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"The stock markets are becoming an essential and inseparable part of the economies in many countries, including Indonesia. The fact that stock markets indices become one of the indicators to determine the healthiness of country economics showing the importance of the stock market in a country. Whenever the stock market experiences a substantial decline, there is reason to fear that a recession may come. Thus, policymakers and the government have to be aware of this matter. Macroeconomics plays an essential role in economies activities as well as brings an effect to stock market performance. GDP as an indicator of economic growth, inflation that is limiting consumption, interest rate, and exchange rate are selected macroeconomic variables that affect the stock market performance. Using multiple regression analysis, it is known that GDP and inflation contributing to the rise of stock market value, albeit the effect of inflation is not significant. Contrary, interest rate and exchange rate bring a negative impact on the stock market performance, primarily interest rate, which has a significant effect."

"This paper conducts event studies on two of the most important events in recent history of Korean M&A market, to examine which firms were regarded more vulnerable to hostile takeover."

"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."

"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."