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"Bank XYZ has a plan to open an overseas office in Dubai, United Arab Emirates (UAE) in the future according to the management of Bank XYZ's explanation in national newspapers a couple months ago. This paper research purposes is trying to analyze the suitable type of market entry strategy to UAE market in terms of suitable type of office structure to be opened subject to its internal factors, external environment factors, the cost and benefit and the risk of opening the overseas office. The data used in this paper is obtained from Bank XYZ annual report year 2005 and 2006 including the audited financial statement year ended December 31, 2006 and 2005 and some other relevant sources. The result of analysis over the market entry strategy of Bank XYZ in UAE market through opening an overseas office in Dubai, UAE could be done by establishing a branch office. In addition to the establishing of a branch, Bank XYZ has found it worthwhile in terms of money as it financially feasible based on analysis over its internal factors, external environment, cost and benefit calculation and the risk embedded over the decision as well."

"ABSTRAKSkripsi ini membahas mengenai kemunculan pasar gelap di Jakarta pada masa Ekonomi Terpimpin 1957-1965. Perdebatan-perdebatan mengenai perwujudan ekonomi nasional sejak pengakuan kedaulatan antara pemikir ekonomi pragmatis dengan radikal-nasionalis akhirnya berujung pada Ekonomi Terpimpin. Namun Ekonomi Terpimpin yang dimaksudkan untuk menyejahterakan masyarakat justru menimbulkan kerugian-kerugian pada masyarakat dan bahkan menimbulkan pasar gelap. Pasar gelap ini muncul karena adanya peraturan di bidang harga pada barang-barang pokok yang menyebabkan peralihan barang dari pasar resmi ke pasar gelap. Pasar gelap juga timbul kerena para pelaku berusaha untuk mempertahankan usaha mereka dan masyarakat mendapatkan barang yang langka di pasar resmi. Penelitian ini menggunakan metode sejarah, yakni heuristik, kritik, interpretasi, dan historiografi.

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ABSTRACTThis paper discusses the emergence of black market in Jakarta in the era of Guided Economy in 1957 1966. Debates around the attempt to bring about a national economy since the transfer of sovereignty between pragmatic economic thinkers and radical nationalist thinkers ends up in Guided Economy. However, the Guided Economy that was supposed to make people prosper brought disadvantages instead, and gave rise to black market. This black market appeared because there were rules on price applied to daily necessities that resulted in the transfer of goods from official markets to black market. This black markets also appeared because the participants tries to keep their business running and people needed to search for goods that were rare in official markets. This research utilized the method of historical research, which are heuristics, critics, interpretations, and historiography."

"Perkembangan reksa dana sebagai salah satu instrumen investasi di Indonesia semakin dirasakan dengan munculnya pihak-pihak yang dapat melakukan pemasaran reksa dana, yakni Agen Penjual Efek Reksa Dana (APERD). Setiap APERD wajib mengikuti dan patuh terhadap seluruh peraturan perundang-undangan, terutama di bidang pasar modal. Namun, PT Bibit Tumbuh Bersama selaku salah satu APERD melakukan tindakan penyebaran informasi yang tidak benar terhadap produk reksa dana dari PT Sinarmas Asset Management pada pertengahan tahun 2020. Tindakan penyebaran informasi yang tidak benar dalam pasar modal dapat dikategorikan sebagai penipuan apabila unsur-unsur dalam penipuan terbukti dipenuhi. Otoritas Jasa Keuangan (OJK), yang salah satu tugasnya adalah untuk mengawasi di bidang pasar modal, memiliki kewenangan untuk menjatuhkan sanksi administratif dan/atau apabila diperlukan dapat melakukan penyidikan atas pelanggaran-pelanggaran yang terjadi di pasar modal. Permasalahannya, tidak ditemukan adanya sanksi administratif yang diberikan oleh OJK kepada PT Bibit Tumbuh Bersama hingga saat ini. Oleh karena itu, tulisan ini akan menganalisis terkait peran OJK dalam menangani penipuan yang dilakukan oleh APERD, penyelesaian masalah antara PT Bibit Tumbuh Bersama dan PT Sinarmas Asset Management, serta perbandingan peran Securities and Exchange Commission dalam menangani penipuan yang dilakukan oleh perusahaan penjual reksa dana di Amerika Serikat.

