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\par }\expnd-4\expndtw-20\cgrid {Vol. }{\fs21\b0\i0\cgrid 2, }{No. 1, Januari-Juni 2013, hlm. 21-33
\par }\qc\sb216\nowidctlpar\adjustright \f0\fs29\expnd-1\expndtw-8\i0\cgrid {PENGUJIAN EMPIRIS }{\f10\fs28\i\cgrid EFFICIENT MARKET HYPOTHESIS\line }{\expnd0\expndtw-4\cgrid (EMH) DAN }{\f10\fs28\expnd0\expndtw-4\i\cgrid CAPITAL ASSET PRICING MODEL }{
\expnd0\expndtw-4\cgrid (CAPM)
\par }\sb792\nowidctlpar\adjustright \f10\fs21\expnd-2\expndtw-10\cgrid {Rafrini Amyulianthy\line }{\expnd-3\expndtw-15\b0\cgrid Fakultas Ekonomi Universitas Pancasila\line }{\expnd0\expndtw0\b0\ul\cf2\cgrid {\field{\*\fldinst
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\par }\sb288\nowidctlpar\adjustright \expnd0\expndtw0\cgrid {Asriyal\line }{\expnd-3\expndtw-18\b0\cgrid STIE Ahmad Dahlan Jakarta\line }{\b0\cgrid email: }{\f0\b0\ul\cf2\cgrid {\field{\*\fldinst{ HYPERLINK mailto:asriyal_sikumbang@yahoo.com }{{
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\par }\sb540\sl213\slmult1\nowidctlpar\adjustright \fs20\i\cgrid {Abstract
\par }\qj\li720\ri936\sb0\sl240\slmult1\nowidctlpar\adjustright \f0\fs22\expnd-1\expndtw-6\b0\cgrid {As indicated, Efficient Market Hypothesis theory played an important role in evolution of }{\expnd-1\expndtw-8\cgrid accounting research. The conflict bet
ween the Efficient Market Hypothesis and hypotheses }{\expnd0\expndtw-3\cgrid underlying many accounting prescriptions led to the introduction and popularization of }{\expnd-2\expndtw-12\cgrid positive theory and methodology in the accounting literature. 
This paper is to provide a clearer }{\expnd-1\expndtw-8\cgrid understanding of the factors anomalies encountered by experts during a test of the reliability }{\expnd0\expndtw-3\cgrid Efficient Market Hypothesis and Capital Asset Pricing Model (CAPM) theor
ies which }{\expnd-2\expndtw-10\cgrid proposed by Fama in 1970.
\par }\ql\ri0\sb396\sa864\nowidctlpar\adjustright \f10\fs21\expnd-1\expndtw-7\i0\cgrid {Kata Kunci: }{\f0\fs22\i\cgrid abnormal return, }{anomali pasar
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\aspalpha\aspnum\nocwrap\adjustright \fs25\b\cgrid {PENDAHULUAN
\par }\qj\fi360\sb288\sl240\slmult1\nowidctlpar\adjustright \f10\fs21\b0\cgrid {Artikel ini disusun untuk memberikan }{\expnd-2\expndtw-12\cgrid pemahaman secara lebih jelas terhadap faktor\-}{\expnd0\expndtw-2\cgrid faktor anomali yang ditemui oleh para 
ahli }{pada saat melakukan pengujian terhadap }{\expnd-1\expndtw-6\cgrid keandalan teori }{\f0\fs22\expnd-1\expndtw-6\i\cgrid Efficient Market Hypothesis }{\expnd-1\expndtw-6\cgrid dan }{\f0\fs22\i\cgrid Capital Asset Pricing Model }{(CAPM) yang }{
\expnd-2\expndtw-14\cgrid dikemukakan oleh Fama tahun 1970.
\par }\sb360\nowidctlpar\adjustright \expnd0\expndtw-4\cgrid {Sebagai dasar pemikiran, adalah artikel }{\expnd-2\expndtw-13\cgrid yang ditulis oleh Michael J. Jensen (1978) yang }{\expnd0\expndtw4\cgrid secara khusus membahas tentang }{\f0\fs22\expnd0
\expndtw4\i\cgrid "Some }{\f0\fs22\expnd-1\expndtw-6\i\cgrid Annomalous Regarding Market Efficiency". }{\expnd-1\expndtw-6\cgrid Dalam }{\expnd-2\expndtw-11\cgrid tulisan tersebut Jensen menyimpulkan bahwa }{\expnd-2\expndtw-13\cgrid dari pengujian empiri
s yang dilakukan di pasar }{\expnd0\expndtw0\cgrid modal }{\f0\fs22\expnd0\expndtw0\i\cgrid (Market Based Research) }{\expnd0\expndtw0\cgrid para peneliti }{\expnd-2\expndtw-10\cgrid menyimpulkan beberapa hal berikut ini.
\par }\fi-360\li360\sa144\nowidctlpar\adjustright \expnd-1\expndtw-5\cgrid {1. Konsep EMH perlu dipahami secara lebih }{\expnd-2\expndtw-10\cgrid bijaksana dalam penyusunan standar atau
\par }\fi0\sb0\sa0\nowidctlpar\adjustright \expnd-1\expndtw-7\cgrid {teori akuntansi yang banyak dipengaruhi }{\expnd-2\expndtw-10\cgrid oleh pola perilaku investor di pasar modal. }{\expnd0\expndtw-3\cgrid Dalam kenyataannya, perilaku investor }{\expnd0
\expndtw0\cgrid yang rasional tidak didukung oleh }{pembuktian empiris di dalam pasar yang }{\expnd0\expndtw-1\cgrid berjalan. Konsep bahwa semua pelaku }{\expnd0\expndtw-2\cgrid pasar yang terlibat dalam perdagangan }{\expnd-2\expndtw-10\cgrid saham tida
k lagi memperoleh keuntungan }{\expnd-1\expndtw-5\cgrid lebih }{\f0\fs22\expnd-1\expndtw-5\i\cgrid (zero profit) }{\expnd-1\expndtw-5\cgrid tidak dibuktikan secara }{\expnd-1\expndtw-6\cgrid empiris dalam kenyataan yang terjadi }{\f0\fs22\expnd-1
\expndtw-6\i\cgrid (no }{\f0\fs22\expnd0\expndtw-1\i\cgrid real worl counterpart). }{\expnd0\expndtw-1\cgrid Hal ini dibuktikan }{\expnd-1\expndtw-5\cgrid dengan adanya }{\f0\fs22\expnd-1\expndtw-5\i\cgrid abnormal return (loss) }{\expnd-1\expndtw-5
\cgrid yang }{\expnd-2\expndtw-10\cgrid terjadi di pasar modal.
\par }\fi-360\sb144\nowidctlpar\adjustright \expnd-1\expndtw-8\cgrid {2. Konsep CAPM hams dicermati secara lebih }{\expnd3\expndtw17\cgrid hati-hati karena memiliki banyak
\par }\fi0\sb0\nowidctlpar\adjustright \expnd0\expndtw0\cgrid {keterbatasan dalam penerapannya, terutama dalam menghitung kedua }{\expnd-1\expndtw-9\cgrid parameter dalam model tersebut, yaitu }{\f0\fs22\expnd-1\expndtw-9\i\cgrid risk }{\fs29\expnd-2
\expndtw-11\cgrid (l) }{\expnd-2\expndtw-11\cgrid dan }{\f0\fs22\expnd-2\expndtw-11\i\cgrid expected return (E r). }{\expnd-2\expndtw-11\cgrid Dalam rumusan }{\expnd-2\expndtw-10\cgrid CAPM dapat diketahui estimasi hubungan }{\expnd-1\expndtw-5\cgrid anta
ra E (r) dan }{\fs29\expnd-1\expndtw-5\cgrid p }{\expnd-1\expndtw-5\cgrid adalah positif. Namun
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\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
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\shpz2\shplid1028{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{
\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qj\li360\nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-2\expndtw-11\cgrid {perlu dicermati kondisi ini hanyalah untuk }{\expnd-1\expndtw-5\cgrid estimasi yang sifatnya }{\f0\fs23\expnd-1\expndtw-5\i\cgrid ex}{\fs6\expnd-1\expndtw-5\i\cgrid -}{\f0\fs23
\expnd-1\expndtw-5\i\cgrid ante }{\expnd-1\expndtw-5\cgrid (ke depan). }{\expnd0\expndtw-1\cgrid Pada kenyataannya (realita) dapat saja }{\expnd0\expndtw-3\cgrid ditemukan hubungan antara E(r) dan }{\fs30\expnd0\expndtw-3\charscalex65\cgrid p }{\expnd-2
\expndtw-12\cgrid negatif karena pada kenyataannya investor }{\expnd-1\expndtw-6\cgrid mengalami kerugian. Selanjutnya sangat }{\expnd0\expndtw0\cgrid sulit dalam kenyataan untuk dapat }{\expnd-1\expndtw-9\cgrid mengestimsi besarnya }{\fs30\expnd-1
\expndtw-9\charscalex65\cgrid p }{\expnd-1\expndtw-9\cgrid dalam pasar yang }{\expnd0\expndtw0\cgrid riil.
\par }\qc\li0\sb756\sl199\slmult1\nowidctlpar\adjustright \f0\fs25\expnd0\expndtw0\b\cgrid {PERKEMBANGAN TEORITIK
\par }\qj\fi360\sb288\sl240\slmult1\nowidctlpar\adjustright \f10\fs21\expnd-1\expndtw-5\b0\cgrid {Pada dasarnya terdapat tiga pendekatan }{\expnd-2\expndtw-14\cgrid dalam memahami teori akuntansi yang berjalan }{\expnd0\expndtw3\cgrid saat ini yaitu pende
katan klasik }{\f0\fs23\expnd0\expndtw3\i\cgrid (clasical }{\f0\fs23\expnd-2\expndtw-13\i\cgrid approach), }{\expnd-2\expndtw-13\cgrid pendekatan basis pasar }{\f0\fs23\expnd-2\expndtw-13\i\cgrid (market based }{\f0\fs23\i\cgrid approach) }{dan pendekatan
 positif akuntansi }{\f0\fs23\expnd0\expndtw0\i\cgrid (positive accounting). }{\expnd0\expndtw0\cgrid Ringkasan penting }{\expnd-3\expndtw-15\cgrid sehubungan dengan ketiga pendekatan tersebut }{\expnd-2\expndtw-10\cgrid adalah sebagai berikut:
\par }{\pntext\pard\plain \f16\fs24\expnd0\expndtw2\b\cgrid 1.\tab}\pard \fi-360\li432\sb324\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf16\pnfs24\pnulnone\pnb\pndec\pnstart1\pnindent360\pnhang\pnsp360{\pntxta .}}\ls1\aspalpha\aspnum\nocwrap
\adjustright \f16\fs24\expnd0\expndtw2\b\cgrid {Pendekatan Klasik }{\f0\fs22\i\cgrid (Classical Approach)
\par }\pard \qj\fi360\sb288\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-2\expndtw-14\b0\cgrid {Pendekatan ini diperkenalkan sekitar tahun }{\expnd-2\expndtw-10\cgrid 1960-an, dan sampai saat ini masih dijadikan }{\expnd-1\expndtw-5
\cgrid kerangka dasar dalam penyusunan standar }{\expnd-1\expndtw-9\cgrid akuntansi keuangan (FASB). Pada prinsipnya }{\expnd0\expndtw-1\cgrid pendekatan ini menggunakan pendekatan }{\expnd0\expndtw1\cgrid teoritis dan konseptual, sehingga bersifat }{
\expnd-1\expndtw-5\cgrid normatif dan lebih menekankan pada aspek }{\f0\fs23\expnd-2\expndtw-11\i\cgrid true economic reality. }{\expnd-2\expndtw-11\cgrid Kelemahan dari konsep ini }{\expnd-1\expndtw-7\cgrid adalah tidak dapat diobservasi }{\f0\fs23
\expnd-1\expndtw-7\i\cgrid (unobservable) }{untuk menilai apakah informasi keuangan yang }{\expnd-2\expndtw-11\cgrid ada telah mencerminkan secara benar realitas }{\expnd-2\expndtw-10\cgrid ekonomi yang ada di perusahaan.
\par }{\pntext\pard\plain \f16\fs24\expnd0\expndtw2\b\cgrid 1.\tab}\pard \li72\sb396\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf16\pnfs24\pnulnone\pnb\pndec\pnstart2\pnindent360\pnhang\pnsp360{\pntxta .}}\ls1\aspalpha\aspnum\nocwrap
\adjustright \f16\fs24\expnd0\expndtw2\b\cgrid {Pendekatan Klasik }{\f0\fs22\i\cgrid (Classical Approach)
\par }\pard \qj\fi360\sb360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-1\expndtw-6\b0\cgrid {Pendekatan berbasis pasar memperbaiki }{\expnd-2\expndtw-12\cgrid kelemahan dari pendekatan klasik yang lemah }{\expnd-2\expndtw-11\cgrid dal
am pengujian di dunia nyata }{\f0\fs23\expnd-2\expndtw-11\i\cgrid (unobservable). }{\expnd0\expndtw-1\cgrid Kekuatan dari pendekatan berbasis pasar }{\expnd-2\expndtw-12\cgrid didasarkan pada bukti-bukti empiris dan lebih }{\expnd-1\expndtw-8\cgrid meneka
n kepada pemakai jasa }{\f0\fs23\expnd-1\expndtw-8\i\cgrid (user oriented). }{\expnd-1\expndtw-7\cgrid Fokus dari pendekatan ini adalah mengukur }{\expnd0\expndtw0\cgrid bagaimana reaksi pasar terhadap data }{\expnd1\expndtw5\cgrid akuntansi yang dilapork
an oleh emiten. }{\expnd-2\expndtw-11\cgrid Pendekatan yang digunakan adalah mengukur 
\par }{\fs16\column}\pard \qj\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd-2\expndtw-14\cgrid {hubungan yang dapat diamati antara laba yang }{\expnd-1\expndtw-5\cgrid dilaporkan dan }{\f0\fs23\expnd-1\expndtw-5\i\cgrid market return }{\expnd-1
\expndtw-5\cgrid untuk menarik }{\expnd0\expndtw-2\cgrid kesimpulan pentingnya peranan }{\f0\fs23\expnd0\expndtw-2\i\cgrid (role) }{\expnd0\expndtw-2\cgrid dari }{\expnd-2\expndtw-10\cgrid informasi akuntansi yang tersedia di pasar
\par }{\pntext\pard\plain \f16\fs24\expnd0\expndtw2\b\cgrid 1.\tab}\pard \fi-360\li432\sb252\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf16\pnfs24\pnulnone\pnb\pndec\pnstart3\pnindent360\pnhang\pnsp360{\pntxta .}}\ls1\aspalpha\aspnum\nocwrap
\adjustright \f16\fs24\expnd0\expndtw2\b\cgrid {Pendekatan akuntansi positif }{\f0\fs22\i\cgrid (Positive }{\f0\fs22\expnd0\expndtw0\i\cgrid Accounting Theory)
\par }\pard \qj\fi360\sb288\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd0\expndtw0\b0\cgrid {Pendekatan akuntansi positif juga }{\expnd-1\expndtw-9\cgrid menekankan kepada reaksi pasar yang dapat diamati terhadap angka (informasi) akunt
ansi }{\expnd2\expndtw11\cgrid yang dikeluarkan oleh emiten. Namun }{\expnd0\expndtw4\cgrid demikian mengukur reaksi pasar bukan }{\expnd-2\expndtw-12\cgrid merupakan tujuan utama dari pendekatan ini. }{\expnd-1\expndtw-7\cgrid Konsep yang ditawarkan dala
m penyusunan }{\expnd-2\expndtw-13\cgrid teori akuntansi oleh pendekatan ini didasarkan }{\expnd-2\expndtw-12\cgrid kepada dua alasan, yaitu:
\par }{\pntext\pard\plain \f10\fs21\expnd-1\expndtw-5\cgrid a.\tab}\pard \fi-360\li432\sb396\nowidctlpar\tx2223\tx3186\tx4005\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pnlcltr\pnstart1\pnindent360\pnhang\pnsp360{\pntxta .}}\ls2\aspalpha
\aspnum\nocwrap\adjustright \expnd-1\expndtw-5\cgrid {Bahwa informasi keuangan perlu mem\-}{\expnd-2\expndtw-10\cgrid pertimbangkan\tab }{\expnd0\expndtw-2\cgrid aspek\tab }{\expnd-3\expndtw-18\cgrid lain,\tab }{\expnd-1\expndtw-9\cgrid yaitu\line }{
\expnd-2\expndtw-12\cgrid lingkungan yang dipengaruhi oleh laporan }{\expnd-2\expndtw-11\cgrid keuangan dari emiten, seperti }{\f0\fs23\expnd-2\expndtw-11\i\cgrid management }{\f0\fs23\expnd-2\expndtw-12\i\cgrid compensation plan, debt covenance }{
\expnd-2\expndtw-12\cgrid dari pihak }{\expnd-2\expndtw-10\cgrid kreditor, dan aturan pemerintah;
\par }{\pntext\pard\plain \f10\fs21\expnd-1\expndtw-5\cgrid a.\tab}\pard \qj\fi-360\li432\sb180\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pnlcltr\pnstart2\pnindent360\pnhang\pnsp360{\pntxta .}}\ls2\aspalpha\aspnum\nocwrap
\adjustright \expnd-1\expndtw-8\cgrid {Laporan keuangan dapat mempengaruhi }{\expnd0\expndtw2\cgrid lingkungan, maka terdapat dorongan }{\expnd-3\expndtw-16\cgrid dalam menyusun kebijakan akuntansi yang }{\expnd-1\expndtw-9\cgrid tidak hanya sekedar mengu
kur hasil dari }{\expnd-2\expndtw-10\cgrid emiten, tetapi juga memberikan masukan }{\expnd0\expndtw0\cgrid bagi manajemen dalam mengambil }{\expnd-1\expndtw-9\cgrid keputusan operasi dan pilihan akuntansi }{yang diambil.
\par }\pard \qj\fi360\sb540\sa108\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd-2\expndtw-13\cgrid {Dengan memahami ketiga pendekatan teori }{\expnd0\expndtw2\cgrid akuntansi tersebut secara baik dan utuh }{\expnd-2\expndtw-10\cgrid diharapkan se
orang analis keuangan, praktisi }{\expnd-1\expndtw-9\cgrid akuntan, pendidik serta pemerhati akuntansi }{dapat memahami dampak informasi akuntansi }{\expnd0\expndtw-1\cgrid perusahaan terhadap lingkungan di mana }{\expnd0\expndtw-3\cgrid perusahaan atau i
ndustri tersebut berada. }{\expnd-2\expndtw-12\cgrid Ketiga pendekatan tersebut di atas tidak dapat }{\expnd-1\expndtw-7\cgrid dipisahkan satu sama lain dalam membahas }{\expnd-1\expndtw-8\cgrid fenomena akuntansi yang ada di dunia nyata }{\f0\fs23\expnd0
\expndtw-2\i\cgrid (real world). }{\expnd0\expndtw-2\cgrid Untuk menggambarkan ketiga }{\expnd-3\expndtw-15\cgrid pendekatan tersebut, berikut adalah skema dari }{\expnd-2\expndtw-14\cgrid ketiga pendekatan teori akuntansi sebagaimana }{\expnd-2
\expndtw-10\cgrid dijelaskan sebelumnya.
