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Articles 1141 - 1170 of 1215

Full-Text Articles in Business

Investors’ Behavior Placing Orders In Indonesia Stock Exchange, Ghazali Syamni Jul 2011

Investors’ Behavior Placing Orders In Indonesia Stock Exchange, Ghazali Syamni

The Indonesian Capital Market Review

The objective of this research is to analyze the behavior pattern of trading volume at opening and closing of market in Indonesia Stock Exchange. The behaviors pattern is structured by investors' decision in placing buy and sell orders. This research used intraday data transaction history-corporate edition demand and order history stock which included in pre-opening and LQ-45 in Indonesia Stock Exchange on March, April, and Mei 2005. The result of this research is investor place bigger order on the opening and closing markets than period trading. This shows that they are more carefully and more conservative in doing trades on …

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Comparison In Measuring Effectiveness Of Momentum And Contrarian Trading Strategy In Indonesian Stock Exchange, Rizky Luxianto Jul 2011

Comparison In Measuring Effectiveness Of Momentum And Contrarian Trading Strategy In Indonesian Stock Exchange, Rizky Luxianto

The Indonesian Capital Market Review

This paper wants to explore the effectiveness of momentum or contrarian strategy in Indonesian Stock Exchange using different methods in measuring the performance. The point of momentum or contrarian strategy is selecting winner (stocks with highest gain) or loser stocks (stocks with highest loss) and then buy or sell it based on the research result. This research employed three methods in measuring performance to select winner and loser stocks. The irst method used cross section relative return, while the second method used cross section relative return plus risk component (return divided by standard deviation), and the third method employed historical …

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Causal Nexus Between Stock Price, Demand For Money, Interest Rate, Foreign Institutional Investment, And Exchange Rates In India: A Post Subprime Crisis Analysis, Iti Vyas, Narayan Prasad, Alok Kumar Mishra Jul 2011

Causal Nexus Between Stock Price, Demand For Money, Interest Rate, Foreign Institutional Investment, And Exchange Rates In India: A Post Subprime Crisis Analysis, Iti Vyas, Narayan Prasad, Alok Kumar Mishra

The Indonesian Capital Market Review

This paper makes an attempt to empirically examine the causal nexus between stock price, demand for money, interest rates, foreign institutional investment and exchange rates in India in the post subprime mortgage crisis period. The study employed Granger causality test, Vector Auto Regression and Johansen Maximum Likelihood procedure to examine the short run and long run dynamic interaction among the above mentioned variables for the period January 1993 to May 2009. The major indings of the study are: stock return affects exchange rate return, net foreign institutional investment and growth of demand for money. Growth of demand for money, in …

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Moon Effect On Paciic Basin Stock Markets, Rayenda Khresna Brahmana, Chee Wooi Hooy, Zamri Ahmad Jul 2011

Moon Effect On Paciic Basin Stock Markets, Rayenda Khresna Brahmana, Chee Wooi Hooy, Zamri Ahmad

The Indonesian Capital Market Review

This is an empirical study on the inluences of moon on seven stock markets, which are Indonesia, Malaysia, United Kingdom, United States, Philippines, Japan, and Thailand. The period is from January 1999 until December 2009 in daily basis. This study investigates the relationship between moon phase and market returns. We divided moon phases into new moon and full moon. While literature mention the relationship between moon phase and market returns, our research reject the null hypothesis in regression analysis. However, the descriptive catches the indication and conirmed previous research. It also proposes that the market is still rational and not …

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Intellectual Capital: A Focus On Human Capital Reporting Practices Of Top Malaysian Listed Companies, Norhayati Mat Husin, Noormala Ahmad, Raedah Sapingi Apr 2011

Intellectual Capital: A Focus On Human Capital Reporting Practices Of Top Malaysian Listed Companies, Norhayati Mat Husin, Noormala Ahmad, Raedah Sapingi

The South East Asian Journal of Management

This paper aims to examine the extent of human capital (HC) reporting among top Malaysian companies and introduce an HC reporting guideline that can be used by Malaysian companies and regulator. It begins by developing the HC framework based on previous intellectual capital (IC) frameworks. This framework is then used to examine each of the top 100 Malaysian companies listed on the Bursa Malaysia in year 2008. Using the content analysis method, it reviews the annual reports of these companies to determine the extent of HC reporting. The findings of this paper highlight the need for the development of IC …

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Government Financial Management, Strategy For Preventing Corruption In Indonesia, Haryono Umar Apr 2011