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The development of mutual funds as an investment instrument in Indonesia is increasingly felt by the emergence of parties who can market mutual funds, namely Mutual Fund Selling Agent. Each Mutual Fund Selling Agent must follow and comply with all laws and regulations, especially in the capital market sector. However, PT Bibit Tumbuh Bersama as one of the Mutual Fund Selling Agent, carried out an act of disseminating incorrect information on mutual fund products from PT Sinarmas Asset Management in mid-2020. The act of disseminating incorrect information in the capital market can be categorized as fraud if the elements in fraud proved fulfilled. The Financial Services Authority, one of whose duties is to supervise the capital market, has the authority to impose administrative sanctions and/or if necessary can conduct investigations into violations that occur in the capital market. The problem is, there is no administrative sanction to date given by The Financial Services Authority to PT Bibit Tumbuh Bersama. Therefore, this paper will analyze the role of The Financial Services Authority in dealing with fraud committed by Mutual Fund Selling Agent, the resolution of the problem between PT Bibit Tumbuh Bersama and PT Sinarmas Asset Management, as well as a comparison of the role of the Securities and Exchange Commission in dealing with fraud committed by mutual fund selling companies in the United States of America."

"Risk is defined as standard deviation of rate of return the investors perform diversyication to reduce investment risk. Diversi/ications could eliminate nonsjvstematic risk only while unable to eliminate systematic risk. Systematic risk of stock is reflected in market-beta. To estimate firm beta can be viewed hom business fundamental eject. Estimating firm beta can be done by using regression method with type of business, value of operating leverage, and firms' financial leverage as independent variables.Objective of this paper is to investigate influence of independent variables (DOL, DFL, CR, TATO, and PER) to market-beta during period 2000 - 2007. This paper uses sample of LQ45 nonfinancial firms listed at Bursa Efelt Indonesia (BEI) during period 2000 - 2007. Testing of independent variables? influence (DOL, DFL, CR, TA TO, and PER) to market-beta using panel data with pooled least-square and fixed eject with cross-section weigths method Since pooled least-square method used in the regression, the result need to test by chow test due to its F statistic is greater than F table. Hence, null hypotheis is rejected Therejare, fixed eject model and cross-section weights methods chosen in this research.The result of regression shows that DOL has positive influence to market- beta. DOL ratio depicts sales variability to operating income. The bigger DOL value of firm, the higher market beta value Qfzflflll stock. DFL variable has positive influence to market-beta. DFL ratio describes net income variability due to leverage usage in financing structure. intuitively the higher value of DFL ratio, net income variability and market beta value of firm stock shall be higher. CR variable proven has negative influence to market-beta. CR ratio denotes as an indicator of firm solvency to pay all short-term financial liabilities on the due date by using availability of current assets.The higher CR value, the higher firm's ability to pay the liabilities, hence the smaller firm risk TA TO variable has negative influence to market-beta. TA T0 ratio denotes as firm's ejiciency indicator in managing its assets to generate profits. The higher value of TA T0 ratio. indicates firm's operating activities is more ejicient and firm's bankruptcy opportunity is getting smaller. Thereknre, the bigger value ofT/4 T0 ratio, the smaller market beta of firm's stock. PER variable has positive influence to market beta. PER ratio reflects investors expectation of firm's profit growth. Generally, firms with high growth opportunities will generate higher return compared to averaged-market return. Therefore, the higher value of PER ratio, the higher value of firm's market beta."

