KESIMPULAN DAN SARAN ANALISIS JANUARY EFFECT DAN VOLATILITAS RETURN SAHAM PADA PERUSAHAAN PERTAMBANGAN DI BURSA EFEK INDONESIA PERIODE 2003 SAMPAI DENGAN 2010.
BAB V
KESIMPULAN DAN SARAN
A. Kesimpulan
Pasar modal di Indonesia dapat dikatakan sebagai pasar modal
yang berkembang, namun perkembangannya terhambat saat terjadi krisis
pada tahun 1997 yang lalu dan adanya penurunan kapitalisasi pasar pada
tahun 2000 sampai dengan 2002. Setelah periode tersebut keadaan
perekonomian makro di Indonesia membaik dan mulai memberikan angin
segar terhadap sejumlah investor, hal ini memberikan nilai positif bagi
perekonomian di Indonesia dan memicu munculnya investor-investor
dalam negri yang sampai saat ini masih mengacu pada jangka pendek
(short term), karena beberapa alasan antara lain, situasi dan kondisi
pemerintahan yang belum bisa dijadikan sentral dalam pengambilan
keputusan untuk jangka panjang (long term), masih minimnya jaminan
yang diberikan kepada investor baik dari segi pengadaan sumber daya di
Indonesia. Untuk meneruskan perkembangan yang baik, pada tahun 2007
Bursa Efek Indonesia melakukan penggabungan Bursa Efek Jakarta dan
Bursa Efek Surabaya menjadi satu agar lebih bisa dipantau pergerakan
keuangan yang menopang ekonomi makro di Indonesia, tetapi hal tersebut
berdampak pada penelitian-penelitian yang menggunakan data statistik.
Penelitian tentang fenomena anomali pasar sangat membutuhkan data
dengan periode yang lebih panjang, karena dengan data yang dihasilkan
dapat secara lebih jelas fenomena anomali yang terjadi di pasar Indonesia.
66
67
Dari analisis data terhadap return saham perusahaan sektor pertambangan
di Bursa Efek Indonesia dengan periode penelitian selama 8 tahun (20032010) dapat diketahui besarnya rata-rata return tiap hari perdagangan. Dari
periode penelitian diketahui rata-rata return harian tertinggi terjadi pada
bulan Februari dengan rata-rata return sebesar 0,070871231 dan standar
deviasi sebesar 0,0744228011. Rata-rata return tertinggi kedua terjadi di
bulan April dengan rata-rata return sebesar 0,069291308 dan standar
deviasi sebesar 0,0593498988. Sesuai dengan hipotesis pada penelitian ini
yang diduga terjadi January Effect, ternyata setelah menggunakan analisis
One way ANOVA ternyata tidak membuktikan secara adanya January
Effect pada Bursa Efek Indonesia pada sektor pertambangan periode 2003
sampai dengan 2010. Hal ini juga didukung oleh hasil analisis independent
sample t-test yang menjelaskan bahwa volatilitas yang terjadi tidak
berdampak pada adanya fenomena January Effect.
B. Saran dan Keterbatasan Penelitian
Keterbatasan penelitian ini terdapat pada sampel yang sedikit dan
masa penelitian yang kurang panjang. Jumlah data (N) rata-rata return
bulan januari dalam penelitian ini hanya 8 (Januari 2003, 2004, 2005,
2006, 2007, 2008, 2009 dan Januari 2010) dikalikan dengan jumlah
perusahaan yang listing secara terus menerus hanya ada 13 perusahaan.
Jika dibandingkan dengan penelitian yang dilakukan oleh Gultekin dan
Gultekin (1983) pada 17 negara termasuk Amerika Serikat, atau penelitian
68
yang dilakukan oleh Rozeff dan Kinney (1976) dengan periode penelitian
selama 71 tahun. Penelitian dengan menggunakan sampel yang lebih
banyak dan periode waktu yang lebih panjang akan menjelaskan anomalianomali yang terjadi secara lebih baik, namun untuk melakukan penelitian
dengan periode yang panjang belum bisa dilakukan di Indonesia, karena
terkendala oleh data yang belum lengkap dan akurat.
Diharapkan bagi peneliti selanjutnya yang ingin melakukan
penelitian sejenis, dapat menambahkan periode penelitian yang lebih
panjang atau dengan memperluas jenis sampel dari penelitiannya. Hasil
penelitian ini hendaknya bisa menjadi bukti informasi secara empiris bagi
peneliti selanjutnya dan menjadi bahan pertimbangan bagi investor yang
berminat melakukan investasi di pasar modal Indonesia, khususnya sektor
pertambangan.
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www.idx.co.id diunduh pada tanggal 8 November 2011
http://finance.yahoo.com/ diunduh 24 November 2011
http://www.esdm.go.id/ diunduh 16 Oktober 2011
Lampiran 1 Hasil rata-rata Return Periode 2003-2010
Jan
ARTI
Feb
0,0170 -0,0198
0,0092
Mar
Apr
Mei
Jun
Jul
0,0805
Agt
Sep
Okt
0,0997 -0,0256 -0,0560
Nov
Des
0,0727
0,1138 -0,1459 -0,0497
0,0432 -0,0387
0,1503
0,0422
0,0417
0,0601 -0,1426 -0,0633
0,1546 -0,1090
0,0300
0,0272
0,0692 -0,0347 -0,0675
0,1645
ATPK
-0,0942
BUMI
0,0126
0,0961 -0,0441
0,0975
0,0829
0,0612
0,1331
CTTH
-0,0195
0,0126 -0,0175
0,0006
0,0147
0,0127
0,0037 -0,0113 -0,0089
0,0036 -0,0190
DOID
0,0475
0,0817 -0,0330
0,0034
0,1017 -0,0314
0,0579
0,0404
0,0843
0,0696
ENRG
-0,0891
0,0473 -0,0039
0,1971
0,0711 -0,0048 -0,0700 -0,0236
0,0264
0,0581 -0,1341 -0,0344
INCO
-0,2351
0,1396
0,0613 -0,0198
0,0509
0,0340
0,0179
0,0862
KKGI
0,1211
0,2586 -0,0797 -0,0165
0,0954 -0,0444
0,0503 -0,0436 -0,0407 -0,0460
0,1617
0,0713
MEDC
0,0067
0,0510 -0,0210
0,0836
0,0517 -0,0173
0,0102 -0,0006 -0,0045 -0,0148 -0,0298
0,0091
0,0809
0,0722
0,0381
0,0026
0,0566
0,0227 -0,1647
0,0005
0,0142 -0,0758
MITI
-0,0703
0,0490
0,0453
0,0704 -0,0764
0,0181
0,0433
PTBA
-0,0108 -0,0177 -0,0067
0,1349
0,0875
0,0316
0,0014
0,0035 -0,0008
0,0141
0,1194
0,0991
PTRO
-0,0096
0,1088
0,0392
0,0485
0,0251 -0,0132
0,0577
0,0356
0,0680
0,0338 -0,0512
0,0124
ANTM
-0,0108
0,0732
0,0040
0,0892 -0,0230
0,0072 -0,1870 -0,0562
0,0862
0,0252
0,0755
0,0979
Average -0,0257
0,0709
0,0113
0,0693
0,0374 -0,0094
0,0075
0,0378
0,0349 -0,0048
0,0028 -0,0065
0,0268 -0,0998 -0,0633
73
Lampiran 2 Output Pengujian Statistik January Effect
Descriptives
RETURN
N
Mean
Std. Deviation
Std. Error
95% Confidence Interval for
Mean
Lower Bound
Upper Bound
Minimum
Maximum
JAN
13
-,025726769
,0849062769
,0235487642
-,077035119
,025581580
-,2350540
,1210520
FEB
13
,070871231
,0744228011
,0206411712
,025897982
,115844479
-,0198380
,2585640
MAR
13
,011342077
,0590144255
,0163676567
-,024319983
,047004137
-,0796510
,1502680
APR
13
,069291308
,0593498988
,0164607003
,033426523
,105156093
-,0165290
,1971170
MEI
13
,034866385
,0680954849
,0188862894
-,006283305
,076016074
-,1459500
,1016940
JUN
13
-,004753692
,0408637910
,0113335764
-,029447434
,019940049
-,0763850
,0611960
JUL
13
,002776385
,0887367923
,0246111580
-,050846722
,056399491
-,1869820
,1331200
AGS
13
-,006485846
,0672489636
,0186515067
-,047123988
,034152296
-,1647290
,0997000
SEP
13
,037379692
,0548597937
,0152153692
,004228251
,070531134
-,0406640
,1546340
OKT
13
-,009381231
,0568122556
,0157568847
-,043712533
,024950072
-,1089790
,0696120
NOV
13
,007450538
,0811713637
,0225128857
-,041600826
,056501903
-,1340570
,1616600
DES
13
,037789077
,0676997747
,0187765391
-,003121487
,078699641
-,0757670
,1644810
Total
156
,018784929
,0722302583
,0057830490
,007361169
,030208690
-,2350540
,2585640
74
Lampiran 3 Hasil Uji ANOVA
ANOVA
RETURN
Sum of Squares
df
Mean Square
F
Between Groups
,138
11
,013
Within Groups
Total
,670
,809
144
155
,005
Sig.
2,700
,003
Lampiran 4 Hasil Uji Test of Homogeneity of Variances
Test of Homogeneity of Variances
RETURN
Levene Statistic
df1
,586
df2
11
Sig.
144
,838
75
Lampiran 5 Hasil Uji Independent Sample t test Januari-Februari
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
FEB
13
13
-,025726769
,070871231
Levene's Test for
Equality of Variances
F
Sig.
