Record Details

The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns

Gadjah Mada International Journal of Business

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Field Value
 
Title The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns
 
Creator Robiyanto, Robiyanto,
Puryandani, Siti
 
Subject —
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G02; G10
 
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.
 
Publisher Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
 
Contributor —
 
Date 2015-08-20
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://journal.ugm.ac.id/gamaijb/article/view/6906
10.22146/gamaijb.6906
 
Source Gadjah Mada International Journal of Business; Vol 17, No 2 (2015): May-August; 125-137
2338-7238
1411-1128
 
Language eng
 
Relation http://journal.ugm.ac.id/gamaijb/article/view/6906/6936
 
Rights Copyright (c) 2015 Gadjah Mada International Journal of Business
http://creativecommons.org/licenses/by-sa/4.0