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Library's collection Library's IT development CancelThis study aims to assess whether there is any impact of Chinese New Year as a yearly cultural event towards the volatility of the IDX Composite, as the Indonesian population with Chinese ethnicity have differing religious backgrounds. In addition, two other variables, with one relating to macroeconomics which is the Exchange Rate changes and the other, Net Volume transactions of stocks traded will also be tested in the period clustering around the time of CNY due to their close linkage with the transactions of the shares in itself and foreign investment, as well as the celebration originated not domestically from Indonesia. Time-series analysis is going to be used to undergo this study and will be proceeded with GARCH model if the data is found to be heteroscedastic.
Results show that the Exchange Rate, Net Volume, and Chinese New Year all have positive significant implications towards the independent variable being the IDX Composite Stock Price Movement.