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1552\margrsxn6514\margtsxn6845\margbsxn1915\cols2\colno1\colw1814\colsr164\colno2\colw1814\colsr0\linex0\sectdefaultcl\titlepg\footery1488{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore
\shpleft1245\shptop0\shpright10920\shpbottom264\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz3\shplid1029{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}
{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{
\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 1100317137}}{\shptxt \pard
\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz4\shplid1030{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 606056674}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyulia
nthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerf{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz5\shplid1031{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 828464504}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyulia
nthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1552\shptop4565\shpright5344\shpbottom6845\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz6\shplid1032{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
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{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 1}}{\sp{\sn lTxid}{\sv 2382328655}}{\shptxt \pard\plain\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {
\par }}}}{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft2291\shptop4565\shpright4643\shpbottom6269\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz7\shplid1033{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 469265}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 445135}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn lineColor}{\sv 0}}{\sp{
\sn fLine}{\sv 1}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lTxid}{\sv 613342468}}{\shptxt \pard\plain\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {
\par }}}}{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft2325\shptop4593\shpright4609\shpbottom6241\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz8\shplid1034{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}
{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 341666668}}{\shptxt \pard\plain\pard\plain \li72\ri144\sb36\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs20\expnd0\expndtw-3\i\cgrid {Opeating, financing, and }{\expnd0\expndtw0\cgrid investment decisi
ons
\par }\qc\li0\ri0\sb360\sa504\sl199\slmult1\nowidctlpar\adjustright \expnd0\expndtw0\cgrid {Events
\par }}}}{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1552\shptop6269\shpright5344\shpbottom6845\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz9\shplid1035{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}
{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3562394507}}{\shptxt \pard\plain\pard\plain \li2808\sl-683\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f22\fs76\charscalex65\cgrid {1
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid 
\par \pard \qc\nowidctlpar\brdrt\brdrs\brdrw14\brdrcf1\brsp72\brdrl\brdrs\brdrw14\brdrcf1\brsp0\brdrb\brdrs\brdrw14\brdrcf1\brsp72\brdrr\brdrs\brdrw14\brdrcf1\brsp0\aspalpha\aspnum\nocwrap\adjustright \fs20\i\lang1033\langfe1033\cgrid {True economic\line 
reality\line (unobservable)
\par }{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft5418\shptop1428\shpright10677\shpbottom8026\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz10\shplid1036{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
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{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
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\brdrcf1\brsp0\aspalpha\aspnum\nocwrap\adjustright \fs20\i\cgrid {Accounting\line description
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz35\shplid1061{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft6750\shptop330\shpright8933\shpbottom330\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz36\shplid1062{\sp{
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\aspnum\nocwrap\adjustright \fs24\cgrid {
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\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz38\shplid1064{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 4083475278}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyuli
anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \li792\sb144\sl268\slmult1\nowidctlpar\tx3690\tqr\tx8559\aspalpha\aspnum\nocwrap\adjustright \fs20\expnd0\expndtw-2\i\cgrid {(a) Classical Theory\tab (b) Market Based-Research\tab }{\expnd0\expndtw4\cgrid (c) Positive Accounting
\par }\pard \li2376\sb360\sa324\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-2\expndtw-10\i0\cgrid {Gambar 1. Tiga Pendekatan Teori Akuntansi
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1237\margrsxn1181\margtsxn6845\margbsxn1915\sbknone\cols2\colno1\colw4320\colsr800\colno2\colw4320\colsr0\linex0\sectdefaultcl\footery1488{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz40\shplid1066{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft181\shptop5563\shpright9383\shpbottom5563\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz41\shplid1067{\sp{
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\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qc\nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \f10\fs21\expnd-2\expndtw-12\b\i\cgrid {Efficient Market Hyphotesis }{\f16\fs22\i0\cgrid (EMH) dan\line }{Capital Asset Pricing Model }{\f16\fs22\i0\cgrid (CAPM)
\par }\qj\fi360\sb432\nowidctlpar\adjustright \expnd-1\expndtw-9\b0\i0\cgrid {Perkembangan teori akuntansi dan riset }{\expnd-3\expndtw-15\cgrid akuntansi yang ada saat ini tidak terlepas dari }{\expnd-2\expndtw-12\cgrid perkembangan konsep EMH dan CAPM y
ang }{\expnd-1\expndtw-5\cgrid diperkenalkan dalam periode tahun 1960. }{\expnd-1\expndtw-6\cgrid Kedua konsep ini memperkenalkan bahwa }{\expnd-2\expndtw-12\cgrid harga-harga saham atau surat berharga yang }{\expnd0\expndtw-1\cgrid ada di pasar modal dan
 pasar keuangan }{\expnd0\expndtw0\cgrid merupakan cerminan dari informasi }{\expnd-2\expndtw-13\cgrid keuangan yang tersedia di pasar. Selanjutnya }{\expnd-2\expndtw-11\cgrid investor bersikap rasional dalam melakukan }{\expnd-1\expndtw-8\cgrid keputusan
 ekonomi di pasar modal dengan }{\expnd0\expndtw-2\cgrid mempertimbangkan }{\expnd0\expndtw-2\i\cgrid risk and return }{\expnd0\expndtw-2\cgrid yang }{\expnd-2\expndtw-11\cgrid diperoleh terhadap keputusan membeli atau }{\expnd-2\expndtw-12\cgrid melepask
an surat berharga yang dimilikinya. }{\expnd-2\expndtw-11\cgrid Ringkasan penting berkaitan dengan konsep }{\expnd-1\expndtw-6\cgrid EMH dan CAPM dapat dijelaskan lebih rinci }{\expnd-1\expndtw-8\cgrid di bawah ini. 
\par }{\fs16\column}\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \b\i\cgrid {1. }{\b0\cgrid Efficient Market Hyphothesis }{\b0\i0\cgrid (EMH)
\par }\pard \qj\fi360\sb252\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd0\expndtw-1\b0\i0\cgrid {Hipotesis pasar yang efisien }{\i\cgrid (efficient }{\expnd-2\expndtw-12\i\cgrid market hyphothesis - EMH) }{\expnd-2\expndtw-12\cgrid dipopulerkan 
oleh }{\expnd-1\expndtw-7\cgrid Eugene Fama pada tahun 1970, meskipun }{\expnd-1\expndtw-9\cgrid sebelumnya pada akhir tahun 1950-an dan }{\expnd-3\expndtw-15\cgrid awal 1960-an sudah mulai dibicarakan dalam }{\expnd0\expndtw3\i\cgrid theory of random wal
ks }{\expnd0\expndtw3\cgrid dalam literatur }{\expnd-1\expndtw-6\cgrid keuangan, dan }{\expnd-1\expndtw-6\i\cgrid rational expectations theory }{\expnd-2\expndtw-10\cgrid dalam literatur ekonomi.
\par }\sb432\sa72\nowidctlpar\adjustright \expnd-2\expndtw-10\cgrid {Pada dasarnya hipotesis ini menyatakan }{\expnd-2\expndtw-12\cgrid bahwa pasar disebut efisien jika harga-harga }{\expnd-3\expndtw-15\cgrid saham mencerminkan seluruh informasi yang }{
\expnd-1\expndtw-8\cgrid tersedia secara penuh dan cepat. Informasi }{\expnd-2\expndtw-12\cgrid tersebut tidak terbatas hanya pada informasi }{\expnd0\expndtw0\cgrid keuangan saja, tetapi juga mencakup }{\expnd0\expndtw-4\cgrid informasi politik, kejadian
 sosial ekonomi, }{\expnd0\expndtw0\cgrid dan
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1284\margrsxn1252\margtsxn2051\margbsxn2208\cols2\colno1\colw4500\colsr322\colno2\colw4500\colsr0\linex0\sectdefaultcl\footery1060{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz43\shplid1069{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3540445834}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyuli
anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1284\shptop2046\shpright6470\shpbottom4861\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz44\shplid1070{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}
{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 4082707090}}{\shptxt \pard\plain\pard\plain \ri216\sa252\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd0\expndtw4\cgrid {informasi lainnya. Pada suatu pasar yang 1. }{\expnd0\expndtw-4
\cgrid efisien, harga pasar menjadi }{\f0\fs23\expnd0\expndtw-4\i\cgrid random, }{\expnd0\expndtw-4\cgrid dan sulit }{\expnd-1\expndtw-8\cgrid ditebak. Sehingga hal ini sering disebut sebagai }{\f0\fs23\expnd2\expndtw12\i\cgrid random walk }{\expnd2
\expndtw12\cgrid dari harga saham. Dengan }{demikian dalam pasar yang efisien, investor }{\expnd2\expndtw12\cgrid akan sulit atau bahkan tidak mungkin }{\expnd1\expndtw8\cgrid memperoleh keuntungan, karena semua }{\expnd0\expndtw3\cgrid investor memiliki 
informasi yang sama, dan }{\expnd0\expndtw2\cgrid harga saham sudah mencerminkan semua }{\expnd-2\expndtw-10\cgrid informasi yang ada secara cepat.
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1261\shptop15448\shpright10662\shpbottom15448\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz45\shplid1071{\sp{
\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{
\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qj\fi360\sb36\nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \f10\fs21\expnd-3\expndtw-15\cgrid {Mengapa harus ada konsep mengenai pasar }{\expnd-1\expndtw-9\cgrid yang efisien dan apakah mungkin pasar yang }{\expnd0\expndtw0\cgrid efisien itu ada dalam dunia nyata? Untuk }{\expnd-2\expndtw-11
\cgrid menjawab pertanyaan tersebut, maka kondisi\-}{\expnd0\expndtw1\cgrid kondisi ideal berikut ini harus terpenuhi: }{\expnd-1\expndtw-6\cgrid (Gumanti, 2002)
\par }{\pntext\pard\plain \f10\fs21\expnd0\expndtw-3\cgrid a.\tab}\pard \qj\fi-360\li432\sb360\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pnlcltr\pnstart1\pnindent360\pnhang\pnsp360{\pntxta .}}\ls3\aspalpha\aspnum\nocwrap
\adjustright \expnd0\expndtw-3\cgrid {Investor bertindak secara rasional dan }{\expnd-3\expndtw-16\cgrid berorientasi pada maksimisasi keuntungan, }{\expnd0\expndtw-4\cgrid sehingga mereka aktif berpartisipasi di }{\expnd-1\expndtw-5\cgrid pasar dengan me
nganalisis dan menilai }{perdagangan saham. Namun demikian }{\expnd-2\expndtw-10\cgrid investor adalah }{\f0\fs23\expnd-2\expndtw-10\i\cgrid price taker.
\par }\sb180\nowidctlpar\adjustright \expnd-1\expndtw-5\cgrid {Tidak adanya }{\f0\fs23\i\cgrid cost of information }{di pasar }{\expnd0\expndtw0\cgrid modal, sehingga semua pihak bisa }{\expnd-2\expndtw-10\cgrid mengakses informasi dengan cuma-cuma }{\f0
\fs23\expnd-2\expndtw-12\i\cgrid (free of charges).
\par }\expnd0\expndtw0\cgrid {Informasi yang ada di pasar modal }{\expnd-1\expndtw-7\cgrid diperoleh dalam bentuk acak, dalam arti }{\expnd0\expndtw-4\cgrid setiap pengumuman yang ada di pasar }{\expnd-2\expndtw-10\cgrid adalah bebas atau tidak terpengaru
h oleh pengumuman lain.
\par }{\pntext\pard\plain \f10\fs21\expnd0\expndtw-3\cgrid a.\tab}\pard \fi-360\li432\sb180\nowidctlpar\tx1359\tx2403\tx3447\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pnlcltr\pnstart2\pnindent360\pnhang\pnsp360{\pntxta .}}\ls3\aspalpha
\aspnum\nocwrap\adjustright {Investor bereaksi dengan cepat dan }{\expnd-2\expndtw-12\cgrid sepenuhnya terhadap informasi baru yang }{\expnd-1\expndtw-7\cgrid masuk di pasar, sehingga menyebabkan }{\expnd-1\expndtw-8\cgrid harga\tab }{\expnd-2\expndtw-12
\cgrid saham\tab }{\expnd-5\expndtw-26\cgrid segera\tab }{\expnd-3\expndtw-15\cgrid melakukan\line }{\expnd0\expndtw-4\cgrid penyesuaian.
\par }\pard \qj\fi360\sb252\sa108\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd0\expndtw1\cgrid {Menurut Fama (1970) ada tiga bentuk }{\expnd-2\expndtw-13\cgrid tingkat efisiensi pasar berdasarkan penyerapan informasinya, yaitu pasar efisien bent
uk lemah, }{\expnd-3\expndtw-15\cgrid pasar efisien bentuk semi kuat dan pasar efisien }{\expnd-2\expndtw-11\cgrid bentuk kuat. Berikut adalah penjelasan ketiga }{\expnd0\expndtw0\cgrid bentuk dari pasar efisien sebagaimana }{\expnd-2\expndtw-12\cgrid dij
elaskan di atas.
\par }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f0\fs23\expnd-2\expndtw-12\i\cgrid {Weak efficiency }{\f10\fs21\i0\cgrid (bentuk lemah)
\par }\qj\sb72\sa288\nowidctlpar\adjustright \f10\fs21\expnd4\expndtw20\i0\cgrid {Menyatakan bahwa harga saham }{\expnd0\expndtw-4\cgrid sepenuhnya menggambarkan informasi }{\expnd1\expndtw9\cgrid harga saham masa lalu. Karena itu }{\f0\fs23\expnd0
\expndtw0\i\cgrid technical analisis }{\expnd0\expndtw0\cgrid (adalah suatu metode }{\expnd-2\expndtw-14\cgrid untuk mengevaluasi surat berharga dengan }{\expnd-3\expndtw-15\cgrid menggunakan analisis statistik berdasarkan }{\expnd-1\expndtw-5\cgrid aktiv
itas pasar, volume dan harga surat }{\expnd-2\expndtw-13\cgrid berharga masa lalu) tidak dapat digunakan }{\expnd-1\expndtw-8\cgrid untuk mengalahkan pasar. Harga saham }{\expnd0\expndtw-3\cgrid yang lalu tidak dapat digunakan untuk }{\expnd-1\expndtw-6
\cgrid memprediksi harga saham di masa yang }{\expnd-3\expndtw-17\cgrid akan datang
\par }{\pntext\pard\plain \fs23\expnd-2\expndtw-12\i\cgrid 2.\tab}\pard \li72\sa144\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf0\pnfs23\pnulnone\pni\pndec\pnstart2\pnhang\pnsp360{\pntxta .}}\ls4\aspalpha\aspnum\nocwrap\adjustright \f0\fs23
\expnd-2\expndtw-12\i\cgrid {Semi-strong efficiency }{\f10\fs21\i0\cgrid (bentuk setengah kuat)
\par }\pard \qj\li360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd4\expndtw20\i0\cgrid {Menyatakan bahwa harga saham }{\expnd0\expndtw0\cgrid sepenuhnya menggambarkan semua informasi yang tersedia bagi publik, }{\expnd-1\expndtw-9
\cgrid termasuk informasi harga saham di masa }{\expnd-2\expndtw-10\cgrid lalu dalam pasar bentuk lemah. Informasi }{\expnd0\expndtw2\cgrid tersebut misalnya laporan keuangan, }{\expnd0\expndtw0\cgrid laporan dan analisis industri. Baik }{\f0\fs23\expnd0
\expndtw3\i\cgrid fundamental analysis }{\expnd0\expndtw3\cgrid maupun }{\f0\fs23\expnd0\expndtw3\i\cgrid technical }{\f0\fs23\expnd0\expndtw2\i\cgrid analysis }{\expnd0\expndtw2\cgrid tidak dapat digunakan untuk }{\expnd-3\expndtw-15\cgrid memperoleh keu
ntungan dari pasar dengan }{\expnd-1\expndtw-9\cgrid bentuk ini. Berdasarkan bentuk setengah }{\expnd0\expndtw0\cgrid kuat ini maka dapat dikatakan bahwa }{\expnd0\expndtw-3\cgrid laporan keuangan bukan satu-satunya }{\expnd0\expndtw1\cgrid sumber informa
si untuk pengambilan }{\expnd0\expndtw-4\cgrid keputusan investasi. Dengan demikian, }{\expnd-1\expndtw-8\cgrid laporan keuangan tidak dapat digunakan }{\expnd0\expndtw-4\cgrid untuk memperoleh keuntungan karena }{\expnd0\expndtw0\cgrid harga saham sudah 
mencerminkan }{\expnd-2\expndtw-13\cgrid informasi dalam laporan keuangan
\par }{\pntext\pard\plain \fs23\expnd-2\expndtw-12\i\cgrid 2.\tab}\pard \li72\sb360\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf0\pnfs23\pnulnone\pni\pndec\pnstart3\pnhang\pnsp360{\pntxta .}}\ls4\aspalpha\aspnum\nocwrap\adjustright \f0\fs23
\expnd-2\expndtw-13\i\cgrid {Strong efficiency }{\f10\fs21\i0\cgrid (bentuk kuat)
\par }\pard \qj\li360\sb216\sa180\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd4\expndtw20\i0\cgrid {Menyatakan bahwa harga saham }{\expnd0\expndtw0\cgrid sepenuhnya menggambarkan semua informasi, termasuk informasi yang }{\expnd-1
\expndtw-7\cgrid sebenarnya hanya diketahui sekelompok }{\expnd-2\expndtw-10\cgrid kecil golongan masyarakat. Dalam bentuk }{\expnd-1\expndtw-7\cgrid pasar ini, bahkan }{\f0\fs23\expnd-1\expndtw-7\i\cgrid insider information }{\expnd-1\expndtw-7\cgrid tid
ak }{\expnd0\expndtw0\cgrid dapat memberikan keuntungan bagi investor. Levy (1996) menggambarkan }{\expnd-1\expndtw-9\cgrid keterkaitan antara informasi dan efisiensi }{\expnd-3\expndtw-15\cgrid pasar, sebagai berikut:
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1238\margrsxn1298\margtsxn1994\margbsxn1410\linex0\sectdefaultcl\footery1060{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10920\shpbottom264\shpfhdr0
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz47\shplid1073{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 4035732900}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyuli
anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \li360\sa108\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f28\fs15\expnd-1\expndtw-6\b\cgrid {Tingkat Informasi
\par }\pard\plain\sect\sectd\stextflow0\marglsxn3722\margrsxn2830\margtsxn1994\margbsxn1410\sbknone\cols3\colno1\colw1622\colsr220\colno2\colw1622\colsr220\colno3\colw1622\colsr0\linex0\sectdefaultcl\titlepg\footery1060{\footerl{\shp{\*\shpinst\shpbxpage
\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10920\shpbottom264\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz48\shplid1074{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{
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{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{
\sv 706246734}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23
\expnd0\expndtw-3\b0\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz49\shplid1075{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 82312420}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyulian
thy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerf{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz50\shplid1076{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
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\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3799891254}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyuli
anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft-2484\shptop159\shpright-862\shpbottom511\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz51\shplid1077{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
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{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 1570299790}}{\shptxt \pard\plain\pard\plain \li576\ri360\sl-176\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f28\fs15\cgrid {Semua Informasi
\par }}}}\pard\plain \qj\sa36\sl280\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f28\fs15\expnd0\expndtw-1\cgrid {Data Publik dan Pribadi }{\expnd0\expndtw2\cgrid juga Data Harga Masa }{\expnd0\expndtw0\cgrid Lalu
\par }\ql\ri72\sa0\sl288\slmult1\nowidctlpar\adjustright {Data Publik dan Privat }{\expnd0\expndtw2\cgrid Tetapi bukan Data Harga Masa lalu
\par }{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft1622\shptop43\shpright3003\shpbottom420\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz52\shplid1078{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}
{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 1380508160}}{\shptxt \pard\plain\pard\plain \qc\sl-188\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f28\fs15\cgrid {Tidak Ada\line Informasi
\par }}}}\pard\plain \sl288\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f28\fs15\expnd0\expndtw2\cgrid {Data Publik dan Privat }{\expnd1\expndtw6\cgrid Tetapi bukan Data }{Harga Masa lalu
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1009\margrsxn1360\margtsxn1994\margbsxn1410\sbknone\linex0\sectdefaultcl\titlepg\footery1060{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10920
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\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 4000949665}}{\shptxt \pard
\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz54\shplid1080{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3671234071}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyuli
anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerf{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz55\shplid1081{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3531963220}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyuli
anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
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\par }\pard\plain \li504\sl290\slmult1\nowidctlpar\tx2178\tx3780\tx6021\tqr\tx9015\aspalpha\aspnum\nocwrap\adjustright \f28\fs15\expnd0\expndtw-4\cgrid {Tidak Efisien\tab Efisien Lemah\tab }{\expnd0\expndtw0\cgrid Efisien Setengah Kuat\tab }{Efisiensi Kua
t\tab }{\expnd0\expndtw2\cgrid Efisiensi Sempurna
\par }\pard \li504\sb360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd-1\expndtw-6\b\cgrid {Tingkat Efesiensinya
\par }\qc\li288\sb144\sa288\nowidctlpar\adjustright \f10\fs21\expnd-3\expndtw-16\b0\cgrid {Gambar 2. Sumber Data dalam Kaitannya dengan\line }{\expnd-2\expndtw-14\cgrid Pandangan Seseorang tentang Efisien
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1238\margrsxn1298\margtsxn1994\margbsxn1410\sbknone\cols2\colno1\colw4500\colsr322\colno2\colw4500\colsr0\linex0\sectdefaultcl\footery1060{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore
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\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 2565795177}}{\shptxt \pard
\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10882\shpbottom276\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz58\shplid1084{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3045732868}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs22\expnd0\expndtw-4\b\cgrid {Pengujian Empiris EMH dan CAPM }{\f10\fs21\b0\cgrid (Rafriny Amyuli
anthy & Asriyal)}{\expnd0\expndtw0\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{25}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft60\shptop9917\shpright9262\shpbottom9917\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz59\shplid1085{\sp{
\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{
\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qj\fi360\nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \f10\fs21\cgrid {Berdasarkan gambar di atas, maka }{\expnd0\expndtw-3\cgrid berdasarkan pada tingkatannya, informasi }{\expnd0\expndtw1\cgrid dapat dibedakan menjadi lima kelompok. }{Sedangkan berdasarkan pada tingkat }{\expnd0
\expndtw4\cgrid efisiensinya pasar dapat dikelompokkan }{\expnd2\expndtw13\cgrid menjadi lima kelompok juga, di mana }{\expnd0\expndtw-1\cgrid kelompok pasar dengan efisiensi terendah }{\expnd-1\expndtw-5\cgrid disebut pasar tidak efisien, sedangkan yang 
tertinggi tingkatannya adalah pasar dengan }{\expnd-2\expndtw-10\cgrid efisiensi sempurna.
