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All Journal Jurnal Ekonomi Trisakti
Masruri Muchtar
Public Financial Management Study Program, Politeknik Keuangan Negara STAN, Indonesia
Economics, Econometrics & Finance

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Journal : Jurnal Ekonomi Trisakti

 1 
DOES THE MARKET REACT TO A NEW ISLAMIC INDEX AMID THE COVID-19 PANDEMIC IN INDONESIA? Bambang Sutrisno; Jaharuddin Jaharuddin; Masruri Muchtar; Ahmad Rodoni
Jurnal Ekonomi Trisakti Vol. 2 No. 1 (2022): April
Publisher : Lembaga Penerbit Fakultas EKonomi dan Bisnis 

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (384.726 KB) | DOI: 10.25105/jet.v2i1.13554

Abstract

In collaboration with the Sharia Economic Community (MES), Indonesia Stock Exchange (IDX) launched a new Islamic index called IDX-MES BUMN 17 on 29 April 2021. This study aims to investigate market reaction to the issuance of the IDX-MES BUMN 17 index. This study employs event study methodology. The market-adjusted model measures the abnormal return. The results show that overall, the market reacts negatively around the launch of the IDX-MES BUMN 17 index. The negative and significant abnormal return was only found on the eighth day after the index launch. This study has important implications for investors and regulators.
DOES THE MARKET REACT TO A NEW ISLAMIC INDEX AMID THE COVID-19 PANDEMIC IN INDONESIA? Bambang Sutrisno; Jaharuddin Jaharuddin; Masruri Muchtar; Ahmad Rodoni
Jurnal Ekonomi Trisakti Vol. 2 No. 1 (2022): April
Publisher : Lembaga Penerbit Fakultas EKonomi dan Bisnis 

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/jet.v2i1.13554

Abstract

In collaboration with the Sharia Economic Community (MES), Indonesia Stock Exchange (IDX) launched a new Islamic index called IDX-MES BUMN 17 on 29 April 2021. This study aims to investigate market reaction to the issuance of the IDX-MES BUMN 17 index. This study employs event study methodology. The market-adjusted model measures the abnormal return. The results show that overall, the market reacts negatively around the launch of the IDX-MES BUMN 17 index. The negative and significant abnormal return was only found on the eighth day after the index launch. This study has important implications for investors and regulators.
Co-Authors Ahmad Rodoni Bambang Sutrisno Jaharuddin, Jaharuddin