HUBUNGAN PERILAKU PERDAGANGAN INVESTOR DENGAN VOLUME PERDAGANGAN DI BURSA EFEK INDONESIA
ABSTRACT: This paper examines
the relationship of behavior trading investor using data detailed transaction
history-corporate edition demand and order history in Indonesia Stock Exchange
during period of March, April and May 2005. Peculiarly, behavior placing of
investor order at trading volume. The result of this paper indicates that
trading volume order pattern to have pattern U shape. The pattern happened that
investors have strong desires to places order at the opening and close of
compared to in trading periods. While the largest orders are of market at the
opening indicates that investor is more conservatively when opening, where many
orders when opening has not happened transaction to match. In placing order
both of investor does similar strategy. By definition, informed investors’
orders more large than uninformed investors. If comparison of order examined
hence both investors behavior relatively changes over time. But, statistically
shows there is not ratio significant. This implies behavior trading of informed
investors and uninformed investors stable relative over time. The result from
regression analysis indicates that informed investors to correlate at trading
volume in all time intervals, but not all uninformed investors correlates in
every time interval. This imply investor order inform is more can explain
trading volume pattern compared to uninformed investor order in Indonesia Stock
Exchange. Finally, result of regression also finds that order status match has
greater role determines trading volume pattern intraday especially informed buy
match and informed sale match. While amend, open and withdraw unable to have
role to determine intraday trading volume pattern.
Keywords: Behavior of
investors, Trading volume, Conservative investors and Order status
Penulis: Ghazali Syamni
Kode Jurnal: jpmanajemendd090197
