HERDING BEHAVIOR: MENGEKSPLORASI SISI ANALISIS BROKER SUMMARY

Ainun Naim, I Made Dwi Hita Darmawan, Nurafifah Wulandari

Abstract


Our research focuses on herding behavior and broker summary analysis in the Covid-19 time frame in Indonesia. Herding behavior in the retail exchange community or the general public is considered detrimental due to the irrationality of analysis and promoting euphoria which results in very large losses. Answering the research gap, we offer a broad exploration concept to avoid and create positive returns by utilizing the herding behavior of the retail market community. We tested using multiple methods to ensure the existence of herding behavior in a regression setting of two and took advantage of positive opportunistic returns for exchange play. The first method shows that the research sample detected herding behavior during March 11, 2020 – March 11, 202 and we ensure the resilience of existence through two models. The second method, to get a positive return, we offer bandarmology analysis adopted from Dow theory for trading in a market maker style. Analyzing the movement and following market makers, we can conclude that it creates positive returns and prevents the stock exchange community from the impact of sustainable auto rejects. This study has limitations, for future research we expect the use of empirical models that are simpler and more efficient in revealing herding behavior. Furthermore, for the exploratory method, further research can be carried out in disclosing bandarmology analysis based on stock categorization (blue chip, second liner, and third liner), time horizon of market makers, and detailed analysis of camouflage behavior of market makers using retail securities.

 

Penelitian kami berfokus pada perilaku herding dan analisis ringkasan broker dalam kerangka waktu Covid-19 di Indonesia. Perilaku menggiring di komunitas bursa ritel atau masyarakat umum dianggap merugikan karena irasionalitas analisis dan euforia yang menimbulkan kerugian yang sangat besar. Menjawab kesenjangan penelitian, kami menawarkan konsep eksplorasi yang luas untuk menghindari dan menciptakan pengembalian positif dengan memanfaatkan perilaku menggiring komunitas pasar ritel. Kami menguji menggunakan beberapa metode untuk memastikan keberadaan perilaku menggiring dalam pengaturan regresi dua dan memanfaatkan pengembalian oportunistik positif untuk permainan pertukaran. Metode pertama menunjukkan bahwa sampel penelitian mendeteksi perilaku penggembalaan selama 11 Maret 2020 – 11 Maret 202 dan kami memastikan ketahanan keberadaan melalui dua model. Metode kedua, untuk mendapatkan pengembalian positif, kami menawarkan analisis bandarmologi yang diadopsi dari teori Dow untuk perdagangan dalam gaya pembuat pasar. Menganalisis pergerakan dan mengikuti pembuat pasar, kita dapat menyimpulkan bahwa itu menciptakan pengembalian positif dan mencegah komunitas bursa dari dampak penolakan mobil berkelanjutan. Penelitian ini memiliki keterbatasan, untuk penelitian selanjutnya diharapkan penggunaan model empiris yang lebih sederhana dan efisien dalam mengungkap perilaku penggembalaan. Selanjutnya untuk metode eksplorasi dapat dilakukan penelitian lebih lanjut dalam mengungkap analisis bandarmologi berdasarkan kategorisasi saham (blue chip, second liner, dan third liner), time horizon market makers, dan analisis detail perilaku kamuflase market makers dengan menggunakan retail sekuritas.


Keywords


bandarmology; brokers summary; herding behavior; market makers

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DOI: http://dx.doi.org/10.25105/mraai.v21i2.9502

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