LAMPIRAN Lampiran 1. Perhitungan Pengurangan Sampel Penelitian

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59 LAMPIRAN

Lampiran 1. Perhitungan Pengurangan Sampel Penelitian

Keterangan Kontan Bisnis Indonesia

Jumlah Senin dalam 2017 52 52

Bukan Rekomendasi Saham 0 -1

Data tidak tersedia : karena libur dan atau tidak menerbitkan -4 -20

Total Data Sementara 48 31

Data harus seimbang : memilih jumlah data yang paling kecil 31 31

Lampiran 2. Rekapitulasi Data Sampel Rekomendasi yang Diterbitkan Kontan dan Bisnis Indonesia

No Tanggal KONTAN BISNIS INDONESIA 1 13-Feb WSKT JSMR

2 27-Feb BSDE UNSP 3 6-Mar KLBF WIKA 4 27-Mar ACST BBNI 5 3-Apr ARNA MYOR 6 10-Apr BSDE BJBR 7 8-May BMRI IMJS 8 15-May MAPI ERAA 9 22-May TLKM VOKS 10 29-May BSDE MAPI 11 5-Jun KRAS EXCL 12 12-Jun SCMA UNVR 13 17-Jul SMGR BBNI 14 24-Jul BBNI ADHI 15 14-Aug BSDE INTP

16 21-Aug WSKT SRIL

17 28-Aug BBNI MPPA

18 4-Sep ISAT CTRA

19 11-Sep CBIP ROTI

20 18-Sep AALI SIDO

21 25-Sep ANTM ASII

22 2-Oct PWON CPIN

23 9-Oct WSKT MEDC

24 16-Oct CPIN GIAA

25 30-Oct ADRO BBTN

26 6-Nov LPPF BBCA

27 13-Nov GGRM MNCN

28 20-Nov MAPI ISAT

29 27-Nov WSKT UNTR

30 11-Dec ASII RALS

31 18-Dec BDMN RALS

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57 Lampiran 3. Abnormal Return yang Dihasilkan dari Rekomendasi Bisnis Indonesia dengan Pendekatan Mean Adjusted Model

Lampiran 4. Abnormal Return yang Dihasilkan dari Rekomendasi Bisnis Indonesia dengan PendekatanMarket Model Return

H-10 H-9 H-8 H-7 H-6 H-5 H-4 H-3 H-2 H-1 H0 H+1 H+2 H+3 H+4 H+5 H+6 H+7 H+8 H+9 H+10

-0.0056 -0.0103 -0.0032 -0.0056 -0.0056 -0.0103 -0.0126 0.0275 0.0606 0.0113 -0.0037 -0.0100 -0.0121 -0.0205 0.0027 -0.0248 -0.0015 0.0027 -0.0248 0.0049 0.0407 -0.0184 -0.0333 -0.0504 -0.1466 -0.0527 0.0200 0.0004 0.0400 0.0004 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 -0.0029 -0.0069 0.0011 0.0213 -0.0108 0.0011 0.0011 0.0011 0.0051 -0.0108 0.0051 -0.0150 0.0011 0.0134 -0.0029 0.0011 0.0052 -0.0110 0.0011 0.0174 -0.0150 0.0072 0.0032 0.0031 0.0305 0.0144 -0.0157 -0.0046 0.0030 0.0447 -0.0153 -0.0412 0.0107 -0.0349 0.0149 -0.0046 0.0147 0.0030 0.0182 -0.0344 -0.0046 -0.0124 0.0152 -0.0043 -0.0091 -0.0043 -0.0043 0.0104 0.0249 0.0148 -0.0182 0.0197 -0.0135 -0.0042 0.0006 -0.0042 0.0006 0.0054 -0.0042 -0.0091 -0.0431 0.0412 -0.0141 -0.0062 -0.0155 -0.0298 0.0077 -0.0260 -0.0021 0.0128 -0.0020 0.1564 -0.0314 -0.0460 -0.0485 -0.0267 0.0892 -0.0111 -0.0161 -0.0164 0.0078 0.0029 -0.0069 0.0078 -0.0134 -0.0070 -0.0137 -0.0071 0.0064 0.0064 -0.0004 -0.0339 0.0066 -0.0004 0.2134 -0.0401 -0.0950 0.0127 -0.0133 -0.0331 -0.0004 0.0131 0.0130 0.0062 -0.0200 -0.0098 0.0178 -0.0098 -0.0447 -0.0180 -0.0408 0.1055 0.0039 -0.0315 0.0113 0.0112 -0.0178 -0.0035 0.0039 0.0114 -0.0035 -0.0184 0.0039 0.0192 0.0415 -0.0323 -0.0057 -0.0057 -0.0057 -0.0339 -0.0089 0.0265 0.0255 -0.0057 -0.0360 -0.0682 0.0609 0.0255 0.0125 -0.0028 -0.0028 -0.0057 -0.0057 -0.0057 -0.0057 0.0475 -0.0001 -0.0246 -0.0214 -0.0140 -0.0143 -0.0227 0.0775 -0.0138 -0.0616 0.0146 -0.0065 -0.0488 0.0507 0.0654 0.0019 0.0218 -0.0099 -0.0179 -0.0062 0.0141 0.0139 0.0019 -0.0190 0.0071 -0.0257 0.0005 0.0105 -0.0291 0.0377 -0.0288 -0.0161 0.0242 0.0531 0.0377 0.0182 -0.0409 0.0185 0.0062 -0.0561 0.0628 -0.0409 -0.0394 0.0194 -0.0295 0.0023 0.0142 -0.0170 0.0142 0.0044 -0.0089 0.0065 0.0059 -0.0015 -0.0089 0.0133 0.0110 0.0057 -0.0230 -0.0057 0.0122 0.0140 -0.0056 0.0118 -0.0157 -0.0058 -0.0096 0.0056 0.0130 -0.0132 0.0128 0.0015 0.0087 -0.0023 0.0048 -0.0164 -0.0094 -0.0058 -0.0130 -0.0058 0.0086 0.0013 0.0012 0.0152 0.0010 0.0078 0.0021 0.0205 -0.0025 -0.0434 -0.0456 0.0021 -0.0079 0.0096 0.0948 -0.0209 0.0068 0.0114 -0.0211 0.0115 0.0208 0.0251 -0.0205 -0.0025 -0.0165 0.0068 -0.0308 -0.0135 -0.0207 0.0922 -0.0235 -0.0279 0.0033 0.0237 0.0163 -0.0219 -0.0275 0.0180 0.0016 0.0397 -0.0050 -0.0075 -0.0328 0.0236 -0.0025 -0.0126 -0.0126 -0.0101 -0.0187 -0.0364 0.0045 0.0224 -0.0308 -0.0015 0.0105 0.0342 -0.0015 -0.0130 0.0217 -0.0129 -0.0015 -0.0130 0.0101 0.0215 0.0153 -0.0015 0.0206 -0.0015 -0.0285 -0.0285 -0.0110 0.0164 0.2413 0.0850 -0.0019 -0.0286 -0.0362 -0.0658 -0.0322 -0.0019 0.0059 0.0368 -0.0094 -0.0019 -0.0922 -0.0185 -0.0103 0.0320 -0.0429 -0.0361 0.0175 -0.0030 -0.0152 -0.0155 0.0220 -0.0195 -0.0158 0.0139 -0.0116 0.0010 0.0010 -0.0246 -0.0121 0.0277 -0.0206 0.0276 -0.0033 -0.0033 0.0358 -0.0074 0.0053 0.0004 0.0132 -0.0080 0.0046 0.0128 -0.0038 0.0044 0.0002 0.0043 -0.0038 0.0002 0.0202 0.0157 0.0230 -0.0449 -0.0116 0.0158 -0.0038 -0.0038 -0.0231 -0.0117 -0.0047 0.0074 0.0033 -0.0047 0.0033 0.0033 0.0074 -0.0047 0.0033 0.0033 -0.0048 0.0074 -0.0008 0.0033 -0.0049 -0.0091 -0.0009 -0.0135 0.0076 0.0076 -0.0094 0.0021 0.0085 -0.0011 -0.0011 -0.0011 -0.0074 -0.0011 0.0085 -0.0137 -0.0075 0.0021 -0.0011 0.0021 -0.0171 0.0249 0.0021 0.0084 -0.0011 -0.0073 0.0021 -0.0011 0.0022 -0.0128 0.0021 -0.0091 -0.0202 0.0058 0.0203 -0.0127 -0.0234 -0.0127 -0.0055 0.0309 -0.0091 -0.0231 -0.0020 0.0050 0.0187 -0.0024 0.0278 0.0006 0.0197 -0.0341 -0.0248 -0.0730 0.0549 -0.0343 0.0350 -0.0087 0.0214 0.0093 0.0156 -0.0094 0.0221 0.0156 0.0031 0.0030 0.0037 0.0093 0.0023 -0.0035 -0.0037 -0.0038 -0.0158 -0.0038 0.0023 -0.0158 0.0084 -0.0098 -0.0159 -0.0161 -0.0038 0.0024 0.0024 -0.0038 -0.0099 -0.0038 0.0086 -0.0099 0.0392 0.0139 0.0714 -0.0199 -0.0202 -0.0252 0.0100 0.0067 -0.0030 0.0231 -0.0158 0.0002 -0.0129 -0.0065 -0.0437 -0.0213 0.0035 0.0252 0.0177 0.0105 0.0174 -0.0034 0.0000 -0.0034 0.0174 0.0035 0.0299 -0.0211 0.0198 -0.0151 -0.0249 0.0041 0.0212 0.0183 0.0050 -0.0230 -0.0032 0.0004 -0.0139 -0.0020 -0.0092 -0.0105 0.0248 0.0051 -0.0091 0.0027 0.0004 0.0069 -0.0089 -0.0091 0.0038 -0.0190 -0.0062 -0.0029 0.0409 0.0819 0.0007 0.0038 -0.1205 0.0003 0.0177 0.0140 0.0241 -0.0228 -0.0099 0.0314 -0.0063 -0.0200 -0.0080 -0.0125 0.0093 0.0093 -0.0127 0.0138 0.0226 -0.0125 -0.0040 -0.0085 0.0003 -0.0133 -0.0136 0.0049 0.0002 0.0191 0.0142 -0.0044 0.0049 0.0049 -0.0138 -0.0013 -0.0373 0.0077 0.0228 -0.0215 0.0184 -0.0007 -0.0143 -0.0008 -0.0147 0.0031 0.0219 0.0494 -0.0087 -0.0119 -0.0053 0.0015 0.0130 0.0000 -0.0106 -0.0108 0.0225 0.0114 0.0470 -0.0287 -0.0043 -0.0343 -0.0249 0.0852 -0.0236 -0.0043 0.0056 0.0104 0.0102 0.0384 -0.0225 -0.0737 0.0455 -0.0422 -0.0141 0.0007 -0.0043 -0.3800 -0.4100 -0.4006 -0.2905 -0.3993 -0.3701 -0.3653 -0.3656 -0.3373 -0.3982 -0.4494 -0.3302 -0.4179 -0.3898 -0.3750 -0.3800 -1.2711 8.4382 -0.2689 -0.3800 -0.4591

