Rowland Bismark Fernando Pasaribu
Fakultas Ekonomi Jurusan Akuntansi Universitas Gunadarma

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VALUE AT RISK PORTOFOLIO SAHAM LIKUID: KAPITALISASI BESAR DAN KAPITALISASI KECIL (STUDI KASUS SAHAM LQ – 45 DI BEI JANUARI 2011 – DESEMBER 2012) Juido, Kevin; Pasaribu, Rowland Bismark Fernando
Prosiding PESAT Vol 5 (2013)
Publisher : Prosiding PESAT

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Abstract

Penulisan ini adalah pengaruh likuiditas dalam saham dan pengukuran resiko portofolio dengan Value at Risk (VaR). Menggunakan pengembalian saham  harian dan kapitalisasi pasar. Perhitungan empiris bahwa VaR belum sukses membuktikan pola dari hubungan diantara resiko dan likuiditas keduanya dalam saham level individual dan portofolio. Penelitian ini juga memperjelas bahwa diversifikasi portofolio saham mencapai pengurangan resiko.
Profitabilitas, Investasi Dan Arus Kas Sebagai Prediktor Tingkat Pengembalian Saham Pasaribu, Rowland Bismark Fernando
AKRUAL: JURNAL AKUNTANSI Vol 3, No 2: AKRUAL: Jurnal Akuntansi (April 2012)
Publisher : Jurusan Akuntansi Fakultas Ekonomi UNESA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jaj.v3n2.p130-146

Abstract

AbstractThis research aim to calculate influence from some financial performance (B/M ratio, market capitalization, earning position, investment, accrual value, company strength measurement, dividend policy, and profitability) to stock return. Multiregression model follow Fama and French procedure. Result of first hypothesis confirmed statistically, that the difference of stock of return pursuant to finance performance not automatically own significant influence in stock return prediction itself. Other result confirmed that all the predictor used has no significant influence to stock return both simultaneously and partial.Keyword: Profitability, Investment, Cashflow, Accrual value, Stock return
Kesempatan Investasi Dan Determinan Kebijakan Pendanaan Perusaahaan Publik Indonesia Pasaribu, Rowland Bismark Fernando; Kowanda, Dionysia
AKRUAL: JURNAL AKUNTANSI Vol 5, No 1: AKRUAL: Jurnal Akuntansi (Oktober 2013)
Publisher : Jurusan Akuntansi Fakultas Ekonomi UNESA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jaj.v5n1.p1-25

Abstract

AbstractThis research aimed to test whether there are differences among companies which have the growth potential and barren of in the case of policy of financing and also to test significance influence of unsystematic risk, size, profitability, and liquidity to non-financial companies financing structure enlisted in Indonesian Stock exchange Period 2008-2011. The result of this research indicate that except of debt equity ratio, size, and unsystematic risk, generally, there is differences of all proxy (leverage, profitability, and liquidity) between company which have the potency to grow and barren of. Hitting the influence significantly, in simultaneously all proxy used have a significant influence to structure of company financing in both classification refer to IOS.
PENGARUH INDEKS BURSA SAHAM ASING DAN MAKRO EKONOMI TERHADAP INDEKS HARGA SAHAM GABUNGAN DI BURSA EFEK INDONESIA PADA TAHUN 2010-2014 Kowanda, Dionysia; Pasaribu, Rowland Bismark Fernando; Shauti, Ahmad Fajri
Jurnal Manajemen Indonesia Vol 15 No 3 (2015)
Publisher : Fakultas Ekonomi dan Bisnis, Telkom University.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (12706.678 KB) | DOI: 10.25124/jmi.v15i3.719

