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All Journal INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE)
Sayu Ketut Sutrisna Dewi
Faculty of Economics and Business, Udayana University, Bali, Indonesia

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TESTING MARKET ANOMALIES ON ABNORMAL RETURNS AND TRADING VOLUME ACTIVITY FOR LQ45 INDEX Ni Luh Putu Yulia Paramita; Sayu Ketut Sutrisna Dewi
INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Vol. 2 No. 1 (2024): INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE)
Publisher : Adisam Publisher

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Abstract

Market anomalies are unanticipated events that provide investors with opportunities to achieve abnormal returns. The January Effect and Monday Effect are two seasonal anomalies often exploited by investors to gain abnormal returns in the capital market. This study aims to investigate the impact of the January Effect and the Monday Effect on abnormal returns and trading volumes on Mondays and in the months before and after January for LQ45 stocks on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The study population consists of 63 issuers, with a sample of 25 selected through purposive sampling. The analysis uses the Paired Sample T-test, Wilcoxon Signed Rank Test, and One- Sample Test processed with SPSS software.The analysis reveals that the January Effect causes abnormal returns in 2019, 2020, and 2021, but not in 2022 and 2023. Trading volume showed no significant differences during the observation period. For the Monday Effect, significant average abnormal returns are observed on Mondays in 2020, 2021, and 2023, but not in 2019 and 2022. Trading volume on Mondays also shows significant differences across the observation period. These findings suggest that investors should consider market anomalies when making investment decisions.
COMPARATIVE ANALYSIS OF POTENTIAL BANKRUPTCY OF CONVENTIONAL TAXI COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE Kadek Indah Putriningrum; Sayu Ketut Sutrisna Dewi
INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Vol. 2 No. 2 (2024): INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE)
Publisher : Adisam Publisher

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Abstract

Bankruptcy is a condition where a company is no longer able to pay off its obligations. For this reason, companies need an early warning that can be used to detect bankruptcy that could be detrimental to the company. There are early indications of a company that can be recognized early if the financial statements are analyzed carefully in a certain way. This research aims to determine the prediction of potential bankruptcy of conventional taxi companies listed on the Indonesia Stock Exchange (BEI) using Altman (Z-Score), Springate (S-Score), and Grover (G-Score) analysis. The type of research used in this research is descriptive research with a quantitative approach. The data used in this research are the financial reports of the companies PT Blue Bird Tbk and PT Express Transindo Utama Tbk for the 2019-2022 period which were published on the Indonesia Stock Exchange website. The research results show that the Altman (Z-Score), Springate (S-Score), Grover (G-Score) methods show different value results. The differences in predicting potential bankruptcy in the three methods are found in the ratios used as well as differences in cut off values for each bankruptcy method. Based on the results of calculations using these three methods, it can be seen that the company PT Express Transindo Utama Tbk has more potential to experience bankruptcy compared to the company PT Blue Bird Tbk in the 2019-2022 period.
Co-Authors Kadek Indah Putriningrum Ni Luh Putu Yulia Paramita