Abnormal Return Market Model Return

0.0030 -0.0018 0.0054 0.0030 0.0030 -0.0017 -0.0041 0.0361 0.0691 0.0198 0.0048 -0.0015 -0.0036 -0.0120 0.0112 -0.0162 0.0070 0.0112 -0.0162 0.0135 0.0492 -0.0387 -0.0536 -0.0707 -0.1669 -0.0730 -0.0003 -0.0199 0.0197 -0.0199 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0003 -0.0769 -0.0809 -0.0729 -0.0527 -0.0847 -0.0729 -0.0729 -0.0729 -0.0689 -0.0848 -0.0689 -0.0890 -0.0729 -0.0606 -0.0769 -0.0729 -0.0688 -0.0850 -0.0729 -0.0566 -0.0890 0.0068 0.0028 0.0028 0.0301 0.0140 -0.0161 -0.0049 0.0027 0.0443 -0.0156 -0.0416 0.0104 -0.0352 0.0146 -0.0050 0.0144 0.0027 0.0179 -0.0347 -0.0050 -0.0128 0.0125 -0.0069 -0.0118 -0.0070 -0.0070 0.0078 0.0223 0.0122 -0.0209 0.0170 -0.0162 -0.0069 -0.0021 -0.0069 -0.0021 0.0027 -0.0069 -0.0117 -0.0458 0.0385 -0.0167 -0.0133 -0.0225 -0.0369 0.0006 -0.0330 -0.0091 0.0058 -0.0091 0.1493 -0.0385 -0.0531 -0.0556 -0.0337 0.0821 -0.0182 -0.0231 -0.0235 0.0007 -0.0042 -0.0140 0.0008 -0.0154 -0.0089 -0.0156 -0.0090 0.0045 0.0045 -0.0023 -0.0358 0.0047 -0.0023 0.2115 -0.0421 -0.0970 0.0108 -0.0152 -0.0350 -0.0023 0.0112 0.0111 0.0043 -0.0219 -0.0177 0.0099 -0.0177 -0.0526 -0.0259 -0.0488 0.0976 -0.0040 -0.0394 0.0034 0.0033 -0.0257 -0.0114 -0.0040 0.0035 -0.0114 -0.0264 -0.0040 0.0113 0.0336 -0.0402 -0.0026 -0.0026 -0.0026 -0.0307 -0.0058 0.0297 0.0287 -0.0026 -0.0329 -0.0651 0.0641 0.0287 0.0156 0.0004 0.0004 -0.0026 -0.0026 -0.0026 -0.0026 0.0507 0.0030 -0.0283 -0.0251 -0.0177 -0.0180 -0.0264 0.0738 -0.0175 -0.0653 0.0109 -0.0102 -0.0525 0.0470 0.0617 -0.0019 0.0181 -0.0136 -0.0216 -0.0099 0.0103 0.0102 -0.0019 -0.0161 0.0100 -0.0227 0.0035 0.0135 -0.0262 0.0407 -0.0258 -0.0132 0.0272 0.0560 0.0406 0.0211 -0.0380 0.0215 0.0091 -0.0531 0.0658 -0.0380 -0.0365 0.0223 -0.0285 0.0033 0.0152 -0.0159 0.0152 0.0054 -0.0079 0.0075 0.0070 -0.0005 -0.0078 0.0144 0.0121 0.0068 -0.0220 -0.0046 0.0132 0.0151 -0.0045 0.0129 -0.0146 -0.0011 -0.0049 0.0103 0.0177 -0.0085 0.0175 0.0062 0.0134 0.0025 0.0096 -0.0117 -0.0047 -0.0011 -0.0083 -0.0011 0.0133 0.0060 0.0059 0.0199 0.0057 0.0125 0.0007 0.0191 -0.0039 -0.0448 -0.0469 0.0007 -0.0093 0.0082 0.0934 -0.0223 0.0054 0.0100 -0.0225 0.0102 0.0195 0.0237 -0.0218 -0.0039 -0.0178 0.0054 -0.0322 -0.0089 -0.0161 0.0969 -0.0189 -0.0233 0.0079 0.0284 0.0209 -0.0173 -0.0229 0.0227 0.0063 0.0444 -0.0004 -0.0029 -0.0281 0.0282 0.0022 -0.0079 -0.0080 -0.0055 -0.0189 -0.0366 0.0043 0.0222 -0.0310 -0.0018 0.0103 0.0339 -0.0018 -0.0133 0.0215 -0.0131 -0.0018 -0.0133 0.0099 0.0212 0.0151 -0.0018 0.0203 -0.0018 -0.0288 -0.0225 -0.0050 0.0224 0.2473 0.0910 0.0041 -0.0226 -0.0302 -0.0598 -0.0262 0.0041 0.0119 0.0428 -0.0034 0.0041 -0.0862 -0.0125 -0.0043 0.0380 -0.0369 -0.0301 0.0174 -0.0031 -0.0153 -0.0155 0.0220 -0.0196 -0.0158 0.0138 -0.0117 0.0010 0.0010 -0.0247 -0.0122 0.0277 -0.0207 0.0275 -0.0033 -0.0033 0.0358 -0.0074 0.0052 0.0050 0.0178 -0.0034 0.0091 0.0174 0.0007 0.0089 0.0048 0.0088 0.0007 0.0048 0.0247 0.0203 0.0276 -0.0403 -0.0070 0.0204 0.0007 0.0007 -0.0185 -0.0071 -0.0079 0.0041 0.0001 -0.0080 0.0001 0.0001 0.0041 -0.0080 0.0001 0.0001 -0.0081 0.0042 -0.0040 0.0001 -0.0081 -0.0123 -0.0041 -0.0167 0.0043 0.0043 -0.0126 0.0034 0.0098 0.0002 0.0002 0.0002 -0.0061 0.0002 0.0097 -0.0124 -0.0062 0.0034 0.0002 0.0034 -0.0158 0.0262 0.0034 0.0097 0.0002 -0.0061 0.0033 0.0002 0.0123 -0.0027 0.0122 0.0010 -0.0100 0.0160 0.0305 -0.0025 -0.0133 -0.0026 0.0047 0.0410 0.0010 -0.0129 0.0081 0.0151 0.0288 0.0078 0.0380 0.0107 0.0299 -0.0475 -0.0381 -0.0863 0.0416 -0.0476 0.0217 -0.0220 0.0080 -0.0040 0.0023 -0.0227 0.0088 0.0023 -0.0102 -0.0103 -0.0096 -0.0040 -0.0111 -0.0168 -0.0170 -0.0171 -0.0113 0.0006 0.0067 -0.0114 0.0128 -0.0054 -0.0115 -0.0116 0.0006 0.0068 0.0068 0.0006 -0.0055 0.0006 0.0130 -0.0055 0.0436 0.0183 0.0758 -0.0155 -0.0158 -0.0303 0.0049 0.0016 -0.0082 0.0179 -0.0209 -0.0049 -0.0181 -0.0117 -0.0488 -0.0264 -0.0017 0.0201 0.0125 0.0053 0.0122 -0.0085 -0.0051 -0.0086 0.0123 -0.0017 0.0306 -0.0203 0.0205 -0.0144 -0.0242 0.0049 0.0220 0.0190 0.0057 -0.0223 -0.0025 0.0011 -0.0132 -0.0013 -0.0085 -0.0098 0.0256 0.0058 -0.0084 0.0035 0.0011 0.0031 -0.0127 -0.0128 0.0000 -0.0228 -0.0100 -0.0067 0.0371 0.0782 -0.0030 0.0000 -0.1243 -0.0035 0.0139 0.0102 0.0203 -0.0266 -0.0137 0.0277 -0.0101 -0.0238 -0.0125 -0.0170 0.0048 0.0048 -0.0172 0.0093 0.0181 -0.0170 -0.0085 -0.0130 -0.0041 -0.0178 -0.0181 0.0004 -0.0043 0.0146 0.0097 -0.0089 0.0004 0.0004 -0.0183 -0.0062 -0.0421 0.0028 0.0180 -0.0264 0.0135 -0.0056 -0.0192 -0.0057 -0.0196 -0.0018 0.0171 0.0445 -0.0136 -0.0167 -0.0101 -0.0033 0.0081 -0.0048 -0.0155 -0.0157 0.0269 0.0158 0.0515 -0.0242 0.0002 -0.0298 -0.0204 0.0897 -0.0191 0.0002 0.0100 0.0148 0.0146 0.0428 -0.0180 -0.0693 0.0499 -0.0377 -0.0097 0.0052 0.0002 0.0002 -0.0298 -0.0204 0.0897 -0.0191 0.0101 0.0148 0.0146 0.0429 -0.0180 -0.0692 0.0500 -0.0377 -0.0096 0.0052 0.0002 -0.8909 8.8184 0.1113 0.0002 -0.0790

Abnormal Return Mean Adjusted Model

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58 Lampiran 5. Abnormal Return yang Dihasilkan dari Rekomendasi Bisnis Indonesia dengan Pendekatan Market Adjusted Model

Lampiran 6. Abnormal Return yang Dihasilkan dari Rekomendasi Kontan dengan Pendekatan Mean Adjusted Model

