ANALISIS PENGARUH TRANSACTION COST TERHADAP HOLDING PERIOD SAHAM BIASA.

Eko Budi Santoso

Abstract


The moin pwpose of this sndy is to test the effect of transaction cost to
tntdins period of common stock This srudy iwestigates whether investors
with longer (shorter) hwestment time horizon lold common stocks
with higher (owe) bid-qsk spred as a prory of tronsaction cost. Besides,
thk study also added two independent voiables such as market
value and variance ofrefirn-
The statistical method ued in this study is two-stage least square regressions
because the itnestorb tnlding period md the bid-ask spread
for each stoch are simultoteously determined. The result shows that bid
ask spred related positivefu ord significott to holding period. The bid
ask spread, morket yalue, and varianee of return have a significant

Kqruords: Trqtsaction Cost, Bid-Ask Spread, Holding Period, Market Value, Variance of Return


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DOI: http://dx.doi.org/10.21460/jrak.2008.42.147

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