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"Fokus dari penelitian ini adalah perilaku dari investor reksa dana terbuka ketika dihadapkan kepada sinyal informasi jamak mengenai kinerja historis dari reksa dana. Perilaku investor dapat tercermin dalam keputusan penempatan dan penarikan dana kelolaan reksa dana. Selain itu, penelitian juga mengamati keberadaan ambiguitas yang diterima investor atas sinyal informasi jamak, serta reaksi yang timbul atas ambiguitas tersebut. Hasil penelitian menunjukkan bahwa investor reksa dana terbuka memiliki sensitivitas atas sinyal informasi kinerja historis reksa dana, serta memiliki sensitivitas tambahan karena ambiguitas dari sinyal informasi jamak. Atas ambiguitas yang timbul, investor menempatkan bobot yang lebih kepada sinyal informasi negatif dan sinyal informasi terburuk dalam keputusan investasi.

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The focus of this study is the behaviour of open-ended mutual fund investors when encountered with multiple information signals of mutual fund?s past performance. The behaviour of investors can be reflected on their decision to subscribe or redeem their funds from the mutual fund. Moreover, the research observes the presence of ambiguity within investors because of multiple information signals, and also their reaction towards it. The results found that open-ended mutual fund investors have sensitivity towards past performance information signals, and also have additional sensitivity to the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions."

"Tujuan penelitian ini adalah untuk mengetahui faktor-faktor yang mempengaruhi peringkat kinerja reksa dana Batasa Batasa.Variabel yang digunakan adalah dua variabel babas yaitu prilaku investor dan marketing communication. Metode analisis desktptif dan menggunakan crosstabs. Dengan analisa deskriptif penulis akan menjelaskan kaitan antara faktor prilaku investor dan marketing communication dengan faktor kinerja reksa dana Batasa. Sampel yang diperoleh sebesar 30 sampel responden dari 168 investor reksa dana Batasa.Uji KMO (Kaiser-Meyer-Olkin) Measure of Sampling Adequancy pada kedua factor sebesar 0,741, sedangkan nilai Barlett's Test of Sphericity mempunyai nilai 233,402 dengan nilai signifikasi sebesar 0,000. Hal ini berarti semua faktor tersebut adalah valid sebagai yang mempengaruhi kinerja reksa dana Batasa syariah.Dalam uji validitas kesemua faktor yang diuji telah valid dikarenakan nilai R hitung > R tabel 0,444. Uji reliabelitas diperoleh nilai 0,898, diatas 0,6 berarti semua variabel adalah reliable. Berdasarkan hasil tabulasi silang yang menggunakan uji chi square, antara status dan produk yang variatif memiliki hubungan yang signifikan sebesar 0,013 lebih dari 0,05 berarti Ho ditolak, antara dua variabel yang diuji ada hubungan.

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The goal of this reseach is to find factor which is influences Batasa Capital mutual fund rating. Reseacher use two independent variable which are investor behaviour and marketing communication. From 168 Batasa Capital investor, researcher use 30 sample.

KMO test (Kaiser-Meyer-Olkin) Measure of Sampling Adequancy in two factor is 0,741, Barlett's Test of Sphericity had value 233,402 with signification value of 0,000. All factor are valid influence Batasa Capital mutual fund.

In validation test, researcher find all factor are valid because R count > R table. In crosstabs, researcher use chi square test. There are connection between status and variety product."

"This study focuses on the behavior of open-ended mutual fund investors when encountered withmultiple information signals of mutual fund?s historical performance. The behavior of investors canbe reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observethe presence of ambiguity within investors due to multiple information signals, and their reactiontowards it. We apply a Fama-McBeth Regression technique for equity mutual funds, fixed incomemutual funds, and balanced mutual funds that are effective during the period of February 2010 untilFebruary 2015. Our finding shows that open-ended mutual fund investors do not only have sensitivitytowards past performance information signals, but also have additional sensitivity towards theambiguity of multiple information signals. Because of the presence of ambiguity, investors considermore on negative information signals and the worst information signal in their investment decisions."

"Perkembangan reksa dana di Indonesia terus bertambah. Dibutuhkan pengetahuan reksa dana yang baik agar dapat mengambil langkah yang tepat. Tesis ini membahas analisis pola kinerja reksa dana saham, reksa dana pendapatan tetap dana reksa dana campuran di Indonesia. Pengukuran kinerja ini dilakukan menggunakan Sharpe's Measure, Treynor's Measure, Jensen's Measure, Appraisal Ratio, M2 Measure, dan T2 Measure. Hasil penelitian menunjukkan bahwa tidak mudah untuk mempertahankan kinerja reksa dana tetap terbaik. Sedangkan kinerja yang terburuk untuk tiap tahunnya memiliki kesamaan pada produk reksa dana tertentu.

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The growth of mutual funds in Indonesia continues to grow. It takes a good knowledge of mutual funds in order to take appropriate steps. This thesis discusses the performance analysis pattern of equity mutual fund, fixed-income mutual fund, and mixed mutual fund in Indonesia. Performance measurement was conducted using Sharpe's Measure, Treynor's Measure, Jensen's Measure, Appraisal Ratio, M2 Measure, dan T2 Measure. The results showed that it is not easy to maintain the best performance of mutual fund remain the best. While the worst performance for each year have in common on certain mutual fund products."