\par }\sb396\nowidctlpar\adjustright \expnd0\expndtw1\cgrid {Dalam dunia nyata, pasar tidak dapat }{\expnd-1\expndtw-7\cgrid sepenuhnya absolut efisien atau sama sekali }{\expnd1\expndtw5\cgrid tidak efisien. Biasanya berada di antara }{\expnd0\expndtw-1
\cgrid keduanya. Dengan adanya perkembangan }{\expnd0\expndtw-4\cgrid informasi teknologi, maka akan membantu }{\expnd0\expndtw0\cgrid pasar untuk semakin efisien. Informasi }{\expnd-2\expndtw-13\cgrid teknologi ini memungkinkan informasi tersebar }{
\expnd-1\expndtw-9\cgrid dengan lebih cepat, dan dengan perdagangan }{\expnd-1\expndtw-8\cgrid elektronik memungkinkan informasi terserap }{\expnd-2\expndtw-10\cgrid dengan lebih cepat pada harga saham.
\par }\sb576\nowidctlpar\adjustright \expnd-2\expndtw-14\cgrid {Menurut Dyckman dan Morse (1986, dalam }{\expnd-2\expndtw-10\cgrid Gumanti, 2002) pengujian pasar efisien dapat }{\expnd-1\expndtw-8\cgrid dikelompokkan menjadi dua, yaitu pengujian }{\expnd0
\expndtw0\cgrid berbasis informasi non akuntansi, dan }{\expnd0\expndtw3\cgrid pengujian berbasis informasi akuntansi. }{\expnd-1\expndtw-6\cgrid Pengujian berbasis informasi non akuntansi didasarkan pada ketiga bentuk pasar efisien }{\expnd-2\expndtw-13
\cgrid berdasarkan Fama (1970) dan beberapa variasi }{\expnd0\expndtw3\cgrid yang masih berkaitan dengan aspek non }{\expnd0\expndtw-1\cgrid akuntansi. Sedangkan pengujian berbasis }{\expnd-1\expndtw-6\cgrid informasi akuntansi tidak mengikuti bentuk }{
\expnd-2\expndtw-11\cgrid pasar efisien yang ada (Gumanti, 2002). 
\par }{\fs16\column}\pard \sb216\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd0\expndtw-4\cgrid {2. }{\f0\fs23\i\cgrid Capital Asset Pricing Model }{(Teori Portofolio)
\par }\pard \qj\fi360\sb288\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd-1\expndtw-7\cgrid {Pada dasarnya jika seseorang mengambil }{\expnd-1\expndtw-6\cgrid suatu risiko, maka dia mengharapkan }{\f0\fs23\expnd-1\expndtw-6\i\cgrid return }{
\expnd0\expndtw-4\cgrid yang sesuai dengan risiko yang diambilnya }{\expnd0\expndtw0\cgrid tersebut. Dalam pasar modal, investor }{\expnd-1\expndtw-5\cgrid mengharapkan }{\f0\fs23\expnd-1\expndtw-5\i\cgrid additional return }{\expnd-1\expndtw-5\cgrid (dis
ebut }{\f0\fs23\expnd-1\expndtw-5\i\cgrid risk }{\f0\fs23\expnd0\expndtw2\i\cgrid premium) }{\expnd0\expndtw2\cgrid jika mereka harus menanggung }{\f0\fs23\expnd-1\expndtw-8\i\cgrid additional risk.
\par }\f0\fs23\expnd-1\expndtw-5\i\cgrid {Capital Asset Pricing Model }{\f10\fs21\i0\cgrid (CAPM) adalah }{\f10\fs21\expnd-1\expndtw-6\i0\cgrid suatu model ekonomi untuk menilai saham, }{\expnd0\expndtw-3\cgrid securities }{\f10\fs21\expnd0\expndtw-3\i0
\cgrid dan aset yang mengaitkan antara }{\f10\fs21\expnd0\expndtw-1\i0\cgrid risiko dan }{\expnd0\expndtw-1\cgrid expected return. }{\f10\fs21\expnd0\expndtw-1\i0\cgrid CAPM ini sudah }{\f10\fs21\expnd5\expndtw26\i0\cgrid mulai dikenal sejak 1960-an yang
\par }\fi0\sb36\nowidctlpar\adjustright \f10\fs21\expnd3\expndtw18\i0\cgrid {dikembangkan oleh William Sharpe. }{\expnd-1\expndtw-9\cgrid Selanjutnya pada tahun 1990 William Sharpe }{\expnd-1\expndtw-6\cgrid menerima hadiah Nobel 1990 atas perannya }{
\expnd0\expndtw0\cgrid dalam mengembangkan CAPM tersebut }{\expnd-2\expndtw-12\cgrid (Burton, 1998). CAPM ini mendasari pemikiran }{\expnd1\expndtw5\cgrid teori portofolio yang menyatakan bahwa }{\expnd-2\expndtw-10\cgrid investor akan memilih suatu porto
folio saham }{\expnd-1\expndtw-6\cgrid yang dapat memaksimumkan }{\f0\fs23\expnd-1\expndtw-6\i\cgrid expected return }{\expnd4\expndtw22\cgrid untuk tingkat risiko tertentu, atau }{\expnd0\expndtw-2\cgrid meminimumkan risiko untuk memperoleh }{\f0\fs23
\expnd-2\expndtw-10\i\cgrid expected return }{\expnd-2\expndtw-10\cgrid tertentu. Hubungan antara dua }{\expnd0\expndtw0\cgrid paramater }{\f0\fs23\expnd0\expndtw0\i\cgrid (risk }{\expnd0\expndtw0\cgrid dan }{\f0\fs23\expnd0\expndtw0\i\cgrid expected retu
rn) }{\expnd0\expndtw0\cgrid dalam }{\expnd-2\expndtw-10\cgrid CAPM dirumuskan sebagai berikut:
\par }\qc\sb432\nowidctlpar\adjustright \f0\fs23\expnd-1\expndtw-8\i\cgrid {E(Rit) = Rf(1 - flu) + fliE(Rmt)
\par }\ql\sb108\nowidctlpar\adjustright \f10\fs21\expnd-2\expndtw-10\i0\cgrid {Keterangan:
\par }\fi-792\li792\ri648\sb0\nowidctlpar\adjustright \f0\fs23\i\cgrid {E(Rit) : expected return dari }{\f10\fs21\i0\cgrid saham i pada }{\f10\fs21\expnd0\expndtw0\i0\cgrid periode t
\par }\pard \nowidctlpar\tqr\tx3623\aspalpha\aspnum\nocwrap\adjustright \expnd0\expndtw0\cgrid {Rf\tab }{\expnd-1\expndtw-6\cgrid : return }{\f10\fs21\expnd-1\expndtw-6\i0\cgrid dari }{\expnd-1\expndtw-6\cgrid risk-free investment
\par }\pard \sa108\nowidctlpar\tqr\tx4166\aspalpha\aspnum\nocwrap\adjustright {Rm\tab }{\expnd-2\expndtw-11\cgrid : return dari }{\f10\fs21\expnd-2\expndtw-11\i0\cgrid pasar secara keseluruhan
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1211\margrsxn1289\margtsxn2041\margbsxn1006\cols2\colno1\colw4522\colsr314\colno2\colw4522\colsr0\linex0\sectdefaultcl\titlepg\footery1072{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore
\shpleft1245\shptop0\shpright10920\shpbottom264\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz60\shplid1086{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr\pard\plain }{\footerf{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10920\shpbottom264\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz61\shplid1087{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp
{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{
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\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3269002770}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{
\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \sl-304\slmult0\nowidctlpar\tqr\tx2981\aspalpha\aspnum\nocwrap\adjustright \f16\fs35\expnd-8\expndtw-40\i\cgrid {flu\tab }{\f10\fs6\expnd-1\expndtw-6\i0\cgrid : }{\f10\fs21\expnd-1\expndtw-6\i0\cgrid beta dari perusahaan i
\par }\pard \qj\fi360\sb180\sl-262\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd0\expndtw2\i0\cgrid {CAPM didasari oleh sejumlah asumsi, }{\expnd0\expndtw0\cgrid yaitu:
\par }{\pntext\pard\plain \f10\fs21\cgrid 1.\tab}\pard \qj\fi-360\li432\sb180\sl-266\slmult0\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pndec\pnstart1\pnindent360\pnhang\pnsp360{\pntxta .}}\ls5\aspalpha\aspnum\nocwrap
\adjustright \expnd0\expndtw0\cgrid {Investor mempunyai karakteristik }{\f0\fs23\i\cgrid risk }{\f0\fs23\expnd-2\expndtw-13\i\cgrid averse }{\expnd-2\expndtw-13\cgrid serta memiliki ekspektasi yang sama }{\f0\fs23\expnd-2\expndtw-10\i\cgrid (homogenous ex
pectation)
\par }\sb108\sl-263\slmult0\nowidctlpar\adjustright \expnd-2\expndtw-13\cgrid {Pasar bersifat }{\f0\fs23\i\cgrid friction less }{di mana informasi }{\expnd-2\expndtw-11\cgrid dapat diperoleh dengan mudah dan tanpa }{\expnd0\expndtw-4\cgrid biaya. Kondisi 
ini menyebabkan semua }{\expnd0\expndtw3\cgrid investor bersifat }{\f0\fs23\expnd0\expndtw3\i\cgrid price taker }{\expnd0\expndtw3\cgrid dan tidak }{\expnd-1\expndtw-8\cgrid mungkin memperoleh }{\f0\fs23\expnd-1\expndtw-8\i\cgrid abnormal profit.
\par }\ql\sl-269\slmult0\nowidctlpar\adjustright \expnd-2\expndtw-11\cgrid {Aset dipecah menjadi satuan terkecil yang }{\expnd-2\expndtw-10\cgrid sangat likuid }{\f0\fs23\expnd-2\expndtw-10\i\cgrid (marketable).
\par }{\pntext\pard\plain \f10\fs21\cgrid 1.\tab}\pard \fi-360\li432\sb108\sl-264\slmult0\nowidctlpar\tx1651\tx2669\tx4162\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pndec\pnstart2\pnindent360\pnhang\pnsp360{\pntxta .}}\ls5\aspalpha
\aspnum\nocwrap\adjustright \expnd0\expndtw4\cgrid {Terdapat }{\f0\fs23\i\cgrid risk-free asset, }{dalam hal ini }{\expnd-2\expndtw-10\cgrid investor\tab }{\expnd-5\expndtw-26\cgrid dapat\tab }{\expnd-2\expndtw-10\cgrid meminjam\tab }{\expnd-2\expndtw-14
\cgrid dan\line }{\expnd-2\expndtw-12\cgrid meminjamkan pada suku bunga tersebut.
\par }{\pntext\pard\plain \fs23\expnd-1\expndtw-6\i\cgrid 3.\tab}\pard \qj\fi-360\li432\sb72\sl-245\slmult0\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf0\pnfs23\pnulnone\pni\pndec\pnstart3\pnindent360\pnhang\pnsp360{\pntxta .}}\ls6\aspalpha
\aspnum\nocwrap\adjustright \f0\fs23\expnd-1\expndtw-6\i\cgrid {Short selling }{\f10\fs21\i0\cgrid diperbolehkan tanpa adanya }{\f10\fs21\expnd-1\expndtw-5\i0\cgrid biaya tambahan seperti pajak dan biaya }{\f10\fs21\i0\cgrid transaksi.
\par }\ql\fi-720\li792\ri432\sb144\sl-680\slmult0\nowidctlpar\adjustright \expnd0\expndtw2\cgrid {Asset return }{\f10\fs21\i0\cgrid terdistribusi normal. }{\fs25\expnd-1\expndtw-7\b\i0\cgrid PERKEMBANGAN EMPIRIK
\par }\pard \qj\fi360\sb252\sa216\sl-255\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-1\expndtw-8\i0\cgrid {Konsep EMH dan CAPM telah diuji dalam berbagai penelitian yang dilakukan di banyak }{\expnd-2\expndtw-13\cgrid pasar mod
al, seperti New York Stock Exchange, }{\expnd-2\expndtw-12\cgrid London Market, Autralian Market, dan German }{\expnd0\expndtw3\cgrid Stock Market (Jensen, 1978). Hasil-hasil }{penelitian itu mengindikasikan adanya bukti\-}{\expnd0\expndtw3\cgrid bukti ya
ng mendukung konsep EMH dan }{\expnd-1\expndtw-6\cgrid CAPM. Namun demikian, terdapat juga hasil }{\expnd-2\expndtw-11\cgrid penelitian yang tidak mendukung konsep EMH }{\expnd0\expndtw-2\cgrid dan CAPM. }{\expnd-1\expndtw-5\cgrid itu bentuk lemah, semi-k
uat, maupun kuat, }{menunjukkan tidak adanya konsistensi. Jika }{\expnd-2\expndtw-11\cgrid bentuk kuat teori pasar efisien memang benar\-}{\expnd-1\expndtw-7\cgrid benar ada, orang dalam }{\f0\fs23\expnd-1\expndtw-7\i\cgrid (insiders) }{\expnd-1\expndtw-7
\cgrid seharusnya }{\expnd0\expndtw-1\cgrid tidak mampu untuk memperoleh }{\f0\fs23\expnd0\expndtw-1\i\cgrid abnormal }{\f0\fs23\expnd0\expndtw0\i\cgrid returns }{\expnd0\expndtw0\cgrid dengan menggunakan strategi }{\expnd-2\expndtw-13\cgrid perdagangan y
ang ada. Bukti yang ditunjukkan }{\expnd1\expndtw5\cgrid dalam Tabel 2 tersebut sangat jelas dan }{\expnd0\expndtw0\cgrid meyakinkan, bahwa }{\f0\fs23\expnd0\expndtw0\i\cgrid insiders }{\expnd0\expndtw0\cgrid (tetapi bukan }{\expnd-1\expndtw-5\cgrid manaj
er reksadana atau }{\f0\fs23\expnd-1\expndtw-5\i\cgrid mutual funds) }{\expnd-1\expndtw-5\cgrid dapat }{\expnd0\expndtw-3\cgrid memperoleh abnormal profit, sehingga kita }{\expnd-2\expndtw-11\cgrid dapat menyimpulkan bahwa bentuk kuat teori }{\expnd-2
\expndtw-10\cgrid pasar efisien tidak terdukung.
\par }\sb360\sa0\sl240\slmult1\nowidctlpar\adjustright \expnd-2\expndtw-10\cgrid {Tetapi perlu diingat kembali bahwa adalah }{\expnd-1\expndtw-7\cgrid tidak diperkenankan atau melanggar hukum }{\expnd-2\expndtw-11\cgrid untuk melakukan transaksi atau perd
agangan }{\expnd-1\expndtw-9\cgrid dengan menggunakan informasi orang dalam. }{\expnd0\expndtw2\cgrid Walaupun demikian, jelas kiranya di sini }{\expnd-1\expndtw-5\cgrid bahwa dalam kasus-kasus tertentu di mana }{\expnd-2\expndtw-12\cgrid peneliti mampu u
ntuk mendapatkan informasi tentang keterlibatan orang dalam }{\f0\fs23\expnd-2\expndtw-12\i\cgrid (insiders) }{\expnd-2\expndtw-12\cgrid atau }{\expnd-1\expndtw-6\cgrid setidak-tidaknya informasi dari orang dalam }{\expnd0\expndtw0\cgrid dapat diperoleh, 
maka seseorang masih }{\expnd0\expndtw3\cgrid memiliki kesempatan untuk memperoleh }{\expnd-1\expndtw-8\cgrid abnormal }{\f0\fs23\expnd-1\expndtw-8\i\cgrid returns.
\par }\sb540\sa180\nowidctlpar\adjustright \expnd-2\expndtw-14\cgrid {Ringkasan dari pengujian pasar efisien yang }{\expnd-1\expndtw-8\cgrid pernah ada atas informasi nonakuntansi dan }{\expnd-3\expndtw-15\cgrid informasi akuntansi ditunjukkan dalam Tabel
 3. }{\expnd-1\expndtw-9\cgrid Pada Tabel 3, penelitian yang mencoba untuk }{\expnd-3\expndtw-15\cgrid menguji keberadaan pasar efisien sudah banyak }{\expnd1\expndtw5\cgrid dilakukan dengan berbagai pendekatan. }{\expnd-1\expndtw-8\cgrid Namun demikian, 
beberapa hal penting perlu }{\expnd3\expndtw15\cgrid mendapat perhatian. Morse dan Dale }{\expnd0\expndtw1\cgrid sepertinya sepakat bahwa pasar modal di }{\expnd-1\expndtw-5\cgrid Amerika Serikat, setidaknya sampai dengan }{\expnd0\expndtw-4\cgrid periode
 tahun 1980-an, masih tergolong ke }{\expnd-2\expndtw-10\cgrid dalam pasar efisien bentuk lemah.
