Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)

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Effects of Eid Al Fitr and January Holidays on Stock Returns in LQ45 Company

Authors
Hilda Nur Sopha Ningsih1, Ellen Rusliati1, *
1Universitas Pasundan, Bandung, Indonesia
*Corresponding author. Email: ellen_rusliati@unpas.ac.id
Corresponding Author
Ellen Rusliati
Available Online 26 June 2024.
DOI
10.2991/978-94-6463-443-3_14How to use a DOI?
Keywords
Market anomalies; Stock return; Eid al Fitr Holiday Effect; January Effect; LQ45
Abstract

Investors can use market anomalies to get high stock returns. The forms of market anomalies used in this study are the holiday and January effects. The holiday effect occurs if, before and after the holidays, there is an increase in stock returns compared to normal days. In contrast, the January effect is an increase in stock returns in the early weeks of January compared to the end of the month or months other than January. This study aims to determine the difference in average stock returns before and after the Eid al-Fitr holidays, as well as differences in average stock returns before and after January, in LQ45 index companies listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period. The method used was descriptive and verification with a sample selection technique using a purposive sampling method. The total sample is 24 companies. The analytical tool used is the Wilcoxon Signed Ranks Test. The results prove significant differences in stock returns before and after the Eid al-Fitr holidays, although the pattern was irregular, while before and after January showed insignificant differences.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)
Series
Advances in Economics, Business and Management Research
Publication Date
26 June 2024
ISBN
978-94-6463-443-3
ISSN
2352-5428
DOI
10.2991/978-94-6463-443-3_14How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Hilda Nur Sopha Ningsih
AU  - Ellen Rusliati
PY  - 2024
DA  - 2024/06/26
TI  - Effects of Eid Al Fitr and January Holidays on Stock Returns in LQ45 Company
BT  - Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)
PB  - Atlantis Press
SP  - 88
EP  - 93
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-443-3_14
DO  - 10.2991/978-94-6463-443-3_14
ID  - Ningsih2024
ER  -