0.0043 -0.0007 -0.0015 -0.0026 0.0010 -0.0089 -0.0020 0.0392 0.0664 0.0193 -0.0029 0.0033 -0.0037 -0.0076 0.0091 -0.0134 0.0031 0.0080 -0.0193 0.0134 0.0479 -0.0384 -0.0604 -0.0651 -0.1662 -0.0677 -0.0016 -0.0162 0.0167 -0.0222 -0.0024 0.0006 -0.0007 0.0044 -0.0084 0.0032 -0.0035 0.0013 0.0016 -0.0016 0.0022 -0.0035 -0.0055 -0.0046 -0.0033 0.0175 -0.0143 0.0006 -0.0007 0.0044 -0.0044 -0.0088 0.0006 -0.0147 0.0016 0.0106 -0.0019 -0.0035 -0.0001 -0.0122 -0.0158 0.0123 -0.0149 0.0045 -0.0002 0.0038 0.0154 0.0111 -0.0138 -0.0054 0.0054 0.0401 -0.0151 -0.0358 0.0022 -0.0342 0.0201 -0.0108 0.0075 -0.0006 0.0184 -0.0289 -0.0022 -0.0087 0.0106 -0.0036 -0.0113 -0.0033 -0.0103 0.0092 0.0290 0.0050 -0.0189 0.0236 -0.0210 -0.0128 -0.0045 -0.0054 0.0047 0.0064 -0.0019 -0.0125 -0.0388 0.0476 -0.0198 -0.0145 -0.0190 -0.0281 -0.0044 -0.0289 -0.0005 0.0030 -0.0130 0.1490 -0.0349 -0.0426 -0.0485 -0.0324 0.0912 -0.0071 -0.0242 -0.0173 -0.0074 -0.0029 -0.0179 0.0084 -0.0131 -0.0190 -0.0162 -0.0148 0.0102 0.0106 0.0017 -0.0285 0.0030 -0.0025 0.2095 -0.0379 -0.0869 0.0091 -0.0153 -0.0253 0.0056 0.0082 -0.0126 0.0139 -0.0163 -0.0099 0.0156 -0.0087 -0.0525 -0.0244 -0.0491 0.1035 0.0077 -0.0394 0.0049 0.0073 -0.0144 -0.0018 -0.0053 -0.0185 -0.0001 -0.0191 0.0047 0.0129 0.0384 -0.0329 -0.0043 0.0019 0.0077 -0.0321 -0.0056 0.0323 0.0386 0.0056 -0.0356 -0.0884 0.0740 0.0345 0.0229 0.0006 0.0038 0.0033 -0.0079 -0.0007 -0.0010 0.0603 0.0040 -0.0264 -0.0159 -0.0103 -0.0215 -0.0505 0.0830 -0.0123 -0.0587 0.0104 -0.0076 -0.0506 0.0522 0.0557 -0.0007 0.0189 -0.0047 -0.0214 -0.0055 0.0170 0.0092 -0.0028 -0.0089 0.0132 -0.0181 0.0010 0.0141 -0.0263 0.0439 -0.0338 -0.0141 0.0260 0.0559 0.0475 0.0193 -0.0356 0.0261 0.0062 -0.0561 0.0507 -0.0353 -0.0275 0.0190 -0.0280 0.0071 0.0078 -0.0162 0.0147 0.0059 -0.0004 0.0063 0.0099 0.0048 -0.0102 0.0120 -0.0024 0.0101 -0.0124 -0.0074 0.0049 0.0109 -0.0060 -0.0005 -0.0066 -0.0138 0.0038 0.0183 0.0146 -0.0014 0.0260 0.0070 0.0066 0.0017 0.0104 -0.0122 -0.0003 0.0027 -0.0103 0.0103 0.0081 0.0050 0.0093 0.0176 0.0049 0.0119 0.0074 0.0181 -0.0125 -0.0473 -0.0479 -0.0016 -0.0068 0.0103 0.0895 -0.0127 -0.0016 0.0073 -0.0209 0.0061 0.0168 0.0213 -0.0164 -0.0079 -0.0110 0.0053 -0.0280 -0.0102 -0.0096 0.0940 -0.0110 -0.0224 0.0132 0.0181 0.0190 -0.0173 -0.0123 0.0169 0.0008 0.0350 -0.0003 0.0031 -0.0311 0.0228 0.0059 -0.0112 -0.0056 -0.0026 -0.0123 -0.0455 0.0037 0.0236 -0.0190 -0.0061 0.0063 0.0260 -0.0003 -0.0059 0.0233 -0.0147 -0.0057 -0.0081 0.0080 0.0250 0.0194 0.0027 0.0235 0.0086 -0.0298 -0.0327 -0.0149 0.0086 0.2429 0.0925 0.0000 -0.0300 -0.0400 -0.0605 -0.0339 0.0020 0.0104 0.0414 -0.0060 0.0086 -0.0930 -0.0155 -0.0098 0.0296 -0.0435 -0.0343 0.0165 -0.0073 -0.0220 -0.0132 0.0174 -0.0185 -0.0142 0.0155 -0.0112 0.0086 0.0000 -0.0284 -0.0122 0.0253 -0.0259 0.0240 -0.0044 0.0002 0.0337 -0.0119 0.0022 0.0063 0.0196 -0.0015 0.0098 0.0252 0.0000 0.0054 0.0051 0.0067 -0.0043 0.0015 0.0239 0.0241 0.0257 -0.0445 -0.0099 0.0168 -0.0009 -0.0009 -0.0163 -0.0026 -0.0080 0.0012 0.0010 -0.0094 -0.0043 -0.0025 0.0040 -0.0035 -0.0011 -0.0035 -0.0102 0.0013 -0.0050 -0.0009 -0.0053 -0.0072 -0.0040 -0.0131 -0.0060 0.0020 -0.0170 0.0007 0.0095 0.0045 -0.0011 -0.0035 -0.0084 -0.0028 0.0087 -0.0135 -0.0035 0.0032 0.0052 0.0034 -0.0122 0.0157 0.0009 0.0052 -0.0020 0.0021 0.0026 -0.0016 0.0092 -0.0066 0.0103 -0.0009 -0.0082 0.0149 0.0346 -0.0034 -0.0106 -0.0139 0.0014 0.0357 -0.0020 -0.0057 0.0065 0.0125 0.0293 0.0106 0.0295 0.0101 0.0245 -0.0435 -0.0289 -0.0822 0.0493 -0.0538 0.0234 -0.0224 0.0100 0.0083 0.0057 -0.0204 0.0143 0.0102 -0.0136 -0.0059 -0.0099 0.0004 -0.0040 -0.0097 -0.0162 -0.0166 -0.0142 -0.0043 0.0040 -0.0037 0.0116 -0.0076 -0.0106 -0.0084 -0.0074 0.0066 0.0019 0.0004 -0.0031 0.0031 0.0091 -0.0096 0.0426 0.0053 0.0801 -0.0125 -0.0217 -0.0283 0.0022 0.0037 -0.0034 0.0228 -0.0224 -0.0067 -0.0167 -0.0223 -0.0422 -0.0211 -0.0053 0.0164 0.0154 0.0056 0.0120 -0.0084 -0.0016 -0.0058 0.0174 0.0001 0.0287 -0.0225 0.0215 -0.0254 -0.0180 0.0098 0.0179 0.0149 0.0082 -0.0224 -0.0031 0.0008 -0.0101 0.0011 -0.0038 -0.0084 0.0324 0.0098 -0.0181 0.0025 0.0021 0.0068 -0.0180 -0.0182 0.0012 -0.0241 -0.0118 -0.0083 0.0390 0.0793 0.0004 0.0001 -0.1187 -0.0008 0.0029 0.0080 0.0201 -0.0230 -0.0199 0.0288 -0.0107 -0.0232 -0.0147 -0.0190 0.0063 0.0055 -0.0141 0.0090 0.0232 -0.0147 -0.0198 -0.0157 -0.0048 -0.0146 -0.0248 0.0011 -0.0054 0.0149 0.0087 -0.0088 -0.0010 0.0015 -0.0007 -0.0043 -0.0348 0.0073 0.0088 -0.0269 0.0150 -0.0002 -0.0237 -0.0028 -0.0184 0.0004 0.0179 0.0478 0.0062 -0.0149 -0.0161 -0.0019 0.0041 0.0017 -0.0177 -0.0132 0.0272 0.0146 0.0528 -0.0064 0.0000 -0.0377 -0.0210 0.0836 -0.0146 -0.0040 0.0106 0.0137 0.0107 0.0329 -0.0191 -0.0718 0.0443 -0.0285 -0.0219 -0.0011 -0.0090 -0.0077 -0.0304 -0.0265 0.0942 -0.0233 0.0106 0.0137 0.0107 0.0329 -0.0191 -0.0718 0.0443 -0.0285 -0.0219 -0.0011 -0.0090 -0.8970 8.8116 0.1137 0.0138 -0.0857

Abnormal Return Market Adjusted Model

-0.00515 -0.00126 -0.00126 0.006557 -0.00126 -0.00513 -0.01293 0.002681 0.006587 0.002635 -0.00513 0.002635 -0.00126 -0.00513 -0.00515 -0.00516 0.002666 -0.03641 0.002793 -0.00529 -0.00935 -0.00074 -0.01123 -0.00074 0.007221 -0.006 -0.00074 0.004555 0.001895 0.001889 -0.00597 -0.02442 -0.01421 -0.02259 -0.00353 -0.01194 -0.00074 0.010595 -0.01194 -0.00074 -0.00357 6.8004 -0.00074 -0.00754 -0.00074 0.023236 -0.00074 0.026019 -0.00399 -0.02361 -0.01411 0.006043 0.026199 -0.02041 0.002608 -0.0274 0.006112 0.009467 -0.0041 -0.00412 0.012822 0.009297 0.005886 -0.00344 -0.00345 -0.00346 0.003985 0.000253 0.003971 0.000253 0.026179 -0.01058 0.000253 -0.00705 -0.0071 0.000253 0.003957 0.018703 0.025616 0.024988 0.000253 -0.02044 0.007295 0.014239 0.026737 0.04743 0.000421 0.008585 -0.00768 -0.03223 -0.59873 1.537264 -0.02033 0.013133 0.000421 -0.03305 0.035053 -0.01631 0.034464 -0.05308 0.013465 0.026172 0.012974 0.000421 0.012818 0.01067 -0.01357 -0.00017 0.0107 0.013271 -0.00282 -0.00017 -0.00283 -0.0215 -0.01107 0.00534 -0.02757 0.002647 -0.0086 -0.00017 0.030992 -0.00017 -0.00841 0.008141 -0.00566 0.008118 -0.01992 -0.01247 0.01196 0.023044 -0.0105 -0.0029 -0.00291 -0.01019 0.009601 0.022306 0.005065 -0.00535 0.000885 -0.00328 0.009218 -0.00079 -0.01356 0.000471 0.011302 0.06053 -0.02988 -0.00209 0.022186 -0.00209 -0.00683 0.00585 0.02626 0.023948 0.001645 -0.01696 -0.0285 -0.02534 -0.01796 -0.01822 -0.02668 0.073544 -0.01771 -0.06558 0.011473 -0.01045 -0.05268 0.045871 -0.00775 -0.00088 -0.00088 0.006029 0.005981 -0.00997 -0.00547 -0.00088 -0.0078 0.05016 -0.01413 -0.01654 -0.00997 0.024346 -0.01878 -0.01 -0.00088 0.006013 -0.01002 -0.0078 0.001436 0.028244 -0.00569 0.002613 -0.05834 0.002776 0.046756 0.008239 -0.00016 0.013724 -0.0029 -0.01115 -0.00572 0.011008 -0.00016 -0.00569 0.005391 -0.01674 -0.89904 8.999835 -0.00016 -0.01961 0.037605 0.017462 -0.03793 0.008294 -0.0201 0.008385 -0.02028 0.241488 -0.00123 0.045645 -0.02362 -0.00886 -0.032 0.014643 -0.01685 0.014643 -0.01685 -0.04885 0.090437 -0.0165 0.014274 -0.02472 0.033455 0.035954 0.000367 -0.03743 -0.04249 -0.02575 0.000367 0.011862 0.038246 -0.00328 0.000367 0.022345 0.003951 -0.01749 -0.01781 -0.01074 -0.02585 -0.00348 0.000367 0.000367 0.019345 -0.00556 -0.02036 0.016933 0.006752 -0.02026 -0.00066 0.001845 0.006826 0.006771 -0.00803 0.019147 -0.01279 0.001802 -0.01046 0.004295 -0.00066 -0.00804 -0.00314 -0.00066 -0.01061 0.017235 0.005947 0.013141 0.002219 0.009324 -0.01192 -0.00491 -0.00135 -0.00849 -0.00135 0.013036 0.00574 0.00569 0.019627 0.005497 0.012253 -0.0282 0.002096 -0.0151 0.012585 -0.0151 0.023474 -0.01335 0.017614 0.006187 -0.00769 -0.01335 0.023279 0.008927 0.0171 -0.04263 0.023215 0.006141 0.003364 0.000616 -0.00486 0.0199 0.000616 -0.0156 0.006111 -0.00212 0.011575 0.01396 -0.01253 0.01396 0.022557 -0.00796 0.013614 0.0049 -0.01214 0.000627 -0.0123 -0.01247 0.009476 -0.00815 0.000627 -0.0038 0.000627 0.01396 -0.00376 -0.0214 0.000627 -0.03541 0.002372 0.012635 -0.00106 -0.00106 -0.00106 -0.00106 -0.00106 -0.00106 0.002314 -0.00106 -0.0078 -0.00445 -0.00106 -0.00106 -0.00106 -0.02147 0.002408 -0.00452 0.012825 -0.01134 -0.00106 -0.00444 -0.00058 -0.00058 0.003299 -0.00058 0.003284 -0.01981 0.015109 -0.00444 -0.00058 -0.00058 0.003299 -0.00058 0.003284 -0.01981 0.011188 -0.0122 -0.01234 0.00736 -0.03995 0.03221 -0.00546 -0.01401 -0.00269 0.008864 0.000194 -0.00554 -0.01133 0.023517 -0.0055 0.000194 -0.00267 0.008814 0.000194 -0.0055 -0.00267 0.008814 0.005892 0.003027 0.000194 0.003019 0.003011 -0.00324 0.010356 -0.00827 0.000152 0.015432 0.010185 -0.00813 0.021855 0.013224 -0.03211 0.000152 -0.00818 0.000152 0.000152 -0.00153 0.000152 0.003519 0.000152 -0.00488 0.003525 0.006875 0.006867 -0.01461 -0.01482 -0.01503 0.014598 -0.00033 -0.00768 0.00708 -0.00033 -0.00768 -0.03736 -0.00802 -0.03134 0.007672 0.015545 -0.00033 0.007485 0.007424 -0.00802 0.007424 -0.00033 0.015942 0.007946 0.000194 0.000194 -0.02288 0.015942 -0.02306 0.000194 -0.03155 0.000194 0.008391 0.000194 0.008324 0.000194 0.000194 -0.01594 0.016587 -0.01594 -0.0244 0.174984 -0.09137 -0.01969 -0.01478 -0.01504 -0.00146 -0.01258 0.021029 0.03446 -0.00404 -0.03095 -0.00424 0.006897 0.001311 0.009644 0.009575 0.020436 0.095144 -0.0134 -0.01361 0.061917 0.029882 0.001311 0.003909 0.04026 0.00026 -0.01373 0.007352 0.014344 0.028037 0.007016 0.037172 0.009968 0.029106 -0.00597 -0.01855 -0.01571 -0.00623 -0.00301 -0.0063 0.056365 0.06276 -0.0468 0.03421 -0.01664 0.015193 -0.01138 -0.00883 -0.00621 -0.00354 0.020772 0.004442 -0.04032 0.00737 -0.00357 -0.0063 0.045726 -0.00608 -0.00348 0.001789 -0.00085 -0.04295 0.004645 -0.00905 0.001906 0.028379 -0.00654 -0.03313 -0.00689 -0.04574 0.010073 -0.00729 0.117631 0.058644 0.006279 -0.00355 0.013668 0.032983 -0.05525 -0.00865 0.031655 0.030764 -0.00817 0.020583 0.03673 0.030965 0.010442 0.033213 0.023858 0.001297 0.022146 0.003613 0.037397 -0.00472 0.008332 -0.01732 0.037673 -0.03914 0.012024 0.051489 -0.03849 0.029637 -0.02012 -0.01224 -0.00082 0.018088 -0.00114 0.006167 -0.00881 -0.03895 0.014273 0.00634 -0.00135 -0.00441 -0.00212 -0.00135 -0.01285 -0.02073 -0.02902 -0.00542 0.014975 0.00668 0.034505 0.041725 -0.02053 0.040753 -0.00135 -0.04464 0.004586 -0.01827 -0.00465 0.004672 0.027906 -0.02715 -6.6E-07 -0.00465 -0.01402 -6.6E-07 0.023696 -0.01389 0.018779 -0.02765 -6.6E-07 -0.01422 -0.0625 -0.04103 0.045454 -0.00256 -0.00256 -0.00329 -0.01796 -0.00335 -0.04528 -0.00037 0.015309 0.01198 0.017927 -0.00635 -0.00639 0.017816 -0.02417 -0.01256 0.027412 -0.00337 -0.01543 -0.00037 -0.02177 0.012135 0.01198 -0.00037 0.022539 -0.00234 0.080187 -0.01579 -0.00234 0.029481 -0.03317 0.02039 -0.00678 -0.02019 0.034027 0.006435 0.049837 -0.0106 -0.00234 -0.00234 -0.00234 0.13933 0.03051 -0.02 0.019246

