Analisis Risk dan Return Investasi pada Ethereum dan Saham LQ45
Abstract:
Purpose: This research aims to analyze the risk and return of investing in ethereum and LQ45 shares and to see the difference between LQ45 stock prices and ethereum prices before and after the announcement of the Covid-19 pandemic in Indonesia.
Research Methodology: The research method uses the Kruskall-Wallis test and the Paired Sample t-test.
Results: The results show the level of the return on ethereum and LQ45 shares did not have a significant difference, while the level of the risk between ethereum and LQ45 shares have a significant difference. For the price of Ethereum and LQ45 shares, there was a significant difference between before and after the Covid-19 pandemic was announced in Indonesia. The average price of ethereum and LQ45 shares decreased compared to before the announcement of the Covid-19 pandemic in Indonesia.
Limitations: This research was conducted without including the risk-free rate in the calculation of stock risk.
Contribution: This research is expected to be a reference for investors in viewed and analyzed investment opportunities based on risk and return during Covid-19.
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What is Ethereum? | ethereum.org. (n.d.). Retrieved July 3, 2021, from https://ethereum.org/en/what-is-ethereum/
- 12 Most Popular Types Of Cryptocurrency | Bankrate. (n.d.). Retrieved October 27, 2021, from https://www.bankrate.com/investing/types-of-cryptocurrency/
- Alam, M. N., Chavali, K., and Alam, M. S. (2020). Stock Market Response during COVID-19 Lockdown Period in India: An Event Study. The Journal of Asian Finance, Economics and Business, 7(7), 131–137. https://doi.org/10.13106/JAFEB.2020.VOL7.NO7.131
- Ashraf, B. N. (2021). Stock markets’ reaction to Covid-19: Moderating role of national culture. Finance Research Letters, 41(330013). https://doi.org/10.1016/j.frl.2020.101857
- Bappebti Website - SK/ Kep. Kepala Bappebti. (n.d.). Retrieved October 25, 2021, from https://bappebti.go.id/pbk/sk_kep_kepala_bappebti/detail/6655
- Bodie, Z., Kane, A., & Marcus, A. J. (2014). Investment 10th Edition (10th ed.). McGraw-Hill Education2 Penn Plaza, New York, NY.
- Bora, B., & Adhikary, A. (2015). Risk and Return Relationship-An Empirical Study of BSE Sensex Companies in India. Universal Journal of Accounting and Finance, 3(2), 45–51. https://doi.org/10.13189/ujaf.2015.030203
- FCA. (2019). Guidance on Cryptoassets Feedback and Final Guidance to CP 19 / 3. July. https://www.fca.org.uk/publication/policy/ps19-22.pdf
- Geetha, N., & Ramesh, M. (2012). A Study Relevansi of Demografi Factors in investasi decisions. Perspectives of Innovations, Economics & Business, 10(1), 14–27.
- GitHub - ethereum/consensus-specs: Ethereum Proof-of-Stake Consensus Specifications. (n.d.). Retrieved October 24, 2021, from https://github.com/ethereum/consensus-specs
- Giudici, G., Milne, A., & Vinogradov, D. (2019). Cryptocurrencies: market analysis and perspectives. Journal of Industrial and Business Economics 2019 47:1, 47(1), 1–18. https://doi.org/10.1007/S40812-019-00138-6
- Hartmann, R. H. (n.d.). David Biczok-Master’s Thesis: The Future Of Bitcoin And The Blockchain Technology.
- Huda, A., & Nadia, Y. (2021). The Effect of COVID-19 on Investment Decisions in Saudi Stock Market*. Journal of Asian Finance, 8(6), 797–0807. https://doi.org/10.13106/jafeb.2021.vol8.no6.0797
- Kiruba, A. S. (n.d.). Determinants in Investment Behaviour During The COVID-19 Pandemic.
