Unusual Market Activity Announcements: A Study of Price Manipulation on the Indonesian Stock Exchange

Hanafi, Mamduh M.

doi:10.22146/gamaijb.5511

Cited by 3 publications

(5 citation statements)

References 4 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Nevertheless, ARR recovered at day3 but it wandered around 0% and negative 3%. This result brings the meaning of unusual price movement contain information rather than market manipulation (Hanafi, 2010). Besides, Jiang, Mahoney & Mei (2005) implied that in this case, stock pools carry confirmation such as insider trading rather than pure or noisy price manipulation.…”

Section: Empirical Results and Discussionmentioning

confidence: 90%

“…Two studies on UMA are worth mentioning. Firstly, Hanafi (2010) investigated price and trading behaviour of stocks involved in the announcement of unusual market activity in Indonesia market. It is found that abnormal returns and trading activities increase on the days leading to positive unusual market activity announcement.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Notably, out of the 225 UMAs announced from 2007 to 2015, 64 happened in the ACE market. ACE market involves smaller capital stocks, which increases chances of manipulation (Hanafi, 2010). Besides, Zhao (2014) stated that "pump-and-dump" scheme where the stock price, trading volume and price volatility surges significantly, often happen for small-cap stocks because of its low selling and buying interest and short sale constraints.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Impacts of Unusual Market Activity Announcement on Stock Return: Evidence from The Ace Market in Malaysia

Chen¹,

Liew²

2019

AJFA

View full text Add to dashboard Cite

This study examines the effect of Unusual Market Activity (UMA) announcement on stock return in Malaysian market with a sample of 62 companies listed on the ACE market at Bursa Malaysia for the period of 2007-2015. This study employs event study methodology to show that there were few days in which the average abnormal return (AAR) and cumulative average abnormal return (CAAR) are statistically significant. In addition, this study also further investigates the abnormal return (AR) and cumulative abnormal return (CAR) for individual companies. It was found that majority of the stocks returns fell significantly 30 days after the UMA announcement. The magnitude of the fall in returns ranges from 4% to 234%. Hence, it is not advisable for investors to buy stock after UMA announcement.

show abstract

Section: Empirical Results and Discussionmentioning

confidence: 90%

Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Impacts of Unusual Market Activity Announcement on Stock Return: Evidence from The Ace Market in Malaysia

Chen¹,

Liew²

2019

AJFA

View full text Add to dashboard Cite

show abstract

“…Saham pertama yang dikenai UMA oleh BEI adalah PT Mitra International Resources atau MIRA (Anas dan Nugroho, 2018). Menurut Hanafi (2010), pengumuman UMA berguna bagi investor karena melindungi mereka dari manipulasi harga saham di pasar modal.…”

Section: Kajian Literatur Dan Pengembangan Hipotesisunclassified

“…Menurut Dewi dan Markeling (2017), pengumuman UMA dilakukan agar perdagangan efek tidak terganggu dan tetap teratur sehingga membuat kegiatan menjadi pasti dan tidak berantakan. Menurut Hanafi (2010), sebelum pengumuman UMA diterbitkan oleh BEI, terjadi kenaikan harga, volume, dan frekuensi transaksi pada saham terkait. Ketika dikomparasi, pergerakan harga dan volume transaksi pada saham-saham yang dikenai UMA sama dengan saham-saham yang memberikan abnormal return.…”

Section: Kajian Literatur Dan Pengembangan Hipotesisunclassified

Pengaruh Unusual Market Activity Replies Pada Bursa Efek Indonesia Terhadap Reaksi Pasar Saham Selama Tahun 2021

Setiawan,

Halim

2023

JMBI UNSRAT

View full text Add to dashboard Cite

Penelitian ini bertujuan untuk meneliti pengaruh Unusual Market Activity (UMA) replies terhadap reaksi pasar saham yang diukur dengan abnormal return pada Bursa Efek Indonesia (BEI) di tahun 2021. Sampel yang digunakan dalam penelitian ini berjumlah 162 saham yang terdiri dari 14 perusahaan yang mengeluarkan UMA replies dengan informasi baru dan 148 perusahaan yang mengeluarkan UMA replies tanpa informasi baru. Pengujian hipotesis pada penelitian ini menggunakan metode Mann-Whitney U-Test yang diolah menggunakan SPSS Statistics. Penelitian ini menyimpulkan bahwa terdapat perbedaan reaksi pasar (abnormal return) yang signifikan antara perusahaan yang mengeluarkan pengumuman UMA replies dengan informasi baru dan perusahaan yang mengeluarkan UMA replies tanpa informasi baru. Kata kunci: abnormal returns; pasar saham Indonesia; Unusual Market Activity replies; UMA replies

show abstract

Analisis fluktuasi harga saham “Unusual Market Activity”

Lontokan,

Mokoagow

2024

RAMP

View full text Add to dashboard Cite

Information is one of the crucial factors in the capital market. This condition tends to be followed by stock price patterns that can experience increases or decreases in the capital market. In early 2023, several issuers obtained UMA status because they were suspected of having unusual share price movements. This study uses 24 issuers that are in conditions of unusual market activity (UMA) as samples. The observation period is January to February 2023 or the period for announcing the UMA status of the issuers being observed. The findings of this study show that the majority of issuers have unusual stock price movement patterns at the 90%, 95%, and 99% confidence levels. However, this study also found that some stock market price patterns tend to be within the confidence range so they tend to be called normal.

show abstract

Unusual Market Activity Announcements: A Study of Price Manipulation on the Indonesian Stock Exchange

Abstract: We investigate stocks involved in the Unusual

Cited by 3 publications

References 4 publications

Impacts of Unusual Market Activity Announcement on Stock Return: Evidence from The Ace Market in Malaysia

Impacts of Unusual Market Activity Announcement on Stock Return: Evidence from The Ace Market in Malaysia

Pengaruh Unusual Market Activity Replies Pada Bursa Efek Indonesia Terhadap Reaksi Pasar Saham Selama Tahun 2021

Analisis fluktuasi harga saham “Unusual Market Activity”

Contact Info

Product

Resources

About