ANALISIS KINERJA REKSADANA PASAR UANG UNTUK MELIHAT KONSISTENSI MODEL PENGUKURAN REKSADANA MELALUI MODEL SHARPE, MODEL TREYNOR, DAN MODEL JENSEN PERIODE 2007-2010 (STUDI KASUS REKSADANA PASAR UANG YANG TERDAFTAR DI BEI)

Abstract

One of the investment in capital market instruments are money market funds. Together with other instruments, money market mutual funds have risk and return. This study uses the money market mutual funds are still listed in the directory Bapepam Lk period January 1, 2007 through December 31, 2010. Of the population will be taken as a certain number of members of the sample is by using purposive random sampling method, samples are selected so that there are 9 money market mutual funds. The purpose of this study to compare the consistency of the measurement results of each model in measuring the performance of money market mutual funds using data analysis techniques MANOVA, results of the analysis indicate that there are significant effect between the model of performance measurement model Treynor, Sharpe model, model Jensen. From these results it can be concluded that the method of measurement models Sharpe has a value (0,563), Method of Treynor (0,301), Jensen model (1,00) with the number of significance at p <0,05. There are four test statistics are transformed into the distribution of F where the value p-value for F test statistic shows values less than 0,05 so that the average money market mutual funds simultaneously the period 2007-2010 differ between mutual fund performance using a model of Treynor, Sharpe model, and Jensen method.