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1171\margrsxn1198\margtsxn2041\margbsxn1006\sbknone\linex0\sectdefaultcl\titlepg\footery1072{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10920
\shpbottom264\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz62\shplid1088{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{
\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{
\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 2969351835}}{\shptxt \pard
\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0
\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr\pard\plain }{\footerf{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1245\shptop0\shpright10920\shpbottom264\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz63\shplid1089{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp
{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{
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\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 89863767}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9331\aspalpha\aspnum\nocwrap\adjustright \f10\fs20\b\charscalex95\cgrid {{\field{\*\fldinst{ PAGE }}{
\fldrslt{26}}}\tab }{\expnd0\expndtw-3\cgrid Jurnal Liquidity: }{\f16\fs23\expnd0\expndtw-3\b0\charscalex100\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \qj\fi360\li72\ri4968\sb288\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\cgrid {Dalam makalahnya, Jensen (1978) }{\expnd0\expndtw1\cgrid mengemukakan ringkasan dari beberapa }{\expnd-1\expndtw-9\cgrid penelitian yang menjela
skan mengenai faktor }{\expnd-2\expndtw-14\cgrid anomali yang terjadi di pasar modal. Ringkasan }{\expnd0\expndtw2\cgrid penting berkaitan dengan anomali pasar }{\expnd-2\expndtw-10\cgrid tersebut dapat dilihat dari Tabel 1.
\par }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft0\shptop1224\shpright9490\shpbottom1224\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz64\shplid1090{\sp{
\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{
\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qj\fi360\li72\ri4968\sb360\nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-1\expndtw-6\cgrid {Selanjutnya berdasarkan beberapa hasil }{\expnd-2\expndtw-11\cgrid penelitian yang mencoba menguji efisiensi, baik
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1176\margrsxn4502\margtsxn2214\margbsxn673\linex0\sectdefaultcl\footery0{\footerl\pard\plain }{\footerr\pard\plain }\pard\plain \fi-720\li1152\ri1944\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f16\fs23
\expnd0\expndtw-2\b\cgrid {Tabel 1. Ringkasan Penelitian Anomali }{\expnd0\expndtw0\cgrid di Pasar Modal
\par }{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft6278\shptop177\shpright9662\shpbottom4975\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz65\shplid1091{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}
{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 704974265}}{\shptxt \pard\plain\pard\plain \li1008\sl264\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs12\expnd0\expndtw-2\b\cgrid {Hasil penelitian
\par }\li0\ri144\sl297\slmult1\nowidctlpar\adjustright \fs11\expnd0\expndtw1\b0\cgrid {Ada non-zero abnormal return setelah pengumunlan. Hal ini tidak konsisten dertgan konsep market efficiency
\par }\ri216\sb36\sl292\slmult1\nowidctlpar\adjustright \expnd0\expndtw2\cgrid {Menurut Ball terjadinya non zero abnormal returns disebabkan oleh karena tidak memadainya parameter }{\expnd0\expndtw4\cgrid dalara CAM, dan bukan karena pasar tidak efisien }
{\expnd0\expndtw-1\cgrid Abnormal returns disebabkan oleh inefisiensi pasar, dan }{bukart karena kelemahan CAPM
\par }\ri360\sb72\sl288\slmult1\nowidctlpar\adjustright \expnd0\expndtw0\cgrid {Inefi.siensihanya terjadi pada periode 1962-1965; dan }{\expnd0\expndtw1\cgrid tidak pada periode 1965-1968
\par }\ri288\sb0\nowidctlpar\adjustright \expnd0\expndtw-1\cgrid {Ada abnormal returns sebesar 4% selama periode 1940\-}{\expnd0\expndtw0\cgrid 1971.
\par }\qj\ri360\sb72\sl290\slmult1\nowidctlpar\adjustright {Dari data yang ada tidak dapat menentukan apakah abnormal return timbul karena inefisiensi pasar, atau }{\expnd0\expndtw3\cgrid karena kelemahan dari CAPM
\par }\ql\ri216\nowidctlpar\adjustright \expnd0\expndtw1\cgrid {Abnormal return disebabkan km kelemahan dari CAPM }{\expnd1\expndtw5\cgrid dan bukan dad inefisiensi pasar karena informasi }{\expnd0\expndtw0\cgrid mengertai closed end fund discounts tersed
ia dan }{didiskusikan secara ekstensif
\par }\qj\ri288\sb0\nowidctlpar\adjustright \expnd0\expndtw0\cgrid {Perilaku NYSE dan Chicago Board Options Exchange menunjukkan pasar yang tidak synchronized . Hal tsb }{\expnd0\expndtw1\cgrid dapat memberikan keunturtgan.
\par }\ql\ri216\nowidctlpar\adjustright \expnd0\expndtw-3\cgrid {Harga opsi memberikan kesempatan urttuk memperoleh }{\expnd0\expndtw3\cgrid keuntungan, sehingga dikatakan bahwa pasar CBOE }{\expnd0\expndtw0\cgrid tidak efisien.
\par }\ri0\sl292\slmult1\nowidctlpar\adjustright \expnd0\expndtw3\cgrid {Parameter CAPM mertgandung kelemahan
\par }\ri144\sb108\sa72\sl297\slmult1\nowidctlpar\adjustright \expnd0\expndtw-3\cgrid {Secara uraura perubahan harga pasar terhadap stock split }{\expnd0\expndtw2\cgrid konsisten dengan market efficiency
\par }}}}\trowd\trgaph0\trql\trrh-298\clvertalb\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalb\clcfpat17\clshdng10000\cltxlrtb\cellx2131\clvertalb\clcfpat17\clshdng10000\cltxlrtb\cellx6180\pard\plain \li245\sb108\nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \intbl\f10\fs12\b\cf1\cgrid {No.\cell }\qr\li0\ri350\nowidctlpar\adjustright \intbl\expnd0\expndtw-4\cgrid {Peneliti\cell }\ri1477\nowidctlpar\adjustright \intbl{Judul Penelitian\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright 
\intbl{\row }\trowd\trgaph0\trql\trrh-158\clvertalc\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalc\clcfpat17\clshdng10000\cltxlrtb\cellx2131\clvertalc\clcfpat17\clshdng10000\cltxlrtb\cellx6180{\pntext\pard\plain \f10\fs11\cf1\chcbpat17\cgrid 1.\tab}
\pard \li245\nowidctlpar\jclisttab\tx389{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs11\pnulnone\pndec\pnstart1\pnhang\pnsp144{\pntxta .}}\ls7\aspalpha\aspnum\nocwrap\adjustright \intbl\fs11\expnd0\expndtw0\b0\cgrid {\cell }\pard \li62\nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \intbl{Ball\cell }\pard \li350\nowidctlpar\tqr\tx3922\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw2\cgrid {"Anomalies in Relationships between Securities' Yields and\tab }{\expnd0\expndtw0\cgrid \'95\cell }\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-216\clvertalt\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalc\clcfpat17\clshdng10000\cltxlrtb\cellx2131\clvertalc\clcfpat17\clshdng10000\cltxlrtb\cellx6180\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\cf0\lang1057\langfe1057\cgrid {\cell }\li62\nowidctlpar\adjustright \intbl\f10\fs11\cf1\lang1033\langfe1033\cgrid {(1978)\cell }\li350\nowidctlpar\adjustright \intbl\expnd0
\expndtw4\cgrid {Yield-Surrogates"\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-312\clvertalt\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalt\clcfpat17\clshdng10000\cltxlrtb\cellx2131\clvertalt
\clcfpat17\clshdng10000\cltxlrtb\cellx6180\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\cf0\lang1057\langfe1057\cgrid {\cell \cell }\qr\ri127\nowidctlpar\adjustright \intbl\f10\fs11\cf1\lang1033\langfe1033\cgrid {
\'95\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-322\clvertalb\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalb\clcfpat17\clshdng10000\cltxlrtb\cellx2131\clvertalb\clcfpat17\clshdng10000\cltxlrtb
\cellx6180{\pntext\pard\plain \f10\fs11\cf1\chcbpat17\cgrid 1.\tab}\pard \li245\sb144\nowidctlpar\jclisttab\tx389{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs11\pnulnone\pndec\pnstart2\pnhang\pnsp144{\pntxta .}}\ls7\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell }
\pard \li62\sb144\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{Watts\cell }\pard \li350\sb144\nowidctlpar\tqr\tx3922\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw2\cgrid {"Systematic 'Abnormal' Returns after Quarterly Earnings\tab }{
\expnd0\expndtw0\cgrid \'95\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-379\clvertalt\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalt\clcfpat17\clshdng10000\cltxlrtb\cellx2131\clvertalt\clcfpat17
\clshdng10000\cltxlrtb\cellx6180\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\cf0\lang1057\langfe1057\cgrid {\cell }\li62\nowidctlpar\adjustright \intbl\f10\fs11\cf1\lang1033\langfe1033\cgrid {(1978)\cell }\li350
\nowidctlpar\adjustright \intbl\expnd0\expndtw4\cgrid {Announcements"\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-307\clvertalb\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalb\clcfpat17
\clshdng10000\cltxlrtb\cellx2131\clvertalb\clcfpat17\clshdng10000\cltxlrtb\cellx6180{\pntext\pard\plain \f10\fs11\cf1\chcbpat17\cgrid 1.\tab}\pard \li245\sb144\nowidctlpar\jclisttab\tx389{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs11\pnulnone\pndec\pnstart3\pnhang
\pnsp144{\pntxta .}}\ls7\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw0\cgrid {\cell }\pard \li62\sb144\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw2\cgrid {Thompson (1978)\cell }\li350\nowidctlpar\adjustright \intbl
\expnd0\expndtw4\cgrid {"The Info Content of Discounts and Premium on Closed-End \'95\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-177\clvertalt\clcfpat17\clshdng10000\cltxlrtb\cellx600\clvertalt
\clcfpat17\clshdng10000\cltxlrtb\cellx2131\clvertalc\clcfpat17\clshdng10000\cltxlrtb\cellx6180\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\cf0\lang1057\langfe1057\cgrid {\cell \cell }\li350\nowidctlpar
\adjustright \intbl\f10\fs11\cf1\lang1033\langfe1033\cgrid {Fund Shares"\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard\plain \sa85\sl-20\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {
\par }\pard\pard \qr\ri108\sa72\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f22\fs19\charscalex120\lang1033\langfe1033\cgrid {\'95
\par }\trowd\trgaph0\trql\trrh-557\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx6180\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16
\fs24\charscalex100\lang1057\langfe1057\cgrid {\cell \cell }\qr\ri127\nowidctlpar\adjustright \intbl\f22\fs17\charscalex135\cf1\lang1033\langfe1033\cgrid {\'95\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql
\trrh-437\clvertalb\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalb\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalb\clcfpat18\clshdng10000\cltxlrtb\cellx6180{\pntext\pard\plain \f10\fs12\cf1\chcbpat18\cgrid 4.\tab}\pard \qc\sb216\nowidctlpar
\jclisttab\tx144{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs12\pnulnone\pndec\pnstart4\pnhang\pnsp144{\pntxta .}}\ls8\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs12\charscalex100\cgrid {\cell }\pard \li163\sb216\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright 
\intbl{Galai\cell }\li206\nowidctlpar\adjustright \intbl{"Empirical Tests of Boundary Conditions for CBOE Options" \'95\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-235\clvertalt\clcfpat18\clshdng10000
\cltxlrtb\cellx499\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx6180\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\cf0\lang1057\langfe1057\cgrid {\cell }\li163\nowidctlpar
\adjustright \intbl\f10\fs12\cf1\lang1033\langfe1033\cgrid {(1978)\cell }\li0\nowidctlpar\adjustright \intbl\f16\fs24\cf0\lang1057\langfe1057\cgrid {\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-197
\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx6180{\pntext\pard\plain \f10\fs12\cf1\chcbpat18\cgrid 5.\tab}\pard \qc\nowidctlpar\jclisttab\tx144{
\*\pn \pnlvlbody\ilvl0\pnf10\pnfs12\pnulnone\pndec\pnstart5\pnhang\pnsp144{\pntxta .}}\ls9\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs12\cf1\lang1033\langfe1033\cgrid {\cell }\pard \li163\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0
\expndtw-4\cgrid {Chiras & Martaster (1978)\cell }\pard \li206\nowidctlpar\tqr\tx3773\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw-2\cgrid {"The Information Content of Option Prices and A Test of\tab }{\expnd0\expndtw0\cgrid \'95\cell }\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-235\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx6180\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\cf0\lang1057\langfe1057\cgrid {\cell \cell }\li206\nowidctlpar\adjustright \intbl\f10\fs12\cf1\lang1033\langfe1033\cgrid {Market Efficiency"\cell }\pard \nowidctlpar\aspalpha
\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-235\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx6180{\pntext\pard\plain \f10\fs12
\cf1\chcbpat18\cgrid 6.\tab}\pard \qc\nowidctlpar\jclisttab\tx144{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs12\pnulnone\pndec\pnstart6\pnhang\pnsp144{\pntxta .}}\ls10\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell }\pard \li163\nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \intbl\expnd0\expndtw-2\cgrid {Long (1978)\cell }\pard \li206\nowidctlpar\tqr\tx3773\aspalpha\aspnum\nocwrap\adjustright \intbl{"The Market Valuation of Cash Dividends: A Case to\tab }{\expnd0\expndtw0\cgrid \'95\cell }\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-154\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx6180\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\cf0\lang1057\langfe1057\cgrid {\cell \cell }\li206\nowidctlpar\adjustright \intbl\f10\fs12\cf1\lang1033\langfe1033\cgrid {Consider"\cell }\pard \nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-158\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx6180{\pntext\pard\plain \f10\fs12\cf1
\chcbpat18\cgrid 6.\tab}\pard \qc\nowidctlpar\jclisttab\tx144{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs12\pnulnone\pndec\pnstart7\pnhang\pnsp144{\pntxta .}}\ls10\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell }\pard \li163\nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \intbl\expnd0\expndtw-4\cgrid {Charest (1978)\cell }\li206\nowidctlpar\adjustright \intbl\expnd0\expndtw-1\cgrid {"Split (and Dividend) Information, Stock Returns and Market \'95\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright 
\intbl{\row }\trowd\trgaph0\trql\trrh-216\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx499\clvertalt\clcfpat18\clshdng10000\cltxlrtb\cellx2280\clvertalc\clcfpat18\clshdng10000\cltxlrtb\cellx6180\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright 
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\pard\plain \sa24\sl-20\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {
\par }\pard\pard\plain\sect\sectd\stextflow0\marglsxn1349\margrsxn1020\margtsxn2214\margbsxn673\sbknone\linex0\sectdefaultcl\footery0{\footerl\pard\plain }{\footerr\pard\plain }{\pntext\pard\plain \f6\fs11\expnd0\expndtw-3\cgrid \'b7\tab}\pard \fi-360
\li6120\ri72\sl288\slmult1\nowidctlpar\jclisttab\tx6120{\*\pn\pnlvlblt\ilvl0\pnrnot0\pnf6\pnfs11\pnulnone\pnstart1\pnindent360\pnhang\pnsp360{\pntxtb \'b7\tab}}\ls11\aspalpha\aspnum\nocwrap\adjustright \f10\fs11\expnd0\expndtw-3\lang1033\langfe1033\cgrid 
{Terdapat abnormal returns selama beberapa bulan setelah }{\expnd0\expndtw2\cgrid perubahan dividen tunai Harga pasar tidak segera mencerminlcan perubahan divider.
\par }\ri144\sb36\sa108\sl292\slmult1\nowidctlpar\adjustright \expnd0\expndtw0\cgrid {Tidak dapat menentukan penyebab timbulnya abnormal return, apakah karena pasar tidak efisien atau karena }{\expnd0\expndtw3\cgrid kelemahan parameter CAPM.
\par }\pard \li432\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\expnd-2\expndtw-14\cgrid {Sumber : Jensen, 1978
\par }\qc\li0\sb72\sa108\nowidctlpar\adjustright \f16\fs23\expnd0\expndtw-1\b\cgrid {Tabel 2. Ringkasan Penelitian Insiders dapat\line }{\expnd0\expndtw2\cgrid Memperoleh }{\f0\fs22\expnd0\expndtw2\i\cgrid Abnormal Profit
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\par }\pard \li288\sl268\slmult1\nowidctlpar\tx758\tqr\tx4948\aspalpha\aspnum\nocwrap\adjustright {1.\tab }{\expnd3\expndtw18\cgrid Itch. }{\f0\fs10\expnd3\expndtw18\i\cgrid Beehev }{\expnd3\expndtw18\cgrid (2005) t\tab }{\f0\fs10\expnd4\expndtw21\i
\cgrid Efficient Market Hypothesis: Budapest,
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kan pasar }{\f10\fs9\expnd4\expndtw21\cgrid berrtuk }{\f0\fs10\expnd4\expndtw21\i\cgrid weak dan semi-strong.
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\expndtw18\cgrid {l'engojiart dart p,r_kenabartgan }{\f0\fs10\i\cgrid snorkel }{eficlency
\par }\pard \li216\sl292\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd4\expndtw23\cgrid {rnenyarankan bahwa pada kahir periode sampel, 3 pasar
\par }\sl240\slmult1\nowidctlpar\adjustright \expnd4\expndtw22\cgrid {berkompul mernollki iongkat effsiensi yang suma-
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\par }\pard \nowidctlpar\tqr\tx4090\aspalpha\aspnum\nocwrap\adjustright \expnd3\expndtw18\cgrid {Turkey\tab }{\f0\fs11\expnd3\expndtw15\i\cgrid Capital Asset Pricing Model}{\fs11\expnd3\expndtw15\i\super\cgrid -}{\f0\fs11\expnd3\expndtw15\i\cgrid  and The
\par }\pard \li1800\ri288\sa432\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f0\fs11\expnd3\expndtw15\i\cgrid {Efficient Market Hypothesis in Turkey's }{\expnd3\expndtw18\cgrid Securuties Markets
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\f0\fs10\expnd4\expndtw20\i\cgrid Efficiency of Indian Stock Markel
\par }\pard \li720\sl216\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd2\expndtw10\cgrid {India
\par }}}}\pard\plain \sl314\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs9\expnd4\expndtw22\cgrid {c. Paso,- Lekuritas Turkey}{\super\cgrid -}{xnelakukan transfer }{\f0\fs10\i\cgrid risk }{clengart
\par }\pard \li360\sl199\slmult1\nowidctlpar\tqr\tx3427\aspalpha\aspnum\nocwrap\adjustright \expnd3\expndtw18\cgrid {secapurna, seltingga\tab }{\expnd4\expndtw20\cgrid ada }{\f0\fs10\expnd4\expndtw20\i\cgrid risk suppression.