"Investor baru yang signifikan tentunya akan berdampak pada perilaku pasar secara umum dalam bereaksi terhadap suatu pengumuman. Penelitian ini bertujuan untuk mengkaji secara empiris reaksi pasar terhadap aksi korporasi sebelum dan selama pandemi COVID-19 di Bursa Efek Indonesia. Penelitian ini menggunakan metode event study dengan event window selama 31 hari (-15, 0, +15) yang dilakukan terhadap 1081 aksi korporasi yang terdiri dari aksi korporasi untuk pembagian dividen, rights issue, dan stock split. Penulis menemukan perbedaan yang signifikan dalam reaksi pasar terhadap dividen dan rights issue. Pada periode pandemi, pergerakan CAAR signifikan terjadi sebelum pengumuman resmi aksi korporasi yang menunjukkan adanya indikasi kebocoran informasi pada sekelompok investor. Hasil analisis regresi menggunakan OLS menemukan bahwa pergerakan cumulative abnormal trading volume pada -1 hingga +1 hari setelah pengumuman dan masa pandemi berpengaruh positif secara signifikan terhadap dalam pengumuman dividen dan right issue. Berbeda dengan dua aksi korporasi lainnya, tidak terdapat perbedaan perilaku abnormal return yang signifikan pada pengumuman stock split.

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The Covid-19 Pandemic period that began in 2020 caused the economy in various parts of the world significantly, especially in the capital market sector in Indonesia, which fell by 38.24% from January 2020 to March 2020. During the crisis period, the number of new investors on the Stock Exchange increased. Indonesia reached 56.21% in 2020 and 92.99% in 2021. The significant number of new investors will certainly have an impact on the general market behavior in reacting to an announcement. This study aims to empirically examine the market reaction to corporate actions before and during the COVID-19 pandemic on the Indonesia Stock Exchange. This study uses the event study method with an event window for 31 days (-15, 0, +15) which was conducted on 1081 corporate actions consisting of corporate actions for dividend distribution, rights issue, and stock split. The author finds significant differences in market reactions to dividends and rights issues. During the pandemic period, significant CAAR moves occurred prior to the official announcement of corporate actions indicating a lack of information among a group of investors. The results of the analysis using OLS found that cumulative abnormal trading volume during -1 up to +1 after announcement day and the pandemic period have a significant positive effect on in dividend announcements and rights issues. In contrast to other corporate actions, there is no significant difference in abnormal return behavior in stock split announcements. "

"Seiring dengan diluncurkannya Jakarta Islamic Index (JII) yang berisi saham-saham yang memenuhj prinsip syariah di Bursa Efek Indonesia (BEl) maka peluang investasi dalam pasar modal menjadi terbuka bagi umat Islam. Umat Islam dapat melalrukan transaksi terbadap saham m melalui mekanisme perrlagangan yang telah ditetapkan oleh Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK). Melalui Dokumen Master Plan Pasar Modal Indonesia 2005-2009, BAPEPAM-LK menjadikan online trading sebagai salah satu strategi untuk: meningkatkan peran serta masyarakat dalam berinvestasi di pasar modal mengingat prosentase pelaku pasar modal di Indonesia tergolongmasih rendah jika dibandingkan dengan negara tetangga.Dalam melakukan perdagangan di pasar modamasyru-alcal mengenal dua kelompok pelaku pasar yaitu trader dan investor. Saiah satu perbedaan dari keduanya terletak pada holding period atau periode menahan sualu saham sebelum kemudian dijual kembali Meskipun terdapat biaya transakel yang tidak kecil penggunaan online trading dipercaya akan mendorong semakin singkatnya holding period yang pendak. Penelitian ini membandingkan retwn dan risikosejumlah saham yang pensah tercatat dalam m mulai tahun 2005 sampai 2009berrlasarkan kelompok holding period dan trend pasar apabila ditransaksikandengan menggunakan online trading.Basil porhitungan teriladap 48 saham m memmjukkan bahwa holding period investor yang terdiri dari periode 2 bulan, 3 bulan dan 6 bulan memberikan return yang lebih besar dibandingkan dengan holding period trader yang bemnggotakan holding period I bari, 2 mlnggu dan 3 minggu. Seba!iknya risiko pada holding period investor terbukti lebih kecil dibendingkan dangan holding period tl1lder. Kondi•i ini berlaku beik unluk seluruh poriode pengamatan, ketika

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Invesment opportunities in the capital marl<:& is open to Musiims along with the release of Jakarta Islamic Index (ill).The index contains stocks that meet the principles ofsharia in Indonesian Stock Exchange (BEl). Eventually, Muslims can perform transactions on the Jll stock through tmding mechanism estabiished by the Supervisory Agency of Capital Market and Financial Institution (BAPEPAM-LK).Through the Capital Market Master Plan Document 2005-2009, BAPEPAM-LK make online trading as a strategy to enhance the role of the community in the capital markets investment because of percentage of market actors in Indonesian is still low when compared with neighboring countries.