Abnormal Return Mean adjusted Model

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59 Lampiran 7. Abnormal Return yang Dihasilkan dari Rekomendasi Kontan dengan Pendekatan Market Model Return

Lampiran 8. Abnormal Return yang Di hasilkan dari Rekomendasi Kontan dengan Pendekatan Market Adjusted Model

-0.00166 0.002235 0.002235 0.010047 0.002235 -0.00164 -0.00944 0.006172 0.010078 0.006126 -0.00164 0.006126 0.002235 -0.00164 -0.00166 -0.00167 0.006156 -0.03292 0.006283 -0.0018 -0.00586 -0.32014 -0.33064 -0.32014 -0.31218 -0.3254 -0.32014 -0.31485 -0.31751 -0.31751 -0.32537 -0.34382 -0.33362 -0.342 -0.32293 -0.33134 -0.32014 -0.30881 -0.33134 -0.32014 -0.32297 6.480997 -0.0017 -0.0085 -0.0017 0.022275 -0.0017 0.025058 -0.00496 -0.02457 -0.01508 0.005082 0.025238 -0.02137 0.001646 -0.02836 0.005151 0.008506 -0.00507 -0.00508 0.011861 0.008335 0.004924 -0.00699 -0.00701 -0.00702 0.000428 -0.0033 0.000414 -0.0033 0.022623 -0.01413 -0.0033 -0.0106 -0.01066 -0.0033 0.0004 0.015147 0.022059 0.021432 -0.0033 -0.02399 0.003739 0.010683 -0.02126 -0.00057 -0.04758 -0.03941 -0.05567 -0.08023 -0.64673 1.489266 -0.06832 -0.03486 -0.04758 -0.08105 -0.01294 -0.06431 -0.01353 -0.10107 -0.03453 -0.02183 -0.03502 -0.04758 -0.03518 0.011282 -0.01296 0.000442 0.011311 0.013882 -0.00221 0.000442 -0.00222 -0.02089 -0.01046 0.005951 -0.02696 0.003259 -0.00799 0.000442 0.031603 0.000442 -0.0078 0.008752 -0.00505 0.008729 -0.02195 -0.0145 0.009929 0.021014 -0.01253 -0.00493 -0.00494 -0.01222 0.007571 0.020276 0.003035 -0.00738 -0.00115 -0.00531 0.007188 -0.00282 -0.01559 -0.00156 0.009272 0.0585 -0.03191 0.001737 0.026009 0.001737 -0.003 0.009673 0.030083 0.027771 0.005468 -0.01313 -0.02468 -0.02152 -0.01414 -0.01439 -0.02285 0.077367 -0.01389 -0.06176 0.015296 -0.00662 -0.04885 0.049694 -0.00643 0.00044 0.00044 0.007352 0.007305 -0.00865 -0.00415 0.00044 -0.00647 0.051484 -0.01281 -0.01522 -0.00865 0.025669 -0.01746 -0.00867 0.00044 0.007336 -0.00869 -0.00647 0.00276 -0.35715 -0.39108 -0.38278 -0.44373 -0.38261 -0.33863 -0.37715 -0.38556 -0.37167 -0.3883 -0.39654 -0.39111 -0.37438 -0.38556 -0.39108 -0.38 -0.40213 -1.28443 8.614444 -0.38556 -0.405 0.025709 0.005566 -0.04982 -0.0036 -0.03199 -0.00351 -0.03217 0.229593 -0.01313 0.033749 -0.03551 -0.02076 -0.04389 0.002747 -0.02875 0.002747 -0.02875 -0.06074 0.078541 -0.02839 0.002378 -0.0218 0.03638 0.038879 0.003291 -0.03451 -0.03957 -0.02283 0.003291 0.014786 0.04117 -0.00036 0.003291 0.025269 0.006876 -0.01457 -0.01489 -0.00782 -0.02293 -0.00055 0.003291 0.003291 0.020178 -0.00472 -0.01953 0.017766 0.007585 -0.01943 0.000178 0.002678 0.007659 0.007604 -0.00719 0.01998 -0.01196 0.002635 -0.00963 0.005128 0.000178 -0.00721 -0.0023 0.000178 -0.00977 0.015427 0.004139 0.011332 0.000411 0.007516 -0.01372 -0.00672 -0.00316 -0.0103 -0.00316 0.011228 0.003932 0.003882 0.017819 0.003689 0.010445 -0.03001 0.000288 -0.01691 0.010777 -0.01691 0.020211 -0.01661 0.014351 0.002925 -0.01096 -0.01661 0.020016 0.005664 0.013837 -0.04589 0.019952 0.002878 0.000101 -0.00265 -0.00813 0.016637 -0.00265 -0.01886 0.002848 -0.00538 0.008312 0.015626 -0.01087 0.015626 0.024222 -0.00629 0.01528 0.006566 -0.01047 0.002293 -0.01064 -0.01081 0.011142 -0.00648 0.002293 -0.00213 0.002293 0.015626 -0.00209 -0.01973 0.002293 -0.03374 0.003741 0.014003 0.000304 0.000304 0.000304 0.000304 0.000304 0.000304 0.003683 0.000304 -0.00643 -0.00309 0.000304 0.000304 0.000304 -0.0201 0.003777 -0.00316 0.014193 -0.00997 0.000304 -0.00266 0.001205 0.001205 0.005081 0.001205 0.005066 -0.01803 0.016891 -0.00266 0.001205 0.001205 0.005081 0.001205 0.005066 -0.01803 0.012969 -0.01042 -0.01056 0.009141 -0.03817 0.033992 -0.00595 -0.0145 -0.00318 0.008371 -0.0003 -0.00603 -0.01183 0.023024 -0.006 -0.0003 -0.00316 0.008321 -0.0003 -0.006 -0.00316 0.008321 0.005399 0.002533 -0.0003 0.002525 0.002518 -0.00417 0.009425 -0.0092 -0.00078 0.014501 0.009254 -0.00906 0.020924 0.012293 -0.03304 -0.00078 -0.00911 -0.00078 -0.00078 -0.00246 -0.00078 0.002588 -0.00078 -0.00581 0.002593 0.005943 0.010285 -0.0112 -0.0114 -0.01162 0.018016 0.003091 -0.00426 0.010498 0.003091 -0.00426 -0.03395 -0.0046 -0.02792 0.011091 0.018964 0.003091 0.010903 0.010843 -0.0046 0.010843 0.003091 0.014783 0.006787 -0.00097 -0.00097 -0.02404 0.014783 -0.02422 -0.00097 -0.03271 -0.00097 0.007231 -0.00097 0.007165 -0.00097 -0.00097 -0.01709 0.015428 -0.01709 -0.02556 0.173825 -0.09252 -0.02739 -0.02248 -0.02274 -0.00917 -0.02028 0.013323 0.026754 -0.01174 -0.03865 -0.01195 -0.00081 -0.0064 0.001938 0.001869 0.01273 0.087438 -0.0211 -0.02132 0.054211 0.022176 -0.0064 -0.0063 0.030047 -0.00995 -0.02394 -0.00286 0.004132 0.017825 -0.0032 0.02696 -0.00024 0.018893 -0.01618 -0.02876 -0.02593 -0.01645 -0.01322 -0.01651 0.046153 0.052547 -0.05701 0.023998 -0.01391 0.017925 -0.00864 -0.0061 -0.00348 -0.00081 0.023504 0.007173 -0.03759 0.010101 -0.00084 -0.00357 0.048457 -0.00335 -0.00075 0.004521 0.001882 -0.04022 0.007377 -0.00631 0.004637 0.016801 -0.01812 -0.04471 -0.01847 -0.05732 -0.0015 -0.01887 0.106053 0.047066 -0.0053 -0.01513 0.00209 0.021404 -0.06683 -0.02023 0.020077 0.019186 -0.01975 0.009005 0.025152 0.019387 0.003051 0.025822 0.016467 -0.00609 0.014755 -0.00378 0.030006 -0.01211 0.000941 -0.02471 0.030282 -0.04653 0.004633 0.044098 -0.04588 0.022246 -0.02751 -0.01963 -0.00821 0.010697 -0.00853 0.00741 -0.00757 -0.0377 0.015516 0.007583 -0.00011 -0.00316 -0.00087 -0.00011 -0.0116 -0.01949 -0.02778 -0.00417 0.016218 0.007923 0.035748 0.042968 -0.01928 0.041996 -0.00011 -0.0434 0.009732 -0.01312 0.000494 0.009818 0.033052 -0.022 0.005145 0.000494 -0.00887 0.005145 0.028842 -0.00874 0.023924 -0.0225 0.005145 -0.00907 -0.05736 -0.03588 0.050599 0.002587 0.002581 -0.00108 -0.01575 -0.00114 -0.04306 0.001847 0.017521 0.014193 0.02014 -0.00414 -0.00418 0.020029 -0.02196 -0.01035 0.029625 -0.00116 -0.01321 0.001847 -0.01956 0.014347 0.014193 0.001847 0.007598 -0.01728 0.065247 -0.03073 -0.01728 0.014541 -0.04811 0.00545 -0.02172 -0.03513 0.019086 -0.00851 0.034896 -0.02554 -0.01728 -0.01728 -0.01728 0.124389 0.015569 -0.03495 0.004305