- Liu, Y. & Tsyvinski, A. (2018). NBER WORKING PAPER SERIES RISKS AND RETURNS OF CRYPTOCURRENCY. http://www.nber.org/papers/w24877
- Lumbantobing, C., & Sadalia, I. (2021). Analisis Perbandingan Kinerja Cryptocurrency Bitcoin, Saham, dan Emas sebagai Alternatif Investasi. Studi Ilmu Manajemen Dan Organisasi, 2(1), 33–45. https://doi.org/10.35912/simo.v2i1.393
- Mangindaan, J. V, & Manossoh, H. (2020). Analisis Perbandingan Harga Saham PT Garuda Indonesia Persero (Tbk.) Sebelum dan Sesudah Pandemi Covid-19. Jurnal Administrasi Bisnis (Jab), 10(2), 80–85. https://doi.org/10.35797/jab.10.2.2020.31281.80-85
- Nadeem, M. A., Liu, Z., Pitafi, A. H., Younis, A., & Xu, Y. (2021). Investigating the Adoption Factors of Cryptocurrencies—A Case of Bitcoin: Empirical Evidence From China. SAGE Open, 11(1). https://doi.org/10.1177/2158244021998704
- Nakamoto, S. (n.d.). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved July 3, 2021, from www.bitcoin.org
- Nuryana, F. (2014). Analisis Pemilihan Instrumen Investasi Bisnis Emas, Valuta Asing dan Saham. IQTISHADIA: Jurnal Ekonomi Dan Perbankan Syariah, 1(2), 196–220. https://doi.org/10.19105/IQTISHADIA.V1I2.481
- PT Bursa Efek Indonesia. (n.d.). Retrieved October 24, 2021, from https://www.idx.co.id/produk/saham/
- Rejeb, A., Rejeb, K., & G. Keogh, J. (2021). Cryptocurrencies in Modern Finance: A Literature Review. Etikonomi, 20(1), 93–118. https://doi.org/10.15408/etk.v20i1.16911
- Sadeghi, S., & Barzegari, J. (2020). Accounting in the fourth industrial revolution: Exploration of digital currency exchanges using AHP method. Annals of Management and Organization Research, 2(1), 25–40. https://doi.org/10.35912/AMOR.V2I1.556
- Saham .:: SIKAPI?::. (n.d.). Retrieved October 24, 2021, from https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Category/64
- Setiawan, E. P. (2020). Analisis Potensi dan Risiko Investasi Cryptocurrency di Indonesia. Jurnal Manajemen Teknologi, 19(2), 130–144. https://doi.org/10.12695/jmt.2020.19.2.2
- Sihombing, S., Nasution, M. R., & Sadalia, I. (2021). Analisis Fundamental Cryptocurrency terhadap Fluktuasi Harga: Studi Kasus Tahun 2019-2020. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(3), 213–224. https://doi.org/10.35912/JAKMAN.V2I3.373
- Siswantoro, S. (2020). Efek diumumkannya kasus pertama Covid-19 terhadap harga saham dan total saham yang diperdagangkan. Jurnal Akuntansi, Keuangan, Dan Manajemen, 1(3), 227–238. https://doi.org/10.35912/JAKMAN.V1I3.38
- Spenkelink, H. (n.d.). The adoption process of cryptocurrencies Identifying factors that influence the adoption of cryptocurrencies from a multiple stakeholder perspective.
- Spithoven, A. (2019). Theory and Reality of Cryptocurrency Governance. Journal of Economic Issues, 53(2), 385–393. https://doi.org/10.1080/00213624.2019.1594518
- Sun, W., Dedahanov, A. T., Shin, H. Y., & Kim, K. S. (2020). Switching intention to crypto-currency market: Factors predisposing some individuals to risky investment. PLOS ONE, 15(6), e0234155. https://doi.org/10.1371/JOURNAL.PONE.0234155
- What is Ethereum? | ethereum.org. (n.d.). Retrieved July 3, 2021, from https://ethereum.org/en/what-is-ethereum/