In trading on capital markets, peop1e recognize two groups of market actors such as traders and investors. One of the differences of the two is the holding period or period of holding a stock before it been sold. Despite there is · transaction fees while using online trading but it is believed to shorten holding period. This researeb compares the return and the risk of a stock that bas bean listed in the m from 2005 to 2009 based on the gronp's holding period and market trends when transacted trough online trading.

The calculation of the 48 m stocks show that the investor holding period consisting of period two months, three months and six months to provide a greater return than tbe traders holding period consist of holding period a day, two weeks and three weeks.On tbe other hand the risk in investor holding period proved to he small compered to trade111 holding period.This coodition occurs for the whole period of observation, when the market experienced a uptrend, downtrend or sideway. Fnrther testing showed that no significant dlfrerenoes on return of Investor holding period group members, it is concluded that return of two months holding period is same ro return of three montha and six months holding period."

"COVID-19 telah menyebabkan dampak yang luas pada kehidupan manusia dan operasi bisnis, yang menyebabkan ketakutan investor dan volatilitas pasar modal. Penelitian ini bertujuan untuk mengetahui apakah COVID-19 mempengaruhi volatilitas pasar modal Indonesia (dengan menganalisis volatilitas harian dan mingguan dari data saham intraday), kasus positif harian COVID-19 di Indonesia, dan menggunakan Google Search Volume Index (GSVI) untuk beberapa kata-kata negatif yang berkaitan dengan COVID-19 untuk memahami ketakutan investor. Penelitian ini mengadopsi model heterogeneous autoregressive yang disederhanakan yang digunakan oleh Lyócsa et al. (2020) dan weighted least square sebagai estimator. Namun, kami memberikan keunikan dengan menambahkan variabel COVID-19 dan melakukannya sejak kasus pertama COVID-19 di Indonesia hingga sehari sebelum vaksin pertama disuntikkan di Indonesia (2 Maret 2020 - 12 Januari 2021) dengan mencakup seluruh sektor di BEI. Hasil penelitian menunjukkan volatilitas harian, dan volatilitas mingguan dapat memprediksi volatilitas masa depan di hampir semua sektor, kecuali sektor keuangan. Kami juga menemukan kasus positif COVID-19 harian di Indonesia dapat memprediksi volatilitas masa depan di sektor infrastruktur. Selain itu, kami juga menemukan ketakutan investor di global dapat memprediksi volatilitas masa depan di sektor properti dan perdagangan. Namun, penelitian kami tidak menemukan bukti bahwa ketakutan investor di Indonesia dapat memprediksi volatilitas masa depan pada indeks sektoral di Indonesia.

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COVID-19 has caused a pervasive impact on human life and business operations, leading to investor fear and capital market volatility. This research aims to understand whether COVID-19 affecting Indonesia's capital market volatility (by analyzing the daily and weekly volatility from intraday stock data), the daily positive case of COVID-19 in Indonesia, and using Google Search Volume Index (GSVI) for some negative words related to the COVID-19 to understand the investor fear. This research adopted a simplified heterogeneous autoregressive model used by Lyócsa et al. (2020) and weighted least square as the estimator. However, we gave uniqueness by adding the COVID-19 variable and performed it during the first case of COVID-19 in Indonesia until a day before the first vaccine injected in Indonesia (March 2, 2020 - January 12, 2021) by covering all IDX sectors. The results showed daily volatility, and weekly volatility can predict future volatility in almost all sectors, except for the finance sector. We also found the daily positive case of COVID-19 in Indonesia can predict the future volatility in the infrastructure sector. Furthermore, we also found the investor fear in global can predict the future volatility in the property and trading sectors. However, our research did not found evidence that investor fear in Indonesia can predict future volatility on sectoral indices in Indonesia."