Abnormal Return Market Model Return

-0.00198 0.001614 -0.00624 0.002828 -0.00132 -0.01045 -0.00898 0.007725 0.005793 0.003967 -0.01093 0.009231 0.000497 0.001157 -0.00545 -0.00049 0.000609 -0.03778 0.0016 -0.00347 -0.00881 7.59E-05 -0.01755 0.00534 0.008454 -0.00023 -0.00156 0.008705 -0.00068 -4E-08 -0.00768 -0.02312 -0.01419 -0.01747 -0.01122 -0.00805 -0.00345 0.012663 -0.00957 -0.0016 -0.00067 6.797668 -0.00156 -0.00339 -0.00331 0.021348 -0.00245 0.027319 -0.00397 -0.01849 -0.02181 0.00993 0.023486 -0.01834 0.004983 -0.02827 0.009017 0.006736 -0.00747 -0.00352 -0.00225 0.006012 0.007785 -0.00716 -0.00781 -0.00386 -0.01207 -0.00402 0.00488 -0.00164 0.02755 -0.01619 -0.00061 -0.00264 -0.01661 -7.9E-05 0.008146 0.011503 0.01733 0.020284 -0.00057 -0.01598 0.008667 0.016886 0.022294 0.048171 -0.00164 0.009787 -0.01346 -0.03326 -0.5945 1.527583 -0.02083 0.017154 -0.00695 -0.0415 0.030181 -0.01731 0.038752 -0.05187 0.015943 0.022869 0.017444 0.006954 0.007192 0.00548 -0.01401 0.004658 0.00161 0.013362 0.00179 -0.00695 -0.01069 -0.02578 -0.01147 0.011837 -0.0245 -6.6E-05 -0.00354 0.006954 0.025957 0.002 -0.0206 0.005429 -0.01355 0.011693 -0.01872 -0.02364 0.010277 0.016192 -0.00589 0.002101 -4E-05 -0.00398 0.00689 0.021047 0.001955 -0.00226 0.009815 -0.00601 0.008011 0.007773 -0.00679 -0.00367 -0.01344 0.069056 -0.02541 0.003808 0.025941 0.005011 -0.00865 0.005479 0.024038 0.027927 0.011463 -0.0188 -0.02882 -0.02326 -0.00851 -0.01055 -0.02993 0.049692 -0.0083 -0.06022 0.018302 -0.01071 -0.04981 0.051273 -0.01117 0.001893 0.007732 0.002984 0.004459 -0.00909 0.002773 0.005579 -0.01225 0.025106 -0.00592 -0.01238 -0.00435 0.022883 -0.01711 -0.0058 -0.00786 0.006149 -0.01014 0.000116 0.000657 0.028409 0.001835 0.008357 -0.06351 -0.023 0.054248 0.011679 0.004743 0.011543 -0.00196 -0.01099 -0.00224 0.003311 -0.00075 -0.00653 0.012584 -0.01824 -0.89636 9.004804 -0.0028 -0.02229 0.046162 0.021967 -0.03195 0.007178 -0.01808 0.009615 -0.01573 0.234856 -0.00075 0.045867 -0.02239 -0.0006 -0.03243 0.018392 -0.01082 0.013069 -0.01847 -0.06256 0.094535 -0.00615 0.012311 -0.02509 0.036404 0.027725 -0.00075 -0.03881 -0.04286 -0.01909 -0.00166 0.014013 0.042683 -0.00645 -0.00285 0.007042 0.006452 -0.00874 -0.02137 -0.01982 -0.03082 -0.00576 -0.01381 0.007592 0.006186 0.00269 -0.01283 0.013378 0.013353 -0.01216 -0.00032 -0.00543 0.005606 0.007125 -0.009 0.023042 -0.00945 -0.00073 0.000459 -0.00132 -0.00206 -0.0051 -0.00585 -0.00194 -0.01165 0.026032 0.006984 0.006559 0.001696 0.010376 -0.01219 -0.00032 0.00269 -0.01033 0.010263 0.008116 0.005033 0.009335 0.017611 0.004911 0.011906 -0.02073 0.000168 -0.00625 0.014473 -0.00887 0.021156 -0.00785 0.013717 0.013071 -0.00778 -0.00909 0.012006 0.005997 0.016151 -0.03298 0.016468 -0.00026 -0.00701 -0.00032 9.2E-05 0.015992 -0.00574 -0.01285 0.00189 -0.0007 0.013522 0.018213 -0.02382 0.01102 0.021597 0.001682 0.006856 -0.00151 -0.02252 -0.00032 -0.00736 -0.0131 0.005558 -0.01451 0.003366 -0.00803 0.002032 0.015896 -0.00172 -0.02059 0.008581 -0.03883 -0.00269 0.007915 -0.00975 -0.00032 0.005571 0 -0.00329 -0.00574 0.006744 -0.0036 -0.0047 -0.00083 0.002667 0.001438 0.008581 -0.0232 0.004474 -0.00486 0.009635 -0.01279 -8.4E-05 -0.00386 -0.00329 -0.00574 0.007242 -0.0036 0.005893 -0.01667 0.018354 -0.00242 0.008581 0 0.001083 0.001002 0.002458 -0.02348 0.009244 -0.01171 -0.00723 0.006864 -0.04285 0.030706 -0.00362 -0.01164 -0.00021 0.010109 0.008581 -0.00573 -0.01432 0.024326 -0.0071 -0.00425 -0.00539 0.008536 0.004537 -0.00677 -0.00635 0.00654 0.002858 0.001944 -0.00087 0.005717 0.008017 -0.00339 0.007411 -0.00742 -0.0014 0.011027 0.007513 -0.00836 0.02624 0.012 -0.03574 -0.00208 -0.01117 -0.00089 -0.00087 0.001211 0.0052 0.003526 0.003749 -0.01527 0.00114 0.002424 0.004674 -0.01437 -0.00996 -0.01578 0.011441 -0.00208 -0.01019 0.006518 -0.00087 -0.00446 -0.03704 -0.00249 -0.03085 0.011749 0.005634 -0.00223 0.003514 0.005728 0.000637 0.007164 -0.00162 0.013667 0.004911 -0.00089 -0.00087 -0.02019 0.015748 -0.01806 0.000159 -0.028 -0.01024 0.005964 -0.0043 0.006106 0.008329 -0.00059 -0.01775 0.017944 -0.01224 -0.03197 0.17514 -0.09588 -0.021 -0.01089 -0.01619 0.000979 -0.02413 0.017485 0.02885 -0.00737 -0.02393 -0.00614 0.003969 0.00155 0.012224 0.000885 0.019476 0.089517 -0.01431 -0.01188 0.063755 0.025354 -0.00345 0.001417 0.035701 -0.00202 -0.00566 0.006504 0.012466 0.029328 0.010647 0.029533 0.010059 0.024529 -0.00583 -0.01576 -0.01283 -0.00971 -0.00672 -0.0069 0.043781 0.06741 -0.04343 0.028643 -0.01544 0.011725 -0.01013 -0.00493 -0.00221 -0.00591 0.018168 0.004946 -0.0518 0.01313 0.000913 -0.01076 0.041187 -0.00407 -0.00403 0.00077 -0.00159 -0.04028 0.006639 -0.00478 0.002817 0.023809 -0.01135 -0.03483 -0.02057 -0.04218 0.012352 -0.01395 0.110891 0.058457 0.003528 -0.00677 0.010724 0.033457 -0.05546 -0.00659 0.030365 0.034919 -0.00686 0.008247 0.033088 0.029357 0.015215 0.029048 0.019612 0.003605 0.02189 0.002887 0.036948 -0.00175 0.010619 -0.01277 0.038878 -0.03249 0.015835 0.041648 -0.03964 0.030523 -0.01543 -0.01738 0.001398 0.018588 0.000642 0.005651 -0.00905 -0.03577 0.01677 0.011107 6.18E-05 0.002454 0.001903 -0.01098 -0.01378 -0.01964 -0.02413 -0.01035 0.017404 0.007389 0.036499 0.042434 -0.01875 0.041095 0.00154 -0.02527 0.004649 -0.01276 -0.00198 -0.00631 0.025617 -0.02741 0.003539 -0.01094 -0.01294 -0.00064 0.024117 -0.0149 0.020319 -0.00963 0 -0.02196 -0.06288 -0.04686 0.050205 -0.00657 -0.00185 -0.0025 -0.01861 -0.00145 -0.02689 0 0.007936 0.011966 0.012454 -0.00124 -0.01004 0.018899 -0.02476 -0.01588 0.018025 -0.00395 -0.01744 -0.00549 -0.01197 0.000402 0.006261 -0.00903 0.017138 -0.00038 0.076686 -0.0087 -0.00402 0.032535 -0.03179 0.019042 -0.0142 -0.0188 0.033987 0.003277 0.061608 -0.02036 -0.00608 -0.00903 -0.00588 0.135077 0.03543 -0.00382 0.01505

Abnormal Return Market Adjusted Model

(5)

60 Lampiran 9. Statistik Deskriptif Abnormal Return yang Direkomendasikan Bisnis Indonesia dengan Pendekatan Mean Adjusted Model

Lampiran 10. Statistik Deskriptif Abnormal Return yang Direkomendasikan

Kontan dengan Pendekatan Mean Adjusted Model

(6)

61 Lampiran 11. Statistik Deskriptif Abnormal Return yang Direkomendasikan Bisnis Indonesia dengan Pendekatan Market Model Return

Lampiran 12. Statistik Deskriptif Abnormal Return yang Direkomendasikan

Kontan dengan Pendekatan Market Model Return

(7)

62 Lampiran 13. Statistik Deskriptif Abnormal Return yang Direkomendasikan Bisnis Indonesia dengan Pendekatan Market Adjusted Return

Lampiran 14. Statistik Deskriptif Abnormal Return yang Direkomendasikan

Kontan dengan Pendekatan Market Adjusted Return

(8)

63 Lampiran 15. Cumulative Average Abnormal Return yang Direkomendasikan Bisnis Indonesia dengan Pendekatan Mean Adjusted Model