Equal variances
assumed
Return
Equal variances
not assumed
,096
,759
Std. Error
Mean
,0235487642
,0206411712
,0849062769
,0744228011
Independent Samples Test
t-test for Equality of Means
t
-3,085
Df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval
of the Difference
Lower
Upper
24
,005
-,096598
,0313145
-,1612280
-,0319679
-3,085 23,59
,005
-,096598
,0313145
-,1612868
-,0319091
76
Lampiran 6 Hasil Uji Independent Sample t test Januari-Maret
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
MAR
13
13
-,025726769
,011342077
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,570
,0849062769
,0590144255
Std. Error
Mean
,0235487642
,0163676567
Independent Samples Test
t-test for Equality of Means
t
,458 -1,293
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,208 -,0370688462
,0286782929
-,0962579336
,0221202413
-1,293 21,400
,210 -,0370688462
,0286782929
-,0966407394
,0225030471
77
Lampiran 7 Independent sample t test Januari-April
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
APR
13
13
-,025726769
,069291308
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,487
,492
,0849062769
,0593498988
Std. Error
Mean
,0235487642
,0164607003
Independent Samples Test
t-test for Equality of Means
t
-3,307
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,003 -,0950180769
,0287314975
-,1543169733
-,0357191805
-3,307 21,467
,003 -,0950180769
,0287314975
-,1546895218
-,0353466321
78
Lampiran 8 Hasil Independent sample t test Januari-Mei
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
MEI
13
13
-,025726769
,034866385
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,224
,0849062769
,0680954849
Std. Error
Mean
,0235487642
,0188862894
Independent Samples Test
t-test for Equality of Means
t
,641 -2,007
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,056 -,0605931538
,0301866895
-,1228954190
,0017091113
-2,007 22,919
,057 -,0605931538
,0301866895
-,1230512178
,0018649101
79
Lampiran 9 Hasil Independent sample t test Januari-Juni
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
JUN
13
13
-,025726769
-,004753692
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
2,544
,0849062769
,0408637910
Std. Error
Mean
,0235487642
,0113335764
Independent Samples Test
t-test for Equality of Means
t
,124 -,803
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,430 -,0209730769
,0261341587
-,0749113295
,0329651757
-,803 17,276
,433 -,0209730769
,0261341587
-,0760442871
,0340981333
80
Lampiran 10 Hasil Independent sample t test Januari-Juli
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
JUL
13
13
-,025726769
,002776385
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,025
,0849062769
,0887367923
Std. Error
Mean
,0235487642
,0246111580
Independent Samples Test
t-test for Equality of Means
t
,877 -,837
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,411 -,0285031538
,0340624925
-,0988046832
,0417983755
-,837 23,953
,411 -,0285031538
,0340624925
-,0988119185
,0418056108
81
Lampiran 11 Hasil Independent sample t test Januari-Agustus
Bulan
Return
JAN
AGS
Group Statistics
Mean
Std. Deviation
N
13
13
-,025726769
-,006485846
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,225
,0849062769
,0672489636
Std. Error
Mean
,0235487642
,0186515067
Independent Samples Test
t-test for Equality of Means
t
,639 -,641
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,528 -,0192409231
,0300403562
-,0812411709
,0427593248
-,641 22,804
,528 -,0192409231
,0300403562
-,0814137011
,0429318549
82
Lampiran 12 Hasil Independent sample t test Januari-September
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
SEP
13
13
-,025726769
,037379692
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,675
,0849062769
,0548597937
Std. Error
Mean
,0235487642
,0152153692
Independent Samples Test
t-test for Equality of Means
t
,419 -2,251
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,034 -,0631064615
,0280366146
-,1209711900
-,0052417331
-2,251 20,532
,035 -,0631064615
,0280366146
-,1214927659
-,0047201572
83
Lampiran 13 Hasil Independent sample t test Januari-Oktober
Bulan
Return
JAN
OKT
Group Statistics
Mean
Std. Deviation
N
13
13
-,025726769
-,009381231
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,483
,0849062769
,0568122556
Std. Error
Mean
,0235487642
,0157568847
Independent Samples Test
t-test for Equality of Means
t
,494 -,577
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,569 -,0163455385
,0283341439
-,0748243373
,0421332604
-,577 20,951
,570 -,0163455385
,0283341439
-,0752780103
,0425869334
84
Lampiran 14 Hasil Independent sample t test Januari-November
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
NOV
13
13
-,025726769
,007450538
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,031
,0849062769
,0811713637
Std. Error
Mean
,0235487642
,0225128857
Independent Samples Test
t-test for Equality of Means
t
,862 -1,018
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,319 -,0331773077
,0325787403
-,1004165229
,0340619076
-1,018 23,952
,319 -,0331773077
,0325787403
-,1004237147
,0340690993
85
Lampiran 15 Hasil Independent sample t test Januari-Desember
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
DES
13
13
-,025726769
,037789077
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,031
,0849062769
,0676997747
Std. Error
Mean
,0235487642
,0187765391
Independent Samples Test
t-test for Equality of Means
t
,862 -2,109
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,046 -,0635158462
,0301181460
-,1256766444
-,0013550479
-2,109 22,866
,046 -,0635158462
,0301181460
-,1258401522
-,0011915401
86
Lampiran 16 Hasil Abnormal return periode 2003 sampai dengan 2010
87
ARTI
DATE
RETURN
1/2/2003
0.105361
1/3/2003
-0.105361
1/6/2003
-0.076961
1/7/2003
0.000000
1/8/2003
0.000000
1/9/2003
0.076961
1/10/2003
0.000000
1/13/2003
0.138150
1/14/2003
0.092373
1/15/2003
-0.029853
1/16/2003
0.000000
1/17/2003
0.000000
1/20/2003
0.000000
1/21/2003
0.000000
1/22/2003
0.000000
1/23/2003
0.000000
1/24/2003
-0.164303
1/27/2003
0.000000
1/28/2003
0.035091
1/29/2003
-0.109199
1/30/2003
0.074108
1/31/2003
0.000000
2/3/2003
0.035091
2/4/2003
0.066691
2/5/2003
-0.032790
2/6/2003
-0.033902
2/7/2003
0.000000
2/9/2003
0.243622
2/10/2003
-0.209721
2/11/2003
-0.033902
ATPK
DATE
RETURN
Jan 2, 2003
0.000000
Jan 3, 2003
-0.060625
Jan 6, 2003
-0.064539
Jan 7, 2003
0.000000
Jan 8, 2003
-0.143101
Jan 9, 2003
0.143101
Jan 10, 2003
-0.143101
Jan 13, 2003
0.000000
Jan 14, 2003
0.143101
Jan 15, 2003
0.000000
Jan 16, 2003
0.287682
Jan 17, 2003
0.048790
Jan 20, 2003
-0.211309
Jan 21, 2003
0.000000
Jan 22, 2003
0.000000
Jan 23, 2003
-0.060625
Jan 24, 2003
-0.064539
Jan 27, 2003
0.064539
Jan 28, 2003
-0.064539
Jan 29, 2003
-0.143101
Jan 30, 2003
0.000000
Jan 31, 2003
0.000000
Feb 3, 2003
0.000000
Feb 4, 2003
0.000000
Feb 5, 2003
0.000000
Feb 6, 2003
0.000000
Feb 7, 2003
0.000000
Feb 10, 2003
0.143101
Feb 11, 2003
0.000000
Feb 12, 2003
0.000000
BUMI
DATE
RETURN
Jan 2, 2003
0.000000
Jan 3, 2003
0.000000
Jan 6, 2003
0.000000
Jan 7, 2003
0.000000
Jan 8, 2003
0.000000
Jan 9, 2003
0.000000
Jan 10, 2003
0.000000
Jan 13, 2003
0.223144
Jan 14, 2003
-0.223144
Jan 15, 2003
0.223144
Jan 16, 2003
-0.223144
Jan 17, 2003
0.000000
Jan 20, 2003
0.000000
Jan 21, 2003
0.000000
Jan 22, 2003
0.000000
Jan 23, 2003
0.000000
Jan 24, 2003
0.000000
Jan 27, 2003
0.000000
Jan 28, 2003
0.000000
Jan 29, 2003
0.000000
Jan 30, 2003
0.000000
Jan 31, 2003
0.223144
Feb 3, 2003
-0.223144
Feb 4, 2003
0.000000
Feb 5, 2003
0.223144
Feb 6, 2003
-0.223144
Feb 7, 2003
0.000000
Feb 10, 2003
0.000000
Feb 11, 2003
0.000000
Feb 12, 2003
0.000000
CTTH
DATE
RETURN
Jan 2, 2003
0.000000
Jan 3, 2003
-0.251314
Jan 6, 2003
-0.336472
Jan 7, 2003
0.470004
Jan 8, 2003
0.223144
Jan 9, 2003
0.000000
Jan 10, 2003
0.000000
Jan 13, 2003
0.000000
Jan 14, 2003
0.000000
Jan 15, 2003
0.000000
Jan 16, 2003
0.000000
Jan 17, 2003
0.000000
Jan 20, 2003
0.000000
Jan 21, 2003
0.000000
Jan 22, 2003
0.000000
Jan 23, 2003
0.000000
Jan 24, 2003
0.000000
Jan 27, 2003
0.000000
Jan 28, 2003
0.000000
Jan 29, 2003
0.000000
Jan 30, 2003
0.000000
Jan 31, 2003
0.000000
Feb 3, 2003
0.000000
Feb 4, 2003
0.000000
Feb 5, 2003
0.000000
Feb 6, 2003
0.000000
Feb 7, 2003
0.000000
Feb 10, 2003
0.000000
Feb 11, 2003
0.000000
Feb 12, 2003
0.000000
DOID
DATE
RETURN
Jan 2, 2003
-0.325422
Jan 3, 2003
0.074108
Jan 6, 2003
0.068993
Jan 7, 2003
-0.223144
Jan 8, 2003
-0.087011
Jan 9, 2003
0.167054
Jan 10, 2003
0.207639
Jan 13, 2003
-0.064539
Jan 14, 2003
0.000000
Jan 15, 2003
-0.143101
Jan 16, 2003
0.000000
Jan 17, 2003
0.000000
Jan 20, 2003
0.000000
Jan 21, 2003
0.074108
Jan 22, 2003
-0.074108
Jan 23, 2003
-0.080043
Jan 24, 2003
0.000000
Jan 27, 2003
0.000000
Jan 28, 2003
0.000000
Jan 29, 2003
-0.087011
Jan 30, 2003
0.000000
Jan 31, 2003
0.000000
Feb 3, 2003
0.000000
Feb 4, 2003
0.000000
Feb 5, 2003
0.087011
Feb 6, 2003
-0.087011
Feb 7, 2003
0.000000
Feb 10, 2003
0.167054
Feb 11, 2003
-0.167054
Feb 12, 2003
0.000000
2/13/2003
2/14/2003
2/17/2003
2/18/2003
2/19/2003
2/20/2003
2/21/2003
2/24/2003
2/25/2003
2/26/2003
2/27/2003
2/28/2003
3/4/2003
3/5/2003
3/6/2003
3/7/2003
3/9/2003
3/10/2003
3/11/2003
3/12/2003
3/13/2003
3/14/2003
3/17/2003
3/18/2003
3/19/2003
3/20/2003
3/21/2003
3/24/2003
3/25/2003
3/26/2003
3/27/2003
3/28/2003
-0.109199
0.000000
0.109199
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.033902
0.000000
0.000000
0.209721
-0.209721
0.000000
0.000000
0.000000
0.000000
0.000000
0.032790
-0.032790
0.000000
-0.033902
0.000000
0.000000
0.033902
-0.033902
0.000000
