Melola Discovery

← Melola Discovery

Jurnal SINTA 1

Short-Term Overreaction of Islamic Stocks to Specific Events in Indonesia

Journal of Islamic Monetary Economics and Finance · Vol. 6 No. 1 (2020) · hlm. 117–134

DOI
10.21098/jimf.v6i1.1121
ISSN
2460-6618, 2460-6146
Terbit
2020-03-10
Penerbit
Bank Indonesia
Bahasa
eng

Abstrak

Overreaction is a phenomenon caused by stock market inefficiencies and also a reaction to certain events. Das and Krishnakumar (2016) explain that some overreaction phenomena violate the theory of capital market efficiency. As experienced by other stocks, Islamic stocks also probably experience market inefficiencies. This study aims to analyse the phenomenon of overreaction in Islamic stocks, as well as the factors that influence the phenomenon, by using a two-stage testing method: two paired sampling and cross-sectional regression. Two specific events which occurred in 2016-2018, and which were followed by price reversal and return reversal, are studied. The results show that the election of Donald Trump as US President (Event 1) and the bombings in Surabaya (Event 2) were significant in the overreaction in the winner stock category. The factors that influenced the two events were different. The overreaction to Trump’s election proved to be significantly influenced by information leakage, while the bombings in Surabaya significantly affected the company ownership category. The results indicate that Islamic stocks continue to have several transactions which are prohibited by the DSN MUI fatwa in the short term.

Kata kunci

Jaringan kolaborasi para penulis

39 penulis · 75 tautan kepenulisan bersama

Arahkan kursor atau ketuk sebuah nama untuk menyorot rekan penulisnya. Klik dua kali untuk membuka halaman penulis.

  • IPB University
  • Afiliasi tidak diketahui
  • Organisasi berbeda
  • Organisasi sama
  • Afiliasi tidak diketahui
  • Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel
Tampilkan sebagai tabel
Rekan penulisOrganisasiArtikel bersama
Linda Karlina SariAfiliasi tidak diketahui2
Zenal AsikinAfiliasi tidak diketahui2
Dedi Budiman HakimAfiliasi tidak diketahui2
Irfan Syauqi BeikAfiliasi tidak diketahui2
Febriann Dedy SyahputraAfiliasi tidak diketahui1
Achmad Iskandar ZulkarnainAfiliasi tidak diketahui1
Mulya SiregarAfiliasi tidak diketahui1
Hesti WerdaningtyasAfiliasi tidak diketahui1
Anny RatnawatiAfiliasi tidak diketahui1
Tony IrawanAfiliasi tidak diketahui1
Dikky IndrawanIPB University1
Priscilla Maulina Juliani SiregarAfiliasi tidak diketahui1
Ossi FerliAfiliasi tidak diketahui1
Trias AndatiAfiliasi tidak diketahui1
Herlin HerlinAfiliasi tidak diketahui1
Harianto HariantoAfiliasi tidak diketahui1
Dominicus Savio PriyarsonoAfiliasi tidak diketahui1
Dina Nurul FitriaAfiliasi tidak diketahui1
Toni BakhtiarAfiliasi tidak diketahui1
Ferry SyarifuddinAfiliasi tidak diketahui1
Ascarya AscaryaAfiliasi tidak diketahui1
Heni HasanahAfiliasi tidak diketahui1
Solihin SolihinAfiliasi tidak diketahui1
Imam T SaptonoAfiliasi tidak diketahui1
Bambang JuandaAfiliasi tidak diketahui1
Danti AstriniAfiliasi tidak diketahui1
Bagus SartonoIPB University1
Sri MurtiyantiAfiliasi tidak diketahui1
Muhammad Alifka RahmatAfiliasi tidak diketahui1
Daffa Aqomal HaqAfiliasi tidak diketahui1
Eka Intan Kumala PutriIPB University1
Michael Albert BaransanoAfiliasi tidak diketahui1
Lala KolopakingAfiliasi tidak diketahui1
Machfud MachfudIPB University1
Ani SuryaniAfiliasi tidak diketahui1
Alfa FirdausAfiliasi tidak diketahui1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) http://www.jimf-bi.org/index.php/JIMF/oai, pertama di-harvest 9 Nov 2026, terakhir terlihat 9 Nov 2026.
Metadata asli (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en">Short-Term Overreaction of Islamic Stocks to Specific Events in Indonesia</dc:title>
	<dc:creator xml:lang="en">Mujadiddah, Sofina</dc:creator>
	<dc:creator xml:lang="en">Achsani, Noer Azam</dc:creator>
	<dc:creator xml:lang="en">Irfany, Mohammad Iqbal</dc:creator>
	<dc:subject xml:lang="en">Cross-sectional regression</dc:subject>
	<dc:subject xml:lang="en">Event</dc:subject>
	<dc:subject xml:lang="en">Overreaction</dc:subject>
	<dc:description xml:lang="en">Overreaction is a phenomenon caused by stock market inefficiencies and also a reaction to certain events. Das and Krishnakumar (2016) explain that some overreaction phenomena violate the theory of capital market efficiency. As experienced by other stocks , Islamic stocks also probably experience market inefficiencies. This study aims to analyse the phenomenon of overreaction in Islamic stocks, as well as the factors that influence the phenomenon, by using a two-stage testing method: two paired sampling and cross-sectional regression. Two specific events which occurred in 2016-2018, and which were followed by price reversal and return reversal, are studied. The results show that the election of Donald Trump as US President (Event 1) and the bombings in Surabaya (Event 2) were significant in the overreaction in the winner stock category. The factors that influenced the two events were different. The overreaction to Trump’s election proved to be significantly influenced by information leakage, while the bombings in Surabaya significantly affected the company ownership category . The results indicate that Islamic stocks continue to have several transactions which are prohibited by the DSN MUI fatwa in the short term.</dc:description>
	<dc:publisher xml:lang="en">Bank Indonesia</dc:publisher>
	<dc:date>2020-03-10</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jimf-bi.org/JIMF/article/view/1121</dc:identifier>
	<dc:identifier>10.21098/jimf.v6i1.1121</dc:identifier>
	<dc:source xml:lang="en">Journal of Islamic Monetary Economics and Finance; Vol. 6 No. 1 (2020); 117 - 134</dc:source>
	<dc:source>2460-6618</dc:source>
	<dc:source>2460-6146</dc:source>
	<dc:source>10.21098/jimf.v6i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://jimf-bi.org/JIMF/article/view/1121/797</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2020 sofina Mujadiddah, Noer Azam Achsani, Mohammad Iqbal Irfany</dc:rights>
</oai_dc:dc>