Government Financial Management, Strategy For Preventing Corruption In Indonesia, Haryono Umar

The South East Asian Journal of Management

In popular view, the term accountability generally refers to a wide spectrum of public expectations dealing with organizational performance, responsiveness, good governance, and even morality of government and nonprofit organizations. These expectations often include implicit performance criteria – related to obligations and responsibilities – that are subjectively interpreted and sometimes even contradictory. And in this broader conception of accountability, the range of people and institutions to whom public and nonprofit organizations must account include not only higher authorities in the institutional chain of command but also the general public, the news media, peer agencies, donors, and many other stakeholders (Kearns, …

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Relationship Between Organizational Justice Perception And Engagement In Deviant Workplace Behavior, Muhammad Irfan Syaebani, Riani Rachmawati Sobri Apr 2011

Relationship Between Organizational Justice Perception And Engagement In Deviant Workplace Behavior, Muhammad Irfan Syaebani, Riani Rachmawati Sobri

The South East Asian Journal of Management

Deviant workplace behavior is not something unusual and is prevalent in organizational dynamics. It is found in all types of organizations and in all levels of positions. This deviance is costly not only in financial, but also in social and psychological terms. This research aims to reveal whether there is any association between organizational justice perception and engagement in deviant workplace behavior since so many scholars argue that organizational injustice can serve as one of the causes to workplace deviance. Three forms of organizational justice are used in this research; they are: distributive, procedural, and interactional justice. Additionally, two dimensions …

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The Influence Of Corporate Social Responsibility Activity Toward Customer Loyalty Through Improvement Of Quality Of Life In Urban Area, Tengku Ezni Balqiah, Hapsari Setyowardhani, Khairani Khairani Apr 2011

The Influence Of Corporate Social Responsibility Activity Toward Customer Loyalty Through Improvement Of Quality Of Life In Urban Area, Tengku Ezni Balqiah, Hapsari Setyowardhani, Khairani Khairani

The South East Asian Journal of Management

The success of Corporate Social Responsibility (CSR) activities can create competitive advantage by influencing customer responses to firms’ offering. Customer’s awareness of CSR activity will influence their loyalty through their perception that activity can improve society’s quality of life where the CSR activities were implemented. The objective of this study is to evaluate the relationship between CSR awareness and loyalty that mediated by CSR Belief, Company Ability Belief, Quality of Life, and Company Reputation using Structural Equation Modelling (SEM). The result shows little differrences among five firms/brands as the object of the research, that are beverage, soap, car, lubricant, and …

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Productivity Spillovers From Foreign Direct Investment: What If Productivity Is No Longer A Black Box?, Tran Toan Thang Apr 2011

Productivity Spillovers From Foreign Direct Investment: What If Productivity Is No Longer A Black Box?, Tran Toan Thang

The South East Asian Journal of Management

While the positive productivity spillover from Foreign Direct Investment (FDI) to domestic owned firms in host countries is unequivocally emphasized in theory, the empirical evidence is contradictory. This paper, based on firm level data in Vietnam (enterprise census, 2000-2005), provides more inside on that. Using time-varying stochastic frontier approach, the study decomposed the change of productivity into technical change, technical efficiency change and scale efficiency change. The evidence from estimating the spillovers in each corresponding components suggest that horizontal FDI bring negative spillovers, mainly to technical change but positive spillovers to technical efficiency. Vertical FDI also have mixed impacts to …

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Risk And Real Estate Investment Trust (Reits) Return: Evidence From Listed Public Trust, Nor Edi Azhar Binti Mohamad, Noriza Mohd Saad, Suzaida Bakar Jan 2011

Risk And Real Estate Investment Trust (Reits) Return: Evidence From Listed Public Trust, Nor Edi Azhar Binti Mohamad, Noriza Mohd Saad, Suzaida Bakar

The Indonesian Capital Market Review

This study examines an association of risk and returns of REITs from Malaysian REITs listed companies. The secondary data for analysis is retrieved from Bloomberg's Database of all 13 listed REITs in the Bursa Malaysia main market for three year period, from 2007 to 2009 with quarterly observation. The dependent variables are average return, expected return using Capital Asset Pricing Model, Sharpe Index, and Jensen Alpha Index. The independent variables represented by standard deviation, beta, trading volume, gross domestic product, inlation rate, and share price. The control variable for this study is type of REITs, whether it was categorized as …

