bias in decision making about investment. In some big event such as financial crisis, researcher concludes that might be an error in human decision making. Cause of this error might be the intuitive system of our thinking process. So in this research, researcher wants to examine some signal of behavioral aspect of investor decision making in intraday data.]]>
<![CDATA[KAJIAN ASPEK STUDI PERILAKU DALAM PENGAMBILAN KEPUTUSAN INVESTASI ]]>
<![CDATA[Andreas Kiky]]>
<![CDATA[ Jurnal Bina Manajemen Vol 7 No 2 (2019): Jurnal Bina Manajemen Vol.7 No.2 Maret 2019 ]]>
Publisher : <![CDATA[STIE Wiyatamandala ]]>
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<![CDATA[Challenge to find the best stock has been very big question in investing strategy. For the investor, fund manager or financial planner portfolio selection process is the most difficult part of the investing strategy. Investors face many lists of the stocks that should be choosen and wait the price appreciation in order to gain capital-gain or dividend. The selection process has been the debate for most of investor and common mistake that always happen is heuristic bias. Sometimes investors choose the stocks just base on the pure intict or market reaction rather than the fundamental information of the firm performance. Speculative goal and instinct to grab fast capital gain causes the bias in decision making. This research wants to observe the stock ticker fluency name effect on stocks value and trading volume. This research takes 45 stocks as the sample base on LQ-45 Index.]]>
