There are several ways that can be done to calculate the expected return of stock investment, for example the Single Index Model, the Capital Asset Pricing Model, Arbitrage Pricing Theory and many other calculation models. In connection with this, a comparative analysis of the expected return between SIM, CAPM and APT was carried out on 17 LQ30 issuers and 2 non-LQ30 issuers for the 2018 period. As a market comparison, the IDX value was used while the macroeconomic variable used was the average government bank deposit interest rate and monthly inflation rate.From the research results, it is known that CAPM cannot predict stocks that have the potential to increase significantly but can assess a significant decline in stock performance. SIM without including risk free assets cannot show accurate results. The SIM also could not show a significant. decline assuming all was well. APT shows how stocks that have good results compared to bad ones, on the other hand, can show fairly good results despite a significant decline. The three calculation methods mentioned above are mutually supportive and complementary. There is no better way of calculating one another.

Link Publikasi : https://www.apcore-inc.org/_files/ugd/183efc_3f3db8472e55499192ae650bb3688020.pdf