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.336472
-0.405465
-0.154151
0.080043
-0.080043
0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
-0.628609
0.000000
0.916291
0.000000
0.000000
-0.693147
-0.223144
0.000000
0.916291
0.000000
-0.916291
0.405465
0.000000
-0.287682
0.105361
0.262364
0.268264
-0.268264
-0.080043
0.080043
0.074108
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.000000
0.000000
0.223144
-0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.223144
0.000000
-0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.223144
-0.223144
0.000000
0.000000
0.000000
0.000000
0.223144
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.000000
0.000000
0.000000
0.000000
0.241162
0.000000
-0.241162
0.167054
0.000000
-0.167054
0.167054
-0.080043
0.000000
-0.087011
0.167054
-0.080043
0.000000
-0.087011
0.000000
0.087011
-0.087011
0.087011
-0.087011
0.087011
-0.087011
-0.095310
0.000000
0.000000
0.000000
0.095310
-0.095310
0.000000
3/31/2003
4/1/2003
4/3/2003
4/4/2003
4/7/2003
4/8/2003
4/9/2003
4/10/2003
4/11/2003
4/14/2003
4/15/2003
4/16/2003
4/17/2003
4/21/2003
4/22/2003
4/23/2003
4/24/2003
4/25/2003
4/28/2003
4/29/2003
4/30/2003
5/1/2003
5/2/2003
5/5/2003
5/6/2003
5/7/2003
5/8/2003
5/9/2003
5/12/2003
5/13/2003
5/14/2003
5/19/2003
0.000000
-0.035091
0.035091
-0.035091
0.068993
0.000000
0.000000
-0.068993
0.068993
-0.033902
0.000000
0.033902
0.000000
0.000000
-0.033902
0.000000
0.000000
-0.035091
-0.036368
0.036368
0.000000
0.000000
0.000000
0.068993
0.000000
0.000000
0.000000
0.000000
0.000000
-0.068993
0.000000
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
-0.559616
0.559616
0.000000
0.000000
0.000000
0.000000
0.000000
0.068993
0.000000
-0.068993
0.000000
0.068993
0.182322
-0.117783
0.000000
-0.133531
0.356675
-0.287682
0.182322
-0.057158
0.162519
-0.105361
0.105361
0.000000
0.000000
0.182322
-0.405465
0.060625
0.000000
0.000000
0.162519
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
-0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.182322
0.000000
0.154151
0.000000
-0.154151
0.000000
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
0.000000
0.182322
0.000000
-0.087011
-0.095310
0.000000
0.000000
0.336472
0.000000
-0.241162
-0.095310
0.095310
-0.095310
0.000000
0.000000
0.000000
0.182322
-0.182322
0.000000
0.182322
-0.182322
0.000000
0.336472
-0.241162
0.167054
0.000000
-0.167054
-0.095310
0.000000
0.000000
0.000000
-0.105361
5/20/2003
5/21/2003
5/22/2003
5/23/2003
5/26/2003
5/27/2003
5/28/2003
5/29/2003
6/2/2003
6/3/2003
6/4/2003
6/5/2003
6/6/2003
6/9/2003
6/10/2003
6/11/2003
6/12/2003
6/13/2003
6/16/2003
6/17/2003
6/18/2003
6/19/2003
6/20/2003
6/23/2003
6/24/2003
6/25/2003
6/26/2003
6/27/2003
6/30/2003
7/1/2003
7/2/2003
7/3/2003
0.035091
0.000000
0.033902
0.000000
0.000000
0.095310
0.058841
-0.058841
0.058841
0.000000
-0.028988
0.028988
-0.028988
0.028988
-0.028988
-0.060625
-0.064539
0.032790
0.000000
-0.066691
-0.035091
0.068993
0.000000
-0.033902
-0.035091
0.000000
-0.074108
0.000000
0.074108
0.000000
0.000000
0.000000
May 14, 2003
May 15, 2003
May 16, 2003
May 19, 2003
May 20, 2003
May 21, 2003
May 22, 2003
May 23, 2003
May 26, 2003
May 27, 2003
May 28, 2003
May 29, 2003
May 30, 2003
Jun 2, 2003
Jun 3, 2003
Jun 4, 2003
Jun 5, 2003
Jun 6, 2003
Jun 9, 2003
Jun 10, 2003
Jun 11, 2003
Jun 12, 2003
Jun 13, 2003
Jun 16, 2003
Jun 17, 2003
Jun 18, 2003
Jun 19, 2003
Jun 20, 2003
Jun 23, 2003
Jun 24, 2003
Jun 25, 2003
Jun 26, 2003
-0.223144
0.000000
0.000000
0.223144
-0.162519
0.162519
-0.162519
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
-0.125163
0.470004
-0.470004
0.182322
0.105361
-0.105361
0.000000
0.000000
-0.182322
0.182322
-0.251314
0.251314
0.000000
0.000000
0.000000
0.000000
-0.117783
May 14, 2003
May 15, 2003
May 16, 2003
May 19, 2003
May 20, 2003
May 21, 2003
May 22, 2003
May 23, 2003
May 26, 2003
May 27, 2003
May 28, 2003
May 29, 2003
May 30, 2003
Jun 2, 2003
Jun 3, 2003
Jun 4, 2003
Jun 5, 2003
Jun 6, 2003
Jun 9, 2003
Jun 10, 2003
Jun 11, 2003
Jun 12, 2003
Jun 13, 2003
Jun 16, 2003
Jun 17, 2003
Jun 18, 2003
Jun 19, 2003
Jun 20, 2003
Jun 23, 2003
Jun 24, 2003
Jun 25, 2003
Jun 26, 2003
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
-0.182322
0.000000
0.336472
-0.154151
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.154151
0.000000
0.000000
0.000000
0.000000
0.133531
0.117783
-0.117783
0.117783
-0.251314
0.000000
0.000000
0.000000
0.000000
0.000000
May 14, 2003
May 15, 2003
May 16, 2003
May 19, 2003
May 20, 2003
May 21, 2003
May 22, 2003
May 23, 2003
May 26, 2003
May 27, 2003
May 28, 2003
May 29, 2003
May 30, 2003
Jun 2, 2003
Jun 3, 2003
Jun 4, 2003
Jun 5, 2003
Jun 6, 2003
Jun 9, 2003
Jun 10, 2003
Jun 11, 2003
Jun 12, 2003
Jun 13, 2003
Jun 16, 2003
Jun 17, 2003
Jun 18, 2003
Jun 19, 2003
Jun 20, 2003
Jun 23, 2003
Jun 24, 2003
Jun 25, 2003
Jun 26, 2003
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
May 14, 2003
May 15, 2003
May 16, 2003
May 19, 2003
May 20, 2003
May 21, 2003
May 22, 2003
May 23, 2003
May 26, 2003
May 27, 2003
May 28, 2003
May 29, 2003
May 30, 2003
Jun 2, 2003
Jun 3, 2003
Jun 4, 2003
Jun 5, 2003
Jun 6, 2003
Jun 9, 2003
Jun 10, 2003
Jun 11, 2003
Jun 12, 2003
Jun 13, 2003
Jun 16, 2003
Jun 17, 2003
Jun 18, 2003
Jun 19, 2003
Jun 20, 2003
Jun 23, 2003
Jun 24, 2003
Jun 25, 2003
Jun 26, 2003
0.000000
0.000000
0.000000
0.000000
0.000000
-0.117783
0.000000
0.117783
0.000000
0.000000
0.200671
0.000000
0.000000
0.000000
0.167054
-0.167054
0.374693
-0.287682
0.000000
0.000000
-0.087011
0.000000
0.000000
0.000000
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Jun 27, 2003
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Jul 28, 2003
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Aug 1, 2003
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Jun 27, 2003
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Aug 1, 2003
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Jun 27, 2003
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Jul 28, 2003
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Aug 1, 2003
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Aug 11, 2003
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8/19/2003
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9/23/2003
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10/1/2003
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Aug 12, 2003
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Aug 25, 2003
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Sep 1, 2003
Sep 2, 2003
Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Aug 12, 2003
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Aug 25, 2003
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Aug 27, 2003
Aug 28, 2003
Aug 29, 2003
Sep 1, 2003
Sep 2, 2003
Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Sep 10, 2003
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Aug 12, 2003
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Aug 28, 2003
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Sep 1, 2003
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Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Sep 10, 2003
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Aug 12, 2003
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Aug 25, 2003
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Aug 27, 2003
Aug 28, 2003
Aug 29, 2003
Sep 1, 2003
Sep 2, 2003
Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Sep 10, 2003
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Sep 15, 2003
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10/3/2003
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11/3/2003
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11/5/2003
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11/10/2003
11/11/2003
11/12/2003
11/13/2003
11/14/2003
11/17/2003
0.029853
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Sep 25, 2003
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Oct 1, 2003
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Oct 6, 2003
Oct 7, 2003
Oct 8, 2003
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Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
Oct 23, 2003
Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
Nov 5, 2003
Nov 6, 2003
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0.000000
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Sep 25, 2003
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Oct 1, 2003
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Oct 6, 2003
Oct 7, 2003
Oct 8, 2003
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Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
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Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
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Nov 6, 2003
Nov 7, 2003
-0.084557
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Sep 25, 2003
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Sep 29, 2003
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Oct 1, 2003
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Oct 6, 2003
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Oct 8, 2003
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Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
Oct 23, 2003
Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
Nov 5, 2003
Nov 6, 2003
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Sep 25, 2003
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Sep 29, 2003
