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"ABSTRACTThis paper looks into the Philippine secondary art market, which has recently emerged with the country's booming economy. Specifically, the paper aims to determine the effect of the August 2015 stock market sell-off on prices and profitability of art auction sales in the Philippines. Works of art may be considered as alternative investment goods for stocks. There may be greater demand for artworks as part of an investment diversification strategy when the equity market is bearish. On the other hand, artworks may also be part of a conspicuous consumption behavioral pattern, such that when income and wealth levels fall, the demand for artworks drops. To determine the net effect of stock market conditions on the Philippine art market, an empirical model is estimated using the ratio of the auctions' hammer price to the starting bid as a measure of art market profitability and vitality. Our regression results reveal that artworks are more of a conspicuous consumption good in the Philippines. Reduced income and wealth after the stock market plunge in August 2015 led to lower willingness to pay for artworks and lower returns in the September 2015 auctions compared to the September 2014 auctions. The "poorer rich" effect appears to prevail over the alternative investment effect in the Philippines."

"ABSTRAKSkripsi ini membahas mengenai hubungan antara kebijakan moneter dengan pasar saham periode penelitian 1996-2015. Kebijakan moneter direpresentasikan oleh suku bunga jangka pendek dan nilai tukar. Sedangkan pasar saham direpresentasikan oleh return saham. Jenis penelitian ini adalah kuantitatif dengan metode regresi OLS, SUR dan Regresi Panel. Hasil penelitian ini menyarankan bahwa kebijakan moneter mampu mempengaruhi Perkembangan Pasar Saham. Pengaruh tersebut berbeda di tiap-tiap negara. Melalui metode OLS dan SUR, suku bunga jangka pendek memiliki pengaruh negatif terhadap return saham, dan nilai tukar memiliki pengaruh positif pada return saham. Sedangkan melalui data panel, pengaruh suku bunga jangka pendek terlihat di negara G7 dan Emerging Market. Sedangkan Nilai Tukar memiliki pengaruh di negara Emerging, tidak signifikan di negara G7. Hasil SUR memberikan informasi penting bahwa ada common factors yang membuat return negara observasi bergerak bersama. Kebijakan moneter menjadi tidak efektif diterapkan dalam mempengaruhi pasar saham jangka panjang karena keberadaan common factor

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ABSTRACTResearcher explain correlation between Monetary Policy and Development of Stock Market in period 1996-2015. Monetary policy were represented by short term interest rate and exchange rate to US Dollar. Stock Market is represented by stock return. It is quantitative research which used OLS Regression, SUR, and Panel Regression Method. The result suggest that monetary policy could affects development of stock market. It is different for each country. Using OLS and SUR, short term interets have negative correlation to return, and exchange rate have positive correlation to return. While using Panel, short term interest have significant correlation in G7 member and Emerging Market. But exchange rate only significant in Emerging Market. The most important is, SUR provide information that there are common factors which affect the global return so that returns moves together. Monetary policy is not effective influence stock market because there are common factor inside."

"Penelitian ini membuktikan mengenai intensitas pencarian (search volume) terhadap stock return dan likuiditas di negara emerging market. Sampel terdiri dari 9 negara emerging market berdasarkan Morgan Stanley Capital International (MSCI) Emerging Market Index. Intensitas pencarian diproksikan oleh Google Trend bernama Google Search Volume Index(SVI) sebagai proksi untuk perhatian investor dan Abnormal Trading Volume (ATV) sebagai proksi likuiditas. Dalam penelitian ini, kami menggunakan Model Tiga Faktor Fama-French untuk menjelaskan variabilitas return saham di emerging market. Penelitian ini menggunakan data mingguan untuk periode Juli 2014-Juni 2018 dan currency depreciation sebagai peristiwa attention-grabbing. Kami mengklasifikasikan sampel ke dalam 3 portofolio yaitu negara yang memiliki depresiasi mata uang rendah, negara yang memiliki depresiasi mata uang menengah, dan negara yang memiliki depresiasi mata uang tajam. Hasilnya, terdapat indikasi SVI berpengaruh terhadap portofolio walaupun secara keseluruhan SVI tidak signifikansi terhadap return saham namun signifikan terhadap likuiditas. Faktor pasar (premi risiko pasar) positif dan signifikan pada portofolio keseluruhan. ATV memiliki informasi yang lebih dominan dari SVI dalam menjelaskan return saham. Selain itu, kami menemukan bahwa pada negara yang memiliki depresiasi mata uang rendah dan depresiasi tajam, preferensi investor berinvestasi pada small stock dengan book-to-market yang tinggi sementara pada negara yang memiliki depresiasi mata uang menengah preferensi investor untuk berinvestasi pada big stock dengan book-to-market yang tinggi. Dapat disimpulkan bahwa pada emerging market investor akan berperilaku rasional dalam jangka panjang.

