Hasil Pencarian  ::  Simpan CSV :: Kembali

"This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selectionand performance compared to Socially Responsible Investment (SRI) portfolio. Each portfolioconstructed from 15 stocks based on FTSE 100 using data from year 1997. Mean-variance portfoliooptimization is employed with some financial ratios added as constraints for the Shari’ah portfolio.Annual expected return of each portfolio from 2008 to 2013 is used to calculate Sharpe’s ratio,Treynor ratio and Jensen’s alpha as the performance measurement tools. Macroeconomic variablesare assessed using ordinary least square to examine whether they influence the portfolios’ expectedreturns or not. The result finds that Shari’ah portfolio has a better performance than SRI from year2008 to 2010 shown by higher value of the measurement tools. However, from 2011 to 2013, SRI portfoliohas better performance than Shari’ah portfolio."

"A dividend decision of a firm is an outcome of various considerations. These considerations differacross time and industry. Based on asymetric information – agency theory thought, this study re-examinesvarious variables that have a bearing on the dividend decision of a firm. In addition to examiningthe impact of corporate fundamentals on dividend policy, this study also analyzes the effect ofexpropriation trigger variables (family ownership, cash funds, the level of diversification and RelatedParty Transaction/RPT) on a dividend policy. The results of panel logistic regression indicate thatCash Funds, RPT, Profitability, Size, Growth, Debt and Macroecomics variables are the determinantsof the dividend policy for Indonesian listed public companies, observed during 2002 to 2010."

"This research studies the international co-movement among Asia Pacific emerging markets stock price indices during the late 2000s recession by using the monthly observations start from 1st October 2001 until 1st April 2011. The co-integration analysis and parsimonious Vector Error Correction Model employed in this research reveal a long-term relationship and interdependencies among seven Asia Pacific emerging market stock price indices. This research finds that the unique co-integation exists on the equations. Specifically, two indices from China and Taiwan having meteor shower potential while the rest indices from Thailand, Malaysia, and Indonesia are known to have heat waves effects or country specific factors on the equation. Finally, all the results are linked to the international diversification strategies."

"The world is entering the era of recession when the trend is bearish and market is not so favorable. The capital markets in every major country were experiencing great amount of loss and people suffered in their investment. The Jakarta Composite Index (JCI) has shown a great downturn for the past one year but the trend bearish year of the JCI. Therefore, rational investors should consider restructuring their portfolio to set bigger proportion in bonds and cash instead of stocks. Investors can apply modern portfolio theory by Harry Markowitz to find the optimum asset allocation for their portfolio. Higher return is always associated with higher risk. This study shows investors how to find out the lowest risk of a portfolio investment by providing them with several structures of portfolio weighting. By this way, investor can compare and make the decision based on risk-return consideration and opportunity cost as well."

"We examine how the level deposit insurance coverage affects bank liquidity. We also test the roleof ownership in the relationship between deposit insurance coverage and bank liquidity. This studyuses quarterly data of Indonesian banks from Q1:2002 - Q2:2008. We argue that the presence of explicitdeposit insurance changes a bank‘s behavior in liquidity management in the form of decreasingasset liquidity. We find some evidence on the negative impact of deposit insurance coverage on bankliquidity. However, little is found on the role of ownership structure. The credibility of deposit insurancesystem and implicit guarantee are the main policy implications."

"This study examines the performances of two Real Estate Investment Trust (REITs) structure inMalaysian capital market by comparing the Dividend Yield (DY), Distribution per Unit (DU), Netasset Value (NAV), and Earning per Unit (EU) of shariah (iREITs) and conventional (cREITs) REITsfrom Malaysia perspective. The secondary data are retrieved from Bloomberg's Database for 13listed REITs in the Bursa Malaysia main board for a five-year period from 2009 to 2013 with yearlyobservation. Applying One Way-Anova analysis, an Independent Sample Kruskal-Wallis Test is usedto determine any differences in the performance of the two REITs structure. The results provide evidenceindicating that the two structures had distinctive and significantly different performances. Italso indicates the better performance of iREITs compared to cREITs. The results of this study areuseful to provide additional evidence towards the viable of Islamic funds as a significant initiative tobroaden and deepen the product base of Islamic capital market in Malaysia."