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Oct 1, 2003
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Oct 6, 2003
Oct 7, 2003
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Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
Oct 23, 2003
Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
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Nov 6, 2003
Nov 7, 2003
0.262364
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11/18/2003
11/19/2003
11/20/2003
11/21/2003
12/1/2003
12/2/2003
12/3/2003
12/4/2003
12/5/2003
12/8/2003
12/9/2003
12/10/2003
12/11/2003
12/12/2003
12/15/2003
12/16/2003
12/17/2003
12/18/2003
12/19/2003
12/22/2003
12/23/2003
12/29/2003
12/30/2003
1/2/2004
1/5/2004
1/6/2004
1/7/2004
1/8/2004
1/9/2004
1/12/2004
1/13/2004
1/14/2004
-0.035091
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Nov 10, 2003
Nov 11, 2003
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Nov 14, 2003
Nov 17, 2003
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Nov 19, 2003
Nov 20, 2003
Nov 21, 2003
Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
Dec 18, 2003
Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
0.000000
0.125163
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Nov 10, 2003
Nov 11, 2003
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Nov 17, 2003
Nov 18, 2003
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Nov 20, 2003
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Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
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Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
-0.074108
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Nov 10, 2003
Nov 11, 2003
Nov 12, 2003
Nov 13, 2003
Nov 14, 2003
Nov 17, 2003
Nov 18, 2003
Nov 19, 2003
Nov 20, 2003
Nov 21, 2003
Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
Dec 18, 2003
Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
0.000000
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Nov 10, 2003
Nov 11, 2003
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Nov 17, 2003
Nov 18, 2003
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Nov 20, 2003
Nov 21, 2003
Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
Dec 18, 2003
Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
0.046520
0.044452
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1/15/2004
1/16/2004
1/19/2004
1/20/2004
1/21/2004
1/23/2004
1/26/2004
1/27/2004
1/28/2004
1/29/2004
1/30/2004
2/3/2004
2/4/2004
2/5/2004
2/6/2004
2/9/2004
2/10/2004
2/11/2004
2/12/2004
2/13/2004
2/16/2004
2/17/2004
2/18/2004
2/19/2004
2/20/2004
2/24/2004
2/25/2004
2/26/2004
2/27/2004
3/1/2004
3/2/2004
3/3/2004
-0.026668
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0.000000
0.000000
Dec 24, 2003
Dec 25, 2003
Dec 26, 2003
Dec 29, 2003
Dec 30, 2003
Dec 31, 2003
Jan 1, 2004
Jan 2, 2004
Jan 5, 2004
Jan 6, 2004
Jan 7, 2004
Jan 8, 2004
Jan 9, 2004
Jan 12, 2004
Jan 13, 2004
Jan 14, 2004
Jan 15, 2004
Jan 16, 2004
Jan 19, 2004
Jan 20, 2004
Jan 21, 2004
Jan 22, 2004
Jan 23, 2004
Jan 26, 2004
Jan 27, 2004
Jan 28, 2004
Jan 29, 2004
Jan 30, 2004
Feb 2, 2004
Feb 3, 2004
Feb 4, 2004
Feb 5, 2004
0.000000
0.000000
0.000000
0.038466
0.037041
0.000000
0.000000
0.018019
-0.074108
0.000000
-0.019418
-0.019803
0.019803
-0.019803
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.058269
0.000000
-0.058269
0.000000
0.058269
-0.038466
-0.081678
0.000000
0.000000
0.000000
0.120144
0.000000
Dec 24, 2003
Dec 25, 2003
Dec 26, 2003
Dec 29, 2003
Dec 30, 2003
Dec 31, 2003
Jan 1, 2004
Jan 2, 2004
Jan 5, 2004
Jan 6, 2004
Jan 7, 2004
Jan 8, 2004
Jan 9, 2004
Jan 12, 2004
Jan 13, 2004
Jan 14, 2004
Jan 15, 2004
Jan 16, 2004
Jan 19, 2004
Jan 20, 2004
Jan 21, 2004
Jan 22, 2004
Jan 23, 2004
Jan 26, 2004
Jan 27, 2004
Jan 28, 2004
Jan 29, 2004
Jan 30, 2004
Feb 2, 2004
Feb 3, 2004
Feb 4, 2004
Feb 5, 2004
0.000000
-0.030772
0.030772
0.029853
-0.019803
0.000000
0.000000
-0.051293
-0.021277
-0.066691
-0.109199
0.062132
0.092019
-0.033523
-0.058496
0.069796
0.000000
0.011173
0.043485
-0.010695
0.042111
0.000000
0.010257
-0.031091
0.000000
0.010471
-0.031749
0.010695
0.000000
-0.043485
0.011050
0.010929
Dec 24, 2003
Dec 25, 2003
Dec 26, 2003
Dec 29, 2003
Dec 30, 2003
Dec 31, 2003
Jan 1, 2004
Jan 2, 2004
Jan 5, 2004
Jan 6, 2004
Jan 7, 2004
Jan 8, 2004
Jan 9, 2004
Jan 12, 2004
Jan 13, 2004
Jan 14, 2004
Jan 15, 2004
Jan 16, 2004
Jan 19, 2004
Jan 20, 2004
Jan 21, 2004
Jan 22, 2004
Jan 23, 2004
Jan 26, 2004
Jan 27, 2004
Jan 28, 2004
Jan 29, 2004
Jan 30, 2004
Feb 2, 2004
KESIMPULAN DAN SARAN
A. Kesimpulan
Pasar modal di Indonesia dapat dikatakan sebagai pasar modal
yang berkembang, namun perkembangannya terhambat saat terjadi krisis
pada tahun 1997 yang lalu dan adanya penurunan kapitalisasi pasar pada
tahun 2000 sampai dengan 2002. Setelah periode tersebut keadaan
perekonomian makro di Indonesia membaik dan mulai memberikan angin
segar terhadap sejumlah investor, hal ini memberikan nilai positif bagi
perekonomian di Indonesia dan memicu munculnya investor-investor
dalam negri yang sampai saat ini masih mengacu pada jangka pendek
(short term), karena beberapa alasan antara lain, situasi dan kondisi
pemerintahan yang belum bisa dijadikan sentral dalam pengambilan
keputusan untuk jangka panjang (long term), masih minimnya jaminan
yang diberikan kepada investor baik dari segi pengadaan sumber daya di
Indonesia. Untuk meneruskan perkembangan yang baik, pada tahun 2007
Bursa Efek Indonesia melakukan penggabungan Bursa Efek Jakarta dan
Bursa Efek Surabaya menjadi satu agar lebih bisa dipantau pergerakan
keuangan yang menopang ekonomi makro di Indonesia, tetapi hal tersebut
berdampak pada penelitian-penelitian yang menggunakan data statistik.
Penelitian tentang fenomena anomali pasar sangat membutuhkan data
dengan periode yang lebih panjang, karena dengan data yang dihasilkan
dapat secara lebih jelas fenomena anomali yang terjadi di pasar Indonesia.
66
67
Dari analisis data terhadap return saham perusahaan sektor pertambangan
di Bursa Efek Indonesia dengan periode penelitian selama 8 tahun (20032010) dapat diketahui besarnya rata-rata return tiap hari perdagangan. Dari
periode penelitian diketahui rata-rata return harian tertinggi terjadi pada
bulan Februari dengan rata-rata return sebesar 0,070871231 dan standar
deviasi sebesar 0,0744228011. Rata-rata return tertinggi kedua terjadi di
bulan April dengan rata-rata return sebesar 0,069291308 dan standar
deviasi sebesar 0,0593498988. Sesuai dengan hipotesis pada penelitian ini
yang diduga terjadi January Effect, ternyata setelah menggunakan analisis
One way ANOVA ternyata tidak membuktikan secara adanya January
Effect pada Bursa Efek Indonesia pada sektor pertambangan periode 2003
sampai dengan 2010. Hal ini juga didukung oleh hasil analisis independent
sample t-test yang menjelaskan bahwa volatilitas yang terjadi tidak
berdampak pada adanya fenomena January Effect.
B. Saran dan Keterbatasan Penelitian
Keterbatasan penelitian ini terdapat pada sampel yang sedikit dan
masa penelitian yang kurang panjang. Jumlah data (N) rata-rata return
bulan januari dalam penelitian ini hanya 8 (Januari 2003, 2004, 2005,
2006, 2007, 2008, 2009 dan Januari 2010) dikalikan dengan jumlah
perusahaan yang listing secara terus menerus hanya ada 13 perusahaan.
Jika dibandingkan dengan penelitian yang dilakukan oleh Gultekin dan
Gultekin (1983) pada 17 negara termasuk Amerika Serikat, atau penelitian
68
yang dilakukan oleh Rozeff dan Kinney (1976) dengan periode penelitian
selama 71 tahun. Penelitian dengan menggunakan sampel yang lebih
banyak dan periode waktu yang lebih panjang akan menjelaskan anomalianomali yang terjadi secara lebih baik, namun untuk melakukan penelitian
dengan periode yang panjang belum bisa dilakukan di Indonesia, karena
terkendala oleh data yang belum lengkap dan akurat.
Diharapkan bagi peneliti selanjutnya yang ingin melakukan
penelitian sejenis, dapat menambahkan periode penelitian yang lebih
panjang atau dengan memperluas jenis sampel dari penelitiannya. Hasil
penelitian ini hendaknya bisa menjadi bukti informasi secara empiris bagi
peneliti selanjutnya dan menjadi bahan pertimbangan bagi investor yang
berminat melakukan investasi di pasar modal Indonesia, khususnya sektor
pertambangan.
DAFTAR PUSTAKA
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Effect”, Journal of Financial and Quantitative Analysis, 263-277
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Stock”, Journal of Financial Economic, 9: 3-18.
Bodie, Z., A. Kane, and A. J. Marcus, 1998, Essentials of Investments, 3rd,
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Chopra, N., J. Lakonishok, and J. R. Ritter, 1992, “Measuring Abnormal
Performance: Do Stocks Overact?”, The Journal of Financial Economics,
31, 235-268.
Chotigeat, T and I.M. Pandey., 2005, Seasonality In Asia’s Emerging Markets:
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Damodaran, Aswath. 1996. Invesment Valuation. New York: John Wiley and
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Fama EF. 1970. “Efficient Capital Markets : A Review of Theory and Empirical
Work”, The Journal of finance, 25 :2, 383-417.
Gultekin, M.N., and N.B. Gultekin, 1983, Stock Market Seasonality: International
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Gumanti, Tatang Ary dan Elok Sri Utami., 2002, “Bentuk Pasar Efisien dan
Pengujiannya”, Jurnal Akuntansi & Keuangan, Vol. 4, No.1, p54-66.
