This study aims to test the relative performance of contrarian and momentum strategies for middle-term and long-term horizons in the Indonesian capital market. The test is performed for constituents of the Kompas 100 index for the period 2009–2014. The results reveal that the superior performance of the momentum strategy in the intermediate term is sensitive to formation horizons. In the long term (over 24 months), however, the contrarian strategy is more profitable than the momentum strategy. It is also found that, in concurrence with the findings of many studies of long-run return anomalies in developed countries, there is no relationship between the generated returns and value and size premiums.

中文翻译：

---

并发动量和逆势策略：来自印度尼西亚的证据

本研究旨在测试印尼资本市场中长期前景的逆势策略和动量策略的相对表现。该测试针对的是Kompas 100指数在2009-2014年期间的成分。结果表明，在中期，动量策略的优越性能对地层范围很敏感。从长远来看（超过24个月），逆势策略比动量策略更有利可图。还发现，与发达国家对长期回报异常的许多研究结果相一致，所产生的回报与价值和规模溢价之间没有关系。