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ABSTRAKPenelitian ini membahas underreaction akibat bias konservatisme dan
overreaction akibat representativeness heuristic terhadap informasi earning
selama periode 2008-September 2014 pada Bursa Efek Indonesia. Metoda yang
digunakan adalah menguji strategi membeli saham dengan pertumbuhan EPS
tinggi dimasa lalu dan menjual saham dengan pertumbuhan EPS yang rendah ,
untuk periode: 4, 8, 12 kuartal dengan masa kepemilikan 3,6, 9, 12 bulan.
Hasilnya menunjukkan bahwa ke 12 strategi tersebut tidak menghasilkan
abnormal return positif secara statistik, bahkan satu strategi menghasilkan
abnormal return negatif yang signifikan, yang mengindikasikan adanya
representativeness heuristic.
ABSTRACTThis study discusses underreaction stemming from the conservatism bias and
overreaction due to the representativeness heuristic for earnings information
during the period 2008-September 2014 on the Indonesia Stock Exchange. The
method is examines trading strategies of buying past high EPS growth of stocks
and selling past low EPS growth of stock, over 4, 8, 12 quarters with the holding
period of 3.6, 9, 12 months. The results showed that all 12 of these strategies did
not produce a statistically significant positive abnormal return, even one strategy
generates significant negative abnormal returns, which indicate the presence of
representativeness heuristic.;This study discusses underreaction stemming from the conservatism bias and
overreaction due to the representativeness heuristic for earnings information
during the period 2008-September 2014 on the Indonesia Stock Exchange. The
method is examines trading strategies of buying past high EPS growth of stocks
and selling past low EPS growth of stock, over 4, 8, 12 quarters with the holding
period of 3.6, 9, 12 months. The results showed that all 12 of these strategies did
not produce a statistically significant positive abnormal return, even one strategy
generates significant negative abnormal returns, which indicate the presence of
representativeness heuristic.;This study discusses underreaction stemming from the conservatism bias and
overreaction due to the representativeness heuristic for earnings information
during the period 2008-September 2014 on the Indonesia Stock Exchange. The
method is examines trading strategies of buying past high EPS growth of stocks
and selling past low EPS growth of stock, over 4, 8, 12 quarters with the holding
period of 3.6, 9, 12 months. The results showed that all 12 of these strategies did
not produce a statistically significant positive abnormal return, even one strategy
generates significant negative abnormal returns, which indicate the presence of
representativeness heuristic., This study discusses underreaction stemming from the conservatism bias and
overreaction due to the representativeness heuristic for earnings information
during the period 2008-September 2014 on the Indonesia Stock Exchange. The
method is examines trading strategies of buying past high EPS growth of stocks
and selling past low EPS growth of stock, over 4, 8, 12 quarters with the holding
period of 3.6, 9, 12 months. The results showed that all 12 of these strategies did
not produce a statistically significant positive abnormal return, even one strategy
generates significant negative abnormal returns, which indicate the presence of
representativeness heuristic.]
T-Jeconiah Hashfi Baronna.pdf :: Unduh