"Salah satu impikasi dari prinsip syariah dalam investasi adalah kemampuan instrumen keuangan syariah dalam pasar keuangan. Tujuan dari penelitian ini adalah untuk melihat perbedaan dari kinerja antara reksa dana syariah dan reksa dana konvensional pada pasar modal di Indonesia. Sebuah penilaian kinerja reksa dana dikembangkan dan dua hipotesis diajukan untuk menjawab masalah penelitian melalui pengujian menggunakan Capital Asset Pricing Model (CAPM) pada program Eviews 6. Objek yang dipilih adalah reksa dana campuran, reksa dana pendapatan tetap, dan reksa dana saham. Peneitian ini menggunakan metode standard dalam melakukan evaluasi kinerja dari reksa dana, seperti Indeks Sharpe, Indeks Treynor, dan Indeks Jensen Alpha. Hasil penelitian ini membuktikan bahwa tidak terdapat perbedaan yang signifikan antara kinerja reksa dana syariah dan reksa dana konvensional.

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One of the implications of Islamic investment principles is the capability of Islamic financial instruments in the financial market. The main aim of this research is to observe the differences of performance between Islamic and conventional mutual fund in the context of Indonesian capital market. A performance asessment of mutual fund is developed and two hypothesis a proposed to answer the problem of this research through the examination using Capital Assets Pricing Model (CAPM) in Eviews 6 program.

The object selected for this research are balanced mutual fund, fixed income mutual fund, and equity mutual fund. This research used standard methods in evaluating the performances of various mutual funds, such as the sharpe Index, Treynor Index, and Jensen Alpha Index. The basic finding of this paper is that conventional mutual fund performed better than Islamic Mutual fund.The findings suggest that Iggi Achsien research does not apply to Islamic mutual fund in Indonesia."

"Studi ini bertujuan untuk menganalisa faktor yang mempengaruhi intensi berinvestasi reksa dana melalui e-commerce atau online marketplace. Model penelitian mengacu pada teori transfer kepercayaan untuk menguji apakah persepsi kemiripan (perceived similarity) dengan produk digital lainnya – seperti produk mobile payment – berdampak pada kepercayaan investor dan kemudian mempengaruhi intensi investor untuk berinvestasi reksa dana yang ditawarkan melalui online marketplace disertai variabel literasi keuangan sebagai variabel moderator. Studi ini mengobservasi 180 responden dari Indonesia yang familiar dan sering melakukan transaksi online, yang diukur menggunakan skala likert dan regresi sebagai metodologi penelitian. Peneliti menemukan bahwa kesamaan antara produk digital lainnya dan kepercayaan investor terhadap sistem reksa dana konvensional mempengaruhi kepercayaan pada produk reksa dana di e-commerce dan berdampak pada intensi investor untuk berinvestasi reksa dana melalui online marketplace. Akan tetapi, peneliti juga menemukan bahwa literasi keuangan memperlemah hubungan tersebut.

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This study aims to analyze factors that influence the intention to invest in mutual funds through e-commerce or online marketplace. Researcher built the model based on the trust transfer theory to examine whether perceived similarity with other digital products- such as mobile payment product – effect in investor’s trust and then investor’s intention to invest in mutual fund offered through an online marketplace with financial literacy as moderating variable. This study observed 180 Indonesian respondents who are familiar and often purchase in online marketplace using likert scale and analyse the data using regression method. Researcher found that similarity with other digital product and the investors’ trust in conventional mutual fund system influence on trust in mutual fund products in e-commerce and effect to investor’s intention to invest in mutual fund through an online marketplace. However, researcher also found that financial literacy weaker that relationship."

"Reksa dana mempakan salah satu pilihan produk investasi yang menarik. Dengan berinvestasi di reksa dana, investor tidak harus memiliki pengetahuan dan waktu yang cukup untulc mengelola investasinya karena pengelolaan dilakukan oleh manajer investasi. Sejak tahun 1995, reksa dana di Indonesia tems berkembang Dalam reksa dana, selain return, yang perlu diperhatikan adalah risiko yang melekat pada produk ini. Tesis ini membahas mengenai analisis kinerja reksa dana saham dan reksa dana pendapatan tetap di Indonesia periode 2004-2008 dengan mempertimbangkan fakior risikonya. Pengukuran dilakukan dengan Sharpe 's Measure, Treynor 's Measure, Jensen is Measure, Appraisal Ratio, M2 Measure,dan 7° Measure. Hasil penelitian menunjukkan bahwa ada beberapa reksa dana saham dan pendapatan tetap yang kinerjanya. mampu melampaui kinezja tolok ukurnya masing-masing.

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Mutual fund is one of interesting investment product choices. Investors who don't have enough knowledge and time to manage his/her investment don?t need to worry because investment manager will carry out the mutual fund management task. Since 1995, mutual fund in Indonesia keeps growing. In mutual fund, beside return, something that also needs to be concerned is the risk.

