Javanese Lunar Calendar Effect (Primbon) on Abnormal Return

Advances in Social Science, Education and Humanities Research (ASSEHR), volume 186 15th International Symposium on Management (INSYMA 2018)

4 Pages Posted: 26 Apr 2019

See all articles by Sidarta Hermin

Sidarta Hermin

Master of Management

Putu Anom Mahadwartha

Faculty of Business and Economics, Universitas Surabaya

Date Written: March 5, 2018

Abstract

The purpose of this study is to examine Javanese lunar calendar (Primbon) effect to abnormal return on Indonesian Stock Market. Type of this study is conclusive descriptive using intraday trading data. The research observed and tested cultural phenomena called Primbon as a calendar effect on abnormal return. Studies of cultural event, Ramadhan effect. This research examined other issues which is a belief of traditional calendar called Primbon among Javanese in Indonesia. This study uses event study methodology to ob-serve abnormal return of stocks recommended by Primbon that grouping into defensive stock called “rahayu” and aggressive stock called big luck (rezeki besar) on certain time in a day. Abnormal return from groups of stock recommended by Primbon only presented on Monday aggressive stocks group from 09.00 to 11.00. Thus it can be concluded that the recommendations of Primbon only partially affect the abnormal return on the Indonesia Stock Exchange.

Keywords: Javanese Lunar Calendar (Primbon), Stock Market, Abnormal Return

JEL Classification: G32, G39, G41

Suggested Citation

Hermin, Sidarta and Mahadwartha, Putu Anom, Javanese Lunar Calendar Effect (Primbon) on Abnormal Return (March 5, 2018). Advances in Social Science, Education and Humanities Research (ASSEHR), volume 186 15th International Symposium on Management (INSYMA 2018), Available at SSRN: https://ssrn.com/abstract=3360843

Sidarta Hermin

Master of Management ( email )

Jl. Ngagel Jaya Selatan 169
Surabaya, Jawa Timur 60284
Indonesia

Putu Anom Mahadwartha (Contact Author)

Faculty of Business and Economics, Universitas Surabaya ( email )

Raya Kalirungkut
Tenggilis
Surabaya, ID East Java 60293
Indonesia
+62312981139 (Phone)
+62312981239 (Fax)

HOME PAGE: http://fbe.ubaya.ac.id

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