The returns of IHSG, NIKKEI and NASDAQ during COVID-19 pandemic
DOI:
https://doi.org/10.58784/cfabr.1Keywords:
IHSG, NIKKEI, NASDAQ, returns, Covid-19Abstract
The Covid-19 pandemic has had quite an unfavorable impact, especially on the market return performance of the IHSG, NIKKEI, and NASDAQ. This study aims to analyze the relationship and differences in market return performance in the IHSG, NIKKEI, and NASDAQ in the period from March 3, 2020, to March 3, 2021. This study finds that market returns from the three markets have a positive and significant relationship. Moreover, this study also found that the three markets had the same market return performance during the Covid-19 pandemic.
Downloads
References
Artha, A., & Paramita, R. S. (2021). Pengaruh makroekonomi dan indeks global terhadap Indeks Harga Saham Gabungan selama pandemi COVID-19 di Indonesia. Jurnal Ilmu Manajemen, 9(2), 681-697. DOI: 10.26740/jim.v9n2.p681-697
Elfiswandi, Sunaryo, & Ramadhan, M. F. (2021). The effect of Dow Jones Industrial Average, Nikkei 225 Index and Shanghai Composite Index on IDX Composite Index. UPI YPTK Journal of Business and Economics, 6(3), 91-97. DOI: 10.35134/jbe.v6i3.48
Gil-Alana, L. A., & Claudio-Quiroga, G. (2020). The Covid-19 impact on the Asian Stock Markets. Asian Economics Letters, 1(2), 1-3. DOI: 10.46557/001c.17656
Gunawan, D. (2022). Dynamic relationship between the Dow Jones Industrial Average, Nikkei 225, Hang Seng Index and the Jakarta Composite Index. Jurnal Mantik, 6(2), 1333-1339. https://iocscience.org/ejournal/index.php/mantik/article/view/2505
Khoiri, H. A., & Arghawaty, E. (2020). Menganalisis nilai IHSG beserta faktor-faktor yang mempengaruhi di era pandemik Covid-19. JAD: Jurnal Riset Akuntansi dan Keuangan Dewantara, 3(2), 110-121. DOI: 10.26533/jad.v3i2.677
Liu, H., & Lin, Y. (2021). Relationships among US S&P500 Stock Index, its futures and NASDAQ index futures with volatility spillover and jump diffusion: Modeling and hedging performance. Bulletin of Applied Economics, 8(1), 121-148. DOI: 10.47260/bae/818
Murdiyanto, E., & Akbar, T. (2021). Perbandingan kinerja Indeks Dow Jones, DAX, Nikkei 225, Kospi dan IHSG di masa pandemi Covid-19. Jurnal Nusantara Aplikasi Manajemen Bisnis, 6(1), 100-108. https://ojs.unpkediri.ac.id/index.php/manajemen/article/view/15500
Onour, I. A. (2021). The impact of Covid-19 pandemic shock on major Asian stock markets: Evidence of decoupling effects. Economic Consultant, 34(2), 21-32. DOI: 10.46224/ecoc.2021.2.3
Putranto, P. (2021). Dampak Covid-19 terhadap Indeks Harga Saham Gabungan. Jurnal Online Insan Akuntan, 6(2), 155-166. DOI:10.51211/joia.v6i2.1570
Saraswati, H. (2020). Dampak pandemi Covid-19 terhadap pasar saham di Indonesia. JAD: Jurnal Riset Akuntansi dan Keuangan Dewantara, 3(2), 153-163. DOI: 10.26533/jad.v3i2.696
Simon, D. P. (2003). The Nasdaq volatility index during and after the bubble. The Journal of Derivatives, 11(2), 9-24. DOI: 10.3905/jod.2003.319213
Sunarya, I. (2019). Modelling and forecasting stock market volatility of NASDAQ Composite Index. EAJ (Economic and Accounting Journal), 2(3), 181-189. DOI: 10.32493/eaj.v2i3.y2019.p181-189
Trisnowati, Y., & Muditomo, A. (2021). COVID-19 and stock market reaction in Indonesia. Journal of Accounting and Investment, 22(1), 23-36. DOI: 10.18196/jai.v22i1.8859
Wibowo, A., & Darmanto, S. (2017). Reaction of Indonesian capital market investors to the implementation of tax amnesty. Jurnal Keuangan dan Perbankan, 21(4), 597-608. DOI: 10.26905/jkdp.v21i4.1607
Zuhroh, I., & Putri, D. A. (2021). Investors reaction to bad news of COVID 19 (Evidence for Food and Beverage stocks: Comparison between IDX and BIST). Jurnal Ekonomi Pembangunan, 19(01), 44-56. DOI: 10.22219/jep.v19i01.16434
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Christina Rengkung, Devina Polii, Gratia N. Sembel, Myline Rau

This work is licensed under a Creative Commons Attribution 4.0 International License.
Under this license then authors free to:
- Share - copy and redistribute the material in any medium or format.
- Adapt - remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution - You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions - You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
- You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.
- No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.

