Agung Yuda Pratama

Annisa Syarifah

Topik Khusus Pasar Modal

Tabel Kontrol

Latar Belakang Permasalahan Konsep/Teori Variabel Model Hipotesis

Penelitian

- The What are the

performance Problems of
Market Timing
of the mutual and Stock
fund that is Selection in
considered by Mutual Funds
investors in Indonesia?

- Performance
that is
considered
one of which
is the ability of
market timing
and stock
selection.

- Research on
the
performance
of mutual
funds in
Indonesia is
still very
limited.

- Understand Which is
the rate of better to
growth, often invest in
known as the stocks or in
rate of return, cryptocurrenci
as well as the es?
rate of risk. to
help investor
which one is
better

- Both have
high risks that
promise big
profits.

- One of the
analyzes that
can be
considered in
investing in
stocks or
cryptocurrenci
es is volatility
analysis

- Research on
cryptocurrenci
es in
Indonesia is
still very
limited. and
there's still a
lot going on

- Due to the How will the

pandemic, there Covid-19
have been Pandemic
many declines Affect the
in stock prices Indonesian
in all sectors Stock Market?

- Fundamental
and technical
analysis,
making a
portfolio
considered to
be the best
strategy at
times like this

- The impact of
the pandemic
has resulted in
economic
paralysis that
 has an impact
on the capital
market

Introduction 1

One of the components considered by investors to invest in mutual funds is the performance of
the mutual fund itself. There are several factors that are considered, namely the ability of
market timing and stock selection of mutual fund investment managers. Actually, the market
timing and stock selection measurement models have been widely studied, but most of them
are carried out in countries with highly developed mutual fund industries, such as the United
States and Europe. Stock selection is a crucial phase in the investment decision-making process
for investment managers.
When it comes to investing in mutual funds in Indonesia, the Indonesian mutual fund industry
prioritizes stock selection. According to the findings of this study, investment managers in
Indonesia choose stocks at a rate of up to 89 percent. Market timing is a type of technical
analysis that examines the market using past fund price movements to forecast future prices.
Market timing is not a key problem in Indonesia for investment managers that care about
analysis of time horizons and long-term mutual funds. Stock

selection, market timing, and mutual fund persistence in emerging markets are all factors to
consider. Certainly merits further investigation. Market timing research in Indonesia shows that
it is not easy to get investment manager that has market timing performing. In market timing,
investors has the opportunity to get a great time to add the portfolio of mutual funds, due to
decline market conditions. One of the most essential variables for mutual fund performance
improvement is market timing when purchasing investment assets. Furthermore, if the
government lowers interest rates, investment managers can purchase back the bonds. When it
comes to managing mutual funds, its Market Timing is spot on.

Introduction 2
 Cryptocurrency or crypto currency is a digital or virtual currency designed as a medium
of exchange. Cryptocurrency secures and verifies transactions, and controls the creation of new
tokens from a cryptocurrency using a cryptographic system. Bitcoin is the first cryptocurrency
known to people and is the coin that has the largest market capital to date. Bitcoin was created
in 2009 is a virtual money created by Satoshi Nakamoto.
In Indonesia, the Commodity Futures Trading Regulatory Agency (Bappebti) has
legalized cryptocurrency as a commodity subject that can be traded on a futures trading
exchange. Bitcoin is an attractive asset that can be used as a modern, sophisticated currency or
investment tool. This can be seen from the number of crypto asset exchangers in Indonesia and
the number of people who discuss Bitcoin in Bitcoin forums, often compared to other
investment instruments, such as stocks and gold. Bitcoin prices are influenced by demand and
supply and news circulating in the community as well as stocks. According to the Indonesia
Stock Exchange, shares are securities that can be traded in the capital market where
shareholders can receive benefits in the form of dividends and capital gains. This capital gain
makes people think that Bitcoin trading is the same as stocks because they benefit from the
difference between the selling price and the buying price. Several researchers have conducted
research against Bitcoin, stocks, and gold. and until now there are still many differences about
which one is better.
Cryptocurrency is an intangible commodity in the form of a digital asset that uses
cryptography, peer to peer networks and distributed ledgers, to regulate the creation of new
units, verify transactions, and secure transactions without interference from other parties.
Bappeti stated that there are risks that must be considered when purchasing these investment
instruments, because cryptocurrency assets are intangible, therefore the risk of losing assets
here can be higher compared to other instruments. And lately the investment that is preferred
by investors, especially young investors is cryptocurrency investment, because the rate of
return obtained from cryptocurrency is very high with high risk, besides that several studies
have also stated that cryptocurrency has good performance when measured using the Sharpe
method, Treyner and Jensen. However, from various alternative investment options, investors
must also consider other things to support investment decisions such as indicators of return,
risk and measurement of investment portfolio performance. Therefore, various studies have
been conducted to compare several investment instruments in order to help potential investors
to choose investment alternatives.
Before investing, investors need to know the rate of return or return and the level of
risk. Volatility analysis is able to assist investors in recognizing the level of risk. In addition,
volatility analysis is useful in price formation, portfolio formation and risk management. That
way, volatility analysis can help investors in making a decision. When the value of volatility is
high, investors will try their best to sell their assets in order to minimize risk. However, when
volatility is high, it shows that prices will rise and fall very quickly. Thus providing an
opportunity to be able to get a high rate of return and risk. On the other hand, if the volatility is
low, the chances of getting a quick rate of return will be small. So it will usually be done in the
long term in order to obtain the desired rate of return. This in financial terms is usually called
"high risk high return". However, there is very little research that discusses volatility analysis in
cryptocurrencies and the Composite Stock Price Index (IHSG).

Introduction 3

The condition of Indonesia, which is currently hit by the COVID-19 pandemic, has an impact on
the stock market and economic growth. There have been many declines in stock prices in all
industrial sectors. The best strategy for investing during a pandemic is to conduct fundamental
and technical analysis, create a stock portfolio and choose the business sector that is still
needed during the pandemic.. Based on the literature review, recommendations were made for
the government to improve stock market stability by increasing the number of beneficiaries in
the MSME sector, conducting more intensive socialization related to the dangers and
prevention of Covid-19, and providing relief to issuers with loans ; recommendations were also
made for issuers to maintain company performance by preventing all employees from
becoming infected with Covid-19, and maintaining employee compensation.