\par }{\pntext\pard\plain \f40\fs10\expnd3\expndtw17\i\cgrid \'6f\tab}\pard \fi-432\li432\ri144\sb72\nowidctlpar\jclisttab\tx432{\*\pn\pnlvlblt\ilvl0\pnrnot0\pnf40\pnfs10\pnulnone\pni\pnstart1\pnindent432\pnhang\pnsp432{\pntxtb \'6f\tab}}\ls13\aspalpha
\aspnum\nocwrap\adjustright \f0\fs10\expnd3\expndtw17\i\cgrid {Specific risk }{\f10\fs9\i0\cgrid auri pasar Turkey beryariasi dad_ orakto ke }{\f10\fs9\expnd4\expndtw22\i0\cgrid waktu dart mempertgaru_hi }{\expnd4\expndtw22\cgrid risk }{\f10\fs9\expnd4
\expndtw22\i0\cgrid E.' }{\expnd4\expndtw22\cgrid return }{\f10\fs9\expnd4\expndtw22\i0\cgrid terhadap }{\f10\fs9\expnd3\expndtw16\i0\cgrid portfolio.
\par }{\pntext\pard\plain \f22\fs9\expnd3\expndtw19\cgrid \u117*\tab}\pard \fi-360\li360\ri144\sb72\sl288\slmult1\nowidctlpar\jclisttab\tx360{\*\pn\pnlvlblt\ilvl0\pnrnot0\pnf22\pnfs9\pnulnone\pnstart1\pnindent360\pnhang\pnsp360{\pntxtb \u117*\tab}}\ls14
\aspalpha\aspnum\nocwrap\adjustright \f10\fs9\expnd3\expndtw19\i0\cgrid {CAPM dapat cliterapkart dart Turkish Security Market }{\expnd5\expndtw26\cgrid mempakartbentok pasar yang easier,
\par }{\pntext\pard\plain \f40\fs9\expnd4\expndtw20\cgrid \'6f\tab}\pard \fi-360\li360\nowidctlpar\jclisttab\tx360{\*\pn\pnlvlblt\ilvl0\pnrnot0\pnf40\pnfs9\pnulnone\pnstart1\pnindent360\pnhang\pnsp360{\pntxtb \'6f\tab}}\ls15\aspalpha\aspnum\nocwrap
\adjustright \expnd4\expndtw20\cgrid {Berclasarkanhasil pcsiguliart dan imalisis
\par }\pard \qj\li360\ri360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f0\fs10\expnd3\expndtw15\i\cgrid {auto:orrelation }{\f10\fs9\i0\cgrid rliterrockart balicsia series dari index }{\f10\fs9\expnd4\expndtw21\i0\cgrid saharresaharn di India Stock M
arket iciwato }{\expnd4\expndtw21\cgrid incised }{\expnd3\expndtw18\cgrid ran dam timeseries.
\par }\ql\fi-360\ri504\sb72\sl264\slmult1\nowidctlpar\adjustright \f10\fs9\expnd5\expndtw25\i0\cgrid {o PeriIalcu hays. sahamtidak cocok ciertgan model }{\f0\fs10\expnd4\expndtw20\i\cgrid random, }{\expnd4\expndtw20\cgrid ow& di pasar sallarn }{\f34\fs8
\expnd4\expndtw20\cgrid India.
\par }\pard \sb36\nowidctlpar\tqr\tx3917\aspalpha\aspnum\nocwrap\adjustright \f34\fs8\expnd4\expndtw24\cgrid {o }{\f10\fs9\cgrid Sein rtgga\tab }{\f10\fs9\expnd4\expndtw21\cgrid sekoriios yang rnertiadi }{\f0\fs10\expnd4\expndtw21\i\cgrid undervalued }{
\f10\fs9\expnd4\expndtw21\cgrid clan
\par }\pard \li360\ri144\sl285\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs9\expnd3\expndtw16\cgrid {investor bisa rnendapatkan kelelbffturt returns jar.. bisa }{\expnd4\expndtw20\cgrid rnerniIilt yang benar.
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\par }}}}{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft2078\shptop13004\shpright6686\shpbottom13692\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz73\shplid1099{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\sp{\sn lTxid}{\sv 3502498257}}{\shptxt \pard\plain\pard\plain \nowidctlpar\tqr\tx4565\aspalpha\aspnum\nocwrap\adjustright \f10\fs9\expnd2\expndtw14\cf1\cgrid {Flan:ton Mahn!. (2007) :\tab }{\f0\fs11\expnd3\expndtw16\i\cgrid Market Efficiency: An Empirica
l }{\fs10\expnd3\expndtw16\b\i\cgrid Analysis }{\f0\fs11\expnd3\expndtw16\i\cgrid of
\par }\pard \sa360\sl192\slmult1\nowidctlpar\tqr\tx2755\aspalpha\aspnum\nocwrap\adjustright \expnd3\expndtw16\cgrid {Pakistan\tab }{\f0\fs11\expnd3\expndtw18\i\cgrid KSE 100 Index
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\cgrid Stock Market Efficiency And Development
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elarriotncra_
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\par }\pard \li360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd4\expndtw21\cgrid {\'b0loan aclartya pertgabongan
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\par }\sa792\sl283\slmult1\nowidctlpar\adjustright \expnd3\expndtw16\cgrid {yang tepat
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\expnd1\expndtw9\cgrid  Perforniance\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-159\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs
\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }{\pntext\pard\plain \f34\fs11
\expnd6\expndtw34\b\i\cgrid 2.\tab}\pard \li469\nowidctlpar\jclisttab\tx829{\*\pn \pnlvlbody\ilvl0\pnf34\pnfs11\pnulnone\pnb\pni\pndec\pnstart2\pnhang\pnsp360{\pntxta .}}\ls17\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs11\expnd6\expndtw34\b\i
\lang1033\langfe1033\cgrid {Trading By Insiders\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-168\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl
\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }{\pntext\pard
\plain \f34\fs12\expnd4\expndtw23\b\i\cgrid 3.\tab}\pard \li469\nowidctlpar\jclisttab\tx829{\*\pn \pnlvlbody\ilvl0\pnf34\pnfs12\pnulnone\pnb\pni\pndec\pnstart3\pnhang\pnsp360{\pntxta .}}\ls18\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs12\expnd4
\expndtw23\b\i\lang1033\langfe1033\cgrid {Using Price Changes and }{\expnd2\expndtw13\i0\cgrid Trading }{\fs11\cgrid Vohnne to }{\expnd2\expndtw13\i0\cgrid A./al\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard \nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\li739\nowidctlpar\adjustright \intbl\f34\fs12\expnd1\expndtw9\b\i\lang1033\langfe1033\cgrid {Inferenves About the Use }{\f10\fs13\expnd0
\expndtw-1\i0\cgrid ofPrjvatelinb1771011411\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-172\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs
\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\li19\nowidctlpar
\adjustright \intbl\f10\fs14\expnd7\expndtw38\b\i\lang1033\langfe1033\cgrid {IS. }{\f22\fs11\cgrid ?'ears }{\f34\fs12\cgrid of Price Variances and Overreaction t\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql
\trleft390\trrh-173\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\li289\nowidctlpar\adjustright \intbl\f34\fs11\expnd1\expndtw6\b\lang1033\langfe1033\cgrid {TritorravErtiip.ra\cell }\pard \nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-178\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 
\cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\lang1057\langfe1057\cgrid {\cell \cell }{\pntext\pard\plain \f34\fs11\expnd5\expndtw26\b\i\cgrid C.\tab}\pard \li19\nowidctlpar\jclisttab\tx811{
\*\pn \pnlvlbody\ilvl0\pnf34\pnfs11\pnulnone\pnb\pni\pnucltr\pnstart3\pnhang\pnsp792{\pntxta .}}\ls19\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs11\expnd5\expndtw26\b\i\lang1033\langfe1033\cgrid {Arbiz.rago }{\f10\fs12\cgrid OpportErniatgeS\cell }
\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-168\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294
\clvertalc\clbrdrl\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }{\pntext\pard\plain \f10\fs12\expnd7\expndtw36\b\i\cgrid D.\tab}\pard 
\li19\nowidctlpar\jclisttab\tx811{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs12\pnulnone\pnb\pni\pnucltr\pnstart4\pnhang\pnsp792{\pntxta .}}\ls20\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs12\expnd7\expndtw36\b\i\lang1033\langfe1033\cgrid {Tatkop{\field{
\*\fldinst SYMBOL 52 \\f "Webdings" \\s 10}}r.r.us and}{\super\cgrid .}{\i0\cgrid  Aficz}{\f22\i0\super\cgrid -}{\i0\cgrid gos}{\f22\i0\super\cgrid -}{\i0\cgrid s\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0
\trql\trleft390\trrh-173\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha
\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }{\pntext\pard\plain \f10\fs12\expnd4\expndtw20\b\cgrid E.\tab}\pard \li19\nowidctlpar\jclisttab\tx307{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs12\pnulnone
\pnb\pnucltr\pnstart5\pnhang\pnsp288{\pntxta .}}\ls21\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs12\expnd4\expndtw20\b\lang1033\langfe1033\cgrid {Ersi.rag }{\fs13\cgrid Experimental Ala rite }{\fs14\i\cgrid t }{\f22\fs13\charscalex165\cgrid to }{\f0
\fs14\i\charscalex160\cgrid test }{\fs14\i\cgrid for AI a elle\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-177\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 
\cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl
\f16\fs24\expnd0\expndtw0\b0\lang1057\langfe1057\cgrid {\cell \cell }\li289\nowidctlpar\adjustright \intbl\f10\fs14\expnd1\expndtw6\b\i\lang1033\langfe1033\cgrid {PM c ten.ey}{\f22\super\charscalex150\cgrid \_}{\f16\fs24\expnd0\expndtw0\b0\i0\lang1057
\langfe1057\cgrid \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-355\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrt\brdrs
\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057
\langfe1057\cgrid {\cell }\qc\nowidctlpar\adjustright \intbl\f34\fs12\expnd5\expndtw28\b\i\lang1033\langfe1033\cgrid {Informasi }{\expnd3\expndtw18\i0\cgrid A.kuntansi\cell }\ql\fi-252\li288\ri108\sl292\slmult1\nowidctlpar\adjustright \intbl\fs11\expnd5
\expndtw27\i0\cgrid {A. rest of }{\fs12\cgrid -}{Returns Izetita.wing }{\fs12\cgrid Accounting }{\fs12\expnd7\expndtw37\i\cgrid Armour, }{\fs12\expnd2\expndtw12\i\cgrid .ce.mengs\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }
\trowd\trgaph0\trql\trleft390\trrh-164\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb
\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\lang1057\langfe1057\cgrid {\cell \cell }\pard \li379\nowidctlpar\tqr\tx2952\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs12\expnd-8\expndtw-40\b\i
\lang1033\langfe1033\cgrid {Z.\tab }{\expnd0\expndtw1\cgrid Used:I:rare Earnin,g5 Isdlimber\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-168\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs
\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0
\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\pard \li379\nowidctlpar\tqr\tx4689\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs12\expnd-6\expndtw-30\b\i\lang1033\langfe1033\cgrid {2.\tab }{\expnd2\expndtw11\cgrid Use of Other Information in 
the Accounting }{\expnd0\expndtw1\i0\cgrid Report\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-172\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl
\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {
\cell \cell }\li19\nowidctlpar\adjustright \intbl\f34\fs12\expnd5\expndtw29\b\i\lang1033\langfe1033\cgrid {R. Tradirag }{\f10\fs13\cgrid Sera tegieA based oti PfE Ratios\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd
\trgaph0\trql\trleft390\trrh-164\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb
\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\li19\nowidctlpar\adjustright \intbl\f10\fs13\expnd3\expndtw15\b\lang1033\langfe1033\cgrid {C. }{\fs12\expnd5
\expndtw25\i\cgrid Changes }{\fs12\expnd5\expndtw25\cgrid in }{\fs11\expnd5\expndtw25\cgrid ACCal }{\f34\fs12\expnd5\expndtw25\i\cgrid rszeitireg Podiriea\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql
\trleft390\trrh-168\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx8449\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\lang1057\langfe1057\cgrid {\cell \cell }\pard \li379\nowidctlpar\tx747\tx1854\tx2988\tx3879\tqr\tx5073\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs12\b\i\lang1033
\langfe1033\cgrid {I.\tab }{\expnd-2\expndtw-10\cgrid Lia.andarbury\tab }{\f22\fs11\expnd0\expndtw1\cgrid Ar=ar...ielfirif}{\fs11\expnd0\expndtw1\sub\charscalex95\cgrid 5}{\f22\fs11\expnd0\expndtw1\super\cgrid ,}{\f22\fs11\expnd0\expndtw1\cgrid \tab }{
\f22\fs11\expnd1\expndtw8\cgrid Ch,arige}{\f22\fs11\expnd1\expndtw8\super\cgrid ,}{\f0\fs10\expnd1\expndtw8\charscalex105\cgrid 2\tab }{\f46\fs11\b0\i0\cgrid for.\tab }{\f10\fs13\expnd-2\expndtw-14\b0\i0\cgrid rFrireffif..SVCJ\cell }\pard \nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-163\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl
\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\li739\nowidctlpar\adjustright \intbl\f10\fs14\b\i\lang1033\langfe1033\cgrid {Dis
closure\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\pard \li379\nowidctlpar\tqr\tx5073\aspalpha\aspnum
\nocwrap\adjustright \intbl\f10\fs14\expnd-10\expndtw-54\b\i\lang1033\langfe1033\cgrid {2_\tab }{\expnd0\expndtw2\cgrid Mandatory }{\f34\fs12\expnd0\expndtw2\cgrid Changes }{\f34\fs11\expnd-1\expndtw-8\i0\cgrid Cokeistrairthrig }{\fs12\expnd0\expndtw2\i0
\cgrid AL}{\f22\fs12\expnd0\expndtw2\i0\super\cgrid -}{\fs12\expnd0\expndtw2\i0\cgrid LT...am/Clew }{\fs13\expnd0\expndtw2\i0\cgrid ..P.r..}{\f22\fs13\expnd0\expndtw2\i0\super\cgrid -}{\fs13\expnd0\expndtw2\i0\cgrid inwie\cell }\pard \nowidctlpar\aspalpha
\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-173\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs
\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\expnd0\expndtw0\b0\i0\lang1057\langfe1057\cgrid {\cell \cell }\li739\nowidctlpar\adjustright \intbl\f10\fs14\b\i\lang1033\langfe1033
\cgrid {Choice\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft390\trrh-182\clvertalt\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx798\clvertalt\clbrdrl\brdrs
\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3294\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx8449\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs24\b0\i0
\lang1057\langfe1057\cgrid {\cell \cell }\pard \li379\nowidctlpar\tqr\tx3446\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs13\b\lang1033\langfe1033\cgrid {3_\tab }{\expnd0\expndtw1\cgrid Discretionary }{\fs14\expnd0\expndtw1\i\cgrid Accounting C.---han
gm\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard\plain \li390\ri909\sa100\sl-20\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {
\par }\pard\pard \li360\sa288\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs13\expnd3\expndtw19\b\lang1033\langfe1033\cgrid {(Somber: Morse dan Dale 11986: }{\f16\fs15\expnd5\expndtw29\cgrid 21-67).
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9334\aspalpha\aspnum\nocwrap\adjustright \f16\fs23\b\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{32}}}\tab }{\expnd-2\expndtw-14\cgrid Jurnal Liquidity: }{\f10\fs21\expnd-2\expndtw-14\b0\cgrid Vol. 2, No. 1,
 Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr\pard\plain }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft-49\shptop5837\shpright9441\shpbottom5837\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0
\shpz79\shplid1105{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp
{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qj\fi360\sb144
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-1\expndtw-5\cgrid {Selanjutnya berdasarkan beberapa hasil penelitian terdahulu yang mencoba menguji efisiensi, baik itu bentuk lemah, semi-kuat, }{\expnd0\expndtw-2\cgrid maupun kuat, menunj
ukkan tidak adanya }{\expnd-2\expndtw-11\cgrid konsistensi. Levy (1996) menyajikan ringkasan }{\expnd-1\expndtw-9\cgrid penelitian terdahulu terhadap hipotesis pasar }{\expnd-2\expndtw-13\cgrid efisien. Tabel 4 menyajikan beberapa pengujian }{\expnd-2
\expndtw-11\cgrid pasar efisien yang dirangkum oleh Levy (1996). }{\expnd-1\expndtw-7\cgrid Pada Tabel 4 nampak jelas adanya penelitian }{\expnd-2\expndtw-13\cgrid yang menemukan bukti dan tidak menemukan }{\expnd-2\expndtw-10\cgrid bukti adanya pasar efi
sien bervariasi.
\par }\sb468\nowidctlpar\adjustright \expnd0\expndtw3\cgrid {Kesimpulan penelitian "Tidak" berarti }{\expnd0\expndtw0\cgrid bahwa pengujian yang dilakukan tidak }{\expnd-2\expndtw-13\cgrid menemukan adanya }{\f0\fs23\expnd-2\expndtw-13\i\cgrid abnormal re
turn, }{\expnd-2\expndtw-13\cgrid sedangkan }{kesimpulan "Ada" berarti pengujian yang }{\expnd-2\expndtw-12\cgrid dilakukan menemukan adanya }{\f0\fs23\expnd-2\expndtw-12\i\cgrid abnormal return. }{\expnd-1\expndtw-7\cgrid Jika bentuk kuat teori pasar efi
sien memang }{\expnd0\expndtw0\cgrid benar-benar ada, orang dalam }{\f0\fs23\expnd0\expndtw0\i\cgrid (insiders) }{\expnd-2\expndtw-14\cgrid seharusnya tidak mampu untuk 
\par }{\fs16\column}\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd3\expndtw17\cgrid {memperoleh }{\f0\fs23\i\cgrid abnormal returns }{dengan }{\expnd-2\expndtw-10\cgrid menggunakan strategi perdagangan yang ada.
\par }\pard \li1296\sb828\sl199\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f0\fs25\expnd0\expndtw0\b\cgrid {ANOMALI PASAR
\par }\qj\fi360\li0\sb396\sa72\sl240\slmult1\nowidctlpar\adjustright \f10\fs21\expnd-2\expndtw-10\b0\cgrid {Dalam membahas pengujian pasar efisien, }{\expnd-1\expndtw-6\cgrid maka harus juga membahas tentang adanya }{\expnd0\expndtw-2\cgrid ketidak-teratu
ran (anomali) yang ada yang }{\expnd-1\expndtw-8\cgrid terkait dengan hipotesis pasar efisien. Anomali }{\expnd-2\expndtw-12\cgrid di sini adalah salah satu bentuk dari fenomena }{\expnd0\expndtw-4\cgrid yang ada di pasar. Pada anomali ditemukan }{
\expnd-1\expndtw-6\cgrid hal-hal yang seharusnya tidak ada bilamana }{\expnd-2\expndtw-12\cgrid dianggap bahwa pasar efisien benar-benar ada. }{\expnd-1\expndtw-7\cgrid Artinya, suatu peristiwa dapat dimanfaatkan }{\expnd-1\expndtw-8\cgrid untuk memperole
h }{\f0\fs23\expnd-1\expndtw-8\i\cgrid abnormal return.