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An Evaluation Of Indonesian Capital Market Co-Integration With Asean 4 To Enter The Asean Capital Market Integration In Accordance To Asean Economic Community (Aec) 2020 Scheme: Should Indonesia Enter Or Postpone?, Barli Suryanta Jan 2011

An Evaluation Of Indonesian Capital Market Co-Integration With Asean 4 To Enter The Asean Capital Market Integration In Accordance To Asean Economic Community (Aec) 2020 Scheme: Should Indonesia Enter Or Postpone?, Barli Suryanta

The Indonesian Capital Market Review

Association of South East Asian Nations (ASEAN) Economic Community (AEC) 2020 has already been declared on 7 October 2003 by ASEAN Concord II in Bali, Indonesia. In general, AEC was designed to prepare ASEAN countries for ASEAN economic integration within the next 10-15 year. ASEAN Free Trade Area (AFTA) had actually been launched since 1992 though was not comprehensive enough and kept ASEAN only partially integrated. To overcome it, ASEAN proposed inancial integration through capital market integration based on AEC commitment in order to reach comprehensive ASEAN economic integration. Indonesia is one of the ASEAN members that is linked by …

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Financial Development And Economic Growth Nexus: The Moroccan Case, Mohamed Abouch, Elhadj Ezzahid Jan 2011

Financial Development And Economic Growth Nexus: The Moroccan Case, Mohamed Abouch, Elhadj Ezzahid

The Indonesian Capital Market Review

The issues of the existence and the direction of causality between inance and growth are not yet settled. Even if theoretical and historical evidences suggest an important contribution of inance to foster economic growth, empirical studies provide conlicting results depending upon analytical approaches, econometric techniques, and used data sets. The empirical exploration of the links between the development of the Moroccan inancial sector (MFS) and the economic performance of the country shed some light on the proile of this relationship. It appears that even if the indicators measuring the degree of development of the MFS have steadily evolved, they are …

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Early Warning System In Asean Countries Using Capital Market Index Return: Modiied Markov Regime Switching Model, Imam Wahyudi, Rizky Luxianto, Niken Iwani Suryaputri, Liyu Adhika Sari Sulung Jan 2011

Early Warning System In Asean Countries Using Capital Market Index Return: Modiied Markov Regime Switching Model, Imam Wahyudi, Rizky Luxianto, Niken Iwani Suryaputri, Liyu Adhika Sari Sulung

The Indonesian Capital Market Review

Asia's financial crisis in July 1997 affects currency, capital market, and real market throughout Asian countries. Countries in southeast region (ASEAN), including Indonesia, Malaysia, Philippines, Singapore, and Thailand, are some of the countries where the crisis hit the most. In these countries, where financial sectors are far more developed than real sectors and the money market sectors, most of the economic activities are conducted in capital market. Movement in the capital market could be a proxy to describe the overall economic situation and therefore the prediction of it could be an early warning system of economic crises. This paper tries …

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Role Of Indian Commodity Derivatives Market In Hedging Price Risk: Estimation Of Constant And Dynamic Hedge Ratio, And Hedging Effectiveness, Brajesh Kumar, Ajay Pandey Jan 2011

Role Of Indian Commodity Derivatives Market In Hedging Price Risk: Estimation Of Constant And Dynamic Hedge Ratio, And Hedging Effectiveness, Brajesh Kumar, Ajay Pandey

The Indonesian Capital Market Review

This paper examines hedging effectiveness of four agricultural (soybean, corn, castor seed and guar seed) and seven non-agricultural (gold, silver, aluminium, copper, zinc, crude oil and, natural gas) futures contracts traded in India, using VECM and CCC-MGARCH model to estimate constant hedge ratio and dynamic hedge ratios, respectively. We ind that agricultural futures contracts provide higher hedging effectiveness (30-70%) as compared to non-agricultural futures (20%). In the more recent period, the hedging effectiveness of Indian futures markets has increased. When hedging effectiveness of non-agricultural Indian futures contracts with the world spot markets (NYMEX and LME) is analyzed, hedging effectiveness increases …

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Time Perspective And Psychological Problems Among Adolescents Affected By Violent Conflict In Indonesia, Sherly Saragih Turnip Dec 2010

Time Perspective And Psychological Problems Among Adolescents Affected By Violent Conflict In Indonesia, Sherly Saragih Turnip

