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  • 标题:Analysis of Retail Investment Behavior in Indonesian Stock Market
  • 本地全文:下载
  • 作者:Fajri Adrianto ; Masyhuri Hamidi
  • 期刊名称:Academy of Accounting and Financial Studies Journal
  • 印刷版ISSN:1096-3685
  • 出版年度:2020
  • 卷号:24
  • 期号:2
  • 页码:1-13
  • 语种:English
  • 出版社:The DreamCatchers Group, LLC
  • 摘要:The "Yuk Nabung Saham (YNS)" campaign launched by the Indonesian Financial Services Authority, called OJK, since 12 November 2015 aims to attract more domestic investors to invest on the Indonesian Stock Exchange (IDX). It is motivated by the low number of domestic investors registered on the IDX. Hence, low funds from domestic investors have put foreign investor as the primary market mover as those foreign investors are predominately in the Indonesian stock market. OJK and IDX attempt to attract Indonesians by providing any convenience for new retail investors like low minimum deposit (only a hundred thousand rupiahs or about USD 6.75), and fewer document requirements. This campaign is also supported by an increasing number of issuers from 619 companies in 2018 to 649 at the end of July 2019 (OJK, 2019). Indeed, that increase provides benefits to retail investors because it is more convenient for investors to diversify their portfolio. Although Koesrindartoto et al. (2020) find that institutional investors tend to determine trading/ market activities, retail investors show their increasing role in the Indonesian market. Even in the French market, during the crisis, retail investors prefer to invest in the stock, suggesting that their contributions are more relevant to add liquidity (Barrot et al., 2016). Since IDX uses information technology, investors are allowed to make transactions by themselves, even without discussing with their brokers. They are more independent in buying and selling stocks. However, more independent could affect the wrong decision in selecting stocks. There could be emotional preferences instead of rationality. Nofsinger (2018) states that retail investors are influenced by psychology. They tend to follow the market by selling their securities when the market drops and buying securities when the market goes up..
  • 关键词:Investor Behavior;Active Strategy;Passive Strategy;Investment Decision
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