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[Dalam pasar keuangan, mendapatkan suatu abnormal return merupakan suatu halyang diinginkan oleh semua investor baik itu investor skala besar, skala kecil, trader,maupun oleh perusahaan efek dalam hal ini broker. Berbagai macam teknik dalammelakukan suatu transaksi dilakukan oleh para investor, untuk mendapatkanabnormal return, mulai dengan melakukan suatu riset untuk mendapatkan intrinsicvalue dari sebuah perusahaan sampai dengan melakukan suatu tindak kejahatandalam pasar keuangan. Tindak kejahatan yang terjadi dalam pasar keuangan dapatbermacam-macam bentuknya mulai dari penipuan dalam bertransaksi sampai denganmanipulasi pasar. Dalam hal menanggulangi kerugian yang mungkin didapatkan olehmasing-masing pelaku keuangan, para otoritas dalam negeri membuat bermacammacamregulasi. Namun dalam hal ini, tindakan manipulasi pasar merupakantindakan kejahatan yang sangat sulit untuk dibuktikan, seperti yang telahdiungkapkan oleh Jarrow (1992). Tesis ini mengukur tingkat volatilitas dan likuiditassebagai proksi untuk indikasi manipulasi pasar dalam bursa saham Indonesia. Dalammeneliti manipulasi pasar, volatilitas dan likuiditas dijadikan sebuah acuan yangdapat menggambarkan perilaku dari investor untuk menipu investor lainnya dalammendapatkan abnormal return. Metode pengukuran yang digunakan adalah denganmengukur order cancellation dari masing-masing jenis saham seperti yang telahdilakukan oleh Chan dan Ma (2014). Dengan demikian dapat dianalisis pengaruhorder cancellation ini dalam tindakan kejahatan manipulasi pasar yang berupa orderbasedmanipulation;In financial markets, getting an abnormal return is something that is desired by allinvestors both large-scale investors, small-scale traders, as well as by the company inthis case securities broker. Various techniques in performing a transaction carried outby the investor, to obtain abnormal return, started by doing some research to get theintrinsic value of a company until committing a crime in the financial markets.Crimes that occurred in the financial markets vary from fraud in transactions throughmarket manipulation. In terms of handling the losses that is gained by each of thefinancial actors, the authorities in the country make the various regulations. But inthis case, the action of market manipulation is very difficult to prove, as has beenrevealed by Jarrow (1992). This thesis measures the volatility and liquidity levels as aproxy for an indication of market manipulation in the Indonesian stock market. Inresearching market manipulation, volatility and liquidity can be used as a referencefor describing the behavior of other investors to defraud investors in obtainingabnormal returns. Measurement method used is to measure the cancellation order ofeach type of shares as has been done by Chan and Ma (2014). Thus it can be analyzedthe effect of this cancellation order in the criminal market manipulation in the form ofan order-based manipulation;In financial markets, getting an abnormal return is something that is desired by allinvestors both large-scale investors, small-scale traders, as well as by the company inthis case securities broker. Various techniques in performing a transaction carried outby the investor, to obtain abnormal return, started by doing some research to get theintrinsic value of a company until committing a crime in the financial markets.Crimes that occurred in the financial markets vary from fraud in transactions throughmarket manipulation. In terms of handling the losses that is gained by each of thefinancial actors, the authorities in the country make the various regulations. But inthis case, the action of market manipulation is very difficult to prove, as has beenrevealed by Jarrow (1992). This thesis measures the volatility and liquidity levels as aproxy for an indication of market manipulation in the Indonesian stock market. Inresearching market manipulation, volatility and liquidity can be used as a referencefor describing the behavior of other investors to defraud investors in obtainingabnormal returns. Measurement method used is to measure the cancellation order ofeach type of shares as has been done by Chan and Ma (2014). Thus it can be analyzedthe effect of this cancellation order in the criminal market manipulation in the form ofan order-based manipulation;In financial markets, getting an abnormal return is something that is desired by allinvestors both large-scale investors, small-scale traders, as well as by the company inthis case securities broker. Various techniques in performing a transaction carried outby the investor, to obtain abnormal return, started by doing some research to get theintrinsic value of a company until committing a crime in the financial markets.Crimes that occurred in the financial markets vary from fraud in transactions throughmarket manipulation. In terms of handling the losses that is gained by each of thefinancial actors, the authorities in the country make the various regulations. But inthis case, the action of market manipulation is very difficult to prove, as has beenrevealed by Jarrow (1992). This thesis measures the volatility and liquidity levels as aproxy for an indication of market manipulation in the Indonesian stock market. Inresearching market manipulation, volatility and liquidity can be used as a referencefor describing the behavior of other investors to defraud investors in obtainingabnormal returns. Measurement method used is to measure the cancellation order ofeach type of shares as has been done by Chan and Ma (2014). Thus it can be analyzedthe effect of this cancellation order in the criminal market manipulation in the form ofan order-based manipulation, In financial markets, getting an abnormal return is something that is desired by allinvestors both large-scale investors, small-scale traders, as well as by the company inthis case securities broker. Various techniques in performing a transaction carried outby the investor, to obtain abnormal return, started by doing some research to get theintrinsic value of a company until committing a crime in the financial markets.Crimes that occurred in the financial markets vary from fraud in transactions throughmarket manipulation. In terms of handling the losses that is gained by each of thefinancial actors, the authorities in the country make the various regulations. But inthis case, the action of market manipulation is very difficult to prove, as has beenrevealed by Jarrow (1992). This thesis measures the volatility and liquidity levels as aproxy for an indication of market manipulation in the Indonesian stock market. Inresearching market manipulation, volatility and liquidity can be used as a referencefor describing the behavior of other investors to defraud investors in obtainingabnormal returns. Measurement method used is to measure the cancellation order ofeach type of shares as has been done by Chan and Ma (2014). Thus it can be analyzedthe effect of this cancellation order in the criminal market manipulation in the form ofan order-based manipulation] |
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