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"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."

"We extend the persistence and pervasiveness of the presence of value effect to Indonesian stockreturns in the last two decades by utilizing data set that is relatively free of survivor bias and selectionbias. Our finding shows that value portfolios have been able to outperform growth portfolios.Furthermore, the presence of the effect as an asset pricing factor, along with the size effect, can significantlyexplain the returns of the aggregate equity mutual funds in Indonesia and unveil that theequity mutual fund industry does not provide sufficient risk-adjusted return to cover trading costs andfund expenses. Our proposition is that the equity mutual fund valuation will be better off to apply simplermodel shown in this paper to capture the value premium as opposed to the general applicationof traditional valuation method."

"We investigate the impact of the presence of women in top management on bank performancecontrolling for bank specific factors, ownership and governance. By making use of sample of 70 Indonesianbanks in a cross section study, we find strong evidence that the presence of women in theexecutives is negatively associated with firm performance. Moreover, we examine the moderatingeffect of TMT organizational tenure and TMT age. However, only little evidence is found in the effectof our moderating variables."

"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."

"This study analyzes the correlation between business diversification and performances in Indonesian listed companies from 2006-2011. In addition to observing business diversification impact on company?s performance in term of Return on Assets (ROA) and Tobin?s Q, this research also observes the business diversification impact on the performances of different companies at different level.The result of this research indicates that diversification gives negative effect to ROA and Tobin?s Q, while for higher level of diversification, the effect on Tobin?s Q is relatively high. The negative effect of diversification on ROA is higher in the group of companies with higher ROA. The different results show that when using Tobin?s Q as a measure of companies? performances, diversification gives negative impact to companies? performance in the intermediate level."

"Recently Indonesia is viewed quite positively due to its achievements in withering the 2008 financial crisis and for world's recognition as one of the fast emerging economies along with Brazil, Russia, India, China and the G-20 countries. Does that mean that it's time for Indonesia to use its economic performance as asset for diplomacy? What to consider when employing economic achievements as diplomatic tool? This paper discusses the changing nature of diplomacy, the posture of Indonesia's economic performance, how Indonesia tap into it, and what could be done to take most advantage out of the new context and development in international politics."

"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."

"Penelitian ini bertujuan untuk menganalisis dampak dari aliran modal masuk terhadap REER yang terjadi pada 6 negara Asia, meliputi Indonesia, Malaysia, Thailand, Filipina, Cina dan India untuk periode 1990-2011 melalui 3 jenis aliran modal yaitu, PMA, investasi portofolio, investasi lainnya. Dengan menggunakan model yang dikembangkangkan Lartey (2007) dan metode panel Feasible Generalized Least Square, hasil penelitian menunjukkan bahwa investasi portofolio memiliki dampak apresiasi REER paling besar, diikuti oleh investasi lainnya dan PMA. Variabel makroekonomi derajat keterbukaan dan konsumsi pemerintah positif dan signifikan terhadap apresiasi REER.

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The purpose of this research is to analyze the impact of capital inflows towards the REER, in a sample of 6 Asian countries, consisting of Indonesia, Malaysia, Thailand, Phillippines, China, and India from the year 1990-2011. By using the model developed by Lartey (2007) and Feasible Generalized Least Square regression, the results reveal that portofolio investment have the greatest REER appreciation effect towards the REER, followed by other investment and foregin direct investment (FDI). Macroeconomic variables such as trade openness and government consumption positively and significantly affect the REER appreciation."

"The number of takeover transactions is relatively less compared to other corporate actions bypublicly-listed companies, (e.g. IPOs, rights issues, or material transactions). There is no researchthat explains or contextualizes this fact, but one may speculate that this may be due to (a) the existenceof block-holders in Indonesia’s corporate structure profile (structural barrier) or (b) because itis costly to carry out a takeover in light of the existing Mandatory Tender Offer (MTO) requirements(legal barrier). This article focuses on the latter problem, aiming to address the practical and legalissues pertaining to takeover transactions in Indonesia with respect to the existence of the MTO.Pursuant to the prevailing rule, in a takeover of publicly-listed companies that results in a change ofcontrol, a MTO/mandatory bid requirement must be followed with the potential acquirer making anoffer to purchase all of the remaining shares of the target company according to a certain minimumprice formula. Specifically the article discusses practical and creative strategies that prospectivecontrollers employ to avoid the mandatory bid/MTO requirement, and how these strategies impactthe principle of minority shareholders’ protection.."