Penilaian Pasar Modal terhadap Fluktuasi Bisnis Real Estat
| Main Author: | Perpustakaan UGM, i-lib |
|---|---|
| Format: | Article NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 1999
|
| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/25265/ http://i-lib.ugm.ac.id/jurnal/download.php?dataId=8256 |
Daftar Isi:
- Between 1993 and 1997, theproperly business was influx. This study tests the effect of this fluctuation on the stocks of property and real-estate firms listed on the Jakarta Stock Exchange (JSX). The arbitrage pricing model (APT) develops two hypotheses that predict the effect of a number of fundamental factors taken front the firms' financial statements, and of two external factors: interest and inflation rates. To test the hypothesis, the author used data taken from the Indonesian Capital Market Directory, stock prices from the JSX, and economic indicators reported by BPS and Harian Bisnis Indonesia. The paper reports several findings. First, the results suggest a significant decline in the stock prices ofreal estatefirms between 1993 and 1997. Second, the stock market seems to react negatively to an increase in interest rates. Third, evidence about the effect on the firms'fitndamental factors is mixed. For instance, while long term debts negatively affect stockprices (as hypothesized), liquidity also negatively affects stock market (contrary to expectation). These results suggest thatfuture research is needed to explain why such phenomena occur. Keywords: real estate