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Hartono, Jogianto., 2000, Teori Portofolio dan Analisis Investasi, Edisi pertama,
BPFE, Jogjakarta.
Haugen, R. A., and P. Jorion, 1996, “The January Effect: Still There After All
These Years”, Financial Analysts Journal, January-February, 27-31.
Husnan, Suad. 2001, Dasar-Dasar Teori Portofolio dan Analisis Sekuritas, Edisi
Ketiga, UPP AMP YKPN, Yogyakarta.
Iramani, Rr dan Ansyori Mahdi. 2006. “Studi Tentang Pengaruh Hari
Perdagangan Terhadap Return Saham pada BEJ.”, Jurnal Akuntansi dan
keuangan , Vol 8 No 2, 63-70.
Jogiyanto, (2005), Pasar Efisien Secara Keputusan, PT Gramedia Pustaka
Utama: Jakarta.
Kamaludin, 2008, Anomalies in Asean Stock Market, Media Riset Akuntansi,
Auditing dan Informasi, Vol.8 No.2, Agustus 2008, 151-166.
Keim, D.B., 1983, Size Related Anomalies and Stock Return Seasonality: Further
Empirical Evidence, Journal of Financial Economics, December, 13-32.
Keim, D. B., 1986, Dividend Yield and The January Effect, Journal of Portfolio
Management, Winter, 54-60.
Kovacic Z.J., 2008, Forecasting Volatility : Evidence From The Macedonian
Stock Exchange, International Research Journal of Finance and economics,
ISSN 1450-2887 Issue 18 (2008).
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of Individual and Institutional Investor”, Journal of Finance. Vol.45.
Meyer and Seaman (2006, April). "Expanded tables of critical values for the
KruskalWallis H statistic". Paper presented at the annual meeting of the
American Educational Research Association, San Francisco
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Pearce, Douglas K., 1955, The Robustness of Calendar Anomalies in Daily Stock
Returns, College of Management North Carolina State University.
Pratomo, Agus Wahyu. 2007. January Effect dan Size Effect Pada Bursa Efek
Jakarta (BEJ) Periode 1998-2005. Tesis Program Pascasarjana Pada
Program Magister Manajemen, Universitas Diponegoro.
Qian Sun., Wilson H.S. Tong. 2010. “Risk and the January Effect”, Journal of
Banking & Finance, 34, p.965-974.
R. Christie-David and M. Chaudhry., 2000, January Anomalies: Implications for
the Market’s Incorporation of News, The Financial review, Vol:3 p.79-96.
Reinganum, M. R., 1983, “The Anomalous Stock Market Behavior of Small
Firms in January: Empirical Tests for Tax-Loss Selling Effects”, Journal of
Financial Economics, 12, June, 89-104.
Ritter J., and N.Chopra., 1989, “Portofolio Rebalancing and the Turn of the Year
Effect”, Journal of Finance 44: 149-166.
Robert Ang, (1997), Pasar Modal Indonesia ( The Intelligent Guide to Indonesian
Capital Market), Mediasoft Indonesia.
Robert A. Haugen dan Philippe Jorion., 2001, “The January Effect: Still There
after All These Years”, Financial Analyst Journal, January-February.
Rogalski, R. J., 1984, “New Finding Regarding Day-of-the-Week Returns Over
Trading and Non-trading Periods: A Note”, Journal of Finance 39, no.5,
December, 1603-1614.
Rozeff, M. S., and W. R. Kinney, Jr., 1976, “Capital Market Seasonality: The
Case of Stock Returns”, Journal of Financial Economics 3, no.4 , October,
379-402.
Rossi, Mika, 2007. Calendar anomalies in stock returns: Evidence from South
America, Lappeenranta University of Technology Working Paper.
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Sharpe, W.F., Alexander, G.J, and Bailey, J.V., 1995, Investments, Fifth Edition,
Prentice Hall, New Jersey.
Sukamulja. S., dan Hermawan D. 2003. “Pengujian January Effect Terhadap
Return Saham sector Manufaktur : Pengujian Pada 15 Saham Perusahaan
Kecil dan 15 Saham Perusahaan Besar di Bursa Efek Jakarta Tahun 19962000”.
Sukamulja, Sukmawati. 2004. Anomali Pasar dan Idul Fitri Holidays Effect :
Kasus di Bursa Efek Jakarta, Jurnal Ekonomi UNMER, 8 (2), 250-269.
Subekti I., 2006, Pengujian Anomali January Effect dan Overreaction Hypothesis
di Bursa Efek Jakarta, Jurnal Ekonomi dan manajemen, Volume 7, Nomor
1, Februari 2006.
Suryawijaya, Marwan Asri dan Faisal Arief Setiawan. 1998, Reaksi Pasar Modal
Indonesia Terhadap Peristiwa Politik Dalam Negeri, Kelola, No. 18/VII.
Tendelilin, S., dan Agifari. 1999. Pengaruh Hari Perdagangan terhadap Return Saham
di BEJ, Jurnal Ekonomi dan Bisnis Indonesia, 14 (4), p. 111-123.
Tendelilin, E. 2001. Analisis Investasi dan Manajemen Portofolio, Edisi Pertama,
Yogyakarta : PT. BPFE.
Watson, C. J., P. Billingsley, D. J. Croft, and D. V. Huntsberger, 1993, Statistic
for Management and Economics, 5th, Allyn and Bacon.
www.idx.co.id diunduh pada tanggal 8 November 2011
http://finance.yahoo.com/ diunduh 24 November 2011
http://www.esdm.go.id/ diunduh 16 Oktober 2011
Lampiran 1 Hasil rata-rata Return Periode 2003-2010
Jan
ARTI
Feb
0,0170 -0,0198
0,0092
Mar
Apr
Mei
Jun
Jul
0,0805
Agt
Sep
Okt
0,0997 -0,0256 -0,0560
Nov
Des
0,0727
0,1138 -0,1459 -0,0497
0,0432 -0,0387
0,1503
0,0422
0,0417
0,0601 -0,1426 -0,0633
0,1546 -0,1090
0,0300
0,0272
0,0692 -0,0347 -0,0675
0,1645
ATPK
-0,0942
BUMI
0,0126
0,0961 -0,0441
0,0975
0,0829
0,0612
0,1331
CTTH
-0,0195
0,0126 -0,0175
0,0006
0,0147
0,0127
0,0037 -0,0113 -0,0089
0,0036 -0,0190
DOID
0,0475
0,0817 -0,0330
0,0034
0,1017 -0,0314
0,0579
0,0404
0,0843
0,0696
ENRG
-0,0891
0,0473 -0,0039
0,1971
0,0711 -0,0048 -0,0700 -0,0236
0,0264
0,0581 -0,1341 -0,0344
INCO
-0,2351
0,1396
0,0613 -0,0198
0,0509
0,0340
0,0179
0,0862
KKGI
0,1211
0,2586 -0,0797 -0,0165
0,0954 -0,0444
0,0503 -0,0436 -0,0407 -0,0460
0,1617
0,0713
MEDC
0,0067
0,0510 -0,0210
0,0836
0,0517 -0,0173
0,0102 -0,0006 -0,0045 -0,0148 -0,0298
0,0091
0,0809
0,0722
0,0381
0,0026
0,0566
0,0227 -0,1647
0,0005
0,0142 -0,0758
MITI
-0,0703
0,0490
0,0453
0,0704 -0,0764
0,0181
0,0433
PTBA
-0,0108 -0,0177 -0,0067
0,1349
0,0875
0,0316
0,0014
0,0035 -0,0008
0,0141
0,1194
0,0991
PTRO
-0,0096
0,1088
0,0392
0,0485
0,0251 -0,0132
0,0577
0,0356
0,0680
0,0338 -0,0512
0,0124
ANTM
-0,0108
0,0732
0,0040
0,0892 -0,0230
0,0072 -0,1870 -0,0562
0,0862
0,0252
0,0755
0,0979
Average -0,0257
0,0709
0,0113
0,0693
0,0374 -0,0094
0,0075
0,0378
0,0349 -0,0048
0,0028 -0,0065
0,0268 -0,0998 -0,0633
73
Lampiran 2 Output Pengujian Statistik January Effect
Descriptives
RETURN
N
Mean
Std. Deviation
Std. Error
95% Confidence Interval for
Mean
Lower Bound
Upper Bound
Minimum
Maximum
JAN
13
-,025726769
,0849062769
,0235487642
-,077035119
,025581580
-,2350540
,1210520
FEB
13
,070871231
,0744228011
,0206411712
,025897982
,115844479
-,0198380
,2585640
MAR
13
,011342077
,0590144255
,0163676567
-,024319983
,047004137
-,0796510
,1502680
APR
13
,069291308
,0593498988
,0164607003
,033426523
,105156093
-,0165290
,1971170
MEI
13
,034866385
,0680954849
,0188862894
-,006283305
,076016074
-,1459500
,1016940
JUN
13
-,004753692
,0408637910
,0113335764
-,029447434
,019940049
-,0763850
,0611960
JUL
13
,002776385
,0887367923
,0246111580
-,050846722
,056399491
-,1869820
,1331200
AGS
13
-,006485846
,0672489636
,0186515067
-,047123988
,034152296
-,1647290
,0997000
SEP
13
,037379692
,0548597937
,0152153692
,004228251
,070531134
-,0406640
,1546340
OKT
13
-,009381231
,0568122556
,0157568847
-,043712533
,024950072
-,1089790
,0696120
NOV
13
,007450538
,0811713637
,0225128857
-,041600826
,056501903
-,1340570
,1616600
DES
13
,037789077
,0676997747
,0187765391
-,003121487
,078699641
-,0757670
,1644810
Total
156
,018784929
,0722302583
,0057830490
,007361169
,030208690
-,2350540
,2585640
74
Lampiran 3 Hasil Uji ANOVA
ANOVA
RETURN
Sum of Squares
df
Mean Square
F
Between Groups
,138
11
,013
Within Groups
Total
,670
,809
144
155
,005
Sig.
2,700
,003
Lampiran 4 Hasil Uji Test of Homogeneity of Variances
Test of Homogeneity of Variances
RETURN
Levene Statistic
df1
,586
df2
11
Sig.