Abstract

Penelitian ini bertujuan mendapatkan bukti empiris indeks bursa saham asing: Dow Jones Industrila Average, Shanghai Stock Exchange Composite. Strait Times Index, dan variabel makro ekonomi: inflasi, BI Rate, harga minyak dunia, nilai tukar IDR/USD mempengaruhi IHSG. Penelitian ini dilakukan dengan menguji data pada periode Januari 2010 - Desember 2014. Teknik analisis menggunakan regresi linear berganda. Didapatkan hasil Strait Times Index dan nilai tukar IDR/USD berpengaruh terhadap IHSG, sedangkan variabel Dow Jones Industrial Average, Shanghai Stock Exchange, inflasi, BI rate, dan harga minyak dunia tidak berpengaruh terhadap IHSG
EFEK BID-ASK, FIRM SIZEDAN LIKUIDITAS DALAM FENOMENA PRICE REVERSALSAHAM WINNER DAN LOSER KELOMPOK ENTITAS INDEKS LQ45 PERIODE 2009-2011 DI BURSA EFEK INDONESIA Latjuba, Rismaeka Purnamasari; Pasaribu, Rowland Bismark Fernando
Prosiding PESAT Vol 5 (2013)
Publisher : Prosiding PESAT

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Abstract

Penelitian ini memuat tentang efek Bid-ask Spread, Firm Size dan Likuiditas terhadap fenomena Price Reversal. Dengan menggunakan return saham yang mengikuti satu hari perubahan besar harga saham di Bursa Efek Indonesia (BEI) periode 2009 – 2011. Sampel yang digunakan adalah entitas yang terdaftar dalam LQ45 berjumlah 45 entitas. Penelitian ini menggunakan data triwulan selama 3 tahun, yang datanya di dapat dari idx.co.id laporan keuangan pertahun,Indonesian Capital Market Directory dan yahoo finance, perhitungan abnormal return menggunanakan Daily Return saham dan Daily Return Market. Melalui abnormal return dapat ditentukan saham Winner dan saham Loser.
BURSA SAHAM INTERNASIONAL DAN NILAI TUKAR VALUTA ASING: PELUANG STRATEGI INVESTASI PASIF Kowanda, Dionysia; Pasaribu, Rowland Bismark Fernando
Prosiding PESAT Vol 5 (2013)
Publisher : Prosiding PESAT

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Abstract

Interaksi antara bursa saham internasional nilai tukar valuta asing, dan indeks industrimemiliki implikasi yang berbeda-beda antara satu industri dengan yang lainnya. Karenanya,tujuan penelitian ini adalah untuk mengetahui signifikansi pengaruh simultan dan parsial daribursa asing dan nilai tukar valas terhadap indeks industri di BEI. Implikasi tersebut diukurdengan pendekatan multiregresi. Dari hasil kalkulasi empiris, diperoleh informasi bahwasecara simultan, kecuali bursa NIKKEI dan nilai tukar Yen, bursa saham internasional dannilai tukar valas berpengaruh signifikan terhadap fluktuasi indeks industri di bursa efekIndonesia. Hasil penelitian lainnya juga menyatakan bahwa model persamaan yang terbentukmenyatakan kemampuan bursa asing dan nilai tukar valas dalam menjelaskan fluktuasi indeksindustri di BEI sangat beragam.
ANALISIS FAKTOR – FAKTOR YANG BERPENGARUH TERHADAP RISIKO SISTEMATIS SAHAM (Studi Empiris Pada Perusahaan yang Tercatat dalam Indeks Kompas 100 di Bursa Efek Indonesia Januari 2008 – Januari 2013) Grahani, Hedwig Ajeng; Pasaribu, Rowland Bismark Fernando
Prosiding PESAT Vol 5 (2013)
Publisher : Prosiding PESAT