Makara Human Behavior Studies in Asia

Conflicts and wars in several areas in Indonesia have caused a large number of Internally Displaced Persons (IDPs). IDPs adolescents are a vulnerable group for developing psychological problems. There was a concern about the form of time perspective that these adolescents have and its relationship with the occurrence of psychological problems in the future. However, there is a lack of studies of internally displaced persons that assess the relationship between psychological distress and time perspective in low income countries. The study aim was to assess psychological status and time perspective of adolescents who were affected by violent conflict in Indonesia. …

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Kearifan Tradisional Suku Maybrat Dalam Perburuan Satwa Sebagai Penunjang Pelestarian Satwa, Freddy Pattiselanno, George Mentansan Dec 2010

Kearifan Tradisional Suku Maybrat Dalam Perburuan Satwa Sebagai Penunjang Pelestarian Satwa, Freddy Pattiselanno, George Mentansan

Makara Human Behavior Studies in Asia

Widlife management as food resources in the tropical areas is very rarely done. Traditional wisdom as an aspect that plays an important role in wildlife sustainability still put into practice by certain tribals. Study on traditional wisdom of Maybrat ethnic group was done to observe the practice of traditional wisdom create important impact to the effort of wildlife sustainability in Sorong Selatan Regency. The results indicate that traditional wisdom practice such as the use of hunting tools, places for hunting and wildlife hunted that indirectly give positive impact in order to support wildlife sustainability in Sorong Selatan.

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Metode Pembelajaran Tutor Teman Sebaya Meningkatkan Hasil Belajar Berdasar Regulasi-Diri, Ruseno Arjanggi, Titin Suprihatin Dec 2010

Metode Pembelajaran Tutor Teman Sebaya Meningkatkan Hasil Belajar Berdasar Regulasi-Diri, Ruseno Arjanggi, Titin Suprihatin

Makara Human Behavior Studies in Asia

The purpose of this study is to empirically examine the effectiveness of peer tutoring method on self-regulated learning. In self-regulated processes such as planning, self monitoring, and control of disturbances, the model of interaction between personal environment and behavior is a reciprocal interaction. Peer tutoring is expected to raise the potential behavior through an independent learning materials organization. Those behaviours include assistance-seeking behavior and assistance-giving during a more intensive learning process resulted from nearer psychological distance between the tutor and tutee. The subject of this research was 63 students of the Faculty of Psychology Unissula Semarang, which was divided into …

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Perkembangan Motif, Makna, Dan Fungsi Tato Di Kalangan Narapidana Dan Tahanan Di Yogyakarta, Cons. Tri Handoko Dec 2010

Perkembangan Motif, Makna, Dan Fungsi Tato Di Kalangan Narapidana Dan Tahanan Di Yogyakarta, Cons. Tri Handoko

Makara Human Behavior Studies in Asia

This article describes about the developments of the motifs, meaning, and functions of the tattoo among the convicts and detainees in Yogyakarta since 1950s. The research respondents were the convicts and detainees in the Socialization Institution of Class IIA Yogyakarta, ex-convicts, and tattoo artists who understood about the developments of tattooing in Yogyakarta. The Motifs of tattoo among the convicts and detainees were flora, fauna, people portraits, horror, tribal tattoo, heart iconics, typography, biohazard and biomechanical, also still life. There were two appearances of the motif, standed alone and mix motifs. Each motif had particular meaning. The tattoing technique used …

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Pengukuran Servant Leadership Sebagai Alternatif Kepemimpinan Di Institusi Pendidikan Tinggi Pada Masa Perubahan Organisasi, Seger Handoyo Dec 2010

Pengukuran Servant Leadership Sebagai Alternatif Kepemimpinan Di Institusi Pendidikan Tinggi Pada Masa Perubahan Organisasi, Seger Handoyo

Makara Human Behavior Studies in Asia

Leadership is a critical factor for organizational effectiveness and also has great influence to almost all human life. Higher education has a distinctive characteristics, so it needs a particular leadership. Recently, higher education in Indonesia is actively making organizational change, so higher education’s leaders continually make efforts to accomplish successful and significant change. The purposes of research are to examine how important is virtues of servant leadership and to examine multidimensionality of servant leadership. Result shows that servant leadership is an alternative of leadership to accomplish successful organizational change in higher education. Result also finds that servant leadership is a …

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Keterpaparan Materi Pornografi Dan Perilaku Seksual Siswa Sekolah Menengah Pertama Negeri, Ani Mariani, Imam Bachtiar Dec 2010

