Jurnal Ekonomi Trisakti
Vol. 2 No. 1 (2022): April

DOES THE MARKET REACT TO A NEW ISLAMIC INDEX AMID THE COVID-19 PANDEMIC IN INDONESIA?

Bambang Sutrisno (Management Study Program, Universitas Muhammadiyah Jakarta, Indonesia)
Jaharuddin Jaharuddin (Islamic Economics Study Program, Universitas Muhammadiyah Jakarta, Indonesia)
Masruri Muchtar (Public Financial Management Study Program, Politeknik Keuangan Negara STAN, Indonesia)
Ahmad Rodoni (Doctoral Program in Sharia Banking, UIN Syarif Hidayatullah Jakarta, Indonesia)

Article Info

Publish Date
20 Apr 2022

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.

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Journal Info
Jurnal Ekonomi Trisakti
Website

Abbrev

jet

Publisher

Universitas Trisakti

Subject

Economics, Econometrics & Finance

Description

Jurnal Ekonomi Trisakti (JET) has been published by Lembaga Penerbit Fakultas EKonomi dan Bisnis (LPFEB). JET is a journal for publication of undergraduate (S1) and Applied (D4) students, students of the Faculty of Economics and Business (FEB) as well as students outside of FEB and General Affairs. ...