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All Journal Jurnal Pendidikan Ekonomi & Bisnis Wiga : Jurnal Penelitian Ilmu Ekonomi
Husodo, Zaäfri A
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Economics, Econometrics & Finance Education Social Sciences

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The Fama-French Three Factor Model Test on Excess Stock Return: Evidence From Hong Kong, Indonesia and Singapore Capital Market Silfia, Silfia; Husodo, Zaafri A
Wiga : Jurnal Penelitian Ilmu Ekonomi Vol. 14 No. 1 (2024): March 2024
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/wiga.v14i1.1103

Abstract

The presence of the capital market has a very important role in the world economy because the capital market carries out economic and financial functions. One of the instruments in the capital market is stock. In stock investment, investors expect a return with a size that is in accordance with the level of risk they can afford. This study wants to test whether the Fama-French Three Factor Model variables, namely market excess returns, book-to-market equity and firm size, can be used to explain excess returns on the stock markets of Hong Kong and Indonesia with the observation period of 2018–2022. Based on the test results multiple linear regression, Gibbons, Ross, and Shanken test (GRS test) and spanning test, this study found that the variables in the Fama-French Three Factor Model can simultaneously be used to explain the excess return on all stock portfolios on the stock market in Hong Kong and Indonesia, and can only be used to explain the excess return on Big and S-H portfolios in Singapore. Based on the results of the GRS-test, in the Hong Kong market the most efficient portfolio is S-M, in the Indonesian market the most efficient portfolio is the Big portfolio, while in the Singapore market all portfolios are efficient and based on the spanning test, in the Hong Kong market the potential redundant factor is SMB, in in the Indonesian market, the potential redundant factor is HML, while in the Singapore market, there is no redundant potential factor.
The Readiness of Indonesian Youths Towards the Era of Digital Economy and Business Amidjono, Dwi Sulistyorini; Husodo, Zaäfri A; Muchtar, Asiah
Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB) Vol. 10 No. 2 (2022): Jurnal Pendidikan Ekonomi & Bisnis (DOAJ & SINTA 2 Indexed)
Publisher : Faculty of Economics, Universitas Negeri Indonesia,Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JPEB.010.2.6

Abstract

The world is moving towards the digital economy and business era. Making Indonesia 4.0 was launched to prepare Indonesia ready to face the waves of change towards the Industrial 4.0 era and to be able to increase its competitiveness in the global arena. This study will share new insights into the level of readiness of the Indonesian youth to face the impact of digitalization. This study involved 8,347 youths aged 18-34 in Java who took online Financial Life Skills (FLS) training from June 2020 to April 2021. Cross-sectional data were collected through questionnaires and analyzed using an exploratory method. This study concluded that the readiness of Indonesian youth toward the digital economy and business era was still in the "developing readiness" stage and had not been supported by adequate financial literacy and digital skills. The higher readiness scores came from the youth group having a job, previous work experience, or having participated in financial literacy or soft skills training. To be better prepared to face the rapid change of the Industrial Revolution, youth need to be equipped with future skills development programs that will improve their digital skill, financial literacy, and soft skills required to complete future jobs.
Co-Authors Amidjono, Dwi Sulistyorini Muchtar, Asiah Silfia Silfia, Silfia