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"The purpose of this study is to examine the effectiveness of linkage program between Islamic Banking (IB) and Baitul Maal Wat Tamwil (BMT) on BMT financing growth and profitability. This study also aims to compare three linkage models and to explore the keys factors that affect the implementation of linkage program. To achieve these objectives, both quantitative and qualitative research methods are employed. The dataset consists of the financial statement of 26 BMT in Indonesia and interviews with 12 managers of BMT and IB in Jakarta. The findings suggest that a synergy between IB and BMT through linkage program has significant impact on BMT financing growth and BMT ROE. Among three linkage models, executing model appears to be the most preferable model, both by BMT and IB. The finding also suggests that internal and external factors at BMT level have impacts on the effectiveness of linkage program."

"This study develops a model of expropriation through real earnings management (REM) in theIndonesian Islamic banking industry. The purpose of this study is to test a new model by examiningthe relationship between REM, bank ownership types, and performance of Islamic banks in Indonesiain the period of 2006 - 2013. This study finds that there are significant differences in REM andperformance scores in banks with different ownership types. The REM and performance scores forfamily-owned banks and private-owned banks are relatively similar. However, Islamic banks withgovernment as the controlling shareholder have the highest REM scores and the lowest performancescores. In contrast, foreign-owned banks have the lowest REM scores and the highest performancescores. The indications of expropriation can be seen from the magnitude of REM. A high REM canlower profitability and efficiency while increasing the risks faced by Islamic banks in Indonesia."

"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."

"This paper empirically examines the efficient market hypothesis (EMH) in the Islamic stock marketnamely Jakarta Islamic Index by emphasizing on the random walk behavior and nonlinearity. Inthe first step, we employ Brock et al. (1996) test to examine the presence of nonlinear behavior inJakarta Islamic Index. The evidence of nonlinear behavior in the indices, motivate us to use nonlinearESTAR unit root test procedure recently developed by Kapetanios et al. (2003) and Kruse (2011).The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for the indices,suggesting that Jakarta Islamic Index characterized by random walk process supporting the theoryof efficient market hypothesis. In addition, Lumsdaine and Papel (LP) test identified significant structuralbreaks in the index series."

"Convergence in prices or returns of assets with similar characteristics indicates that the financialmarket is integrated with regional markets. This paper is the first that test of the movements ofinterest rates in ASEAN banking sector for the period 1990 - 2012. The empirical analysis is basedon a yearly panel of commercial bank interest rate data from 5 ASEAN countries, namely, Indonesia,Malaysia, Philippines, Singapore and Thailand. We assessed the degree and speed of interest rateconvergence using beta and sigma convergence method. The findings show that the difference andthe dispersion in the interbank rates have reduced since the Asian financial crisis and this trend hasbecome stronger after the Global financial crisis. The findings of this study confirm that interest ratesin the ASEAN banking sector are converging. This provides evidence that the ASEAN banking sectoris ready for financial integration."

"Convergence in prices or returns of assets with similar characteristics indicates that the financialmarket is integrated with regional markets. This paper is the first that test of the movements ofinterest rates in ASEAN banking sector for the period 1990 - 2012. The empirical analysis is basedon a yearly panel of commercial bank interest rate data from 5 ASEAN countries, namely, Indonesia,Malaysia, Philippines, Singapore and Thailand. We assessed the degree and speed of interest rateconvergence using beta and sigma convergence method. The findings show that the difference andthe dispersion in the interbank rates have reduced since the Asian financial crisis and this trend hasbecome stronger after the Global financial crisis. The findings of this study confirm that interest ratesin the ASEAN banking sector are converging. This provides evidence that the ASEAN banking sectoris ready for financial integration."

"Modeling the correlation of assets returns volatilities across different markets or segments of amarket has practical value for portfolio selection and diversification, market regulation, and riskmanagement. This paper therefore evaluates the nature of time-varying correlation between volatilitiesof stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-GeneralisedAutoregressive Conditional Heteroscedasticity (DCC-GARCH) model. Results from DCCGARCH(1,1) model show evidence of volatility clustering and persistence in Nigeria stock marketand crude oil returns. The results also show that there is no dynamic conditional correlation in ARCHeffects between stock market returns and crude oil prices in Nigeria. The results further show thatthere is strong evidence of time-varying volatility correlation between stock market and crude oilreturns volatility. The findings will help shape policy-making in risk management and market regulationin Nigeria."

"The debate on the relationship between economic growth and financial development has beensteadily growing in these recent years. However, the existing theoretical and empirical literature providesconflicting views in this respect. This paper proposes an empirical investigation of the nature ofthis relationship in the Moroccan context. More precisely, it explores the cointegrating and the causalityissue between economic growth and financial development. The latter is measured by largelyused indicators. In particular, we use capital market proxy, in addition to the traditional indicatorsof financial intermediation. The findings show that financial development explains significantly thegrowth, but the direction of causality depends on the indicator used to measure the financial deepeningand the time horizon of analysis (short or long terms)."

"In this paper, we analyze the empirical relationship between stock return and trading volumebased on stock market cycles. Using daily data for Jakarta Composite Index (JCI) closing price andtrading volume from 2010 to 2014, we identify the bull and bear phases, then we analyze the return–volume relationship in both contemporaneous and dynamic context. We find that (1) there is a positivecontemporaneous return–volume relationship in both bull and bear markets, which is only significantin bull markets; (2) no evidence of asymmetry in contemporaneous relationship is found; and (3)there exists a positive unidirectional causality from stock return to trading volume. Our research hastwo implications. First, in the bull market, overconfidence may grow with long-lasting past successand there is also momentum or positive feedback trading. Second, stock return is able to forecasttrading volume. In addition, our findings are robust for different sample period and data frequency."