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1324\margrsxn1045\margtsxn1834\margbsxn1094\linex0\sectdefaultcl\titlepg\footery1016{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1288\shptop0\shpright10920\shpbottom263
\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz80\shplid1106{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{
\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{
\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 4207083969}}{\shptxt \pard
\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9334\aspalpha\aspnum\nocwrap\adjustright \f16\fs23\b\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{32}}}\tab }{\expnd-2\expndtw-14\cgrid Jurnal Liquidity: }{\f10\fs21\expnd-2\expndtw-14\b0\cgrid Vol. 2, No. 1,
 Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1169\shptop0\shpright10882\shpbottom319\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz81\shplid1107{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 1406137795}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9288\aspalpha\aspnum\nocwrap\adjustright \f28\fs18\expnd0\expndtw2\b\cgrid {Pengujian Empiris EMH dan CAPM }{\fs19\cgrid (Rafriny Amy
ulianthy & Asriyal)\tab }{\expnd-2\expndtw-10\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{33}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerf{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1288\shptop0\shpright10920\shpbottom263\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz82\shplid1108{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 2680852690}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9334\aspalpha\aspnum\nocwrap\adjustright \f16\fs23\b\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{32}}}\tab }{\expnd-2\expndtw-14
\cgrid Jurnal Liquidity: }{\f10\fs21\expnd-2\expndtw-14\b0\cgrid Vol. 2, No. 1, Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1223\shptop15438\shpright10425\shpbottom15438\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz83\shplid1109{\sp{
\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{
\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \fi-792\li936\ri5040\sa144\nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \f28\fs19\expnd0\expndtw-1\b\cgrid {Tabel 4. Ringkasan Hasil Penelitian Empiris }{\expnd0\expndtw0\cgrid Pengujian Pasar Efisien
\par }\trowd\trgaph0\trql\trleft76\trrh-269\clvertalc\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \clcfpat19\clshdng10000\cltxlrtb\cellx9412\pard \li532\nowidctlpar\tx2205\tx3366\tx4887\tqr\tx8079\aspalpha
\aspnum\nocwrap\adjustright \intbl\fs13\expnd3\expndtw16\cf1\cgrid {Peneliti\tab }{\expnd1\expndtw6\cgrid Tahun\tab }{\expnd4\expndtw20\cgrid Sekuritas\tab }{\expnd0\expndtw-4\cgrid Hasil\tab }{\expnd5\expndtw28\cgrid Kornentar\cell }\pard \nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-206\clvertalc\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx9412\pard \qr\ri2430
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\fs12\expnd8\expndtw43\cgrid {Panel A Pengujian Efisiensi Bentuk Lemah\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-624\clvertalt\clbrdrt
\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs
\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 
\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li82\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd10\expndtw50\cf0\cgrid {Fama dan Blume\cell }\qr\li0\ri331\nowidctlpar\adjustright \intbl
\expnd3\expndtw18\cgrid {1966\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd7\expndtw36\cgrid {Saham US\cell }\intbl\expnd0\expndtw0\cgrid {Ada\cell }\pard \li63\sb36\sl-156\slmult0\nowidctlpar\tx1176\tqr\tx3538\aspalpha\aspnum\nocwrap\adjustright 
\intbl\expnd1\expndtw8\cgrid {11.+1enuii\tab }{\expnd4\expndtw22\cgrid perclaiffanean\tab }{\expnd5\expndtw26\cgrid teknikal
\par }\pard \li63\ri72\sb36\sl-175\slmult0\nowidctlpar\tx773\tx2357\tqr\tx3538\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw0\cgrid {dan\tab }{\expnd7\expndtw36\cgrid menemukan\tab }{\expnd1\expndtw8\cgrid tidak\tab }{ada\line }{\expnd7
\expndtw36\cgrid a }{\f16\fs13\expnd7\expndtw36\cgrid blif:31}{\f22\fs13\expnd7\expndtw36\super\cgrid -}{\f16\fs13\expnd7\expndtw36\cgrid Mia }{\f46\fs9\expnd3\expndtw16\cgrid I PrtYnt\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{
\row }\trowd\trgaph0\trql\trleft76\trrh-619\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr
\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs
\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li622\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd3\expndtw18\cgrid {Solnik.\cell }
\qr\li0\ri331\nowidctlpar\adjustright \intbl{1973\cell }\qc\ri0\sl360\slmult1\nowidctlpar\adjustright \intbl\expnd6\expndtw32\cgrid {Saham di 9\line }{\expnd4\expndtw24\cgrid negara\cell }\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd0\expndtw0
\cgrid {Ada\cell }\qj\li72\ri72\sl-187\slmult0\nowidctlpar\adjustright \intbl\expnd8\expndtw43\cgrid {Mengunak-an korelasi serial dan }{\expnd9\expndtw48\cgrid menerriukan tidak ada strategi }{\expnd8\expndtw44\cgrid investasi yang menguntungkan\cell }
\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-418\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs
\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 
\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalc\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li622\nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \intbl\expnd5\expndtw26\cgrid {Franch\cell }\qr\li0\ri331\nowidctlpar\adjustright \intbl\expnd2\expndtw14\cgrid {19.80\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd7\expndtw36\cgrid {Saham US\cell }\intbl\expnd4\expndtw24\cgrid {
Tidak\cell }\ql\li63\nowidctlpar\adjustright \intbl\expnd12\expndtw63\cgrid {Menemukan efek akhir pecan
\par }\sb36\sl276\slmult1\nowidctlpar\adjustright \intbl\fs9\expnd3\expndtw18\cgrid {(mrw,10,0}{\f22\super\cgrid -}{\f10\fs10\cgrid 1,1 awfrm}{\f22\fs10\super\cgrid --}{\f10\fs10\cgrid I}{\f22\fs10\super\cgrid -}{\f10\fs10\cgrid )\cell }\pard \nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-413\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs
\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 
\clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalc\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li622\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl
\fs12\expnd3\expndtw16\cgrid {Kelm\cell }\qr\li0\ri331\nowidctlpar\adjustright \intbl\expnd3\expndtw18\cgrid {1923\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd7\expndtw36\cgrid {Saham US\cell }\intbl\expnd4\expndtw24\cgrid {Tidak\cell }\ql\li72\ri72
\sl343\slmult1\nowidctlpar\adjustright \intbl\expnd8\expndtw41\cgrid {Menemukan efek Januari (januari }{\expnd3\expndtw16\cgrid Effier_i)\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-624
\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt
\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt
\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \qc\sl360\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd6\expndtw34\cgrid {Gultekin dan\line }{\expnd5\expndtw28\cgrid Gulte
kin\cell }\qr\ri331\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd3\expndtw18\cgrid {1983\cell }\qc\ri0\sl-186\slmult0\nowidctlpar\adjustright \intbl\expnd4\expndtw20\cgrid {Pasar\line }{\expnd6\expndtw32\cgrid lnternasion\line }{\expnd0\expndtw0
\cgrid al\cell }\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd4\expndtw24\cgrid {Tidak\cell }\pard \li63\nowidctlpar\tqr\tx3528\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd7\expndtw36\cgrid {Menemukan\tab }{\expnd12\expndtw64\cgrid bentuk musiman
\par }\pard \li63\sb72\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd8\expndtw40\cgrid {(seasonal Patterns)\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard \li442\nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \intbl\expnd5\expndtw26\cgrid {Jafe dan
\par }\qr\li0\ri270\sb72\nowidctlpar\adjustright \intbl\f10\fs10\expnd1\expndtw5\cgrid {IbAJaci}{\f22\super\cgrid -}{r=bg\'97fir.le-1\cell }\ri331\sb0\nowidctlpar\adjustright \intbl\f28\fs12\expnd4\expndtw20\cgrid {1980\cell }\qc\ri0\sl-186\slmult0
\nowidctlpar\adjustright \intbl{Pasar\line }{\expnd3\expndtw18\cgrid I nte rnas ion\line }{\expnd0\expndtw0\cgrid al\cell }\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd4\expndtw24\cgrid {Tidak\cell }\pard \li63\nowidctlpar\tqr\tx3528\aspalpha\aspnum
\nocwrap\adjustright \intbl\expnd7\expndtw36\cgrid {Menemukan\tab }{\expnd12\expndtw64\cgrid bentuk musiman
\par }\pard \li63\sb72\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd8\expndtw40\cgrid {(seasonal Patterns)\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-417\clvertalt\clbrdrt
\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs
\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalc\clbrdrt\brdrs\brdrw14 
\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li532\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd6\expndtw32\cgrid {Lehman\cell }\qr\li0\ri331\nowidctlpar\adjustright \intbl\expnd2\expndtw12
\cgrid {:1990\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd7\expndtw36\cgrid {Saham US\cell }\intbl\expnd4\expndtw20\cgrid {Tidal(\cell }\ql\li72\ri72\sl336\slmult1\nowidctlpar\adjustright \intbl\expnd7\expndtw39\cgrid {Menemukan acianya efek baiiir
a}{\f22\fs13\b0\charscalex190\cgrid n }{\expnd6\expndtw30\cgrid (refersal effect)\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-197\clvertalc\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 
\clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx9412\pard \li82\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd8\expndtw41\ul\cf1\cgrid {Panel A: Pengujian Efisiensi Bentuk Semi Kuat\cell }\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-835\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 
\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl
\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \qr\ri630\nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \intbl\expnd2\expndtw10\ul0\cf0\cgrid {Roll\cell }\ri331\nowidctlpar\adjustright \intbl\expnd3\expndtw18\cgrid {1948\cell }\qc\ri0\sl360\slmult1\nowidctlpar\adjustright \intbl\expnd6\expndtw30\cgrid {Orange\line }{\expnd4\expndtw20\cgrid Juic
e\cell }\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd6\expndtw32\cgrid {Tidak/Ada\cell }\pard \li63\sb36\sl-137\slmult0\nowidctlpar\tx879\tx1791\tqr\tx3538\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd2\expndtw10\cgrid {Tidak\tab }{\expnd2
\expndtw12\cgrid Efisien\tab }{\expnd2\expndtw14\cgrid karena\tab }{\expnd5\expndtw28\cgrid batasan
\par }\pard \qj\li63\ri72\sb72\sl-186\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd7\expndtw35\cgrid {pertukaran (exchange limits)_ Bila }{\expnd12\expndtw61\cgrid tidak- atla batasan \'97sarnya }{\expnd4\expndtw24\cgrid efisien
\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-624\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt
\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs
\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li622\nowidctlpar\aspalpha
\aspnum\nocwrap\adjustright \intbl\expnd4\expndtw20\cgrid {Dodd\cell }\qr\li0\ri331\nowidctlpar\adjustright \intbl\expnd2\expndtw12\cgrid {19:36\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd7\expndtw38\cgrid {Saham USA\cell }\intbl\expnd0\expndtw0
\cgrid {Ada\cell }\pard \li63\sb36\sl-146\slmult0\nowidctlpar\tx946\tx1656\tqr\tx3548\aspalpha\aspnum\nocwrap\adjustright \intbl{1 Idalc\tab ada\tab }{\expnd5\expndtw26\cgrid abnormal\tab }{\expnd4\expndtw20\cgrid profit
\par }\pard \li63\ri72\sb36\sl-175\slmult0\nowidctlpar\tx1090\tqr\tx3548\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd3\expndtw16\cgrid {setelah\tab }{\expnd2\expndtw14\cgrid aclanya\tab }{\expnd8\expndtw44\cgrid pengumuman\line }{\expnd9\expndtw46
\cgrid penggabungan (marger)\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-840\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb
\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598
\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li532
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd4\expndtw22\cgrid {Sev}{\f22\super\cgrid -}{hun\cell }\qr\li0\ri331\nowidctlpar\adjustright \intbl\expnd3\expndtw18\cgrid {1926\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd6\expndtw32
\cgrid {Saham LISA\cell }\intbl\expnd0\expndtw0\cgrid {Ada\cell }\pard \li63\sb36\sl-132\slmult0\nowidctlpar\tx1071\tx2079\tqr\tx3548\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw2\cgrid {Oran\tab }{\expnd3\expndtw16\cgrid dalam\tab }{\expnd1
\expndtw8\cgrid tidak\tab }{\expnd4\expndtw24\cgrid danat
\par }\pard \fi-225\li288\ri72\sb72\sl-124\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd8\expndtw44\cgrid {memperoleh laba clari informasi }{\expnd20\expndtw102\cgrid _._..._
\par }\pard \li63\sl-133\slmult0\nowidctlpar\tx1071\tqr\tx3548\aspalpha\aspnum\nocwrap\adjustright \intbl\f46\fs9\expnd4\expndtw22\cgrid {piAIUM Ilk.\tab }{\f28\fs12\expnd9\expndtw46\cgrid tenta}{\expnd5\expndtw26\cgrid ng\tab }{\f28\fs12\expnd4\expndtw21
\cgrid j..0=t }{\expnd0\expndtw1\cgrid LlimIg.iml }{\f16\fs13\expnd4\expndtw21\cgrid \'95 }{\expnd0\expndtw1\cgrid lUim\'95 11
\par }\pard \li63\sb36\sl-150\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f28\fs12\expnd5\expndtw26\cgrid {twang dala m_\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-1047
\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt
\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt
\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \qc\sl360\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd6\expndtw32\cgrid {Fama dan\line }{\expnd5\expndtw26\cgrid Franch
\cell }\qr\ri331\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd3\expndtw18\cgrid {1992\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd7\expndtw38\cgrid {Saham USA\cell }\intbl\expnd4\expndtw24\cgrid {Tidak\cell }\pard \li63\sb36\sl-156\slmult0
\nowidctlpar\tqr\tx3528\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd2\expndtw14\cgrid {Investor\tab }{\expnd6\expndtw34\cgrid AAemperoleh
\par }\pard \li63\ri72\sb36\sl-184\slmult0\nowidctlpar\tx1733\tqr\tx3528\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd5\expndtw28\cgrid {keuntungan\tab }{\expnd1\expndtw8\cgrid dari\tab }{\expnd6\expndtw30\cgrid informasi\line }{\expnd9\expndtw45
\cgrid tentang ukuran p-erusahaan dan
\par }\pard \li63\sl-214\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f22\fs15\expnd3\expndtw16\sub\charscalex180\cgrid {r}{\fs6\nosupersub\charscalex100\cgrid .,...-... }{\f10\fs10\nosupersub\charscalex100\cgrid 1... dem \'95 }{\f28
\fs12\nosupersub\charscalex100\cgrid t-....}{\fs12\charscalex100\cgrid r}{\f28\fs12\nosupersub\charscalex100\cgrid h...4.-........,.}{\fs12\charscalex100\cgrid 1}{\f28\fs12\nosupersub\charscalex100\cgrid .- }{\f10\fs10\nosupersub\charscalex100\cgrid (Far.
.-dr_
\par }\sb72\sl-150\slmult0\nowidctlpar\adjustright \intbl\f28\fs12\expnd6\expndtw34\nosupersub\charscalex100\cgrid {to-market ratio)\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-101\trkeep
\clvmgf\clvertalc\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx4598\clvmgf\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrr
\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx9412\pard \li82\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd6\expndtw31\cf1\cgrid {Panel A: Pengujian\cell }\li0\nowidctlpar\adjustright \intbl\fs24\expnd0\expndtw0\b0\cf0\lang1057
\langfe1057\cgrid {\cell \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-100\trkeep\clvmrg\clvertalc\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx1938
\clvertalc\clbrdrt\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx4598\clvmrg\clvertalt\clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \clcfpat20\clshdng10000\cltxlrtb\cellx9412\pard \nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \intbl{\cell }\pard \qr\ri331\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\fs12\expnd8\expndtw40\b\cf1\lang1033\langfe1033\cgrid {Efisiensi Bentuk Kuat\cell \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }
\trowd\trgaph0\trql\trleft76\trrh-413\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs
\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 
\cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li622\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd3\expndtw18\cf0\cgrid {Jaffe\cell }\qr\li0
\ri331\nowidctlpar\adjustright \intbl\expnd4\expndtw20\cgrid {1974\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd4\expndtw22\cgrid {Insider\cell }\intbl\expnd4\expndtw24\cgrid {Tidak\cell }\pard \li63\sb36\nowidctlpar\tx1206\tqr\tx3538\aspalpha\aspnum
\nocwrap\adjustright \intbl\expnd2\expndtw12\cgrid {Insider\tab }{\expnd0\expndtw2\cgrid dapat\tab }{\expnd8\expndtw40\cgrid memperoleh
\par }\pard \li63\sb36\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd6\expndtw34\cgrid {keuntungan\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-835\clvertalt\clbrdrt\brdrs
\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 
\clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl
\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \qr\ri270\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd5\expndtw28\cgrid {Henrilcsson\cell }\ri331\nowidctlpar\adjustright \intbl\expnd4\expndtw20\cgrid {
1924\cell }\qc\ri0\sl360\slmult1\nowidctlpar\adjustright \intbl\expnd6\expndtw32\cgrid {Mutual\line }{\expnd5\expndtw26\cgrid Funds\cell }\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd0\expndtw0\cgrid {Ada\cell }\pard \li63\sb36\sl-151\slmult0
\nowidctlpar\tx1205\tx2405\tqr\tx3528\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd4\expndtw24\cgrid {Sebelum\tab }{\expnd4\expndtw22\cgrid dikurangi\tab }{\expnd2\expndtw10\cgrid biaya\tab }{\expnd2\expndtw12\cgrid fee,
\par }\pard \qj\li63\ri72\sb36\sl-187\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd9\expndtw47\cgrid {tetapi setelah biaya-biaya yang }{\expnd7\expndtw38\cgrid lain ........e. funds mr_..m\'97rolyth keuntungan sekitar rata-rata_
\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-418\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt
\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs
\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li532\nowidctlpar\aspalpha
\aspnum\nocwrap\adjustright \intbl\expnd5\expndtw28\cgrid {Seyhun\cell }\qr\li0\ri331\nowidctlpar\adjustright \intbl\expnd3\expndtw18\cgrid {1986\cell }\qc\ri0\nowidctlpar\adjustright \intbl\expnd6\expndtw30\cgrid {insedurs\cell }\intbl\expnd4\expndtw24
\cgrid {Tidak\cell }\pard \li63\sb36\nowidctlpar\tx1215\tqr\tx3528\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd3\expndtw16\cgrid {insiden\tab }{\expnd0\expndtw4\cgrid dapat\tab }{\expnd8\expndtw42\cgrid memperoleh
\par }\pard \li63\sb36\sl204\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\fs14\expnd4\expndtw22\ul\cgrid {keuntungan\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft76\trrh-1047
\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx1938\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx3234\clvertalt
\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx4598\clvertalt\clbrdrt\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx5807\clvertalt\clbrdrt
\brdrs\brdrw14 \clbrdrl\brdrs\brdrw14 \clbrdrb\brdrs\brdrw14 \clbrdrr\brdrs\brdrw14 \cltxlrtb\cellx9412\pard \li532\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\fs12\expnd5\expndtw26\ul0\cgrid {Ippolito\cell }\qr\li0\ri331\nowidctlpar
\adjustright \intbl\expnd3\expndtw18\cgrid {1989\cell }\qc\ri0\sl360\slmult1\nowidctlpar\adjustright \intbl\expnd6\expndtw32\cgrid {Mutual\line }{\expnd4\expndtw24\cgrid Funds\cell }\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd4\expndtw24\cgrid {Tid
ak\cell }\pard \li63\sb36\sl-156\slmult0\nowidctlpar\tx1205\tx2405\tqr\tx3528\aspalpha\aspnum\nocwrap\adjustright \intbl{Sebelum\tab }{\expnd4\expndtw22\cgrid dikurangi\tab }{\expnd2\expndtw10\cgrid biaya\tab }{\expnd2\expndtw12\cgrid fee,
\par }\pard \qj\li63\ri36\sb36\sl-194\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd9\expndtw46\cgrid {teta }{\fs9\cgrid IA }{setelah biava-biava vane }{\expnd10\expndtw51\cgrid lain, mutual funds memperoleh }{\expnd7\expndtw39
\cgrid Leunturman sedikit diatiiis }{\f10\fs17\expnd7\expndtw39\charscalex90\cgrid \'95 }{\expnd7\expndtw39\cgrid ata- }{\expnd2\expndtw12\cgrid rata-\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard\plain\sect\sectd
\stextflow0\marglsxn1443\margrsxn1051\margtsxn1588\margbsxn1463\cols2\colno1\colw4526\colsr312\colno2\colw4526\colsr0\linex0\sectdefaultcl\footery1474{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1288\shptop0\shpright10920
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9334\aspalpha\aspnum\nocwrap\adjustright \f16\fs23\b\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{32}}}\tab }{\expnd-2\expndtw-14\cgrid Jurnal Liquidity: }{\f10\fs21\expnd-2\expndtw-14\b0\cgrid Vol. 2, No. 1,
 Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1169\shptop0\shpright10882\shpbottom319\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz85\shplid1111{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 2341156}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9288\aspalpha\aspnum\nocwrap\adjustright \f28\fs18\expnd0\expndtw2\b\cgrid {Pengujian Empiris EMH dan CAPM }{\fs19\cgrid (Rafriny Amyuli
anthy & Asriyal)\tab }{\expnd-2\expndtw-10\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{33}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \qj\fi360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-1\expndtw-5\cgrid {Dengan kata lain seorang investor Selain }{\expnd-2\expndtw-14\cgrid gambar tersebut di atas, untuk melihat kuatnya }{\expnd0\expndtw-1\cgrid su
atu pernyataan atau bukti akan adanya }{\expnd-1\expndtw-7\cgrid anomali pasar, perlu adanya dukungan yang }{\expnd0\expndtw0\cgrid tidak sedikit. Artinya, beberapa penelitian }{harus memiliki kesimpulan yang tidak jauh }{\expnd-2\expndtw-12\cgrid berbeda
 satu sama lain. Dalam teori keuangan, }{\expnd0\expndtw1\cgrid dikenal sedikitnya empat macam anomali }{\expnd0\expndtw4\cgrid pasar. Keempat anomali tersebut adalah }{\expnd-1\expndtw-7\cgrid anomali perusahaan }{\f0\fs23\expnd-1\expndtw-7\i\cgrid (firm
 anomalies), }{\expnd-1\expndtw-7\cgrid anomali }{\expnd-2\expndtw-13\cgrid musiman }{\f0\fs23\expnd-2\expndtw-13\i\cgrid (seasonal anomalies), }{\expnd-2\expndtw-13\cgrid anomali peristiwa }{atau kejadian }{\f0\fs23\i\cgrid (event anomalies), }{dan anoma
li }{\expnd-2\expndtw-11\cgrid akuntansi }{\f0\fs23\expnd-2\expndtw-11\i\cgrid (accounting anomalies) }{\expnd-2\expndtw-11\cgrid dimungkinkan }{\expnd0\expndtw-1\cgrid untuk memperoleh }{\f0\fs23\expnd0\expndtw-1\i\cgrid abnormal return }{\expnd0
\expndtw-1\cgrid dengan }{\expnd-2\expndtw-10\cgrid mengandalkan suatu perisitiwa tertentu.