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Abstract

Penelitian ini merupakan studi tentang rasio keuangan yang terdiri dari rasio likuiditas,rasio aktivitas, rasio solvabilitas dan rasio keuntungan sebagai faktor yang berpengaruhterhadap risiko sistematis pada saham. Dari studi ini akan mengetahui faktor atauvariabel mana dari rasio keuangan yang berpengaruh paling dominan terhadap risikosistematis saham baik secara stimultan maupun parsial. Yang dimaksud risiko sistematisdisini adalah beta saham sendiri. Pengukuran risiko sistematis sendiri denganmenggunakan perhitungan standar deviasi. Perhitungan tersebut nantinya akan sangatberpengaruh pada pengambilan keputusan pemilihan saham, yang nantinya juga akanberpengaruh pada pemahaman sejauh mana risiko tersebut berpengaruh. Penelitian inimenggunakan data triwulan dari sembilan belas perusahaan tetap yang ada di dalamindeks kompas 100 periode Januari 2008 – Januari 2013. Sebanyak sembilan belasperusahaan yang dapat dijadikan populasi dan empat yang dijadikan samplepenelitiannya. Metode yang digunakan untuk penelitian adalah dengan uji regresi linierberganda. Hasil uji dari perhitungan tersebut nantinya akan menghasilkan rumusanakhir mengenai mana variable yang paling berpengaruh. Dalam pengolahan data sahamperusahaan juga menggunakan pemilahan terhadap perusahaan sample.
MODEL FAMA DAN FRENCH SEBAGAI PEMBENTUKAN PORTFOLIO SAHAM DI INDONESIA Pasaribu, Rowland Bismark Fernando
Jurnal Akuntansi dan Bisnis Vol 9, No 1 (2009)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v9i1.85

Abstract

This study examines empirically the Fama and French three factor model of stock returns using Indonesian data over the period 2003-2006. Specifically, it examines the behavior of stock prices, in relation to size (market equity, ME) and book-to-market ratio. The major objective of this study is to provide evidence that would contribute to the effort of explaining the 3FM in an emerging market. Our findings reveal a significant relationship between market, size and book-to-market equity factors and expected stock returns in the Indonesian market. The empirical results confirm that even the Fama and French (1993) three factor model holds for the Indonesian Stock Exchange and more robust than CAPM in non-financial stock, in portfolio level still result bad performance.
INFORMASI ANOMALI AKRUAL DALAM PEMBENTUKAN PORTOFOLIO SAHAM Pasaribu, Rowland Bismark Fernando
Jurnal Akuntansi dan Bisnis Vol 10, No 1 (2010)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v10i1.105

Abstract

The accrual information is discussed in light with the multifactor asset pricing theory. It is argued that the capital market processes information efficiently, and that low accruals firms are risky and therefore earn higher average returns. In other words, the level of accruals proxies for the loading on a fundamental risk factor that drives stock returns. The objective of this study is to prove significance influence of accrual information and to evaluate the performance of stock portfolio constructed by Treynor Index, Jensen-Alpha, and Sharpe Index. The final sample are the past and present member of LQ-45 public companies. Following Fama and French (1993), we form a factor-mimicking portfolio that essentially goes long on low accruals firms and short on high accruals firms (Conservative Minus Aggressive, or CMA). Since the portfolio is constructed based upon the return-predicting characteristic itself, it is thereby designed to capture any risk factors that may underly the accrual effect even if the relevant risk factors are not observed directly. The empirical results show that partially, CMA has significant positive (negative) influence on stock portfolio with low (high) level accrual, both for single, two, and three factor models, especially at size-accrual category. Other empiric result addition CMA, indicate increasing explanatory power of model in explaining the variation of expected return of stock portfolio on various asset pricing model. Hereinafter three tools of evaluation measurement result indicate that size, book-to-market ratio yet still not shown optimal performance, even after conducted by extension of all model by adding accrual information factors.
ANOMALI OVERREACTION DI BURSA EFEK INDONESIA: PENELITIAN SAHAM LQ-45 Pasaribu, Rowland Bismark Fernando
Jurnal Akuntansi dan Bisnis Vol 9, No 2 (2009)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v9i2.101

Abstract

As reaction from market inefficiency specified about information distribution, all market participant trying to reduce the effect with various means, among other things by perceiving historical behavior of share price. One of result namely contrarian strategy by believing that loser portfolio will experience of rebound conversely degradation at share winner portfolio. This study aim to prove existency of overreaction anomaly effect in Indonesia Stock Market specially the LQ-45 during 2003-2007. By using Debont-Thaler approach, empirical result express that there is no symptom of overreaction anomaly at three-month, six-month, and annual period. Therefore the study recommend the investor to avoid contrarian strategy specially of LQ-45 stocks.