JANUARY EFFECT DAN SIZE EFFECT PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
Authors: Yani Aulia Rahma , Sudarma Made , Prihatiningtias Yeney Widya 
Published: January 2016

<!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:RelyOnVML /> <o:AllowPNG /> </o:OfficeDocumentSettings> </xml><![endif]--> <p class="MsoNormal" style="text-align: justify; line-height: 150%;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span style="mso-ansi-language: IN;" lang="IN">Abstract</span></em></strong></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt; line-height: 115%;"><em style="mso-bidi-font-style: normal;"><span style="mso-ansi-language: IN;" lang="IN">Capital market is called efficient if the prices in the market reflect all the information that may be obtained by investors. In the efficient market there is no possibility to obtain abnormal returns, although in practice there are things that are deviant, called anomalies. This study aims to examine and analyze the existence of the January Effect and Size Effect on stock returns in the Indonesia Stock Exchange (BEI) in 2007-2012. The method used is to test whether there are differences in the value of Average Abnormal Return (AAR) before and after January 1, to investigate the January effect, and statistical tests used independent T-test. While to examine whether there is the Effect Size see whether differences Average Cumulative Abnormal Return (ACAR) between small capitalization stocks with large capitalization stocks in January and statistical tests used paired T-test. The results of this study prove that there is no January Effect and Size Effect on test periods.</span></em></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt; line-height: 115%;"><em style="mso-bidi-font-style: normal;"><span style="mso-ansi-language: IN;" lang="IN"> </span></em></p> <p class="MsoNormal" style="text-align: justify; line-height: 115%;"><strong style="mso-bidi-font-weight: normal;"><em style="mso-bidi-font-style: normal;"><span style="mso-ansi-language: IN;" lang="IN">Keywords</span></em></strong><em style="mso-bidi-font-style: normal;"><span style="mso-ansi-language: IN;" lang="IN">: January Effect, Effect Size, Average Abnormal Return, Cumulative Average Abnormal Return</span></em></p> <p class="MsoNormal" style="text-align: justify; line-height: 150%;"><span style="mso-ansi-language: IN;" lang="IN"> </span></p> <p class="MsoNormal" style="text-align: justify; line-height: 115%;"><strong style="mso-bidi-font-weight: normal;"><span style="mso-ansi-language: IN;" lang="IN">Abstrak</span></strong></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt; line-height: 115%;"><span style="mso-ansi-language: IN;" lang="IN">Pasar modal disebut efisien bila harga-harga dalam pasar tersebut mencerminkan semua informasi yang mungkin diperoleh investor.</span> Pada pasar yang efisien tidak ada kemungkinan memperoleh tingkat pengembalian abnormal, meskipun dalam prakteknya terdapat hal-hal yang menyimpang, yang disebut anomali<span style="mso-bidi-font-weight: bold;">. </span><span style="mso-ansi-language: IN; mso-bidi-font-weight: bold;" lang="IN">Penelitian ini bertujuan untuk menguji dan menganalisis adanya eksistensi <em style="mso-bidi-font-style: normal;">January Effect </em>dan <em style="mso-bidi-font-style: normal;">Size Effect</em> pada return saham di Bursa Efek Indonesia (BEI) tahun 2007-2012.Metode penelitian yang digunakan adalah dengan menguji apakah terdapat</span><span style="mso-ansi-language: IN;" lang="IN"> perbedaan nilai <em style="mso-bidi-font-style: normal;">Average Abnormal Return</em> (AAR) sebelum dan sesudah tanggal 1 Januari untuk mengetahui adanya <em style="mso-bidi-font-style: normal;">January Effect</em>, dan tes secara statistik digunakan Uji-T independen. Sedangkan untuk menguji apakah t</span><span style="mso-ansi-language: IN; mso-fareast-language: IN;" lang="IN">erdapat <em style="mso-bidi-font-style: normal;">Size Effect</em> adalah dengan melihat apakah perbedaan <em style="mso-bidi-font-style: normal;">Average Cumulative Abnormal Return</em> (ACAR) antara saham kapitalisasi kecil dengan saham kapitalisasi besar pada Bulan Januari dan tes secara statistik digunakan Uji-T berpasangan. Hasil dari penelitian ini membuktikan bahwa tidak terjadi<span style="mso-spacerun: yes;"> </span><em style="mso-bidi-font-style: normal;">January Effect</em> dan <em style="mso-bidi-font-style: normal;">Size Effect </em>pada periode uji. </span></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt; line-height: 115%;"><strong><span style="mso-ansi-language: IN;" lang="IN"> </span></strong></p> <p class="MsoNormal" style="text-align: justify; line-height: 115%;"><strong style="mso-bidi-font-weight: normal;"><span style="mso-ansi-language: IN;" lang="IN">Kata Kunci</span></strong><span style="mso-ansi-language: IN;" lang="IN">: <em style="mso-bidi-font-style: normal;">January Effect, Size Effect, Abnormal Return, Average Abnormal Return, Average Cumulative Abnormal Return</em></span></p> <!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves /> <w:TrackFormatting /> <w:PunctuationKerning /> <w:ValidateAgainstSchemas /> 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