144
,838
75
Lampiran 5 Hasil Uji Independent Sample t test Januari-Februari
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
FEB
13
13
-,025726769
,070871231
Levene's Test for
Equality of Variances
F
Sig.
Equal variances
assumed
Return
Equal variances
not assumed
,096
,759
Std. Error
Mean
,0235487642
,0206411712
,0849062769
,0744228011
Independent Samples Test
t-test for Equality of Means
t
-3,085
Df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval
of the Difference
Lower
Upper
24
,005
-,096598
,0313145
-,1612280
-,0319679
-3,085 23,59
,005
-,096598
,0313145
-,1612868
-,0319091
76
Lampiran 6 Hasil Uji Independent Sample t test Januari-Maret
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
MAR
13
13
-,025726769
,011342077
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,570
,0849062769
,0590144255
Std. Error
Mean
,0235487642
,0163676567
Independent Samples Test
t-test for Equality of Means
t
,458 -1,293
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,208 -,0370688462
,0286782929
-,0962579336
,0221202413
-1,293 21,400
,210 -,0370688462
,0286782929
-,0966407394
,0225030471
77
Lampiran 7 Independent sample t test Januari-April
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
APR
13
13
-,025726769
,069291308
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,487
,492
,0849062769
,0593498988
Std. Error
Mean
,0235487642
,0164607003
Independent Samples Test
t-test for Equality of Means
t
-3,307
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,003 -,0950180769
,0287314975
-,1543169733
-,0357191805
-3,307 21,467
,003 -,0950180769
,0287314975
-,1546895218
-,0353466321
78
Lampiran 8 Hasil Independent sample t test Januari-Mei
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
MEI
13
13
-,025726769
,034866385
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,224
,0849062769
,0680954849
Std. Error
Mean
,0235487642
,0188862894
Independent Samples Test
t-test for Equality of Means
t
,641 -2,007
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,056 -,0605931538
,0301866895
-,1228954190
,0017091113
-2,007 22,919
,057 -,0605931538
,0301866895
-,1230512178
,0018649101
79
Lampiran 9 Hasil Independent sample t test Januari-Juni
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
JUN
13
13
-,025726769
-,004753692
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
2,544
,0849062769
,0408637910
Std. Error
Mean
,0235487642
,0113335764
Independent Samples Test
t-test for Equality of Means
t
,124 -,803
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,430 -,0209730769
,0261341587
-,0749113295
,0329651757
-,803 17,276
,433 -,0209730769
,0261341587
-,0760442871
,0340981333
80
Lampiran 10 Hasil Independent sample t test Januari-Juli
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
JUL
13
13
-,025726769
,002776385
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,025
,0849062769
,0887367923
Std. Error
Mean
,0235487642
,0246111580
Independent Samples Test
t-test for Equality of Means
t
,877 -,837
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,411 -,0285031538
,0340624925
-,0988046832
,0417983755
-,837 23,953
,411 -,0285031538
,0340624925
-,0988119185
,0418056108
81
Lampiran 11 Hasil Independent sample t test Januari-Agustus
Bulan
Return
JAN
AGS
Group Statistics
Mean
Std. Deviation
N
13
13
-,025726769
-,006485846
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,225
,0849062769
,0672489636
Std. Error
Mean
,0235487642
,0186515067
Independent Samples Test
t-test for Equality of Means
t
,639 -,641
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,528 -,0192409231
,0300403562
-,0812411709
,0427593248
-,641 22,804
,528 -,0192409231
,0300403562
-,0814137011
,0429318549
82
Lampiran 12 Hasil Independent sample t test Januari-September
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
SEP
13
13
-,025726769
,037379692
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,675
,0849062769
,0548597937
Std. Error
Mean
,0235487642
,0152153692
Independent Samples Test
t-test for Equality of Means
t
,419 -2,251
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,034 -,0631064615
,0280366146
-,1209711900
-,0052417331
-2,251 20,532
,035 -,0631064615
,0280366146
-,1214927659
-,0047201572
83
Lampiran 13 Hasil Independent sample t test Januari-Oktober
Bulan
Return
JAN
OKT
Group Statistics
Mean
Std. Deviation
N
13
13
-,025726769
-,009381231
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,483
,0849062769
,0568122556
Std. Error
Mean
,0235487642
,0157568847
Independent Samples Test
t-test for Equality of Means
t
,494 -,577
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,569 -,0163455385
,0283341439
-,0748243373
,0421332604
-,577 20,951
,570 -,0163455385
,0283341439
-,0752780103
,0425869334
84
Lampiran 14 Hasil Independent sample t test Januari-November
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
NOV
13
13
-,025726769
,007450538
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,031
,0849062769
,0811713637
Std. Error
Mean
,0235487642
,0225128857
Independent Samples Test
t-test for Equality of Means
t
,862 -1,018
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,319 -,0331773077
,0325787403
-,1004165229
,0340619076
-1,018 23,952
,319 -,0331773077
,0325787403
-,1004237147
,0340690993
85
Lampiran 15 Hasil Independent sample t test Januari-Desember
N
Bulan
Return
Group Statistics
Mean
Std. Deviation
JAN
DES
13
13
-,025726769
,037789077
Levene's Test for
Equality of
Variances
F
Sig.
Equal
variances
assumed
Return
Equal
variances not
assumed
,031
,0849062769
,0676997747
Std. Error
Mean
,0235487642
,0187765391
Independent Samples Test
t-test for Equality of Means
t
,862 -2,109
df
Sig. (2tailed)
Mean
Difference
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower
Upper
24
,046 -,0635158462
,0301181460
-,1256766444
-,0013550479
-2,109 22,866
,046 -,0635158462
,0301181460
-,1258401522
-,0011915401
86
Lampiran 16 Hasil Abnormal return periode 2003 sampai dengan 2010
87
ARTI
DATE
RETURN
1/2/2003
0.105361
1/3/2003
-0.105361
1/6/2003
-0.076961
1/7/2003
0.000000
1/8/2003
0.000000
1/9/2003
0.076961
1/10/2003
0.000000
1/13/2003
0.138150
1/14/2003
0.092373
1/15/2003
-0.029853
1/16/2003
0.000000
1/17/2003
0.000000
1/20/2003
0.000000
1/21/2003
0.000000
1/22/2003
0.000000
1/23/2003
0.000000
1/24/2003
-0.164303
1/27/2003
0.000000
1/28/2003
0.035091
1/29/2003
-0.109199
1/30/2003
0.074108
1/31/2003
0.000000
2/3/2003
0.035091
2/4/2003
0.066691
2/5/2003
-0.032790
2/6/2003
-0.033902
2/7/2003
0.000000
2/9/2003
0.243622
2/10/2003
-0.209721
2/11/2003
-0.033902
ATPK
DATE
RETURN
Jan 2, 2003
0.000000
Jan 3, 2003
-0.060625
Jan 6, 2003
-0.064539
Jan 7, 2003
0.000000
Jan 8, 2003
-0.143101
Jan 9, 2003
0.143101
Jan 10, 2003
-0.143101
Jan 13, 2003
0.000000
Jan 14, 2003
0.143101
Jan 15, 2003
0.000000
Jan 16, 2003
0.287682
Jan 17, 2003
0.048790
Jan 20, 2003
-0.211309
Jan 21, 2003
0.000000
Jan 22, 2003
0.000000
Jan 23, 2003
-0.060625
Jan 24, 2003
-0.064539
Jan 27, 2003
0.064539
Jan 28, 2003
-0.064539
Jan 29, 2003
-0.143101
Jan 30, 2003
0.000000
Jan 31, 2003
0.000000
Feb 3, 2003
0.000000
Feb 4, 2003
0.000000
Feb 5, 2003
0.000000
Feb 6, 2003
0.000000
Feb 7, 2003
0.000000
Feb 10, 2003
0.143101
Feb 11, 2003
0.000000
Feb 12, 2003
0.000000
BUMI
DATE
RETURN
Jan 2, 2003
0.000000
Jan 3, 2003
0.000000
Jan 6, 2003
0.000000
Jan 7, 2003
0.000000
Jan 8, 2003
0.000000
Jan 9, 2003
0.000000
Jan 10, 2003
0.000000
Jan 13, 2003
0.223144
Jan 14, 2003
-0.223144
Jan 15, 2003
0.223144
Jan 16, 2003
-0.223144
Jan 17, 2003
0.000000
Jan 20, 2003
0.000000
Jan 21, 2003
0.000000
Jan 22, 2003
0.000000
Jan 23, 2003
0.000000
Jan 24, 2003
0.000000
Jan 27, 2003
0.000000
Jan 28, 2003
0.000000
Jan 29, 2003
0.000000
Jan 30, 2003
0.000000
Jan 31, 2003
0.223144
Feb 3, 2003
-0.223144
Feb 4, 2003
0.000000
Feb 5, 2003
0.223144
Feb 6, 2003
-0.223144
Feb 7, 2003
0.000000
Feb 10, 2003
0.000000
Feb 11, 2003
0.000000
Feb 12, 2003
0.000000
CTTH
DATE
RETURN
Jan 2, 2003
0.000000
Jan 3, 2003
-0.251314
Jan 6, 2003
-0.336472
Jan 7, 2003
0.470004
Jan 8, 2003
0.223144
Jan 9, 2003
0.000000
Jan 10, 2003
0.000000
Jan 13, 2003
0.000000
Jan 14, 2003
0.000000
Jan 15, 2003
0.000000
Jan 16, 2003
0.000000
Jan 17, 2003
0.000000
Jan 20, 2003
0.000000
Jan 21, 2003
0.000000
Jan 22, 2003
0.000000
Jan 23, 2003
0.000000
Jan 24, 2003
0.000000
Jan 27, 2003
0.000000
Jan 28, 2003
0.000000
Jan 29, 2003
0.000000
Jan 30, 2003
0.000000
Jan 31, 2003
0.000000
Feb 3, 2003
0.000000
Feb 4, 2003
0.000000
Feb 5, 2003
0.000000
Feb 6, 2003
0.000000
Feb 7, 2003
0.000000
Feb 10, 2003
0.000000
Feb 11, 2003
0.000000
Feb 12, 2003
0.000000
DOID
DATE