This thesis discuss about the performance measurement of equity and fixed~income mutual fund in Indonesia for 2004-2008 by considering the risk. The measurement use Sharpe's Measure, Treynor's Measure, Jensen's Measure, Appraisal Ratio, M2 Measure, and T2 Measure. The result shows that there arc several equity and fixed-income mutual fund that outperformed the market."

"Tesis ini mengukur kinerja dana saham di Indonesia pada kurun waktu Januari 2008 sampai Oktober 2012 dengan menggunakan Sharpe Ratio, Treynor Ratio, Henriksson Merton Model, dan Snail Trail. Hal baru yang ingin ditemukan oleh penulis adalah adanya persistensi kinerja selama waktu penelitian, namun persistensi tidak ditemukan senada dengan tidak adanya kemampuan market timing di Indonesia. Namun kinerja reksa dana saham selama periode penelitian menunjukkan adanya beberapa reksa dana yang konsisten memiliki kinerja sangat baik pada satu atau beberapa potongan periode penelitian.

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This thesis measures mutual fund performance in Indonesia during the period of January 2008 to October 2012 using the Sharpe Ratio, Treynor Ratio, Henriksson Merton model, and Snail Trail. Author aimed to show persistence of performance during the study period, but this is not the case. This also align with the absence of market timing ability in Indonesia. But the performance of equity mutual funds during the period of the study revealed a number of mutual funds that consistently have a superior performance on one or more fragment of the study period."

"Penelitian ini bertujuan untuk menganalisis kinerja imbal hasil Reksa Dana di PT XYZ. Analisis meliputi kinerja imbal hasil Reksa Dana, proses pembentukan portofolio Reksa Dana, proses evaluasi kinerja Reksa Dana, mekanisme perdagangan Reksa Dana, dan biaya-biaya Reksa Dana. Sampel yang digunakan adalah Reksa Dana XYZ D dan Reksa Dana XYZ B selama tahun 2013. Reksa Dana XYZ yang digunakan sebagai sampel berhasil memberikan imbal hasil di atas IHSG terutama karena faktor active management dalam alokasi aset yang dilakukan oleh manajer portofolio.

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This research was intended to analyze the mutual fund return performance at PT XYZ. Analysis in this research including mutual fund return performance, mutual fund portofolio management process, mutual fund performance evaluation process, mutual fund trading mechanisms, and mutual fund fees. Sample used in this research are Reksa Dana XYZ D and Reksa Dana XYZ B during 2013. PT XYZ mutual funds that are used as sample successfully gave a superior return over Jakarta Composite Index (JCI) especially because of active management in asset allocation done by the portfolio manager."

"Tesis ini membahas kinerja reksa dana syariah dan non-syariah berdasarkan Jensen Alpha dan Market Timing pada periode 2007-2013. Perhitungan kinerja Jensen Alpha dan Market Timing menggunakan model multifaktor Carhart. Setelah dihitung kinerja masing-masing reksa dana, dilakukan uji beda dua mean untuk melihat apakah terdapat perbedaan terhadap kinerja reksa dana syariah dan non-syariah, serta melihat apakah kinerja reksa dana syariah lebih baik daripada reksa dana non-syariah.Hasil penelitian menunjukan pada periode 2007-2013, terdapat 2 reksa dana syariah dan 18 reksa dana non-syariah yang memiliki superior selection skill, berdasarkan Jensen Alpha. Sedangkan, berdasarkan kinerja market timing, terdapat 7 reksa dana non-syariah yang memiliki kemampuan market timing pad a periode 2007-2013.Berdasarkan uji beda dua mean, terdapat perbedaan kinerja reksa dana syariah dan non-syariah berdasarkan Jensen Alpha pada periode 2007-2013. Selain itu, kinerja reksa dana non-syariah secara signifikan, lebih baik dibandingka reksa dana syariah. Berdasarkan uji beda dua mean, tidak terdapat perbedaan kinerja reksa dana syariah dan non-syariah berdasarkan Market timing pada periode 2007-2013.

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The objective of this thesis is to analyze the performance of Islamic mutual fund and non-islamic mutual fund using Jensen Alpha and Market Timing ability in 2007-2013. Jensen Alpha and Market Timing ability are calculated using Carhart multifactor model. Two mean difference test is being used to analyze the difference between the performance of Islamic mutual fund and non-islamic mutual fund.This thesis finds that, there are 2 islamic mutual funds and 16 nonislamic mutual funds that have superior selection skill, based on Jensen Alpha. Meanwhile, there are 7 non-islamic mutual funds that have market timing ability in 2007-2013. Using the two mean difference test, on Jensen Alpha, there?s significance difference between islamic and non-islamic mutual fund performance in 2007-2013.In addition, non-islamic mutual fund performance, is significantly, better than Islamic mutual fund based on Jensen Alpha. Based on two mean difference test, on Market Timing ability, there?s no difference between islamic and non-islamic mutual fund performance in 2007-2013."