OVERREAKSI PASAR TERHADAP HARGA SAHAM PERUSAHAAN-PERUSAHAAN DI INDONESIA (Studi Kasus pada Bursa Efek Indonesia) Oleh Azhar Ardi

 Abstract Researches about market overreact toward stock value emphasize that there is phenomenon of stock value reversal which have negative return for same period of time and then move toward positive return, at the other hand high-return stocks for while become worse and stock value go down. Hypothesize about this overreact usually use winner portfolio as parameter for stock value which have good performance and loser portfolio for the bad one. The objective of this research is to know market overreact toward company stock at BEJ. This research reexamine, is there a market overreact toward stock value in 2004-2007 using market adjusted and mean adjusted model. Sample divide into two group; 20 companies as winner portfolio and 20 companies for loser portfolio. The result show that market overreact signed loser porfolio exceed winner portfolio in 2005, after that both of groups stock value movement quite stabil. Independence analysis sample t-test indicate there is no significant difference between average return group of winner stock and loser stock.

Key word: Market overreact, winner-loser, mean adjusted model, market adjusted model

silahkan download filenya di menu download-file

Lirik Indonesia Raya

Indonesia Tanah Airkoe
Tanah Toempah Darahkoe
Disanalah Akoe Berdiri
Djadi Pandoe Iboekoe

Indonesia Kebangsaankoe
Bangsa dan Tanah Airkoe
Marilah Kita Berseroe
Indonesia Bersatoe

Hidoeplah Tanahkoe
Hidoeplah Negrikoe
Bangsakoe Ra’jatkoe Semw’wanja
Bangoenlah Jiwanja
Bangoenlah Badannja
Oentoek Indonesia Raja

Reff:
Indonesia Raya Merdeka Merdeka
Tanahkoe Negrikoe jang Koetjinta
Indonesia Raja Merdeka Merdeka
Hidoeplah Indonesia Raja

Indonesia Tanah jang Moelia
Tanah Kita jang Kaja
Di Sanalah Akoe Berdiri
Oentoek Slama-lamanja
Indonesia Tanah Poesaka
Poesaka Kita Semoeanja
Marilah Kita Mendo’a
Indonesia Bahagia

Soeboerlah Tanahnja
Soeboerlah Djiwanja
Bangsanja Ra’jatnja Sem’wanja
Sadarlah Hatinja
Sadarlah Boedinja
Oentoek Indonesia Raja

Reff:
Indonesia Tanah Jang Soetji
Tanah Kita Jang Sakti
Di Sanalah Akoe Berdiri
‘Njaga Iboe Sedjati
Indonesia Tanah Berseri
Tanah Jang Akoe Sajangi
Marilah Kita Berdjandji
Indonesia Abadi

Slamatlah Ra’jatnja
Slamatlah Poetranja
Poelaoenja, Laoetnja, Sem’wanja
Madjoelah Negrinja
Madjoelah Pandoenja
Oentoek Indonesia Raja