Open AccessANALISIS DESKRIPTIF HERDING PADA JAKARTA ISLAMIC INDEX
Author(s) -
Hazar Ihza Fauziah,
Sylva Alif Rusmita
Publication year - 2020
Publication title -
jurnal ekonomi syariah teori dan terapan
Language(s) - English
Resource type - Journals
eISSN - 2502-1508
pISSN - 2407-1935
DOI - 10.20473/vol7iss20203pp576-584
Subject(s) - herding , herd behavior , quantile regression , index (typography) , financial economics , portfolio , economics , irrational number , investment decisions , absolute deviation , investment (military) , quantile , econometrics , behavioral economics , finance , statistics , geography , mathematics , political science , geometry , politics , computer science , law , forestry , world wide web
Herding is irrational investor behavior, because investors do not make investment decisions based on economic fundamentals, but based on other investors in the same condition, or following market consensus. Herding is measured by looking at the relationship between return market portfolio and Cross-Sectional Absolute Deviation (CSAD). This study used quantile regression to measure herding behavior. The result shows that there is no indication of herding behavior in JII, which means that investors tend to behave rationally in making investment decisions. Keywords: CSAD, Herding Behavior, Quantile Regression