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Muhamad Ilyas

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Open access Sep 2026

The Appplication of ARMAX-GARCH in Forecasting the Stock Return Volatility of Indonesian Banking Sector: A Case of BBCA and BBRI

The volatility of stock returns in Indonesia's banking sector has become a primary concern for investors and regulators, especially amid market uncertainty. Previous studies have been limited in integrating external factors such as trading volume and the impact of the Covid-19 pandemic in volatility forecasting. This s...

Muhamad Ilyas, Farah Wulandari Pangestuty · 0 citations

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