Yogyakarta-Tuesday, January 21st 2020. Master of Science and Doctoral Program, Faculty of Economics and Business, Universitas Gadjah Mada (MD FEB UGM) held an open doctoral examination for promovendus Wirasmi Wardhani, SE., M.Sc. The session chaired by the Deputy Dean for Finance, Assets and Human Resources, Kusdhianto Setiawan, Sivilekonom., Ph.D., was attended by the Promoter and Co-promoter: Dr. Mamduh M. Hanafi, MBA., Dr. I Wayan Nuka Lantara, M.Sc., and Dr. Bowo Setiyono, M.Com. Even better, the board of examiners and evaluators consists of Prof. Eduardus Tandelilin, MBA., PhD., Su’ad Husnan, MBA., Ph.D., Prof. Dr. Irwan Eka Adiputra, MM., Dr. Agus Setiawan, M.Soc.Sc., and Eddy Junarsin, MBA., Ph.D. Also present were families, working relatives from Mulawarman University Samarinda, and invitees who complimented the happiness of the doctoral candidates.
The doctoral promotion open defense is opened by the chair of the session to then the board of examiners, the assessment board, and the promoter to give questions for an hour. With a dissertation entitled “Analysis of the Impact of Foreign and Domestic Investor Trading on Stock Prices: Testing the Price, Information, and Sloping Down Demand Curve Hypothesis”, the recipient of a grant from MD to be an oral presenter at The 4th Indonesian Finance Association (IFA) International Conference, Bandar Lampung (2018) answers the questions convincingly so that she succeeds in graduating with the title “very satisfying”.
For information, Dr. dissertation Wirasmi Wardhani, SE., M.Sc., see an empirical gap which in theory, trading should not have a price effect because the market is efficient, has a high level of liquidity without a market fraction. However, the results of empirical research found that trade has a price effect, especially large trade, such as research by Easley and O’Hara (1987) and Holthausen (1989). Using transaction data for the 2015-2017 period on the Indonesia Stock Exchange (IDX), the research aims to examine whether there is a price impact on block trading that occurs on the IDX and whether a hypothesis can explain the price impact occurring on the IDX and whether there are differences in price impacts between foreign and domestic investors for testing information hypotheses because Scholes (1972) found that the identity behind a transaction can cause differences in price impacts. The conclusion of the study shows that foreign investors are superior in information approaching the announcement of positive corporate earnings while for negative earnings, it was found that foreigners suffer losses compared to domestic because they buy more compared to domestic.
Dr. Wirasmi Wardhani, SE., M.Sc., officially holds the 4717th doctorate who passed the examination at UGM and the 285th who graduated at FEB UGM. Dr. Mamduh M. Hanafi, MBA., As the promoter congratulated and advised to improve the ideals in his academic career and always maintain the ethics and good name of the place of work and UGM as the alma mater at the closing of the session. (RP)