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The research examines the evidence of search intensity toward stock return and liquidity in emerging market country. The sample consists of 9 emerging market country classified as Morgan Stanley Capital International (MSCI) Emerging Market Index. Search intensity is measured by Google Trends named Google Search Volume Index (SVI) as a direct proxy for investors attention and Abnormal Trading Volume (ATV) as proxies for liquidity. We use the Fama-French Three-Factor Model to explain stock return variability in emerging market. We obtain weekly data for the period from July 2014-June 2018 and currency depreciation as an attention-grabbing event. We classified the sample into 3 portfolios which are low currency depreciation, medium currency depreciation, and sharp currency depreciation. The result showed that the SVI has a tendency to explain stock return variability in portfolio even though in general SVI insignificant toward stock return however significant on liquidity. Market factor (market risk premium) consistent positive and significant in overall portfolio. ATV has dominance information rather than SVI in explaining stock return. Additionally, we find that in low and sharp currency depreciation, investor tend to invest in small stock with high book to market meanwhile in medium currency depreciation investor tend to invest in big stock with high book to market. Overall, we conclude that in emerging market, in a long term investor behave on their rationality."

"Karya akhir membahas perencanaan bisnis untuk mengembangkan pasar panel furniture di Philippina untuk PT. CSF sebagai pemimpin produsen furniture di Indonesia. Tetapi hanyalah pemain yang sangat kecil di pasar furniture Philippina. Philippina menawarkan kesempatan yang sangat besar bagi export furniture karena tidak ada produsen furniture lokal yang kuat. Kebanyakan panel furniture yang terdapat di Philippina berasal dari Malaysia, Thailand, Cina dan sedikit dari Indonesia. Karya akhir ini membahas situasi eksternal dan internal yang dihadapi PT. CSF dan strategy-strategy terbaik apa yang selayaknya dilakukan PT. CSF untuk mengembangkan pasar di Philippina.

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Final report discusses business plan to expanding panel furniture market to the Philippine for PT. CSF which is the leader panel furniture manufacturer in Indonesia but a very small player in Philippine furniture market. Philippines offer a big opportunity for panel furniture exporting since there are no strong local panel furniture manufacturers. Most of panel furniture in Philippine are coming from Malaysia, Thailand, China and some from Indonesia. This study analyzed the external and internal market situation faced by PT. CSF, and what best strategies should PT. CSF applied to expand the market to Philippine."

"Apapun bentuknya, seni adalah sesuatu yang disukai banyak orang, bisa berupa lukisan, musik, menari, dll. Alasan mengapa seni dicintai oleh banyak orang adalah karena seni dapat diekspresikan dalam bentuk apa saja suasana, mulai dari ceria, sedih, dan marah, tidak ada suasana khusus yang tercipta seni, salah satunya adalah seni lukis yang dapat mengungkapkan semua perasaan dan emosi kita. Lembur, Perkembangan teknologi juga berdampak positif bagi perkembangan seni lukis. Ray & Art adalah merek global yang menjual dua jenis lukisan, yaitu lukisan buatan tangan dibuat di atas kanvas dan lukisan digital yang dibuat dengan aplikasi komputer seperti Photoshop atau Corel. Selain menjual lukisan, Ray & Art juga menyediakan masterclass untuk umum tentang cara melukis membuat lukisan bagus di atas kanvas atau secara digital menggunakan aplikasi komputer. Alasan mengapa Ray & Art juga menjual lukisan dalam bentuk digital dikarenakan maraknya perkembangan teknologi, terutama teknologi layar yang membuat gambar terlihat sangat nyata dan tajam. Munculnya perkembangan aset digital seperti NFT juga membuat seni digital bisa dijual dengan harga fantastis harga.

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Whatever its form, art is something that many people like, can be painting, music, dance, etc. The reason why art is loved by many people is that art can be expressed in any atmosphere, ranging from cheerful, sad, and angry, there is no special atmosphere in creating art, one of which is painting that can express all of our feelings and emotions. Over time, technological developments also have a positive impact on the development of painting. Ray & Art is a global brand that sells two kinds of painting, handmade painting that?s made on canvas and digital painting that?s created with computer apps like Photoshop or Corel. In addition to selling paintings, Ray & Art also provide a masterclass for public on how to make great paintings on canvas or digitally using computer apps. The reason why Ray & Art also sells painting in digital form is due to the proliferation of technological developments, especially screen technology that makes images look very real and sharp. The emergence of the development of digital assets such as NFT also makes digital arts able to be sold at fantastic prices."

"The book presents an interdisciplinary collection of analyses that discuss the impact of market economy on our culture in the post-Berlin Wall era. It contains two parts. The first focuses on the commercialisation of science and education. The second elaborates on the multiple and diverse relation between art and capital."