ANALYSIS OF MARKET ANOMALY JANUARY EFFECT ON PROPERTY AND REAL ESTATE STOCK ISSUERS IN INDONESIA

Muhammad Dava Rizki; Ghazali Syamni; Husaini; Darmawati Mukhtar

doi:10.54443/jaruda.v3i2.198

Authors

Muhammad Dava Rizki Universitas Malikussaleh
Ghazali Syamni Universitas Malikussaleh
Husaini Universitas Malikussaleh
Darmawati Mukhtar Universitas Malikussaleh

DOI:

https://doi.org/10.54443/jaruda.v3i2.198

Keywords:

January Effect, difference test, return, Indonesia

Abstract

This study was conducted to analyze the behavior of the January Effect on property and real estate companies on the Indonesia Stock Exchange. The data used are secondary data on 74 property and real estate companies daily using purposive sampling techniques. All data are accessed from www.idx.co.id and. All data has been collected and tabulated in the form of monthly data. The data analysis method used is the Mann-Whitney difference test method. The results of the study found that there was no significant abnormal return. Thus, the findings of this study indicate that there was no January Effect phenomenon, meaning that the market is efficient.

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