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All Journal Regress: Journal of Economics & Management
Nasution, Eldzan Izzahara
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Economics, Econometrics & Finance Social Sciences

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Analisis Perbedaan Risiko dan Imbal Hasil Sukuk Ritel dengan Menggunakan Harga Pasar dan Harga Wajar Seri SR 013 – SR 017 Nasution, Eldzan Izzahara; Soemitra, Andri; Syarvina, Wahyu
Regress: Journal of Economics & Management Vol. 3 No. 2 (2023)
Publisher : Medan Resource Center

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Abstract

This research aims to analyze the risk and returns of retail sukuk, specifically SR 013-SR 017, by comparing the use of market prices and fair values. In an effort to enhance transparency and investor confidence, the government has issued regulations and established an institution for assessing the prices of debt securities, sukuk, and bonds. Nevertheless, investors still face challenges in understanding the differences in price data from various sources. The methods employed to measure the returns and risks of sukuk involve Holding Period Yield (HPY), Yield to Maturity (YTM), Risk Adjusted Return (RAR), and HPY's standard deviation. Secondary data were obtained through literature reviews, online sources, and reports of securities transactions on the Indonesia Stock Exchange. The research findings reveal statistically significant differences between YTM and HPY risk calculations using market prices and fair values. Similarly, significant variations are observed in RAR calculations. These findings underscore the importance of a better understanding of the disparities in return and risk assessment methods, enabling investors to make more informed investment decisions in the sukuk market. This study can serve as a valuable guide for regulators, investors, and relevant stakeholders to enhance the efficiency and transparency of the sukuk market and bolster investor confidence.
Co-Authors Andri Soemitra Wahyu Syarvina