Mean Adjusted Model Cumulative Average Abnormal Return

Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah

t-2 t+4 t-3 t+3 t-5 t+5 t-10 t+10

0.0096 0.0016 0.0157 -0.0135 0.0085 -0.0114 0.0052 0.0045

0.0000 0.0000 0.0005 0.0070 -0.0036 0.0042 -0.0200 0.0000

-0.0060 -0.0010 0.0296 0.0257 0.0178 0.0154 0.0000 -0.0016

-0.0072 -0.0095 -0.0042 0.0032 -0.0033 0.0050 0.0010 -0.0079

0.0096 0.0000 0.0037 0.0115 0.0071 0.0079 0.0034 -0.0063

-0.0172 -0.0109 0.0024 -0.0208 0.0034 -0.0163 -0.0058 -0.0058

0.0000 -0.0269 -0.0061 -0.0886 -0.0037 -0.0597 -0.0040 -0.0114

0.0037 0.0000 -0.0401 -0.0380 -0.0038 -0.0243 -0.0072 -0.0043

-0.0313 0.0053 -0.0279 -0.0287 -0.0105 -0.0172 -0.0058 0.0027

-0.0042 0.0209 0.0162 0.0452 0.0066 0.0248 -0.0036 0.0076

0.0135 0.0106 -0.0090 -0.0224 0.0027 -0.0116 -0.0012 -0.0027

0.0000 -0.0022 0.0022 0.0096 -0.0001 0.0049 0.0002 -0.0014

0.0053 0.0000 0.0162 0.0149 0.0112 0.0118 0.0059 0.0042

-0.0115 -0.0011 0.0064 -0.0198 0.0018 -0.0073 -0.0042 -0.0078

-0.0113 0.0106 -0.0405 -0.0403 -0.0185 -0.0297 -0.0027 0.0058

-0.0057 0.0029 0.0145 -0.0009 0.0111 0.0040 0.0013 0.0024

-0.0152 0.0097 0.0378 0.0592 0.0174 0.0175 0.0170 0.0022

0.0000 -0.0087 -0.0112 -0.0067 -0.0101 0.0013 -0.0028 0.0000

0.0000 -0.0054 0.0013 0.0142 0.0024 0.0069 0.0029 -0.0010

0.0000 -0.0031 -0.0027 0.0013 -0.0008 -0.0017 -0.0012 -0.0025

-0.0032 0.0073 0.0010 -0.0012 0.0006 -0.0001 0.0006 0.0032

-0.0018 0.0018 -0.0126 -0.0004 -0.0017 0.0026 0.0004 0.0101

0.0031 0.0000 0.0823 0.0907 0.0458 0.0533 0.0055 -0.0026

0.0031 0.0016 -0.0063 -0.0084 -0.0062 -0.0062 -0.0024 0.0108

-0.0236 0.0072 -0.0240 -0.0077 -0.0150 -0.0018 -0.0083 0.0015

-0.0105 -0.0048 -0.0265 -0.0276 -0.0112 -0.0183 -0.0027 0.0003

-0.0015 0.0017 0.0169 -0.0460 0.0088 -0.0235 0.0012 -0.0016

-0.0067 -0.0058 -0.0090 -0.0106 -0.0018 -0.0035 -0.0035 -0.0033

-0.0089 0.0078 -0.0035 0.0002 -0.0028 -0.0016 -0.0040 0.0013

0.0000 -0.0009 -0.0023 0.0200 -0.0055 -0.0019 0.0051 0.0036

-0.0091 -0.0082 0.0302 0.0525 0.0211 0.0315 0.0066 -0.0892

(9)

64 Lampiran 16. Statistik Deskriptif Cumulative Average Abnormal Return yang

Direkomendasikan Bisnis Indonesia dengan Pendekatan Mean Adjusted Model

(10)

65 Lampiran 17. Cumulative Average Abnormal Return yang Direkomendasikan Kontan dengan Pendekatan Mean Adjusted Model

Mean Adjusted Model Cumulative Average Abnormal Return

Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah

t-2 t+4 t-3 t+3 t-5 t+5 t-10 t+10

0.0046 -0.0022 0.0040 -0.0013 -0.0012 -0.0028 -0.0009 -0.0060

-0.0020 -0.0131 -0.0007 -0.0134 0.0003 -0.0106 -0.0010 0.6742

-0.0040 -0.0098 -0.0106 -0.0151 -0.0019 -0.0059 0.0004 -0.0010

-0.0052 0.0040 0.0053 -0.0010 0.0040 0.0083 0.0014 0.0068

-0.0036 0.0050 0.5100 -0.0048 0.1798 -0.0066 0.0975 0.0033

-0.0163 -0.0084 -0.0118 -0.0112 -0.0077 -0.0005 -0.0017 -0.0001

0.0160 0.0004 0.0072 -0.0026 0.0032 0.0001 0.0008 0.0030

-0.0227 0.0027 -0.0146 -0.0210 0.0013 -0.0014 0.0023 -0.0078

0.0212 -0.0052 0.0138 -0.0007 0.0052 -0.0062 0.0029 -0.0042

0.0054 -0.0001 0.0036 0.0017 0.0131 0.0010 0.0035 0.8069

0.0222 -0.0108 0.0953 -0.0087 0.0548 -0.0057 0.0279 -0.0006

0.0251 0.0023 0.0168 0.0089 -0.0036 -0.0017 -0.0010 -0.0048

0.0068 -0.0006 0.0051 0.0027 -0.0011 0.0004 0.0012 -0.0021

-0.0049 0.0091 -0.0037 0.0104 -0.0056 0.0098 0.0020 0.0005

-0.0128 0.0013 -0.0055 0.0034 -0.0013 0.0050 0.0020 0.0026

-0.0058 -0.0005 -0.0079 0.0007 -0.0011 -0.0002 0.0025 -0.0047

0.0006 -0.0019 0.0001 -0.0022 -0.0004 -0.0058 0.0010 -0.0031

-0.0025 -0.0035 0.0034 0.0020 -0.0013 -0.0005 -0.0009 -0.0028

-0.0027 0.0002 0.0061 0.0012 0.0003 0.0019 -0.0012 0.0025

-0.0094 -0.0024 0.0010 -0.0026 0.0010 -0.0019 0.0019 0.0000

-0.0040 -0.0040 -0.0003 -0.0106 -0.0018 -0.0033 -0.0032 -0.0002

-0.0157 0.0022 -0.0104 0.0029 -0.0077 -0.0014 -0.0037 0.0053

-0.0176 0.0102 -0.0131 0.0068 0.0033 0.0272 -0.0047 0.0202

0.0236 -0.0116 0.0181 -0.0134 0.0193 -0.0099 0.0135 0.0051

-0.0165 0.0075 -0.0095 0.0111 -0.0023 0.0063 -0.0039 -0.0015

0.0325 -0.0043 0.0609 -0.0029 0.0371 0.0029 0.0121 0.0125

-0.0045 -0.0035 -0.0046 0.0081 0.0055 0.0031 0.0118 -0.0001

-0.0071 -0.0032 -0.0054 -0.0065 -0.0044 0.0043 -0.0043 0.0038

-0.0070 -0.0057 -0.0062 -0.0076 -0.0092 -0.0074 -0.0032 -0.0100

-0.0064 -0.0032 0.0017 -0.0031 0.0065 -0.0056 -0.0038 -0.0027

-0.0135 0.0108 -0.0022 0.0152 -0.0021 0.0082 0.0072 0.0208

(11)

66 Lampiran 18. Statistik Deskriptif Cumulative Average Abnormal Return yang

Direkomendasikan Kontan dengan Pendekatan Mean Adjusted Model

(12)

67 Lampiran 19. Cumulative Average Abnormal Return yang Direkomendasikan Bisnis Indonesia dengan Pendekatan Market Model Return

Market Model Return

Cumulative Average Abnormal Return

Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah

t-2 t+4 t-3 t+3 t-5 t+5 t-10 t+10

0.0359 -0.0100 0.0331 -0.0142 0.0153 -0.0129 0.0046 -0.0043

0.0102 0.0200 0.0202 0.0200 0.0162 0.0200 -0.0220 0.0200

-0.0029 -0.0009 -0.0015 -0.0002 -0.0005 -0.0005 -0.0001 -0.0005

0.0147 -0.0035 0.0108 -0.0031 0.0024 0.0002 0.0070 -0.0029

0.0007 -0.0018 0.0054 -0.0026 0.0103 -0.0004 0.0045 -0.0031

0.0625 0.0007 0.0410 0.0047 0.0267 -0.0026 0.0064 -0.0018

0.0031 -0.0339 -0.0092 -0.0408 -0.0043 -0.0338 -0.0057 -0.0157

-0.0101 -0.0015 -0.0054 -0.0058 0.0097 -0.0019 -0.0016 0.0005

-0.0521 0.0081 -0.0367 0.0117 -0.0116 0.0053 -0.0118 0.0057

0.0040 0.0349 -0.0179 0.0393 0.0020 0.0260 -0.0087 0.0136

0.0040 0.0084 -0.0069 0.0050 -0.0024 0.0079 -0.0039 -0.0015

0.0022 0.0018 0.0036 0.0100 0.0013 0.0003 -0.0009 0.0018

0.0013 -0.0085 0.0038 -0.0094 0.0051 -0.0051 0.0015 0.0001

0.0370 0.0057 0.0279 0.0006 0.0155 0.0096 0.0009 -0.0016

-0.0247 0.0072 -0.0111 0.0121 -0.0012 -0.0008 0.0000 -0.0018

-0.0073 -0.0043 0.0066 -0.0091 0.0057 0.0008 -0.0030 0.0008

-0.0490 0.0078 -0.0447 0.0111 -0.0329 -0.0122 0.0139 -0.0137

-0.0053 -0.0074 0.0011 -0.0030 -0.0064 -0.0004 -0.0026 0.0025

0.0002 0.0035 0.0002 0.0196 0.0002 0.0005 0.0024 -0.0024

0.0033 0.0013 0.0006 0.0033 0.0025 -0.0008 0.0017 -0.0012

-0.0106 0.0022 -0.0042 -0.0053 -0.0042 0.0022 -0.0014 0.0012

-0.0181 -0.0008 -0.0163 -0.0004 -0.0046 0.0003 -0.0061 0.0066

0.0125 0.0110 0.0154 0.0136 0.0145 0.0095 -0.0039 0.0048

-0.0007 -0.0022 -0.0058 -0.0058 -0.0086 -0.0038 -0.0068 0.0065

-0.0251 0.0142 -0.0210 0.0154 -0.0157 0.0148 -0.0067 0.0088

-0.0090 -0.0062 0.0001 -0.0052 0.0052 -0.0071 0.0014 -0.0011

0.0413 -0.0221 0.0412 -0.0342 0.0229 -0.0129 0.0088 -0.0092

-0.0062 -0.0055 -0.0083 -0.0074 0.0023 -0.0006 -0.0003 0.0003

-0.0077 0.0127 -0.0099 0.0209 -0.0024 0.0091 -0.0042 0.0039

-0.0139 0.0091 0.0191 0.0196 -0.0004 -0.0075 0.0046 -0.0052

-0.3677 -0.3782 -0.3670 -0.3793 -0.3673 -0.3786 -0.3717 0.4166

(13)

68 Lampiran 20. Statistik Deskriptif Cumulative Average Abnormal Return yang

Direkomendasikan Bisnis Indonesia dengan Pendekatan Market Model Return

(14)