\par }\sb468\sa72\nowidctlpar\adjustright \expnd-2\expndtw-10\cgrid {Anomali yang ada, tidak hanya ditemukan }{\expnd-2\expndtw-13\cgrid pada satu jenis bentuk pasar efisien saja, tetapi ditemukan pada bentuk pasar efisien yang lain. }{\expnd-2\expndtw-12
\cgrid Artinya, bukti empiris adanya anomali di pasar }{\expnd0\expndtw3\cgrid modal muncul pada semua bentuk pasar }{\expnd-2\expndtw-13\cgrid efisien, walaupun kebanyakan ditemukan pada }{\expnd2\expndtw11\cgrid bentuk efisien semi-kuat }{\f0\fs23
\expnd2\expndtw11\i\cgrid (semi strong). }{\expnd0\expndtw2\cgrid Pengujian berbasis ada tidaknya anomali }{\expnd0\expndtw0\cgrid menggunakan model pendekatan uji ke }{\expnd0\expndtw2\cgrid belakang }{\f0\fs23\expnd0\expndtw2\i\cgrid (back tested method
). }{\expnd0\expndtw2\cgrid Pada model }{\expnd-1\expndtw-8\cgrid pendekatan ini peneliti melakukan pengujian }{\expnd-2\expndtw-12\cgrid untuk menjawab pertanyaan bagaimana harga }{\expnd-1\expndtw-5\cgrid historis }{\f0\fs23\expnd-1\expndtw-5\i\cgrid (h
ystorical price data) }{\expnd-1\expndtw-5\cgrid bergerak sebagai
\par }\ri72\sb0\sa0\nowidctlpar\adjustright \expnd-2\expndtw-13\cgrid {Gambar di bawah ini adalah beberapa riset }{\expnd-2\expndtw-10\cgrid yang dilakukan oleh peneliti (Ball and Brown) }{\expnd-1\expndtw-9\cgrid yang meneliti bahwa terdapat }{\f0\fs23
\expnd-1\expndtw-9\i\cgrid abnormal return }{\expnd-2\expndtw-10\cgrid sebelum dilakukan pengumuman pembagian }{\expnd-1\expndtw-7\cgrid laba perusahaan }{\f0\fs23\expnd-1\expndtw-7\i\cgrid (announcement date) }{\expnd-1\expndtw-7\cgrid (White }{\f0\fs23
\expnd-1\expndtw-7\i\cgrid et }{\f0\fs23\expnd-1\expndtw-6\i\cgrid al, }{\expnd-1\expndtw-6\cgrid 2003).
\par }\sb288\nowidctlpar\adjustright \expnd-2\expndtw-10\cgrid {Selanjutnya Profesor Abraham Briloff juga }{\expnd-1\expndtw-5\cgrid menyelidiki secara periodik }{\f16\fs23\expnd-1\expndtw-5\b\charscalex105\cgrid pengaruh }{\expnd-1\expndtw-5\cgrid harga
 }{\expnd0\expndtw-2\cgrid saham terhadap informasi keuangan yang }{\expnd-1\expndtw-5\cgrid tersedia di pasar modal dan menyimpulkan }{\expnd0\expndtw4\cgrid bahwa harga saham tidak secara penuh }{\expnd-1\expndtw-5\cgrid mengungkapkan informasi yang ter
sedia di }{\expnd-2\expndtw-11\cgrid pasar. Berikut adalah Gambar dari The Briloff }{Effect (White }{\f0\fs23\i\cgrid et al, }{2003).
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\par }}}}{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft6281\shptop8663\shpright6915\shpbottom8991\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz90\shplid1116{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
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\par }}}}{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft7231\shptop8663\shpright10697\shpbottom8817\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz91\shplid1117{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp
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\sp{\sn lTxid}{\sv 3892735373}}{\shptxt \pard\plain\pard\plain \sl-182\slmult0\nowidctlpar\tx315\tx621\tx936\tx1251\tx1566\tx2196\tx2511\tx3132\tqr\tx3461\aspalpha\aspnum\nocwrap\adjustright \f16\fs21\ul\charscalex25\cf1\cgrid {I\tab I}{\f10\fs20
\charscalex100\cf23\cgrid \tab I\tab I}{\tab I\tab I\tab 1\tab 1\tab }{\f22\fs16\charscalex30\cgrid 1}{\f22\fs16\ul0\charscalex30\cgrid \tab 1
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\expndtw-18\cgrid -5\tab }{0\tab 5\tab 10\tab 15\tab 20\tab 25\tab 30
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1103\margrsxn1019\margtsxn1588\margbsxn1463\sbknone\linex0\sectdefaultcl\titlepg\footery1474{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1288\shptop0\shpright10920
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\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9334\aspalpha\aspnum\nocwrap\adjustright \f16\fs23\b\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{32}}}\tab }{\expnd-2\expndtw-14\cgrid Jurnal Liquidity: }{\f10\fs21\expnd-2\expndtw-14\b0\cgrid Vol. 2, No. 1,
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\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1169\shptop0\shpright10882\shpbottom319\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz93\shplid1119{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerf{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1288\shptop0\shpright10920\shpbottom263\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz94\shplid1120{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
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\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\trowd\trgaph0\trql\trrh-950\trkeep\clvertalt\cltxlrtb\cellx4054\clvmgf\clvertalt\cltxlrtb\cellx9736\pard\plain \qr\nowidctlpar\tx1773\tx2412\tqr\tx4127\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs21\expnd-2\expndtw-12\cgrid {konsekuensi\tab }{
\expnd-3\expndtw-16\cgrid dari\tab }{\expnd-4\expndtw-20\cgrid adanya\tab }{\expnd-3\expndtw-17\cgrid kejadian
\par }\pard \li283\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw-2\cgrid {pengamatan.\cell }\pard \qr\ri1515\nowidctlpar\tqr\tx4086\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd-4\expndtw-24\cgrid {atau\tab }{\f34\fs10\expnd-2
\expndtw-12\cgrid Trailing days relative to announcement date
\par }\pard \qc\li1080\sb108\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd-2\expndtw-12\cgrid {Gambar 4. Harga Saham Tidak Secara Penuh\line }{\expnd-1\expndtw-8\cgrid Mengungkapkan Informasi yang Tersedia\line }{\expnd0\expndtw0\cgrid di P
asar
\par }\qr\li0\ri5025\sb360\nowidctlpar\adjustright \intbl\f22\fs7\expnd2\expndtw12\b\cgrid {Good news
\par }\sb0\sl211\slmult1\nowidctlpar\adjustright \intbl\expnd0\expndtw0\cgrid {firm
\par }\pard \qr\ri75\sb180\nowidctlpar\tx2262\tx2631\tqr\tx4086\tx4258\tqr\tx5598\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs21\expnd-2\expndtw-12\b0\cgrid {Tabel\tab }{\expnd0\expndtw0\cgrid 5\tab }{\expnd-3\expndtw-18\cgrid pada\tab }{\expnd-2
\expndtw-10\cgrid bagian\tab }{\expnd-3\expndtw-18\cgrid akhir\tab }{\expnd-1\expndtw-8\cgrid artikel
\par }\pard \li1116\ri108\nowidctlpar\tqr\tx4086\tqr\tx5598\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd-4\expndtw-20\cgrid {selanjutnya\tab }{\expnd-1\expndtw-6\cgrid menyampaikan\tab }{\expnd0\expndtw0\cgrid rangkuman\line }{\expnd-2\expndtw-11
\cgrid lengkap tentang berbagai macam anomali yang
\par }\pard \qr\ri5025\sb36\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f22\fs7\expnd2\expndtw12\b\cgrid {Bad news
\par }\pard \qr\ri75\nowidctlpar\tqr\tx5598\aspalpha\aspnum\nocwrap\adjustright \intbl\expnd0\expndtw0\cgrid {firm\tab }{\f10\fs21\expnd0\expndtw-2\b0\cgrid telah ditemukan di pasar sekuritas (saham).
\par }\pard \qr\ri3045\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs21\expnd-1\expndtw-6\b0\cgrid {(Gumanti, 2002)\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-380\trkeep\clvmgf
\clvertalt\clbrdrr\brdrs\brdrw10 \cltxlrtb\cellx219\clvmgf\clvertalt\clbrdrl\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx1726\clvertalt\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcfpat24
\clshdng10000\cltxlrtb\cellx2667\clvmgf\clvertalt\clbrdrl\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx4054\clvmrg\clvertalt\cltxlrtb\cellx9736\pard \qj\sb72\sl480\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f22\fs7\expnd0
\expndtw4\b\cgrid {1.1 }{\expnd0\expndtw0\cgrid 1.17 }{\f34\expnd0\expndtw0\super\charscalex95\cgrid 1}{\expnd0\expndtw0\cgrid .0(7. }{\expnd2\expndtw12\cgrid 1.00\cell }\ql\sb0\sl240\slmult1\nowidctlpar\adjustright \intbl\f10\fs24\expnd0\expndtw0\b0
\lang1057\langfe1057\cgrid {\cell \cell \cell \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-364\trkeep\clvmrg\clvertalt\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\cellx219\clvmrg\clvertalt
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx1726\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx2667
\clvmrg\clvertalt\clbrdrl\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx4054\clvmrg\clvertalt\cltxlrtb\cellx9736\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{
\cell \cell \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trrh-1603\trkeep\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\cellx219\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 
\clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx1726\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx2667\clvmrg\clvertalt
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clcfpat24\clshdng10000\cltxlrtb\cellx4054\clvmrg\clvertalt\cltxlrtb\cellx9736\pard \qc\sl-221\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs10\expnd-1\expndtw-6\lang1033\langfe1033
\cgrid {1.04\line 1.00
\par }\qj\sb36\sl-156\slmult0\nowidctlpar\adjustright \intbl\f22\fs7\expnd2\expndtw14\b\cgrid {0.98 }{\expnd2\expndtw10\cgrid 0.9( }{\expnd0\expndtw0\cgrid 0.94 0.92 }{\expnd2\expndtw12\cgrid 0.90 }{\expnd2\expndtw10\cgrid 0.8(\cell }\pard \sb36\sl192
\slmult1\nowidctlpar\tqr\tldot\tx351\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs10\expnd-1\expndtw-8\b0\cgrid {1.02 \tab }{\expnd0\expndtw0\cgrid 
\par }\pard \li270\sl192\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f16\fs6\expnd2\expndtw12\cf6\cgrid {...............
\par }\li630\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd3\expndtw18\cgrid {.................. \'95\'95}{\f22\sub\charscalex180\cgrid q}{\f22\fs7\charscalex125\cgrid \'95\cell }\qr\li0\ri417\nowidctlpar\adjustright \intbl\expnd2\expndtw12\cgrid {...
...............\cell \cell \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard\plain \sa182\sl-20\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {
\par }\pard\pard \li216\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \f28\fs7\expnd1\expndtw8\b\lang1033\langfe1033\cgrid {Month relative to annual resort announcement date
\par }\pard \li1368\sb504\nowidctlpar\tqr\tx8816\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-3\expndtw-16\b0\cgrid {Gambar 3. Abnormal Return\tab }{\fs25\expnd0\expndtw0\b\cgrid PENDEKATAN LAIN
\par }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft330\shptop1330\shpright9737\shpbottom1330\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz95\shplid1121{\sp{
\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{
\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qj\fi432\li5112\ri72\sb144\nowidctlpar
\aspalpha\aspnum\nocwrap\adjustright \f10\fs21\expnd-2\expndtw-11\cgrid {Berdasarkan hasil penelitian dari berbagai }{\expnd-1\expndtw-5\cgrid penelitian, dapat dipahami bahwa EMH dan }{CAPM tidak terlepas dari beberapa kelemahan. }{\expnd1\expndtw5
\cgrid Antara lain, dalam CAPM }{\fs30\expnd1\expndtw5\charscalex65\cgrid p }{\expnd1\expndtw5\cgrid diasumsikan
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1142\margrsxn1352\margtsxn2046\margbsxn1703\cols2\colno1\colw4526\colsr312\colno2\colw4526\colsr0\linex0\sectdefaultcl\footery1016{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore
\shpleft1288\shptop0\shpright10920\shpbottom263\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz96\shplid1122{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{
\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{
\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 1780859776}}{\shptxt \pard
\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9334\aspalpha\aspnum\nocwrap\adjustright \f16\fs23\b\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{32}}}\tab }{\expnd-2\expndtw-14\cgrid Jurnal Liquidity: }{\f10\fs21\expnd-2\expndtw-14\b0\cgrid Vol. 2, No. 1,
 Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1169\shptop0\shpright10882\shpbottom319\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz97\shplid1123{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 2371605256}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9288\aspalpha\aspnum\nocwrap\adjustright \f28\fs18\expnd0\expndtw2\b\cgrid {Pengujian Empiris EMH dan CAPM }{\fs19\cgrid (Rafriny Amy
ulianthy & Asriyal)\tab }{\expnd-2\expndtw-10\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{33}}}
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxcolumn\shpbxignore\shpbypara\shpbyignore\shpleft81\shptop13392\shpright9283\shpbottom13392\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz98\shplid1124{\sp{
\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 2}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{
\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \qj\nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \f10\fs21\expnd-1\expndtw-5\cgrid {konstan, dan perilaku investor diasumsikan }{\expnd-1\expndtw-6\cgrid rasional. Oleh karena itu, Russel dan Torbey }{(2002) dalam tulisannya yang berjudul }{\i\cgrid "The }{\expnd-1\expndtw-8\i\cgrid Efficie
nt Market Hypothesis on Trial: A Survey" }{\expnd-2\expndtw-14\cgrid menawarkan suatu alternatif pendekatan untuk }{melengkapi pemahaman terhadap EMH dan }{\expnd-1\expndtw-8\cgrid CAPM. Alternatif pendekatan tersebut adalah:
\par }{\pntext\pard\plain \f10\fs21\expnd0\expndtw-4\cgrid 1.\tab}\pard \qj\fi-360\li432\sb360\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pndec\pnstart1\pnindent360\pnhang\pnsp360{\pntxta .}}\ls22\aspalpha\aspnum\nocwrap
\adjustright \expnd0\expndtw-4\cgrid {Mempertimbangkan aspek atau prinsip }{\expnd-2\expndtw-10\cgrid psikologis }{\expnd-2\expndtw-10\i\cgrid (psychological principles). }{\expnd-2\expndtw-10\cgrid Dalam }{\expnd0\expndtw1\cgrid berbagai literatur psikol
ogi dikatakan }{\expnd0\expndtw-2\cgrid bahwa manusia memiliki keterbatasan }{\expnd0\expndtw4\cgrid dalam mengolah data dan informasi. }{\expnd-1\expndtw-8\cgrid Sehingga walaupun pasar adalah efisien, }{\expnd-2\expndtw-14\cgrid tetapi investor memiliki
 keterbatasan dalam }{\expnd-2\expndtw-10\cgrid mengolah informasi tersebut.
\par }\sb216\nowidctlpar\adjustright \expnd0\expndtw4\cgrid {EMH didasarkan atas asumsi bahwa }{\expnd0\expndtw1\cgrid investor dalam mengambil keputusan }{\expnd0\expndtw3\cgrid ekonominya adalah bersifat rasional. }{\expnd-2\expndtw-11\cgrid Sedangkan m
enurut Keynes (1936, dalam }{\expnd0\expndtw1\cgrid Russel dan Torbey, 2002) investor itu }{kadangkala (atau bahkan seringkali) }{\expnd0\expndtw-4\cgrid bertindak seperti }{\expnd0\expndtw-4\i\cgrid gambler }{\expnd0\expndtw-4\cgrid (kasino) yang }{
\expnd-1\expndtw-8\cgrid didasarkan atas naluri "animal spirit". Hal }{\expnd0\expndtw2\cgrid ini lebih terjadi karena investor lebih }{\expnd-1\expndtw-5\cgrid memikirkan keuntungan jangka pendek }{\expnd-2\expndtw-12\cgrid dan bukan jangka panjang.
