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Ruri Eka Fauziah Nasution
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Departemen Manajemen, FEB Universitas Indonesia, Jl. Prof. DR. Sumitro Djojohadikusumo, Kukusan, Kecamatan Beji, Kota Depok, Jawa Barat 16424
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INDONESIA
Indonesian Capital Market Review
Published by Universitas Indonesia
ISSN : 19798997     EISSN : 23563818     DOI : https://doi.org/10.7454/icmr
Core Subject : Economy,
Economics, Econometrics & Finance
The intent of the Editors of The Indonesian Capital Market Review is to discuss, to explore, and to disseminate the latest issues and developments in Empirical Financial Economics particularly those related to financial frictions in the Emerging Markets. The topics cover capital markets, financial institutions and services, corporate finance, risk modeling and management, market microstructure in financial markets, Islamic finance, behavioral finance, and financial crisis. By submitting your work to the Indonesian Capital Market Review (ICMR), the author(s) automatically agree to transfer the copyright to ICMR, if the submitted paper is accepted for publication.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 5 Documents
 1 
Search results for , issue "Vol. 15, No. 2" : 5 Documents clear
Moderating Role of Financial Characteristics in Sectoral Performance During the Period of Economic Disruption: Evidence from the Covid-19 Pandemic Joshi, Himanshu; Joshi, Bhavya
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

The exogenous shock of the Covid-19 pandemic disrupted the equity market worldwide, however its impact on the sectoral returns varied. Sectors like aviation, hospitality, and retail were the worst affected because of imposed lockdowns. Contrarily, technology, e-commerce, pharmaceutical, and biotech sectors thrived for the same reasons. The present study evaluates the impact of covid-19 disruption on firms from diverse sectors and examines the moderating effect of firm’s financial characteristics on sectoral performance by establishing a causal relationship between the firm's cumulative abnormal returns generated during the various phases of the pandemic and their sectoral and financial characteristics using data for 317 firms listed on the National Stock Exchange of India. Results indicate that the firm's financial characteristics such as cash holdings, dividends, asset tangibility and analyst coverage moderate the impact of the Covid-19 pandemic on sectoral performance. Findings provide evidence in support of the role of information asymmetry during economic disruptions.
Cryptocurrency Investing: Millennial Decision Making Kiruba, Angelin S, DR; R, Bharathi, DR; N, Madhumithaa, DR
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

Investor perceptions of various investment modes can differ based on factors such as experience, earnings, risk tolerance, liquidity preferences, and so on. Understanding the viewpoints of young in- vestors is essential when assessing cryptocurrency investments. This study evaluates the investment decisions of 103 young investors in the cryptocurrency market, using regression and factor analysis for data analysis. The findings indicate that investors have a fundamental understanding of the risks associated with cryptocurrency investments. However, there is a notable need for enhancing the ef- fective management of these risks. The study affirms the reliability of the measures used, accurately capturing the underlying factors pertinent to cryptocurrency investment.
Could Investors’ Attention in News Hunting Affect the International Capital Market? Sukamulja, Sukmawati; Thedora, Stefanny
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

The study of investors’ attention while making decisions in the capital market focuses on some spe- cific keyword searches in the leading search engine platform, namely Google Search Volume Index. This is because investors need to gather related information for the efficiency and effectiveness of their decision-making process. This study aims to provide empirical evidence regarding the effect of investors’ attention on the rate of return, trading activity, and volatility. It offers a new broad perspec- tive on the international capital market, which is projected as the key player in the global economy in the upcoming years, representing both developing and developed countries. The GARCH model was applied to examine how volatile and residual variants are affected by previous residual variants of the variables. This study conducts robustness tests by expanding the scope time of data to enhance these research findings into weekly and monthly periods. The final robust, but not uniform, result was seen in one uncategorized country.
Impact of Gender, Age, and Education of Peer-to-Peer Lender on Loan Viability Assessment: Evidence from Sharia Firm Maulia, Azzahra; Gultom, Yohanna M.L.
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

Peer-to-peer (P2P) lending offers investors the discretion to allocate funds based on their risk toler- ance. However, funds cannot be withdrawn until loans mature or are repaid by borrowers, rendering it a relatively high-risk investment. Research suggests that women in older age groups tend to exhibit greater risk aversion, though financial literacy may mitigate gender disparities. This study employs logistic regression to analyze the impact of gender, age, and education on P2P loan viability assess- ment. Our findings indicate that, generally, older lenders are less likely to finance high-risk loans. However, older women with at least a bachelor’s degree display behaviors that contradict this theory.
Comparative Analysis between Corporate Sukuk and Bonds in Indonesia: Value at Risk Approach Putra, Bintang Fajar Muskan; Sukmaningrum, Puji sucia Sucia; Rusgianto, Sulistya
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

This research aims to analyze the differences in Risk (Value at Risk) and Return between sukuk and bonds. The research approach utilizes the T-test to examine this comparison. The data source is the closing prices of Sukuk and Bonds for 2018-2020. The research results indicate a significant difference between Sukuk and Bonds regarding returns. A vital difference also occurs in Sukuk and Bonds's Value at Risk (VaR). The results of this study prove that Sukuk has higher returns and lower VaR than Bonds. Sukuk can be a good instrument for portfolio diversification.

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