RETURN
Jan 2, 2003
-0.325422
Jan 3, 2003
0.074108
Jan 6, 2003
0.068993
Jan 7, 2003
-0.223144
Jan 8, 2003
-0.087011
Jan 9, 2003
0.167054
Jan 10, 2003
0.207639
Jan 13, 2003
-0.064539
Jan 14, 2003
0.000000
Jan 15, 2003
-0.143101
Jan 16, 2003
0.000000
Jan 17, 2003
0.000000
Jan 20, 2003
0.000000
Jan 21, 2003
0.074108
Jan 22, 2003
-0.074108
Jan 23, 2003
-0.080043
Jan 24, 2003
0.000000
Jan 27, 2003
0.000000
Jan 28, 2003
0.000000
Jan 29, 2003
-0.087011
Jan 30, 2003
0.000000
Jan 31, 2003
0.000000
Feb 3, 2003
0.000000
Feb 4, 2003
0.000000
Feb 5, 2003
0.087011
Feb 6, 2003
-0.087011
Feb 7, 2003
0.000000
Feb 10, 2003
0.167054
Feb 11, 2003
-0.167054
Feb 12, 2003
0.000000
2/13/2003
2/14/2003
2/17/2003
2/18/2003
2/19/2003
2/20/2003
2/21/2003
2/24/2003
2/25/2003
2/26/2003
2/27/2003
2/28/2003
3/4/2003
3/5/2003
3/6/2003
3/7/2003
3/9/2003
3/10/2003
3/11/2003
3/12/2003
3/13/2003
3/14/2003
3/17/2003
3/18/2003
3/19/2003
3/20/2003
3/21/2003
3/24/2003
3/25/2003
3/26/2003
3/27/2003
3/28/2003
-0.109199
0.000000
0.109199
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.033902
0.000000
0.000000
0.209721
-0.209721
0.000000
0.000000
0.000000
0.000000
0.000000
0.032790
-0.032790
0.000000
-0.033902
0.000000
0.000000
0.033902
-0.033902
0.000000
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.336472
-0.405465
-0.154151
0.080043
-0.080043
0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
-0.628609
0.000000
0.916291
0.000000
0.000000
-0.693147
-0.223144
0.000000
0.916291
0.000000
-0.916291
0.405465
0.000000
-0.287682
0.105361
0.262364
0.268264
-0.268264
-0.080043
0.080043
0.074108
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.000000
0.000000
0.223144
-0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.223144
0.000000
-0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.223144
-0.223144
0.000000
0.000000
0.000000
0.000000
0.223144
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
Feb 13, 2003
Feb 14, 2003
Feb 17, 2003
Feb 18, 2003
Feb 19, 2003
Feb 20, 2003
Feb 21, 2003
Feb 24, 2003
Feb 25, 2003
Feb 26, 2003
Feb 27, 2003
Feb 28, 2003
Mar 3, 2003
Mar 4, 2003
Mar 5, 2003
Mar 6, 2003
Mar 7, 2003
Mar 10, 2003
Mar 11, 2003
Mar 12, 2003
Mar 13, 2003
Mar 14, 2003
Mar 17, 2003
Mar 18, 2003
Mar 19, 2003
Mar 20, 2003
Mar 21, 2003
Mar 24, 2003
Mar 25, 2003
Mar 26, 2003
Mar 27, 2003
Mar 28, 2003
0.000000
0.000000
0.000000
0.000000
0.241162
0.000000
-0.241162
0.167054
0.000000
-0.167054
0.167054
-0.080043
0.000000
-0.087011
0.167054
-0.080043
0.000000
-0.087011
0.000000
0.087011
-0.087011
0.087011
-0.087011
0.087011
-0.087011
-0.095310
0.000000
0.000000
0.000000
0.095310
-0.095310
0.000000
3/31/2003
4/1/2003
4/3/2003
4/4/2003
4/7/2003
4/8/2003
4/9/2003
4/10/2003
4/11/2003
4/14/2003
4/15/2003
4/16/2003
4/17/2003
4/21/2003
4/22/2003
4/23/2003
4/24/2003
4/25/2003
4/28/2003
4/29/2003
4/30/2003
5/1/2003
5/2/2003
5/5/2003
5/6/2003
5/7/2003
5/8/2003
5/9/2003
5/12/2003
5/13/2003
5/14/2003
5/19/2003
0.000000
-0.035091
0.035091
-0.035091
0.068993
0.000000
0.000000
-0.068993
0.068993
-0.033902
0.000000
0.033902
0.000000
0.000000
-0.033902
0.000000
0.000000
-0.035091
-0.036368
0.036368
0.000000
0.000000
0.000000
0.068993
0.000000
0.000000
0.000000
0.000000
0.000000
-0.068993
0.000000
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
-0.559616
0.559616
0.000000
0.000000
0.000000
0.000000
0.000000
0.068993
0.000000
-0.068993
0.000000
0.068993
0.182322
-0.117783
0.000000
-0.133531
0.356675
-0.287682
0.182322
-0.057158
0.162519
-0.105361
0.105361
0.000000
0.000000
0.182322
-0.405465
0.060625
0.000000
0.000000
0.162519
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
-0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.223144
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.182322
0.000000
0.154151
0.000000
-0.154151
0.000000
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
Mar 31, 2003
Apr 1, 2003
Apr 2, 2003
Apr 3, 2003
Apr 4, 2003
Apr 7, 2003
Apr 8, 2003
Apr 9, 2003
Apr 10, 2003
Apr 11, 2003
Apr 14, 2003
Apr 15, 2003
Apr 16, 2003
Apr 17, 2003
Apr 18, 2003
Apr 21, 2003
Apr 22, 2003
Apr 23, 2003
Apr 24, 2003
Apr 25, 2003
Apr 28, 2003
Apr 29, 2003
Apr 30, 2003
May 1, 2003
May 2, 2003
May 5, 2003
May 6, 2003
May 7, 2003
May 8, 2003
May 9, 2003
May 12, 2003
May 13, 2003
0.000000
0.182322
0.000000
-0.087011
-0.095310
0.000000
0.000000
0.336472
0.000000
-0.241162
-0.095310
0.095310
-0.095310
0.000000
0.000000
0.000000
0.182322
-0.182322
0.000000
0.182322
-0.182322
0.000000
0.336472
-0.241162
0.167054
0.000000
-0.167054
-0.095310
0.000000
0.000000
0.000000
-0.105361
5/20/2003
5/21/2003
5/22/2003
5/23/2003
5/26/2003
5/27/2003
5/28/2003
5/29/2003
6/2/2003
6/3/2003
6/4/2003
6/5/2003
6/6/2003
6/9/2003
6/10/2003
6/11/2003
6/12/2003
6/13/2003
6/16/2003
6/17/2003
6/18/2003
6/19/2003
6/20/2003
6/23/2003
6/24/2003
6/25/2003
6/26/2003
6/27/2003
6/30/2003
7/1/2003
7/2/2003
7/3/2003
0.035091
0.000000
0.033902
0.000000
0.000000
0.095310
0.058841
-0.058841
0.058841
0.000000
-0.028988
0.028988
-0.028988
0.028988
-0.028988
-0.060625
-0.064539
0.032790
0.000000
-0.066691
-0.035091
0.068993
0.000000
-0.033902
-0.035091
0.000000
-0.074108
0.000000
0.074108
0.000000
0.000000
0.000000
May 14, 2003
May 15, 2003
May 16, 2003
May 19, 2003
May 20, 2003
May 21, 2003
May 22, 2003
May 23, 2003
May 26, 2003
May 27, 2003
May 28, 2003
May 29, 2003
May 30, 2003
Jun 2, 2003
Jun 3, 2003
Jun 4, 2003
Jun 5, 2003
Jun 6, 2003
Jun 9, 2003
Jun 10, 2003
Jun 11, 2003
Jun 12, 2003
Jun 13, 2003
Jun 16, 2003
Jun 17, 2003
Jun 18, 2003
Jun 19, 2003
Jun 20, 2003
Jun 23, 2003
Jun 24, 2003
Jun 25, 2003
Jun 26, 2003
-0.223144
0.000000
0.000000
0.223144
-0.162519
0.162519
-0.162519
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
-0.125163
0.470004
-0.470004
0.182322
0.105361
-0.105361
0.000000
0.000000
-0.182322
0.182322
-0.251314
0.251314
0.000000
0.000000
0.000000
0.000000
-0.117783
May 14, 2003
May 15, 2003
May 16, 2003
May 19, 2003
May 20, 2003
May 21, 2003
May 22, 2003
May 23, 2003
May 26, 2003
May 27, 2003
May 28, 2003
May 29, 2003
May 30, 2003
Jun 2, 2003
Jun 3, 2003
Jun 4, 2003
Jun 5, 2003
Jun 6, 2003
Jun 9, 2003
Jun 10, 2003
Jun 11, 2003
Jun 12, 2003
Jun 13, 2003
Jun 16, 2003
Jun 17, 2003
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May 14, 2003
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May 26, 2003
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May 29, 2003
May 30, 2003
Jun 2, 2003
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Jun 5, 2003
Jun 6, 2003
Jun 9, 2003
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Jun 12, 2003
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May 14, 2003
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May 26, 2003
May 27, 2003
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May 29, 2003
May 30, 2003
Jun 2, 2003
Jun 3, 2003
Jun 4, 2003
Jun 5, 2003
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Jun 9, 2003
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Jun 11, 2003
Jun 12, 2003
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7/4/2003
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8/1/2003
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Jun 27, 2003
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Jun 27, 2003
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Jul 14, 2003
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Jul 21, 2003
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Jul 25, 2003
Jul 28, 2003
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Aug 1, 2003
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Jun 27, 2003
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Jul 14, 2003
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Jul 28, 2003
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Aug 1, 2003
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Jun 27, 2003
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Jul 14, 2003
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Jul 25, 2003
Jul 28, 2003
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Aug 1, 2003
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Aug 11, 2003
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8/19/2003
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9/1/2003
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9/10/2003
9/11/2003
9/12/2003
9/15/2003
9/16/2003
9/17/2003
9/18/2003
9/19/2003
9/23/2003
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9/29/2003
9/30/2003
10/1/2003
10/2/2003
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Aug 12, 2003