\par }\pard \li360\sb468\nowidctlpar\tqr\tx3100\tqr\tx4506\aspalpha\aspnum\nocwrap\adjustright \expnd-2\expndtw-14\cgrid {Berdasarkan\tab }{\expnd-2\expndtw-10\cgrid pendekatan\tab }{\expnd0\expndtw0\cgrid pemikiran
\par }\pard \qj\sb36\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright {altematif di atas, untuk lebih menyempurnakan }{\expnd0\expndtw0\cgrid konsep EMH dan CAPM, maka penelitian\-penelitian selanjutnya perlu memper\-}{\expnd-1\expndtw-5\cgrid timbangkan u
nsur kualitatif dan kuantitatif serta pendekatan yang bersifat multidisiplin (seperti ilmu ekonomi, politik, psikologi, dan }{\expnd0\expndtw0\cgrid hukum).
\par }\qc\sb432\sl196\slmult1\nowidctlpar\adjustright \fs24\expnd0\expndtw0\b\cgrid {KESIMPULAN
\par }\qj\fi360\sb288\sl240\slmult1\nowidctlpar\adjustright \fs21\expnd-1\expndtw-5\b0\cgrid {Dari penjelasan yang sudah disebutkan, }{\expnd-1\expndtw-9\cgrid terdapat beberapa hal yang dapat kita pelajari }{\expnd0\expndtw0\cgrid tentang konsep EMH dan 
CAPM dalam }{\expnd-1\expndtw-9\cgrid memprediksi perilaku investor di pasar modal }{\expnd-2\expndtw-10\cgrid sebagai berikut:
\par }\pard \sb324\nowidctlpar\tqr\tx3100\tqr\tx4506\aspalpha\aspnum\nocwrap\adjustright \expnd0\expndtw-4\cgrid {1. Meskipun\tab }{\expnd-1\expndtw-8\cgrid mengandung\tab }{\expnd0\expndtw0\cgrid beberapa
\par }\pard \qc\li360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd-1\expndtw-8\cgrid {kelemahan, tetapi konsep EMH dan CAPM\line }{\expnd0\expndtw0\cgrid masih relevan untuk digunakan dalam
\par }{\fs16\column}\pard \qj\li360\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \expnd-1\expndtw-6\cgrid {pengambilan keputusan investasi karena }{\expnd-2\expndtw-12\cgrid alasan berikut ini:
\par }{\pntext\pard\plain \f10\fs21\expnd0\expndtw-4\cgrid 2.\tab}\pard \qj\fi-360\li432\sb108\nowidctlpar\jclisttab\tx432{\*\pn \pnlvlbody\ilvl0\pnf10\pnfs21\pnulnone\pndec\pnstart2\pnindent360\pnhang\pnsp360{\pntxta .}}\ls23\aspalpha\aspnum\nocwrap
\adjustright \expnd0\expndtw-4\cgrid {Perilaku investor tidak dapat diprediksi }{\expnd0\expndtw-3\cgrid secara kuantitatif semata-mata. Dalam }{\expnd0\expndtw-2\cgrid kenyataannya investor bertindak tidak }{\expnd4\expndtw21\cgrid rasional dan tidak dap
at diduga }{\expnd0\expndtw0\i\cgrid (unpredictable). }{\expnd0\expndtw0\cgrid Investor lebih memen\-tingkan keuntungan jangka pendek }{\expnd0\expndtw-3\cgrid dibandingkan jangka panjang. Bahkan }{\expnd-2\expndtw-14\cgrid Keynes tahun 1936, menyebutkan 
perilaku }{\expnd-1\expndtw-6\cgrid investor tersebut seperti }{\expnd-1\expndtw-6\i\cgrid "casino", animal }{\expnd-3\expndtw-16\i\cgrid spirit, musical chair, beauty contest }{\expnd-3\expndtw-16\cgrid dan }{\expnd-3\expndtw-16\i\cgrid mass }{\expnd-2
\expndtw-11\i\cgrid psychology of ignorance speculators }{\expnd-2\expndtw-11\cgrid (Russel }{\expnd-1\expndtw-6\cgrid and Torbey, 2002)
\par }\sb324\nowidctlpar\adjustright \expnd-1\expndtw-5\cgrid {Dalam menilai perilaku harga saham di }{\expnd-2\expndtw-14\cgrid pasar modal, konsep EMH dan CAPM tidak }{\expnd-2\expndtw-13\cgrid dapat berdiri sendiri tetapi perlu dilengkapi }{\expnd3
\expndtw16\cgrid dengan metode analisis lain yang }{\expnd-2\expndtw-13\cgrid menunjang pemahaman terhadap perilaku }{\expnd0\expndtw0\cgrid investor yang ada di dunia nyata }{\expnd0\expndtw0\i\cgrid (real }{\expnd1\expndtw5\i\cgrid world). }{\expnd1
\expndtw5\cgrid Metode analisis lain tersebut }{\expnd-1\expndtw-8\cgrid mencakup antara lain dimensi psikologis }{\expnd-2\expndtw-12\cgrid investor dan lingkungan yang ada di pasar }{\expnd-2\expndtw-10\cgrid modal dari negara yang bersangkutan.
\par }\pard \li1224\sb1044\sl196\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\expnd0\expndtw0\b\cgrid {DAFTAR PUSTAKA
\par }\qj\fi-504\li504\sb144\sl240\slmult1\nowidctlpar\adjustright \fs21\expnd-1\expndtw-7\b0\cgrid {Bechev, I., 2005, }{\i\cgrid Efficient Market Hypothesis: }{\expnd0\expndtw4\i\cgrid Prague Budapest And Warsaw Stock }{\expnd-1\expndtw-5\i\cgrid Exchang
e, }{\expnd-1\expndtw-5\cgrid Central European University }{\expnd0\expndtw0\cgrid Paper
\par }\fi-720\li720\nowidctlpar\adjustright {Burton, J., 1998, }{\i\cgrid Revisiting The Capital Asset }{\expnd-1\expndtw-8\i\cgrid Pricing Model
\par }\sb180\nowidctlpar\adjustright \expnd-2\expndtw-13\cgrid {Dew, K., 2001, }{\i\cgrid A Surprising Development Tests of }{\expnd-2\expndtw-11\i\cgrid the Capital Asset Pricing Model and the }{\expnd0\expndtw0\i\cgrid EMH in Turkey's Security. }{
\expnd0\expndtw0\cgrid Isik }{\expnd-1\expndtw-8\cgrid University, Istanbul, Turkey
\par }\ri144\sb144\nowidctlpar\adjustright \expnd-2\expndtw-10\cgrid {Fama, E.F. Efficient Capital Markets: A Review of Theory and Empirical Work, }{\i\cgrid Journal }{\expnd-2\expndtw-14\i\cgrid of Finance }{\expnd-2\expndtw-14\cgrid 25 (May 1970)
\par }\ri0\sb180\sa36\nowidctlpar\adjustright \expnd-3\expndtw-18\cgrid {Gumanti, T.A., dan Elok S.U., 2002, }{\i\cgrid Bentuk Pasar }{\expnd-1\expndtw-6\i\cgrid Efisien dan Pengujiannya, }{\expnd-1\expndtw-6\cgrid Simposium Nasional Akuntansi III
\par }\pard\plain\sect\sectd\stextflow0\marglsxn1093\margrsxn1029\margtsxn1576\margbsxn1542\linex0\sectdefaultcl\footery1474{\footerl{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1288\shptop0\shpright10920\shpbottom263\shpfhdr0
\shpwr2\shpwrk0\shpfblwtxt1\shpz99\shplid1125{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{
\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{
\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 76848983}}{\shptxt \pard
\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9334\aspalpha\aspnum\nocwrap\adjustright \f16\fs23\b\cgrid {{\field{\*\fldinst{ PAGE }}{\fldrslt{32}}}\tab }{\expnd-2\expndtw-14\cgrid Jurnal Liquidity: }{\f10\fs21\expnd-2\expndtw-14\b0\cgrid Vol. 2, No. 1,
 Januari-Juni 2013: 21-33
\par }}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs16\cgrid 
\par }{\footerr{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypara\shpbyignore\shpleft1169\shptop0\shpright10882\shpbottom319\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt1\shpz100\shplid1126{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{
\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 2}}{\sp{\sn dxTextLeft}{\sv 0}}{\sp{\sn dyTextTop}{\sv 0}}{\sp{\sn dxTextRight}{\sv 0}}{\sp{\sn dyTextBottom}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dyWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dyWrapDistBottom}{\sv 0}}{\sp{\sn pWrapPolygonVertices}{\sv 8;5;(-62,0);(-62,21600);(21662,21600);(21662,0);(-62,0)}}{\sp{\sn fEditedWrap}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn fillColor}{\sv 16777215}}{\sp{\sn fillOpacity}{\sv 0}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn lTxid}{\sv 3715903412}}{\shptxt \pard\plain\pard\plain \keep\keepn\nowidctlpar\tqr\tx9288\aspalpha\aspnum\nocwrap\adjustright \f28\fs18\expnd0\expndtw2\b\cgrid {Pengujian Empiris EMH dan CAPM }{\fs19\cgrid (Rafriny Amy
ulianthy & Asriyal)\tab }{\expnd-2\expndtw-10\cgrid {\field{\*\fldinst{ PAGE }}{\fldrslt{33}}}
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\shpbyignore\shpleft3266\shptop2680\shpright10784\shpbottom2680\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz134\shplid1160{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{
\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{
\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft3410\shptop3260\shpright10784
\shpbottom3260\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz135\shplid1161{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{
\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{
\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1457\shptop2665\shpright2048\shpbottom2665\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz136
\shplid1162{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{
\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha
\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft3410\shptop3812\shpright5547\shpbottom3812\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz137\shplid1163{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{
\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{
\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst
\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft3391\shptop4393\shpright10765\shpbottom4393\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz138\shplid1164{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp
{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 12065}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{
\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1457
\shptop4960\shpright5566\shpbottom4960\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz139\shplid1165{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{
\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 15240}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{
\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft3372\shptop5344\shpright5528\shpbottom5344\shpfhdr0
\shpwr2\shpwrk0\shpfblwtxt0\shpz140\shplid1166{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{
\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard
\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft10303\shptop5344\shpright10746\shpbottom5344\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz141\shplid1167{\sp{\sn shapeType}
{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{
\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24
\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft3453\shptop5732\shpright10784\shpbottom5732\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz142\shplid1168{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{
\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 12065}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{
\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage
\shpbyignore\shpleft3372\shptop6908\shpright10746\shpbottom6908\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz143\shplid1169{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{
\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 12065}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}
{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1437\shptop7288\shpright10746
\shpbottom7288\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz144\shplid1170{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{
\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{
\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft3372\shptop6505\shpright5533\shpbottom6505\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz145
\shplid1171{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{
\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha
\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft3391\shptop6116\shpright5557\shpbottom6116\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz146\shplid1172{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{
\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{
\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst
\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft4903\shptop7864\shpright5586\shpbottom7864\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz147\shplid1173{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{
\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 8890}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{
\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft1436\shptop8419
\shpright10844\shpbottom8419\shpfhdr0\shpwr2\shpwrk0\shpfblwtxt0\shpz148\shplid1174{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{
\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{\sv 15240}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{
\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {{\shp{\*\shpinst\shpbxpage\shpbxignore\shpbypage\shpbyignore\shpleft10844\shptop2470\shpright10844\shpbottom8419\shpfhdr0\shpwr2\shpwrk0
\shpfblwtxt0\shpz149\shplid1175{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn posrelh}{\sv 1}}{\sp{\sn posrelv}{\sv 1}}{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn lineWidth}{
\sv 15240}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 0}}{\sp{\sn dxWrapDistLeft}{\sv 0}}{\sp{\sn dxWrapDistTop}{\sv 0}}{\sp{\sn dxWrapDistRight}{\sv 0}}{\sp{\sn dxWrapDistBottom}{\sv 0}}{\sp{\sn lineColor}{\sv 0}}}}}\pard\plain \li353
\ri95\sb135\sl-20\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \fs24\cgrid {
\par }\trowd\trgaph0\trql\trleft353\trrh-706\trkeep\clvmgf\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx891\clvmgf\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx2292\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl
\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx4438\clvertalc\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx9641\pard \nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \intbl\f28\cgrid {\cell \cell }\li44\nowidctlpar\adjustright \intbl\f22\fs18\lang1033\langfe1033\cgrid {a Aregker\cell }\qj\fi36\li36\ri576\sl288\slmult1\nowidctlpar\adjustright \intbl\f10\fs16\expnd6\expndtw34\b\cgrid {Perusahaark }{\f28
\fs15\expnd4\expndtw24\cgrid yang tIdak dlikuti oleh banyak }{\f28\fs15\expnd4\expndtw20\cgrid -analis cenderung mengha.silkan return Lebth }{\f28\fs15\expnd3\expndtw18\cgrid ringRi.\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{
\row }\trowd\trgaph0\trql\trleft353\trrh-460\trkeep\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx891\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb
\cellx2292\clvmgf\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx4438\clvmgf\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx9641\pard \nowidctlpar\aspalpha\aspnum
\nocwrap\adjustright \intbl{\cell \cell }\pard \qc\sl273\slmult1\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f28\fs15\expnd2\expndtw12\cgrid {4. }{\f34\fs14\expnd0\expndtw2\cgrid LastItufiongri\line }{\expnd2\expndtw14\cgrid Holdings-
\par }\ql\li44\sb72\sl211\slmult1\nowidctlpar\adjustright \intbl\expnd0\expndtw0\cgrid {I. }{\f34\fs16\i\cgrid P/E\cell }\li36\ri216\sb0\sl-232\slmult0\nowidctlpar\adjustright \intbl\expnd4\expndtw21\cgrid {Per usabaan. yang illrniliki oleh sedLktt instit
usi }{\expnd4\expndtw22\cgrid cenderung rnerniliki return Lebih }{\f22\expnd4\expndtw22\super\cgrid -}{\expnd4\expndtw22\cgrid dings!.
\par }\ri684\sl-201\slmult0\nowidctlpar\adjustright \intbl{Sahann dengan }{\f34\fs16\i\cgrid P/E }{\f34\i\cgrid falba }{rendah cendgrung }{\expnd6\expndtw32\cgrid mernilild }{\f34\fs14\expnd4\expndtw22\cgrid return yang 102ih tinggi-\cell }\pard 
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft353\trrh-466\trkeep\clvmgf\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx891\clvmgf\clvertalt\clbrdrt\brdrs\brdrw19 
\clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx2292\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx4438\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs
\brdrw19 \cltxlrtb\cellx9641\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\fs24\expnd0\expndtw0\b0\lang1057\langfe1057\cgrid {\cell }\ri216\sl314\slmult1\nowidctlpar\adjustright \intbl\fs15\expnd0\expndtw4\b\lang1033\langfe1033\cgrid {Anuni
ali }{\f10\fs14\expnd6\expndtw32\cgrid Aktintansi
\par }\qr\ri230\sb1296\sl535\slmult1\nowidctlpar\adjustright \intbl\f10\fs6\expnd0\expndtw0\cgrid {...\cell \cell \cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft353\trrh-686\trkeep\clvmrg\clvertalt
\clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx891\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx2292\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 
\cltxlrtb\cellx4438\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx9641\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell \cell }\pard \fi-252\li252\ri1044\sl-244
\slmult0\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\fs24\expnd4\expndtw20\b0\charscalex115\cgrid {a }{\f34\fs14\expnd2\expndtw10\b\charscalex100\cgrid Earnings }{\f28\fs15\expnd0\expndtw2\b\charscalex100\cgrid Sf.orpriise
\par }\pard \qr\ri1034\sb72\sl-118\slmult0\nowidctlpar\tx801\tqr\tx1100\aspalpha\aspnum\nocwrap\adjustright \intbl\fs17\expnd2\expndtw10\b\charscalex100\cgrid {.\tab .\tab }{\f28\fs15\expnd0\expndtw0\cgrid ..\cell }\pard \li24\ri108\sb36\sl292\slmult1
\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f28\fs15\expnd4\expndtw21\cgrid {Saharn. dengan capalan earnOng5 lebih tinggi cl.ri }{\expnd5\expndtw28\cgrid yang dliperktrakan cenderung merisallaml
\par }\ri0\sb0\sl240\slmult1\nowidctlpar\adjustright \intbl\expnd4\expndtw22\cgrid {pc ningkatan harga.\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft353\trrh-461\trkeep\clvmrg\clvertalt\clbrdrl\brdrs
\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx891\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx2292\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx4438
\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx9641\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell \cell }\pard \li44\nowidctlpar\aspalpha\aspnum\nocwrap
\adjustright \intbl\expnd1\expndtw6\cgrid {3 }{\f34\fs16\i\cgrid Price/Sales\cell }\li36\ri648\nowidctlpar\adjustright \intbl{iika. rasionya rendah }{\f16\fs21\cgrid e...ertck7rark2 }{\f34\fs14\expnd0\expndtw-4\cgrid bel\'95kin.6121.1 }{\fs16\expnd2
\expndtw10\cgrid Lebih baik_\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell \cell }\pard \li44\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\expnd0
\expndtw0\i\cgrid {4. .Price/Finok\cell }\li36\ri648\sl271\slmult1\nowidctlpar\adjustright \intbl\f10\fs17\expnd2\expndtw11\i0\cgrid {Jika ran.ionlya }{\f34\fs16\expnd0\expndtw1\cgrid rendah }{\fs14\i\cgrid tend&rung }{berkl nerja }{\expnd2\expndtw10
\cgrid lebth balk.\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft353\trrh-461\trkeep\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx891\clvmrg\clvertalt\clbrdrl\brdrs
\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx2292\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx4438\clvertalc\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 
\clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx9641\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell \cell }\pard \li44\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl\f34\fs15\expnd2\expndtw10\i\cgrid {5- Dividend Yield\cell }\pard \li36
\ri144\sl271\slmult1\nowidctlpar\tqr\tx3615\aspalpha\aspnum\nocwrap\adjustright \intbl\f10\fs17\expnd3\expndtw19\i0\cgrid {J ika }{\f28\fs15\expnd1\expndtw9\cgrid yield-nya }{tinggi cenderung }{\f28\fs15\expnd1\expndtw9\cgrid berkinerja }{leblh }{\expnd2
\expndtw10\cgrid balk.\tab .\cell }\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\row }\trowd\trgaph0\trql\trleft353\trrh-696\trkeep\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx891
\clvmrg\clvertalt\clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx2292\clvertalt\clbrdrt\brdrs\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx4438\clvertalt\clbrdrt\brdrs
\brdrw19 \clbrdrl\brdrs\brdrw19 \clbrdrb\brdrs\brdrw19 \clbrdrr\brdrs\brdrw19 \cltxlrtb\cellx9641\pard \nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl{\cell \cell }\pard \fi-180\li216\ri900\nowidctlpar\aspalpha\aspnum\nocwrap\adjustright \intbl
\expnd2\expndtw10\cgrid {6, }{\f34\fs15\expnd0\expndtw0\i\cgrid Earnings Momentum\cell }\fi0\li36\ri216\nowidctlpar\adjustright \intbl\f28\fs15\expnd1\expndtw5\cgrid {Sahem }{\fs16\cgrid peruBaheian }{\f10\fs19\cgrid yartg tingkeet perturribuhan }{\f10
\fs14\expnd3\expndtw18\i\cgrid ffirrain,r-r5-nyki }{\f34\fs16\expnd1\expndtw8\cgrid meringkat }{\f10\fs14\expnd1\expndtw8\cgrid ct:nderung }{\f10\fs17\expnd3\expndtw18\cgrid berkinerja }{\f10\fs17\expnd1\expndtw6\cgrid lebili. balk_\cell }\pard 
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