"The purpose of this study is to evaluate performance and volatility of Islamic and conventionalstock indices along with their determinant factor variables in Indonesia. The study adopts: (1) CapitalAsset Pricing Model (CAPM) to compare the performance of the Jakarta Islamic Index (JII) torepresent Islamic index and LQ45 to represent the conventional, (2) beta calculation to measurevolatility, and (3) Autoregressive Distributed Lag (ARDL) to capture the determinants and the reasonbehind the outperformance. The data coverage is from January 2006 to November 2015. The studyfinds that: (1) There is no significant difference on performance between JII and LQ45, (2) JII is lessvolatile than LQ45, except in 2010, and (3) JII performance is less affected by external factorsexceptfor crude oil price. Moreover, the result implies challenge for the authorities to educate society, particularlywhom concern to shari?ah principles, with information that Islamic index performance isnot much difference from conventional index and less volatile."

"Getting sovereign credit rating upgrades and achieving investment grade status are main goalsfor countries in order to gain lower yield spread and cost of borrowing. By using ordinary leastsquare method, this research is aimed to analyze the impact of Indonesia sovereign credit rating upgradeand investment grade status on sovereign spread changes. The result shows that the sovereigncredit rating upgrades within speculative grade category and investment grade status for Indonesiado not significantly impact sovereign spread reduction. On the other hand, the global condition, especiallyglobal risk appetite, has significant impact to Indonesia sovereign yield spread. The researchalso indicates that Indonesia macroeconomic fundamentals do not significantly explain the movementof sovereign yield spread."

"This paper investigates the factors that can influence the Real Estate Investment Trust (REIT)’sperformance, paying particular attention to the listed REIT’s in Asian. Samples of 45 Asian listedREITs are selected from five different countries namely Taiwan, Thailand, Malaysia, Hong Kong,Japan and Singapore for 5 years basis from 2007 to 2011 with 225 observations. Study used Net Assetvalue (NAV) and Return as the proxy for REITs performance while risk, dividend yield, net incomeand size to represent the determinants variable. Applying correlations and multiple regression analysis,the results provide evidence on the association between NAV and return with risk, dividend yield,net income and size of REITs. Results of this study are hoped to help the investors and portfolio managersto deepen their understanding of the dependence factors that might influence the performanceof REITs in Asian."

"Pada skripsi ini dibahas mengenai konsep perlindungan investor di dalam Perjanjian Bilateral Investasi (Bilateral Investment Treaty/BIT) dan definisi seputar investasi dan penanaman modal asing merujuk kepada pengertian secara global dan definisinya sesuai dengan perundang-undangan Indonesia. Selain itu, di dalam skripsi ini akan diberikan pula definisi seputar BIT dengan menyertakan contoh BIT Inggris-Indonesia sebagai kajian utama dan dua buah kasus arbitrase internasional terkait penanaman modal asal Inggris di Indonesia, yaitu kasus Churchill Mining Plc melawan Pemerintah Indonesia dan kasus Rafat Ali Rizvi melawan Pemerintah Indonesia. Dua buah kasus ini kemudian dibandingkan dan dijadikan patokan bagi Penulis untuk menentukan sejauh mana BIT Inggris- Indonesia dalam melindungi penanaman modal yang dilakukan oleh penanam modal asal Inggris.

---

The main discussion of this thesis is the concept of investor protection in the Bilateral Investment Treaty (BIT) and the global definition of foreign investment and its definition referring to Indonesian Law. This definition of BIT will be provided in this thesis with also a study of BIT between UK and Indonesia, and two cases related to British investment in Indonesia as examples. These cases are the dispute between Churchill Mining Plc and The Government of Indonesia and Rafat Ali Rizvi and The Government of Indonesia. These two cases will be compared and used as a benchmark for the Author to determine the extent to which the UK-Indonesia BIT protection protects the investment made by UK investors."