Keterpaparan Materi Pornografi Dan Perilaku Seksual Siswa Sekolah Menengah Pertama Negeri, Ani Mariani, Imam Bachtiar

Makara Human Behavior Studies in Asia

Pornographic exposure and sexual behavior of Junior High School (JHS) students were studied to determine pornographic epidemy in young shool children. The study was carried out using questioner survey for students at Grades 7-9 on four state JHS at the City of Mataram. The respondents were consisted of 36 classes or 1415 students. Results of the study show that 91 per cent of students have been exposed to pornographic materials. The exposure was different between males and females. The pornographic exposure of Grade 7 was different from 8 and 9 students showing the vulnerability of Grade 7 students. Cellular or …

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Peran Masyarakat Sipil Dalam Proses Demokratisasi, Otho H. Hadi Dec 2010

Peran Masyarakat Sipil Dalam Proses Demokratisasi, Otho H. Hadi

Makara Human Behavior Studies in Asia

The growth of civil society in Indonesia gives rise to some imperative issues to resolve. This is the indispensable ground why the study is carried out, i.e. the contribution of the role of civil society on the process of democratization undergone todate. The objectives of this study are among others to identify problems faced by civil society organisation in instigating its role with regard to the aspects of enabling environment (external) and capacity of organisation (internal) as well as the nature enhancement; to acquire profile of civil society augmentation in the context of its role contribution as significant actor democracy …

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Chinese Economic Activities In Sub Saharan Africa: A Substitute For Europe?, Ineke Keers, Bartjan J. W. Pennink Dr. Oct 2010

Chinese Economic Activities In Sub Saharan Africa: A Substitute For Europe?, Ineke Keers, Bartjan J. W. Pennink Dr.

The South East Asian Journal of Management

This paper aims to investigate if the Chinese economic ties with Sub Saharan Africa serve as a substitute for this existing European-African relationship. Three types of economic activities are studied to determine a possible substitution effect: 1) trade (imports and exports) 2) foreign direct investment (FDI) flows; and 3) development aid from China and the European Union towards six African countries. Because natural resources, especially oil, appear to be a driver for Sino-African trade this study focuses on oil-importing and oil-exporting African countries. The group of oil-importing African countries is formed by South Africa, Ghana, and Kenya. The oil-producing countries …

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Role Of Hr Professionals In The Indian Information Technology Sector, Mary Mathew, Tejas Subramanya, Nivedita Agarwal, Anirudha Dambai Oct 2010

Role Of Hr Professionals In The Indian Information Technology Sector, Mary Mathew, Tejas Subramanya, Nivedita Agarwal, Anirudha Dambai

The South East Asian Journal of Management

This qualitative paper aims to understand the activities and strategic role played by Human Resource (HR) professionals in the Indian IT organizations. This paper presents results from an exploratory field study of HR professionals in 28 IT organizations of Bangalore. Data is collected from HR professionals in these organizations to assess career support that HR professionals receive, the size increase of these professionals given the overall manpower size increase (HR density), replication of parent's HR practices, and the HR activities these professionals engage in, in this sector. Results showed that HR played an important role in recruitment, culture building and …

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Underlying Factors Of Entrepreneurial Intentions Among Asian Students, Nurul Indarti, Rokhima Rostiani, Tur Nastiti Oct 2010

Underlying Factors Of Entrepreneurial Intentions Among Asian Students, Nurul Indarti, Rokhima Rostiani, Tur Nastiti

The South East Asian Journal of Management

A survey among 650 undergraduate students in Asian countries, including Indonesia, Japan, South Korea, Taiwan, and Thailand, showed that student's entrepreneurial intentions and the determining factors varied from country to country. Generally, self-efficacy, environmental factors, age, and gender were found to have significant impact on entrepreneurial intentions among Asian students. However, the model could only explain 25.5% total variance of entrepreneurial intentions. it is expected that results of this research can give insights for government and universities to formulate policies and programs to cultivate entrepreneurial spirit among students.