69 Lampiran 21. Cumulative Average Abnormal Return yang Direkomendasikan Kontan dengan Pendekatan Market Model Return

Market Model Return

Cumulative Average Abnormal Return

Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah

t-2 t+4 t-3 t+3 t-5 t+5 t-10 t+10

0.0019 -0.0010 0.0084 0.0070 0.0027 0.0034 0.0012 -0.0004

-0.0026 -0.0083 0.1050 0.1066 0.0641 0.0640 -0.0005 0.6779

0.0034 0.0025 0.0109 -0.0090 0.0059 -0.0034 0.0028 0.0027

0.0000 0.0046 0.0135 0.0183 0.0081 0.0160 0.0030 0.0036

0.0064 0.0172 0.7335 0.7237 0.3203 0.4235 0.1572 0.0107

-0.0054 0.0007 -0.0145 -0.0212 -0.0087 -0.0065 -0.0019 0.0019

0.0118 0.0031 0.0152 0.0074 0.0088 0.0045 0.0026 -0.0016

-0.0132 0.0149 -0.0035 -0.0043 0.0031 -0.0057 0.0025 0.0036

0.0255 -0.0067 0.0177 0.0276 0.0097 0.0147 0.0049 -0.0034

-0.0014 0.0014 0.1078 0.1050 0.0664 0.0641 -0.0020 0.8970

0.0234 -0.0116 0.1254 0.1357 0.0715 0.0846 0.0327 0.0045

0.0189 0.0010 0.0261 0.0247 0.0104 0.0112 0.0028 -0.0011

0.0037 -0.0055 -0.0016 0.0058 -0.0010 0.0044 0.0003 -0.0034

0.0000 0.0035 -0.0122 -0.0053 -0.0081 -0.0005 0.0000 -0.0040

-0.0216 -0.0007 -0.0363 -0.0475 -0.0172 -0.0246 -0.0057 0.0014

-0.0065 -0.0033 -0.0095 -0.0022 -0.0049 -0.0013 -0.0004 -0.0058

0.0000 0.0000 0.0033 0.0033 0.0020 -0.0021 0.0014 0.0017

0.0000 -0.0048 0.0151 0.0190 0.0052 0.0137 0.0023 0.0010

0.0000 -0.0007 0.0108 0.0146 0.0042 0.0105 0.0012 0.0006

-0.0161 -0.0004 0.0051 -0.0020 0.0014 -0.0012 0.0010 0.0003

-0.0037 -0.0038 -0.0108 0.0017 -0.0079 0.0010 -0.0029 -0.0015

0.0000 0.0020 0.0183 0.0262 0.0064 0.0125 0.0023 -0.0092

-0.0028 0.0069 0.0048 0.0165 0.0095 0.0286 -0.0010 0.0073

0.0049 -0.0063 0.0093 -0.0200 0.0112 -0.0126 0.0057 0.0065

0.0041 0.0110 0.0090 0.0195 0.0097 0.0122 0.0019 0.0052

0.0025 0.0054 0.0624 0.0302 0.0357 0.0242 0.0114 0.0100

-0.0081 -0.0060 -0.0227 -0.0339 -0.0059 -0.0142 0.0022 -0.0043

-0.0057 0.0010 0.0071 0.0098 0.0037 0.0131 -0.0004 0.0046

0.0000 0.0047 -0.0261 -0.0432 -0.0157 -0.0288 -0.0045 -0.0001

-0.0030 -0.0038 -0.0143 -0.0170 -0.0061 -0.0132 -0.0035 -0.0003

-0.0089 0.0130 -0.0120 -0.0225 -0.0134 -0.0135 0.0023 0.0107

(15)

70 Lampiran 22. Statistik Deskriptif Cumulative Average Abnormal Return yang

Direkomendasikan Kontan dengan Pendekatan Market Model Return

(16)

71 Lampiran 23. Cumulative Average Abnormal Return yang Direkomendasikan Bisnis Indonesia dengan Pendekatan Market Adjusted Model

Market Adjusted Model Cumulative Average Abnormal Return

Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah

t-2 t+4 t-3 t+3 t-5 t+5 t-10 t+10

0.0429 0.0003 0.0417 -0.0027 0.0228 -0.0025 0.0115 0.0041

-0.0123 -0.0004 -0.0027 -0.0016 -0.0051 -0.0010 -0.0423 -0.0005

-0.0066 -0.0011 -0.0029 -0.0008 -0.0018 -0.0016 -0.0019 -0.0038

0.0125 -0.0057 0.0101 -0.0039 0.0022 -0.0030 0.0046 -0.0037

0.0024 -0.0045 0.0032 -0.0075 0.0096 -0.0023 0.0030 -0.0037

0.0571 0.0008 0.0337 0.0034 0.0207 -0.0042 0.0009 -0.0058

0.0003 -0.0327 -0.0093 -0.0386 -0.0031 -0.0313 -0.0069 -0.0158

-0.0172 -0.0100 -0.0089 -0.0072 0.0055 -0.0080 -0.0052 -0.0036

-0.0620 0.0155 -0.0395 0.0194 -0.0095 0.0130 -0.0080 0.0120

0.0014 0.0315 -0.0187 0.0357 0.0029 0.0243 -0.0110 0.0118

0.0060 0.0143 -0.0073 0.0104 -0.0009 0.0127 -0.0003 0.0014

0.0074 0.0018 0.0070 0.0066 0.0053 0.0000 0.0012 0.0003

0.0060 0.0006 0.0062 -0.0027 0.0103 0.0021 0.0073 0.0059

0.0384 0.0023 0.0290 -0.0025 0.0157 0.0061 -0.0003 -0.0027

-0.0148 0.0096 -0.0035 0.0118 0.0041 0.0015 0.0061 0.0017

-0.0031 -0.0051 0.0066 -0.0095 0.0040 0.0009 -0.0030 0.0029

-0.0472 0.0136 -0.0448 0.0153 -0.0329 -0.0077 0.0132 -0.0112

-0.0013 -0.0103 0.0043 -0.0051 -0.0040 -0.0034 -0.0029 0.0003

0.0012 0.0073 0.0025 0.0246 0.0026 0.0039 0.0072 0.0015

-0.0023 -0.0025 -0.0027 -0.0015 -0.0013 -0.0034 -0.0026 -0.0055

-0.0085 0.0030 -0.0028 -0.0012 -0.0039 0.0026 -0.0009 0.0019

-0.0122 0.0086 -0.0093 0.0093 0.0043 0.0094 0.0026 0.0151

0.0070 0.0012 0.0080 0.0036 0.0050 -0.0010 -0.0134 -0.0051

-0.0004 0.0024 -0.0031 0.0002 -0.0055 0.0000 -0.0034 0.0094

-0.0323 0.0080 -0.0271 0.0088 -0.0221 0.0088 -0.0114 0.0046

-0.0071 -0.0030 0.0003 -0.0027 0.0057 -0.0041 0.0013 0.0008

0.0399 -0.0272 0.0396 -0.0389 0.0197 -0.0177 0.0046 -0.0137

-0.0178 -0.0109 -0.0167 -0.0128 -0.0036 -0.0058 -0.0054 -0.0029

-0.0106 0.0142 -0.0149 0.0240 -0.0060 0.0082 -0.0080 0.0014

-0.0093 0.0095 0.0217 0.0191 0.0013 -0.0067 0.0095 -0.0050

0.0069 -0.0018 0.0082 -0.0021 0.0098 -0.0033 0.0055 0.7940

(17)

72 Lampiran 24. Statistik Deskriptif Cumulative Average Abnormal Return yang

Direkomendasikan Bisnis Indonesia dengan Pendekatan Market Adjusted Model

(18)

73 Lampiran 25. Cumulative Average Abnormal Return yang Direkomendasikan Kontan dengan Pendekatan Market Adjusted Model

Market Adjusted Model Cumulative Average Abnormal Return

Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah Sebelum Sesudah

t-2 t+4 t-3 t+3 t-5 t+5 t-10 t+10

0.0049 0.0014 0.0058 0.0036 -0.0004 0.0010 -0.0007 -0.0043 -0.0038 -0.0127 -0.0028 -0.0143 -0.0002 -0.0109 -0.0005 0.6744 -0.0059 -0.0082 -0.0101 -0.0139 -0.0014 -0.0052 0.0004 -0.0025 -0.0084 0.0007 0.0036 -0.0028 0.0028 0.0041 -0.0021 0.0050 -0.0018 0.0025 0.5080 -0.0095 0.1792 -0.0084 0.0961 0.0029 -0.0186 -0.0053 -0.0160 -0.0094 -0.0106 0.0010 -0.0042 -0.0010

0.0140 0.0024 0.0080 0.0005 0.0052 0.0035 0.0004 0.0037 -0.0238 0.0002 -0.0121 -0.0163 0.0032 -0.0015 0.0047 -0.0059

0.0064 -0.0027 0.0061 0.0021 0.0024 -0.0034 0.0018 -0.0028 0.0048 -0.0016 0.0048 0.0001 0.0161 0.0013 0.0032 0.8071 0.0226 -0.0064 0.0933 -0.0049 0.0548 -0.0025 0.0299 0.0007 0.0283 0.0005 0.0183 0.0035 -0.0014 -0.0039 -0.0007 -0.0082 0.0064 0.0033 0.0024 0.0043 -0.0010 0.0024 0.0018 -0.0015 0.0000 0.0092 0.0009 0.0107 -0.0020 0.0098 0.0042 0.0028 -0.0084 -0.0019 -0.0036 -0.0025 -0.0016 0.0017 0.0024 0.0005 -0.0038 -0.0034 -0.0101 -0.0019 -0.0050 -0.0023 0.0004 -0.0048

0.0016 0.0030 -0.0009 0.0011 -0.0012 -0.0023 -0.0005 -0.0015 0.0031 -0.0047 0.0082 0.0015 0.0027 -0.0019 0.0004 -0.0034 -0.0057 0.0000 0.0043 0.0021 -0.0014 0.0013 -0.0004 0.0024 -0.0119 -0.0029 0.0008 -0.0043 0.0003 -0.0013 0.0008 -0.0011 -0.0027 -0.0040 0.0004 -0.0072 -0.0022 -0.0036 -0.0035 -0.0003 -0.0191 0.0024 -0.0127 0.0034 -0.0081 -0.0016 -0.0044 0.0045 -0.0150 0.0085 -0.0125 0.0049 0.0018 0.0247 -0.0062 0.0183 0.0198 -0.0110 0.0167 -0.0115 0.0184 -0.0102 0.0128 0.0039 -0.0193 0.0056 -0.0112 0.0088 -0.0043 0.0046 -0.0042 -0.0014

0.0310 -0.0045 0.0576 -0.0038 0.0343 0.0025 0.0086 0.0111

-0.0011 -0.0037 -0.0013 0.0083 0.0072 0.0032 0.0125 0.0004

-0.0124 -0.0024 -0.0076 -0.0057 -0.0041 0.0054 -0.0032 0.0068

-0.0068 -0.0011 -0.0082 -0.0014 -0.0097 -0.0052 -0.0039 -0.0094

-0.0056 -0.0066 0.0004 -0.0075 0.0042 -0.0088 -0.0028 -0.0064

-0.0165 0.0096 -0.0047 0.0148 -0.0026 0.0059 0.0068 0.0205

(19)

74 Lampiran 26. Statistik Deskriptif Cumulative Average Abnormal Return yang

Direkomendasikan Kontan dengan Pendekatan Market Adjusted Model

(20)

