@phdthesis{digilib17654,
           month = {May},
           title = {PENGUJIAN INDIKASI SPEKULASI PERDAGANGAN SAHAM
DI BURSA EFEK INDONESIA},
          school = {UIN SUNAN KALIJAGA YOGYAKARTA},
          author = {NIM. 1130316007 SUMAR?IN},
            year = {2015},
            note = {Prof. Dr. Hadri Kusuma, M.B.A.},
             url = {https://digilib.uin-suka.ac.id/id/eprint/17654/},
        abstract = {Sharia capital market can be generally defined as a capital market which
is operated by applying the principles of sharia. An important aspect that must be
upheld in the sharia values are the justice value and social value by avoiding
prohibited transactions such as usury, gambling, speculation, etc.
The tight screening to determine the appropriateness of a company to be
listed in the List of Sharia Securities (DES) allegedly only affects the level of the
primary market. When entering the secondary market,gharar and maysir
practicesare difficult to avoid due to the high indication of speculation. This
study is a case study focusing on the Stock Market in the range of 2008-2012
(the last five years). The researcherhas raised a research problem: "Is the Trade
in Sharia Capital Market indicated to have speculation?"
This research is a quantitative research with an explanatory approach
(explanatory research). It examines the relationship among variables or
determines whether a variable is associated or not with other variables.
Overall, it could be concluded that actually speculative activitieswere
stillfound in Sharia stock market even though only in short time (a period of 3 to
5 days before and after the announcement of the dividend). The results of this
study explained that in fact the mechanism of screening could only select the
companies listed in sharia stock. However, this mechanism could not reduce or
eliminate speculation among sharia investors.
Based on these results, the mechanism of minimum holding period is
one of concrete alternatives that can be used as a way to reduce the high
indication of speculation in the Sharia capital market. The findings and results of
this study showed that 7 day period was appropriate as the minimum holding
period of the stock. Another alternative that can be taken to reduce the high
indication of speculation is how the Financial Services Authority (FSA) develops
a mechanism of asset valuation that is transparent and clear in every company, as
well as the fair value of the stock price which is subsequently informed to the
market. Besides, the high tax of at least 20\% every month or every transaction on
capital gain income can also be applied.}
}