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"The purpose of this research is to examine the influence of good corporate governance mechanismabout earnings management in companies listed in Indonesian Stock Exchange during 2006 to2010. The independent variables include the size of commissioner board, independent commissionerboard percentage, size of audit committee, and commissioner meeting frequency. The dependent variableis earnings management which is measured by discretionary revenue model (Stubben, 2010).Size of company is used as the control variable in this research. The population of this research is465 samples from companies listed at Indonesian Stock Exchange during 2006 to 2010. The samplingmethod used in this research is purposive sampling method. In addition, the data analysis methodused is regression analysis and descriptive statistics. The result of this research indicates that themechanism of good corporate governance which is represented by the size of commissioner board,independent commissioner board percentage, size of audit committee, and commissioner meeting frequencydo not have any significant impact on earnings management. However, the result shows thatcompany size gave positive influence toward earning management."

"Ritter and Welch (2002) explain there are two types of IPO firms, namely higher quality firms and lower quality firms. This research propose the third type, namely bad IPO firms which manipulate and force IPO underpricing. Bad IPO firms are subset of lower quality IPO firms that force false signal as higher quality firms. The false signal was hidden by managing post-IPO trading. Trading management are indirectly funded by using balance sheet cash. Hypothesis testing with the empirical model 1 was to confirm the role of CashRatio as the moderating variable that interact DER to affect IPO underpricing which originally was not. The findings support the predictions that interactive variable DER*CashRatio affect IPO underpricing. A managed trading had a non negative profits constraint so that selective post-IPO trading was conducted to cause trading imbalance observable as skewed trading volume (Skewness). Subsequent tests with the empirical model 2 was to confirm the role of Skewness as the moderating variable that interact VolRatio to affect post-IPO stock return (RGM) which originally was not. The findings support the predictions that interactive variable LnVolRatio*Skew affect RGM. Both findings confirm this research predictions on the possibility of manipulated IPO trading in Indonesia IPO 2009-2012."

"In this study, we analyze contrarian and momentum strategies in periods associated with optimism or pessimism, and we compare them to the normal market sentiment condition. We evaluate the sentiment using the Arms adjusted index. Then, using the vector autoregressive test, we analyze the relationships among sentiment, stock returns, excess returns, and volatility. The results show that the formation of a short-term portfolio in one- and three-month periods of optimism and pessimism do not create additional returns and results in losses. In addition, the outcomes indicate that combining normal market sentiment with behavioral finance strategies increases performances, with more significant results seen using contrarian strategies compared to momentum strategies."

"The Indonesia Stock Exchange has really concerned about improving stock market quality thesedays. One of its effort is implementing pre-closing trading session. It refers to Decision of the Boardof Directors of The Indonesia Stock Exchange Number Kep-00399/BEI/11-2012, regarding Amendmentto Rule Number II-A concerning Equity-Type Securities Trading. The rule is effective on 2ndJanuary 2013 and Indonesia Stock Exchange has implemented it since that date. The purposes ofpre-closing implementation are to mitigate marking the close, which is the practice of buying securityat the very end of the trading day at a significantly higher price than the current price of the security,and to improve market quality. This paper attempts to veryfy whether the impact of pre-closing implementationto price efficiency is positive or not. The result shows that the pre-closing implementationhas positive impact to price efficiency. It reduces the return volatility and market manipulation at theclosing time which also means that the pre-closing implementation has effectively improved marketquality in the Indonesia Stock Exchange."

"This paper studies the impact of the stock market continuity on the returns volatility and on themarket efficiency in the Casablanca Stock Exchange. For the most active stocks, the trading mechanismused is the continuous market which is preceded by a call market pre opening session. Resultsobtained concerning return volatility and efficiency under the two trading mechanisms show that thecontinuous market returns are more volatile than the call market returns and 50% of stocks studiedshow independence between variations."

"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."

"Following the blueprint of the ASEAN integration 2015, the integration of the financial marketsin this region will increase. This study investigates the existence of a volatility spillover from the Singaporeanstock market into Indonesia, including its transmission pattern. Singapore, as an advancedcountry in the ASEAN region, has played an important role as the information leader in the market ofthis region, so that it is very possible that the shocks in the Singapore?s stock market will be transmittedto another stock market in this region. Using TGARCH (1,1) model specification regarding thedata of the daily return of the Indonesia market index (IHSG) for the period of January 2008 ? August2012, it is observed that the shock that took place in the Singapore stock market is immediately transmittedto the Indonesia stock market with two important asymmetric patterns. The transmission ofthe shock from the Singapore stock exchange becomes stronger when this market (1) experiences anegative return, and (2) is in the bearish phase."

"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.."

"This article contributes to country specific result on the responses of sector stock indices to crudeoil price changes. Using linear and asymmetric models and by studying the association of crude oiland stock price, this article aims to explain about the short-term responses of Indonesian sector stockindices to crude oil price changes. Besides, we also try to figure out whether there are asymmetricresponses within. Our findings suggest that the strength and the sensitivity of this association varyacross sectors, and the effects are positive for all sectors. We also find strong significance of asymmetryreactions for Agriculture and Consumer Goods sector stock returns due to changes in crudeoil price."

"Penelitian ini menganalisa determinan pilihan rezim nilai tukar dengan menggunakan variabel Optimum Currency Area, Political Economy, dan krisis selama periode 1991-2008. Dengan menggunakan metode probit cross-countries ditemukan bahwa terdapat perbedaan antara driving variables di dunia, negara maju dan negara berkembang. Untuk negara-negara di dunia, tingkat keterbukaan, economic development, financial development, inflasi, reserve dan tingkat kediktatoran signifikan sementara hasil regresi untuk negara berkembang menunjukkan bahwa variabel tingkat keterbukaan negara, financial development, inflasi, reserve dan tingkat kediktatoran berpengaruh secara signifikan dalam pemilihan rezim nilai tukar negara. Hasil yang jauh berbeda didapat dari hasil regresi negara maju. Pada estimasi ini, hanya economic development, financial development dan kekuatan kelompok produser sektor tradable yang secara signifikan mempengaruhi pemilihan rezim nilai tukar.

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This study examines the determinant of exchange rate regime choice with Optimum Currency, Political Economy dan crisis approach in a span of year 1991-2008. Using cross-countries probit method, this study find that there are differences between driving variable in world, developed and developing countries. The result shows that for world, openness, economic development, financial development, inflation, reserve, dictatorship are the significant determinant and for developing countries, openness, financial development, inflation, reserve and dictatorship are influenced significantly the countries exchange rate regime choice. Meanwhile, for developed countries, only economic development, financial development and power of tradable sector producer are the significant determinan of exchange rate regime choice."