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All Journal Research In Management and Accounting (RIMA) The Contrarian: Finance, Accounting, and Business Research
Winston Pontoh
Sam Ratulangi University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Efficient market and the COVID-19 pandemic: Case of ASEAN-5 Winston Pontoh; Novi Swandari Budiarso
The Contrarian : Finance, Accounting, and Business Research Vol. 1 No. 1 (2022)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (301.625 KB) | DOI: 10.58784/cfabr.7

Abstract

The issue of Covid-19 has a negative impact, especially on the capital markets of ASEAN-5 countries (Indonesia, Malaysia, Singapore, Thailand, and the Philippines). This study aims to examine the movement of market returns in ASEAN-5 countries at the start of the Covid-19 pandemic. The data used are daily market indices for the period 2020 to 2021. The findings show that market indices for all ASEAN-5 countries move unstable throughout 2020. In 2021, efficient market conditions under the assumption of a weak form only occur in Singapore where the trend of the index of the market becomes more predictable. Empirical evidence also shows that the interrelationship between market indices in ASEAN-5 countries is varied.
The preference of Bitcoin and stocks in Indonesia Novi Swandari Budiarso; Winston Pontoh
The Contrarian : Finance, Accounting, and Business Research Vol. 1 No. 2 (2022)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (527.25 KB) | DOI: 10.58784/cfabr.13

Abstract

Bitcoin is an alternative and is currently in demand by investors. This condition triggers investors' preferences to invest in stocks or cryptocurrencies. This study examines the causality between Bitcoin and the market index in Indonesia in terms of determining the preferences of investors. On this objective, the sample is taken from 1 January 2022 to 31 October 2022. The findings of this study imply that investors' preferences tend to be caused by stock price movements. But, the result of estimation also finds that the preference of investors tends to be influenced by the movement of Bitcoin.
The contrarians: Are they really the winner? Novi Budiarso; Winston Pontoh
The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 1 (2023)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.22

Abstract

Several new global issues information (including the COVID-19 pandemic) tends to have an impact on the capital market in Indonesia but big-cap stocks show good performance compared to small-cap stocks. Employing 766 listed firms as sample with 246 market days, this study examines whether the contrarians are really the winner. This study finds that the contrarians succeed to beat the market by violating the efficient market hypothesis. However, the success of the contrarian strategy does not seem to indicate that they are the real winners as they are only thin-winning.
TESTING THE MARKET EFFICIENCY WHEN INTEREST RATES CHANGE: CASE IN INDONESIA Novi Swandari Budiarso; Winston Pontoh
Research In Management and Accounting (RIMA) Vol 6, No 2 (2023): December
Publisher : Faculty of Business, Widya Mandala Surabaya Catholic University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33508/rima.v6i2.5130

Abstract

Until the end of September 2023, the interest rate policy in the Republic of Indonesia shifted from 3.50% to 5.75%. The objective of this study is to examine whether changes in interest rates have an impact on the market efficiency in Indonesia. The daily market returns of Indonesia Stock Exchange (IDX) indices from January 3rd, 2022, until October 9th, 2023 are employed. To examine the market efficiency in weak form, this study conducts the normality test by the Kolmogorov-Smirnov test, the unit root problem test by Augmented Dickey-Fuller test, and the variance ratio test. This study finds that most market indices experienced a decline in returns and were less volatile when interest rates shifted to higher levels. This study also finds that most market indices tend to remain efficient in weak form at both low and high interest rates. The finding implies that those indices tend not to be influenced by policy changes in interest rates. However, the findings also show that several market indices experience changes in conditions when interest rates shift. As the studies on the relationship between changes in interest rates and market efficiency are scarce, the novelty of this study is the use of event windows to get specific impact of changes in interest rates on market efficiency.
Co-Authors Novi Budiarso Novi Swandari Budiarso