75 Lampiran 27. Uji Normalitas Abnormal Return yang Dihasilkan Bisnis Indonesia Bisnis Indonesia

Keterangan

Mean Adjusted

Model

Market Model Return

Market Adjusted Model Sharpio Wilk

Hariminus10 0.202 0 0.745

Hariminus9 0.014 0 0.212

Hariminus8 0.004 0 0.001

Hariminus7 0 0 0

Hariminus6 0.042 0 0.03

Hariminus5 0.011 0 0.013

Hariminus4 0.006 0 0

Hariminus3 0.102 0 0.058

Hariminus2 0.001 0 0

Hariminus1 0.005 0 0.002

Hariminus0 0 0 0

Hariplus1 0.001 0 0.001

Hariplus2 0.061 0 0.057

Hariplus3 0.002 0 0

Hariplus4 0.002 0 0.282

Hariplus5 0.001 0 0

Hariplus6 0 0 0

Hariplus7 0 0 0

Hariplus8 0.02 0 0

Hariplus9 0.144 0 0.066

Hariplus10 0.014 0 0.016

(21)

76 Lampiran 28. Uji Wilcoxon One Sample Signed Rank Test Abnormal Return Diseputar Rekomendasi Bisnis Indonesia

Bisnis Indonesia

Keterangan Mean Adjusted Model Market Model Return Market Adjusted Model Wilcoxon One Sample Rank Test

Hariminus10 0.035 (signifikan) 0.020 (signifikan) 0.030 (signifikan)

Hariminus9 0.029 (signifikan ) 0.021 (signifikan) 0.031 (signifikan)

Hariminus8 0.445 (tidak signifikan) 0.445 (tidak signifikan) 0.57 (tidak signifikan)

Hariminus7 0.376 (tidak signifikan) 0.240 (tidak signifikan) 0.445 (tidak signifikan)

Hariminus6 0.036 (tidak signifikan) 0.030 (tidak signifikan) 0.054(tidak signifikan)

Hariminus5 0.992 (tidak signifikan) 0.953 (tidak signifikan) 0.770 (tidak signifikan)

Hariminus4 0.666 (tidak signifikan) 0.652 (tidak signifikan) 0.493 (tidak signifikan)

Hariminus3 0.631 (tidak signifikan) 0.610 (tidak signifikan) 0.357 (tidak signifikan)

Hariminus2 0.576 (tidak signifikan) 0.666 (tidak signifikan) 0.638 (tidak signifikan)

Hariminus1 0.018 (signifikan) 0.038 (signifikan) 0.048 (signifikan)

Hariminus0 0.704 (tidak signifikan) 0.984 (tidak signifikan) 0.629 (tidak signifikan)

Hariplus1 0.631 (tidak signifikan) 0.799 (tidak signifikan) 0.468 (tidak signifikan)

Hariplus2 0.739 (tidak signifikan) 0.784 (tidak signifikan) 0.953 (tidak signifikan)

Hariplus3 0.837 (tidak signifikan) 0.544 (tidak signifikan) 0.570 (tidak signifikan)

Hariplus4 0.590 (tidak signifikan) 0.638 (tidak signifikan) 0.969 (tidak signifikan)

Hariplus5 0.367 (tidak signifikan 0.493 (tidak signifikan) 0.347 (tidak signifikan)

Hariplus6 0.724 (tidak signifikan) 0.724 (tidak signifikan) 0.969 (tidak signifikan)

Hariplus7 0.969 (tidak signifikan) 0.624 (tidak signifikan) 0.799 (tidak signifikan)

Hariplus8 0.875 (tidak signifikan) 0.829 (tidak signifikan) 0.953 (tidak signifikan)

Hariplus9 0.845 (tidak signifikan) 0.724 (tidak signifikan) 0.597 (tidak signifikan)

Hariplus10 0.010 (signifikan) 0.023 (signifikan) 0.014 (signifikan)

(22)

77 Lampiran 29. Uji Normalitas Abnormal Return yang Dihasilkan Kontan Kontan

Keterangan

Mean Adjusted

Model

Market Model Return

Market Adjusted Model Sharpio Wilk

Hariminus10 0.719 ⁰ 0.628

Hariminus9 0.002 ⁰ 0.032

Hariminus8 0 ⁰ 0

Hariminus7 0 ⁰ 0.001

Hariminus6 0.064 ⁰ 0.089

Hariminus5 0.881 ⁰ 0.363

Hariminus4 0 ⁰ 0

Hariminus3 0 ⁰ 0

Hariminus2 0.106 ⁰ 0.173

Hariminus1 0.048 ⁰ 0.361

Hariminus0 0.672 ⁰ 0.635

Hariplus1 0.684 ⁰ 0.65

Hariplus2 0.179 ⁰ 0.099

Hariplus3 0.119 ⁰ 0.188

Hariplus4 0 ⁰ 0.006

Hariplus5 0.004 ⁰ 0.011

Hariplus6 0.01 ⁰ 0.017

Hariplus7 0 ⁰ 0

Hariplus8 0 ⁰ 0

Hariplus9 0 ⁰ 0

Hariplus10 0 ⁰ 0

(23)

78 Lampiran 30. Uji Wilcoxon One Sample Signed Rank Test Abnormal Return Diseputar Rekomendasi Kontan

Kontan

Keterangan Mean Adjusted Model Market Model Return Market Adjusted Model Wilcoxon One Sample Rank Test

Hariminus10 0.104 (tidak signifikan) 0.984 (tidak signifikan) 0.131 (tidak signifikan)

Hariminus9 0.891 (tidak signifikan) 0.256 (tidak signifikan) 0.891 (tidak signifikan)

Hariminus8 0.256 (tidak signifikan) 0.196 (tidak signifikan) 0.695 (tidak signifikan)

Hariminus7 0.256 (tidak signifikan) 0.610 (tidak signifikan) 0.518 (tidak signifikan)

Hariminus6 0.666(tidak signifikan) 0.224 (tidak signifikan) 0.877 (tidak signifikan)

Hariminus5 0.458 (tidak signifikan) 0.410 (tidak signifikan) 0.382 (tidak signifikan)

Hariminus4 0.493 (tidak signifikan) 0.164 (tidak signifikan) 0.597 (tidak signifikan)

Hariminus3 0.055 (tidak signifikan) 0.256 (tidak signifikan) 0.031 (signifikan)

Hariminus2 0.410 (tidak signifikan) 0.068 (tidak signifikan) 0.170 (tidak signifikan)

Hariminus1 0.681 (tidak signifikan) 0.131 (tidak signifikan) 0.829 (tidak signifikan)

Hariminus0 0.969 (tidak signifikan) 0.378 (tidak signifikan) 0.829 (tidak signifikan)

Hariplus1 0.020 (signifikan) 0.002 (signifikan) 0.013 (signifikan)

Hariplus2 0.544 (tidak signifikan) 0.468 (tidak signifikan) 0.583 (tidak signifikan)

Hariplus3 0.784 (tidak signifikan) 0.264 (tidak signifikan) 0.984 (tidak signifikan)

Hariplus4 0.367 (tidak signifikan) 0.065 (tidak signifikan) 0.734 (tidak signifikan)

Hariplus5 0.378 (tidak signifikan) 0.953 (tidak signifikan) 0.399 (tidak signifikan)

Hariplus6 0.531 (tidak signifikan) 0.104 (tidak signifikan) 0.291 (tidak signifikan)

Hariplus7 0.022 (signifikan) 0.004 (signifikan) 0.024 (signifikan)

Hariplus8 0.055 (tidak signifikan) 0.224 (tidak signifikan) 0.264 (tidak signifikan)

Hariplus9 0.953 (tidak signifikan) 0.624 (tidak signifikan) 0.583 (tidak signifikan)

Hariplus10 0.347 (tidak signifikan) 0.880 (tidak signifikan) 0.378 (tidak signifikan)

(24)

79 Lampiran 31. Uji Normalitas Cumulative Average Abnormal Return Sebelum dan Sesudah Rekomendasi Bisnis Indonesia

Bisnis Indonesia Sharpio Rank Test Keterangan

Mean Adjusted

Model

Market Model Return

Market Adjusted Model

CAAR2harisebelum 0.049 0.0000 0.024

CAAR4harisetelah 0.0000 0.0000 0.063

CAAR3harisebelum 0.063 0.0000 0.2

CAAR3harisetelah 0.001 0.0000 0.022

CAAR5harisebelum 0.0000 0.0000 0.033 CAAR5harisetelah 0.0000 0.0000 0.016 CAAR10harisebelum 0.0000 0.0000 0.0000 CAAR10harisetelah 0.0000 0.0000 0.0000

Lampiran 32. Uji Perbedaan Cumulative Average Abnormal Return Sebelum dan Sesudah Rekomendasi Bisnis Indonesia

Bisnis Indonesia Keterangan

Mean Adjusted Model

Market Model Return

Market Adjusted Model z sign

(2 tailed) z sign

(2 tailed) z sign (2 tailed) CAAR2harisebelum

-0.657 0.512 -0.666 0.505 -0.657 0.512 CAAR4harisetelah

CAAR3harisebelum

-0.1 0.992 -0.1 0.992 -0.118 0.906 CAAR3harisetelah

CAAR5harisebelum

-0.802 0.422 -0.823 0.411 -0.941 0.347 CAAR5harisetelah

CAAR10harisebelum

-0.598 0.55 -0.608 0.544 -0.559 0.576

CAAR10harisetelah

(25)

80 Lampiran 33. Uji Normalitas Cumulative Average Abnormal Return Sebelum dan Sesudah Rekomendasi Kontan

Kontan Sharpio Rank Test

Keterangan

Mean Adjusted

Model

Market Model Return

Market Adjusted Model

CAAR2harisebelum 0.012 0.0000 0.124

CAAR4harisetelah 0.6790 0.0000 0.832

CAAR3harisebelum 0.0000 0.0000 0.0000

CAAR3harisetelah 0.963 0.0000 0.971

CAAR5harisebelum 0.0000 0.0000 0.0000

CAAR5harisetelah 0.0020 0.0000 0.003

CAAR10harisebelum 0.0000 0.0000 0.0000 CAAR10harisetelah 0.0000 0.0000 0.0000

Lampiran 34. Uji Perbedaan Cumulative Average Abnormal Return Sebelum dan Sesudah Rekomendasi Kontan

Kontan

Keterangan

Mean Adjusted Model

Market Model

Return Market Adjusted Model

z sign

(2 tailed) z sign

(2 tailed) z sign (2 tailed) CAAR2harisebelum

-0.247 0.805 -0.247 0.805 -0.382 0.702 CAAR4harisetelah

CAAR3harisebelum

-1.382 0.167 -1.382 0.167 -0.941 0.347 CAAR3harisetelah

CAAR5harisebelum

-0.843 0.369 -0.843 0.399 -0.755 0.451 CAAR5harisetelah

CAAR10harisebelum

0.353 0.724 -0.353 0.724 -0.431 0.666

CAAR10harisetelah

(26)

81 Lampiran 35. Uji Normalitas Cumulative Average Abnormal Return Kontan dan Bisnis Indonesia

Sharpio Wilk Keterangan

Mean Adjusted Model

Market Model Return

Market Adjusted Model

Signifikan Signifikan Signifikan

Kontan 0.0000 0.0000 0.0000

Bisnis

Indonesia 0.0000 0.0001 0.0000

Lampiran 36. Uji Perbedaan Cumulative Average Abnormal Return dari Rekomendasi Bisnis Indonesia dengan Kontan

Mann Whitney

Keterangan Mean Adjusted Model

Market Model Return

Market Adjusted Model

Z -1.485 -0.062 -1.739

Asymp. Sig (2

tailed) 0.137 0.951 0.082