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Abstrak :
ABSTRAK
Penelitian ini bertujuan untuk melihat pengaruh rata-rata suku bunga deposito 1 bulan, IHSG dan nilai tukar USD terhadap arus dana Reksa Dana Konvensional Saham, Reksa Dana Syariah Saham, Reksa Dana Konvensional Campuran dan Reksa Dana Syariah Campuran yang dikelola oleh Manajer Investasi PT. XYZ dengan rentang waktu penelitian Januari 2010 - Agustus 2014 dengan menggunakan metode regresi linear berganda. Hasil penelitian memperlihatkan bahwa setiap jenis Reksa Dana memiliki reaksi yang berbeda terhadap pergerakkan ekonomi Indonesia. Pada Reksa Dana Konvensional Saham, variabel return rata-rata deposito 1 bulan tidak berpengaruh signifikan, hasil berbeda ditunjukkan oleh Reksa Dana Syariah Saham dimana return IHSG berpengaruh signifikan. Sedangkan pada Reksa Dana Konvensional Campuran tidak ada variabel yang berpengaruh signifikan. Pada Reksa Dana Syariah Campuran, return rata-rata suku bunga 1 bulan dan return IHSG berpengaruh signifikan.

Penelitian lebih lanjur diperlukan untuk mengetahui pengaruh faktor-faktor lain diluar variabel dependen yang diteliti dalam mempengaruhi flow Reksa Dana.

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ABSTRACT
The objective of this research is to see the influence of the 1-month average rates on deposits, IHSG, and USD exchange rate toward the mutual fund flows of Fund Shares, Mutual Fund Shares, Balanced Fund managed by The Investment Manager of PT. XYZ. The research period dated from January 2010 to August 2014 using regression analysis.

The finding showed that each kind of Mutual Funds had different reaction towards Indonesia's economic movement. On The Mutual Funds of Fund Shares, the return variable of 1-month average deposits had no significant influence. Different finding resulted from Mutual Fund Shares, in which IHSG gave significant influence. While on Balanced Funds, there was no significant variable. On Sharia Balanced Funds, the return of 1-month interest rate and return of IHSG gave significant influence.

Further research is needed to know the influence of other factors beyond the observed dependent variable towards the flow of Mutual Funds.;The objective of this research is to see the influence of the 1-month average rates on deposits, IHSG, and USD exchange rate toward the mutual fund flows of Fund Shares, Mutual Fund Shares, Balanced Fund managed by The Investment Manager of PT. XYZ. The research period dated from January 2010 to August 2014 using regression analysis.

Abstrak :
This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund?s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and their reaction towards it. We apply a Fama-McBeth Regression technique for equity mutual funds, fixed income mutual funds, and balanced mutual funds that are effective during the period of February 2010 until February 2015. Our finding shows that open-ended mutual fund investors do not only have sensitivity towards past performance information signals, but also have additional sensitivity towards the ambiguity of multiple information signals. Because of the presence of ambiguity, investors consider more on negative information signals and the worst information signal in their investment decisions.

Abstrak :
Penelitian ini bertujuan untuk menguji hubungan antara Arus Dana Investasi Asing NFF di pasar modal Indonesia dan tingkat return dari Indeks Harga Saham Gabungan IHSG dengan jangka waktu 15 tahun sejak 1 Januari 2000 sampai 1 Januari 2016, dengan frekuensi observasi per hari. Penelitian ini mencakup beberapa shock variables yang adalah variabel yang dapat mempengaruhi NFF dan variabel yang dapat mempengaruhi IHSG kembali untuk mengidentifikasi variabel lain yang mempengaruhi setiap variabel utama NFF dan IHSG kembali. Vector Auto Regression VAR dan regresi OLS digunakan untuk model awal dan kemudian digunakan pendekatan GARCH. Selain itu, beberapa uji digunakan seperti Uji Kausalitas Granger Granger Causality Test digunakan untuk mengidentifikasi arah korelasi antara NFF dan tingkat return dari IHSG. Penelitian ini juga termasuk Uji White, Uji Breusch-Pagan, dan Uji Szroeter Rank untuk mendeteksi heteroskedastisitas dalam model tersebut. Penelitian ini menghasilkan tiga hasil utama yaitu pertama, pengembalian IHSG memiliki korelasi yang signifikan dan positif terhadap tingkat NFF menuju pasar saham Indonesia. Kedua, penelitian ini menemukan bahwa Indeks Dow Jones Industrial Average, nilai tukar domestik, harga minyak mentah dunia dan harga emas dunia memiliki pengaruh yang signifikan terhadap Arus Dana Asing yang masuk ke IHSG. Terakhir, Krisis Subprime Mortgage di tahun 2008 tidak berpengaruh secara signifikan terhadap hubungan IHSG-NFF, yang berarti bahwa terlepas dari masa krisis atau periode non-krisis, IHSG secara konsisten memiliki dampak yang signifikan terhadap NFF. ......This research examines the correlation between Net Foreign Fund flows NFF in the Indonesian equity market and the returns of the Jakarta Composite Index JCI from 1 January 2000 to 1 January 2016, which is a 15 year period with a daily frequency. The research includes several shock variables, which are external variables that may affect NFF and external variables that may affect the JCI returns. This was done to identify other variables that may affect each of the main variables, which are the NFF and JCI returns. Vector Auto Regression VAR and OLS regression were used for the initial model and later the GARCH approach was used to address the heteroskedasticity issue. In addition, several tests was used such as the Granger Causality Test was used in order to identify the direction of correlation between the NFF and the returns of the JCI. The research also included the White Test, the Breusch Pagan Test, and the Szroeter rsquo s Rank Test in order to detect any heteroskedasticity in the model. The research discovered that JCI returns have a significant and positive correlation towards the levels of NFF in the Indonesian equity market. Secondly, this research also founds out that the returns of the Dow Jones Industrial Average index, domestic exchange rate, world crude oil price and world gold price have a significant effect in relation to the Net Foreign Fund flows. Lastly, the 2008 Subprime Mortgage Crisis has no significant effect in relation to the JCI NFF relationship, meaning that regardless of the crisis period or non crisis period, the JCI returns have a significant and consistent impact towards NFF.