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Social Capital Moderating Roles Towards Relationship Of Motives, Personality And Organizational Citizenship Behavior: Cases In Indonesian Banking Industry, D. Wahyu Ariani Oct 2010

Social Capital Moderating Roles Towards Relationship Of Motives, Personality And Organizational Citizenship Behavior: Cases In Indonesian Banking Industry, D. Wahyu Ariani

The South East Asian Journal of Management

The goal of this research is to test social capital as the moderating variables of the relationship model between core self-evaluation personality, motives, and organizational citizenship behavior. The research integrates the use of atribution, social exchange, core self evaluation theories, and two raters of organizational citizenship behavior. A survey is conducted by using questionnaires from the previous research. The questionnaires were sent to 128 brances of the bank industry located in 16 major cities in Java. The samples consisted of 636 tellers andd 129 head tellers. Validity and reliability tests were used to evaluate the questionnaire contents. The Structural Equation …

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An Investigation Of Psychological Factors Inluencing Investment Decision Making, Hsin Hue Chang Jul 2010

An Investigation Of Psychological Factors Inluencing Investment Decision Making, Hsin Hue Chang

The Indonesian Capital Market Review

This study applies a second-order conirmatory factor analysis (CFA) approach to investigate psychological factors inluencing individuals' investment decision-making. A second-order CFA approach consists of ive irst-order psychological factors in terms of mental accounting, regret avoidance, self-control, heuristic and overconidence, and one second-order factor in terms of investment decision-making. Quantitative data was yielded by the questionnaire, and an effective sample of 752 responses was used to execute the estimation procedure. The results reveal that there exist statistically signiicant relationships between ive psychological factors and investment decision-making. Investors are likely to consider a product with different functions as one with different mental …

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Exploring Determinant Factors Of Bond Trading With Inventory Management Theory (Case Study Of Indonesian Capital Market, January – March 2009), Imam Wahyudi, Abdu Robbi Jul 2010

Exploring Determinant Factors Of Bond Trading With Inventory Management Theory (Case Study Of Indonesian Capital Market, January – March 2009), Imam Wahyudi, Abdu Robbi

The Indonesian Capital Market Review

This paper studies trading volume of 206 recorded and publicly traded bonds in Indonesian Capital Market on January 4th - March 9th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We ind that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included descriptive statistic, GLS, and other formal test. We ind that …

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Estimating Structural Models Of Corporate Bond Prices In Indonesian Corporations, Lenny Suardi, M. Syamsudin Jul 2010

Estimating Structural Models Of Corporate Bond Prices In Indonesian Corporations, Lenny Suardi, M. Syamsudin

The Indonesian Capital Market Review

This paper applies the maximum likelihood (ML) approaches to implementing the structural model of corporate bond, as suggested by Li and Wong (2008), in Indonesian corporations. Two structural models, extended Merton and Longstaff & Schwartz (LS) models, are used in determining these prices, yields, yield spreads and probabilities of default. ML estimation is used to determine the volatility of irm value. Since irm value is unobserved variable, Duan (1994) suggested that the irst step of ML estimation is to derive the likelihood function for equity as the option on the irm value. The second step is to ind parameters such …

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Determinants Of Financial Behaviours Among Malaysians, Zauwiyah Ahmad, Maimun Simun, Md. Shukor Masuod Jul 2010

Determinants Of Financial Behaviours Among Malaysians, Zauwiyah Ahmad, Maimun Simun, Md. Shukor Masuod

The Indonesian Capital Market Review

The importance of financial literacy in promoting good financial behaviour has been established in previous studies. Nonetheless, a study that speciically analyses Malaysian or Asian general public is very rare, despite various cases involving bankruptcies, suicides and harassment that result from improper financial decisions within the region. This study focuses on Malaysians' financial literacy and inancial behaviour. It is hypothesized that inancial behaviour is signiicantly correlated with financial literacy. It is also expected that Malaysians' inancial behaviour and financial literacy vary signiicantly among those from different education and income levels. A quantitative approach was adopted for this study, utilizing questionnaire …

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Style Analysis: Asset Allocation & Performance Evaluation Of Indonesian Equity Funds, April 2004 – March 2009, Boniarga Mangiring, Zäafri Ananto Husodo Jul 2010

Style Analysis: Asset Allocation & Performance Evaluation Of Indonesian Equity Funds, April 2004 – March 2009, Boniarga Mangiring, Zäafri Ananto Husodo

The Indonesian Capital Market Review

This paper explores investment styles and risk exposures of mutual funds in Indonesia using Sharpe's return-based style analysis, a quadratic optimization of an asset class factor model, proposed by William F. Sharpe in 1992. The research observes nine sectoral asset class indexes and ifteen survivor Indonesian equity funds within April 2004 - March 2009. The results suggest that the infrastructure sector has the biggest exposure on average. This study also measures the relative performance of the funds with respect to their style benchmarks. The results indicate that the nine funds have been able to beat their style benchmarks on average. …

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