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Aug 25, 2003
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Aug 27, 2003
Aug 28, 2003
Aug 29, 2003
Sep 1, 2003
Sep 2, 2003
Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Sep 10, 2003
Sep 11, 2003
Sep 12, 2003
Sep 15, 2003
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Sep 22, 2003
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Aug 12, 2003
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Aug 25, 2003
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Aug 27, 2003
Aug 28, 2003
Aug 29, 2003
Sep 1, 2003
Sep 2, 2003
Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Sep 10, 2003
Sep 11, 2003
Sep 12, 2003
Sep 15, 2003
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Sep 22, 2003
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Sep 24, 2003
0.000000
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Aug 12, 2003
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Aug 25, 2003
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Aug 27, 2003
Aug 28, 2003
Aug 29, 2003
Sep 1, 2003
Sep 2, 2003
Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Sep 10, 2003
Sep 11, 2003
Sep 12, 2003
Sep 15, 2003
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Sep 19, 2003
Sep 22, 2003
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Aug 12, 2003
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Aug 25, 2003
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Aug 27, 2003
Aug 28, 2003
Aug 29, 2003
Sep 1, 2003
Sep 2, 2003
Sep 3, 2003
Sep 4, 2003
Sep 5, 2003
Sep 8, 2003
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Sep 10, 2003
Sep 11, 2003
Sep 12, 2003
Sep 15, 2003
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Sep 22, 2003
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0.182322
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10/3/2003
10/6/2003
10/7/2003
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10/13/2003
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10/16/2003
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10/20/2003
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10/24/2003
10/27/2003
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10/29/2003
10/30/2003
10/31/2003
11/3/2003
11/4/2003
11/5/2003
11/6/2003
11/7/2003
11/10/2003
11/11/2003
11/12/2003
11/13/2003
11/14/2003
11/17/2003
0.029853
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Sep 25, 2003
Sep 26, 2003
Sep 29, 2003
Sep 30, 2003
Oct 1, 2003
Oct 2, 2003
Oct 3, 2003
Oct 6, 2003
Oct 7, 2003
Oct 8, 2003
Oct 9, 2003
Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
Oct 23, 2003
Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
Nov 5, 2003
Nov 6, 2003
Nov 7, 2003
0.000000
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0.109199
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Sep 25, 2003
Sep 26, 2003
Sep 29, 2003
Sep 30, 2003
Oct 1, 2003
Oct 2, 2003
Oct 3, 2003
Oct 6, 2003
Oct 7, 2003
Oct 8, 2003
Oct 9, 2003
Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
Oct 23, 2003
Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
Nov 5, 2003
Nov 6, 2003
Nov 7, 2003
-0.084557
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0.000000
0.060625
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Sep 25, 2003
Sep 26, 2003
Sep 29, 2003
Sep 30, 2003
Oct 1, 2003
Oct 2, 2003
Oct 3, 2003
Oct 6, 2003
Oct 7, 2003
Oct 8, 2003
Oct 9, 2003
Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
Oct 23, 2003
Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
Nov 5, 2003
Nov 6, 2003
Nov 7, 2003
0.000000
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Sep 25, 2003
Sep 26, 2003
Sep 29, 2003
Sep 30, 2003
Oct 1, 2003
Oct 2, 2003
Oct 3, 2003
Oct 6, 2003
Oct 7, 2003
Oct 8, 2003
Oct 9, 2003
Oct 10, 2003
Oct 13, 2003
Oct 14, 2003
Oct 15, 2003
Oct 16, 2003
Oct 17, 2003
Oct 20, 2003
Oct 21, 2003
Oct 22, 2003
Oct 23, 2003
Oct 24, 2003
Oct 27, 2003
Oct 28, 2003
Oct 29, 2003
Oct 30, 2003
Oct 31, 2003
Nov 3, 2003
Nov 4, 2003
Nov 5, 2003
Nov 6, 2003
Nov 7, 2003
0.262364
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11/18/2003
11/19/2003
11/20/2003
11/21/2003
12/1/2003
12/2/2003
12/3/2003
12/4/2003
12/5/2003
12/8/2003
12/9/2003
12/10/2003
12/11/2003
12/12/2003
12/15/2003
12/16/2003
12/17/2003
12/18/2003
12/19/2003
12/22/2003
12/23/2003
12/29/2003
12/30/2003
1/2/2004
1/5/2004
1/6/2004
1/7/2004
1/8/2004
1/9/2004
1/12/2004
1/13/2004
1/14/2004
-0.035091
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Nov 10, 2003
Nov 11, 2003
Nov 12, 2003
Nov 13, 2003
Nov 14, 2003
Nov 17, 2003
Nov 18, 2003
Nov 19, 2003
Nov 20, 2003
Nov 21, 2003
Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
Dec 18, 2003
Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
0.000000
0.125163
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Nov 10, 2003
Nov 11, 2003
Nov 12, 2003
Nov 13, 2003
Nov 14, 2003
Nov 17, 2003
Nov 18, 2003
Nov 19, 2003
Nov 20, 2003
Nov 21, 2003
Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
Dec 18, 2003
Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
-0.074108
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Nov 10, 2003
Nov 11, 2003
Nov 12, 2003
Nov 13, 2003
Nov 14, 2003
Nov 17, 2003
Nov 18, 2003
Nov 19, 2003
Nov 20, 2003
Nov 21, 2003
Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
Dec 18, 2003
Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
0.000000
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0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
Nov 10, 2003
Nov 11, 2003
Nov 12, 2003
Nov 13, 2003
Nov 14, 2003
Nov 17, 2003
Nov 18, 2003
Nov 19, 2003
Nov 20, 2003
Nov 21, 2003
Nov 24, 2003
Nov 25, 2003
Nov 26, 2003
Nov 27, 2003
Nov 28, 2003
Dec 1, 2003
Dec 2, 2003
Dec 3, 2003
Dec 4, 2003
Dec 5, 2003
Dec 8, 2003
Dec 9, 2003
Dec 10, 2003
Dec 11, 2003
Dec 12, 2003
Dec 15, 2003
Dec 16, 2003
Dec 17, 2003
Dec 18, 2003
Dec 19, 2003
Dec 22, 2003
Dec 23, 2003
0.046520
0.044452
-0.090972
-0.048790
-0.162519
0.257829
0.044452
0.000000
-0.139762
0.139762
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.083382
0.039221
-0.122602
0.196710
-0.036368
-0.037740
0.000000
0.109199
0.000000
-0.148420
0.039221
-0.039221
0.000000
-0.083382
0.000000
0.042560
1/15/2004
1/16/2004
1/19/2004
1/20/2004
1/21/2004
1/23/2004
1/26/2004
1/27/2004
1/28/2004
1/29/2004
1/30/2004
2/3/2004
2/4/2004
2/5/2004
2/6/2004
2/9/2004
2/10/2004
2/11/2004
2/12/2004
2/13/2004
2/16/2004
2/17/2004
2/18/2004
2/19/2004
2/20/2004
2/24/2004
2/25/2004
2/26/2004
2/27/2004
3/1/2004
3/2/2004
3/3/2004
-0.026668
-0.027399
0.000000
0.027399
0.026668
0.025975
0.000000
-0.052644
0.026668
0.000000
0.000000
0.000000
0.000000
-0.026668
0.052644
0.025318
0.000000
-0.051293
0.000000
0.000000
0.025975
0.000000
0.025318
-0.051293
0.000000
0.000000
0.100083
-0.024098
-0.050010
-0.025975
0.000000
0.000000
Dec 24, 2003
Dec 25, 2003
Dec 26, 2003
Dec 29, 2003
Dec 30, 2003
Dec 31, 2003
Jan 1, 2004
Jan 2, 2004
Jan 5, 2004
Jan 6, 2004
Jan 7, 2004
Jan 8, 2004
Jan 9, 2004
Jan 12, 2004
Jan 13, 2004
Jan 14, 2004
Jan 15, 2004
Jan 16, 2004
Jan 19, 2004
Jan 20, 2004
Jan 21, 2004
Jan 22, 2004
Jan 23, 2004
Jan 26, 2004
Jan 27, 2004
Jan 28, 2004
Jan 29, 2004
Jan 30, 2004
Feb 2, 2004
Feb 3, 2004
Feb 4, 2004
Feb 5, 2004
0.000000
0.000000
0.000000
0.038466
0.037041
0.000000
0.000000
0.018019
-0.074108
0.000000
-0.019418
-0.019803
0.019803
-0.019803
0.000000
0.000000
0.000000
0.000000
0.000000
0.000000
0.058269
0.000000
-0.058269
0.000000
0.058269
-0.038466
-0.081678
0.000000
0.000000
0.000000
0.120144
0.000000
Dec 24, 2003
Dec 25, 2003
Dec 26, 2003
Dec 29, 2003
Dec 30, 2003
Dec 31, 2003
Jan 1, 2004
Jan 2, 2004
Jan 5, 2004
Jan 6, 2004
Jan 7, 2004
Jan 8, 2004
Jan 9, 2004
Jan 12, 2004
Jan 13, 2004
Jan 14, 2004
Jan 15, 2004
Jan 16, 2004
Jan 19, 2004
Jan 20, 2004
Jan 21, 2004
Jan 22, 2004
Jan 23, 2004
Jan 26, 2004
Jan 27, 2004
Jan 28, 2004
Jan 29, 2004
Jan 30, 2004
Feb 2, 2004
Feb 3, 2004
Feb 4, 2004
Feb 5, 2004
0.000000
-0.030772
0.030772
0.029853
-0.019803
0.000000
0.000000
-0.051293
-0.021277
-0.066691
-0.109199
0.062132
0.092019
-0.033523
-0.058496
0.069796
0.000000
0.011173
0.043485
-0.010695
0.042111
0.000000
0.010257
-0.031091
0.000000
0.010471
-0.031749
0.010695
0.000000
-0.043485
0.011050
0.010929
Dec 24, 2003
Dec 25, 2003
Dec 26, 2003
Dec 29, 2003
Dec 30, 2003
Dec 31, 2003
Jan 1, 2004
Jan 2, 2004
Jan 5, 2004
Jan 6, 2004
Jan 7, 2004
Jan 8, 2004
Jan 9, 2004
Jan 12, 2004
Jan 13, 2004
Jan 14, 2004
Jan 15, 2004
Jan 16, 2004
Jan 19, 2004
Jan 20, 2004
Jan 21, 2004
Jan 22, 2004
Jan 23, 2004
Jan 26, 2004
Jan 27, 2004
Jan 28, 2004
Jan 29, 2004
Jan 30, 2004
Feb 2, 2004