The Contrarian: Finance, Accounting, and Business Research
The Contrarian: Finance, Accounting, and Business Research (CFABR) is a double peer-reviewed journal published by the Yayasan Widyantara Nawasena Raharja. The Contrarian: Finance, Accounting, and Business Research (CFABR) will publish the articles bi-annually. The article submitted to The Contrarian: Finance, Accounting, and Business Research (CFABR) is written in English and it is not under consideration or published by other publishers.
Articles
21 Documents
<![CDATA[The effect of NIKKEI and crude oil on market indices during COVID-19 in Indonesia ]]>
<![CDATA[Dila Anike Pagora]]>;
<![CDATA[Inka Sefrani Supu]]>;
<![CDATA[Prisilia Yulia Memah]]>;
<![CDATA[Rosiyani Manangkabo]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 1 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.18
<![CDATA[Several world economic indicators that are interrelated and affected by the COVID-19 pandemic are IHSG, NIKKEI, and the world oil price. The sample of this study is taken from 9 June 2020 to 7 June 2021 in objective to analyze the impact of oil price and NIKKEI on IHSG. This study finds that increasing in oil prices and the NIKKEI have significant positive impact on the IHSG on the Indonesia Stock Exchange. This study indicates that the COVID-19 pandemic does not always result for negative impact on world economy. Moreover, the movement of the market index tends to be responded positively by investors which indicate optimism about economic growth in Indonesia.]]>
<![CDATA[The effect of gold price and NIKKEI on market return in Indonesia ]]>
<![CDATA[Dea Dengah]]>;
<![CDATA[Isabela Doda]]>;
<![CDATA[Aslan Aslan]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 1 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.19
<![CDATA[The great economic growth in 2021 has a positive impact on the capital market in Indonesia. The Japanese capital market and world gold prices are important indicators of the world economy. The purpose of this study is to examine the impact of movements in returns from gold and NIKKEI on market returns in Indonesia. The sample is taken during observation period from January 2021 to December 2021. This study finds that GOLD has insignificant effect on IHSG but NIKKEI has a significant positive effect. The findings indicate that investor neutral and positively to market conditions.]]>
<![CDATA[The return response on gold and crude oil during global geopolitical issues ]]>
<![CDATA[Azarya Putra Ari]]>;
<![CDATA[Jordy Siwu]]>;
<![CDATA[Merlyn Sari Sambur]]>;
<![CDATA[Sisilia Kristiana Kawulur]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 1 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.20
<![CDATA[The geopolitical issues together with the COVID-19 pandemic in earlier of 2022 triggered instability in the world economy. The objective of this study is to analyze the correlation and response of the returns of firms in the energy sector to changes in gold and crude oil prices. The observed data is drawn over the period June 2021 to June 2022 on the monthly basis for 68 listed firms in the energy sector, gold prices, and crude oil prices. This study finds that the changes in gold returns tend not to affect the changes in returns of firms in the energy sector. Reversely, the changes in returns of crude oil significantly affect the changes in returns of firms in the energy sector.]]>
<![CDATA[The CPO's returns and multi-events in Indonesia ]]>
<![CDATA[Perlita Sari Rette]]>;
<![CDATA[Leony Tipaka]]>;
<![CDATA[Vania Sinambela]]>;
<![CDATA[Stien Manggopa]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 1 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.21
<![CDATA[During the period from January 2022 to June 2022, several events in Indonesia tend to have an impact on the palm oil business. This study aims to examine the relationship between CPO's return and market return with 24 firms as the sample. The findings show that the relationship between the returns of CPO's stocks and market returns is weak and unidirectional. It is also found that the systematic risk and return of CPO's stocks tend to be similar between event periods The findings also imply that the events do not result in a significant difference in returns and systematic risk.]]>
<![CDATA[The contrarians: Are they really the winner? ]]>
<![CDATA[Novi Budiarso]]>;
<![CDATA[Winston Pontoh]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 1 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.22
<![CDATA[Several new global issues information (including the COVID-19 pandemic) tends to have an impact on the capital market in Indonesia but big-cap stocks show good performance compared to small-cap stocks. Employing 766 listed firms as sample with 246 market days, this study examines whether the contrarians are really the winner. This study finds that the contrarians succeed to beat the market by violating the efficient market hypothesis. However, the success of the contrarian strategy does not seem to indicate that they are the real winners as they are only thin-winning.]]>
