The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns
It is very possible for an investor to take a decision based on superstitions and common beliefs. Actually, Indonesia has a specific calendar system called the Javanese lunar calendar. The Javanese calendar contains several special days because of their sacred characteristics such as “Kamis Wage” (T...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Universitas Gadjah Mada
2015-08-01
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| Series: | Gadjah Mada International Journal of Business |
| Online Access: | https://jurnal.ugm.ac.id/gamaijb/article/view/6906 |
| _version_ | 1818454474089299968 |
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| author | Robiyanto, Robiyanto Siti Puryandani |
| author_facet | Robiyanto, Robiyanto Siti Puryandani |
| author_sort | Robiyanto, Robiyanto |
| collection | DOAJ |
| description | It is very possible for an investor to take a decision based on superstitions and common beliefs. Actually, Indonesia has a specific calendar system called the Javanese lunar calendar. The Javanese calendar contains several special days because of their sacred characteristics such as “Kamis Wage” (Thursday Wage) and “Jum’at Kliwon” (Friday Kliwon). The day of Friday Kliwon is often considered to be the most frightening which is similar to Friday the Thirteenth in Western culture. This study tried to scrutinize the impact of those sacred days on Indonesian stock returns. By applying GARCH-M, the finding shows that the Javanese lunar calendar does not have any impact on the Indonesian stock returns, but does affect the investors’ risk aversion level. This study has proven that, in terms of risk aversion, investors’ behavior in Indonesia is influenced by superstition. |
| first_indexed | 2024-12-14T21:55:27Z |
| format | Article |
| id | doaj.art-4ad09a600c634a758320ee3562087bed |
| institution | Directory Open Access Journal |
| issn | 1411-1128 2338-7238 |
| language | English |
| last_indexed | 2024-12-14T21:55:27Z |
| publishDate | 2015-08-01 |
| publisher | Universitas Gadjah Mada |
| record_format | Article |
| series | Gadjah Mada International Journal of Business |
| spelling | doaj.art-4ad09a600c634a758320ee3562087bed2022-12-21T22:46:07ZengUniversitas Gadjah MadaGadjah Mada International Journal of Business1411-11282338-72382015-08-0117212513710.22146/gamaijb.69065866The Javanese Lunar Calendar’s Effect on Indonesian Stock ReturnsRobiyanto, Robiyanto0Siti Puryandani1Faculty of Economics and Business, Diponegoro UniversityScopus ID: 57144570600; Faculty of Economics and Business, Diponegoro UniversityIt is very possible for an investor to take a decision based on superstitions and common beliefs. Actually, Indonesia has a specific calendar system called the Javanese lunar calendar. The Javanese calendar contains several special days because of their sacred characteristics such as “Kamis Wage” (Thursday Wage) and “Jum’at Kliwon” (Friday Kliwon). The day of Friday Kliwon is often considered to be the most frightening which is similar to Friday the Thirteenth in Western culture. This study tried to scrutinize the impact of those sacred days on Indonesian stock returns. By applying GARCH-M, the finding shows that the Javanese lunar calendar does not have any impact on the Indonesian stock returns, but does affect the investors’ risk aversion level. This study has proven that, in terms of risk aversion, investors’ behavior in Indonesia is influenced by superstition.https://jurnal.ugm.ac.id/gamaijb/article/view/6906 |
| spellingShingle | Robiyanto, Robiyanto Siti Puryandani The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns Gadjah Mada International Journal of Business |
| title | The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns |
| title_full | The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns |
| title_fullStr | The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns |
| title_full_unstemmed | The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns |
| title_short | The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns |
| title_sort | javanese lunar calendar s effect on indonesian stock returns |
| url | https://jurnal.ugm.ac.id/gamaijb/article/view/6906 |
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