Apakah Kinerja Masa Lalu Mencerminkan Kinerja Masa Depan? Evaluasi Return Reksa Dana Saham Tahun 2005-2006  

Oleh:

Budiman, Rachman Untung

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: Manajemen Usahawan Indonesia vol. XXXVI no. 01 (2007), page 3-6.
Topik: Stockfund Performance; Contingency Tabletests; Return Consistency; Past Return Predictability

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: MM15.28 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Indirect investing in capital market instruments especially stock mutual fund have gained momentum lately. It is important for such prospects and investors to understand the performance of equity mutual fund in terms of its return and risk. Prospects and investors often use past performance i.e. unadjusted-return as the main criterion in selecting stock mutual fund. This paper questions the ability of stock mutual fund in outperforming the market and the persistence of stock mutual fund gross returns during year 2005-2006. The mean hypothesis tests showed thatstock mutualfund could not outperform the market in both years. Contingency table tests showed that the stock mutual fund returns were persistent in term of winner-loser whereas its returns were not persistent in term of outperformed-under-performed along both periods. Therefore, prospects and investors could not rely on the past performance to pick up the next to be stock mutual fund out performers. For stock fund managers who are under-performed, the issuance of index stock fund should be considered.

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