Abstract
The purpose of this research is to see if there is an overreaction hypothesis on stock prices on the Indonesia Stock Exchange. This study's population consists of 229 manufacturing companies registered on the Indonesia Stock Exchange between 2018 and 2022. This study's sample was drawn using a purposive sampling approach, yielding a sample of 127 companies. The study used a significance t test which was processed using SPSS 22 software. The research period is an annual period. Shares are classified into 2 types, namely winner stocks and loser stocks. The results of the study show that winner and loser stocks have experienced several reversals, but these symptoms cannot be proven statistically. As a result, there is no overreaction hypothesis for manufacturing companies registered on the Indonesia Stock Exchange between 2018 and 2022. Keywords: Overreaction Hypothesis, Winner Stocks, Loser Stocks, Abnormal Return
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