<![CDATA[Stock portfolio and optimal return ]]>
<![CDATA[Sartika Sartika]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 2 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.24
<![CDATA[The lifting of restrictions on community activities (or PPKM) gave a positive signal to the capital market, especially listed firms in the transportation and logistics sector. This study aims to compile an investment portfolio in order to obtain optimal returns and make estimates for the next 120 days. The sample used in this study is obtained from observations on 1 January 2023 to 30 April 2023. This study uses the Treynor ratio to determine which stocks have a better risk-return trade-off. The results of the analysis using ARIMA show that TRJA has a high return and risk, while TMAS and ELPI have the highest return with low risk. *This article has been presented at Master of Accounting: Best Kolokium Award]]>
<![CDATA[The relationship between oil prices and energy sector stocks in the global recession issue ]]>
<![CDATA[Christina Mikhaila Suoth]]>;
<![CDATA[Feibe Cindy T Rumengan]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 2 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.25
<![CDATA[Changes in world oil prices as a result of global issues have had a certain impact on the capital market in Indonesia. This study aims to examine the relationship between stock prices in the energy sector and fluctuations in world oil prices. Observations were made from January to April 2023 with a sample of 76 firms in the energy sector. The result of the analysis shows that stock prices in the energy sector have high variability throughout the observation period. In addition, this study finds that energy sector stock prices have a positive relationship with world oil prices.]]>
<![CDATA[The confidence interval analysis for stocks with “Unusual Market Activity” ]]>
<![CDATA[Tarisa Syafitria Suratman]]>;
<![CDATA[Tirsayan Ibrahim]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 2 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.26
<![CDATA[In order to protect investors, the capital market authorities actively monitor stock price movements. Unusual movements have resulted in the capital market authorities announcing unusual market activity (UMA). This study uses firms that obtain UMA status in the announcement period from March to April 2023. To analyze UMA, the study uses confidence interval estimation. The results of this study indicate that UMA status tends to be proven by paying attention to the classification of critical values and the range of data]]>
<![CDATA[The impact of inflation on growth of market index ]]>
<![CDATA[Fenilisia Kanan]]>;
<![CDATA[Jumnibianti Nahading]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 2 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.27
<![CDATA[Inflation in Indonesia tends to fluctuate and has its lowest point in April 2023. This study aims to examine the relationship between inflation and market indexes in Indonesia. The sample for this study is the market index (or IHSG) for the period from January to April 2023. This study finds that inflation has a unidirectional relationship with the movement of the market index in Indonesia. In addition, this study finds that the growth of the market index throughout the observation period is 0.012%. The results of this study indicate that there is a stable condition in the capital market as the controlled inflation rates.]]>
<![CDATA[The “Christmas Effect” on defensive accelerated stocks ]]>
<![CDATA[Meyni Christy Kuada]]>;
<![CDATA[Setiani Mamonto]]>
<![CDATA[ The Contrarian : Finance, Accounting, and Business Research Vol. 2 No. 2 (2023) ]]>
Publisher : <![CDATA[Yayasan Widyantara Nawasena Raharja ]]>
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DOI: 10.58784/cfabr.28
<![CDATA[The Christmas event in December 2022 is accompanied by an increase in inflation and also an increase in interest rates. The objective of this study is to examine the Christmas effect on optimal returns for investors. To analyze this phenomenon, this study carries out several stages, which are testing the market efficiency and estimating whether there are abnormal returns or not throughout the Christmas period. The consumer non-cyclical sector stocks in the accelerating trading board are used as the sample. The observation period is from 28 November 2022 to 20 January 2023 and is divided into two sub-periods. This study finds that market condition is inefficient before the Christmas event, resulting in higher abnormal returns and risks.]]>
