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Abstrak :
Tesis ini membahas tentang implementasi Diversity Program untuk tenaga kerja penyandang disabilitas di Standard Chartered Bank (SCB) Indonesia. Penelitian menggunakan pendekatan kualitatif dengan desain studi eksploratif. Data diperoleh melalui wawancara dengan 8 (delapan) orang karyawan penyandang disabilitas dan 8 (delapan) orang karyawan non disabled, baik pada level manajerial maupun non manajerial. Analisis dibangun dengan melihat pemahaman karyawan dan perusahaan terhadap disabilitas dan nilai-nilai perusahaan. Penelitian menunjukkan bahwa belum ada penerapan Diversity Program secara formal dan terstruktur di SCB Indonesia. Selama ini, SCB Indonesia baru menerapkan affirmative action dalam bentuk perekrutan penyandang disabilitas sesuai instruksi dari grup. Namun, SCB dianggap telah memiliki modal yang cukup untuk mengembangkan Diversity Program yang terstruktur di kemudian hari. ...... This thesis discusses the implementation of Diversity Programs for workers with disabilities at Standard Chartered Bank (SCB) Indonesia. The study used a qualitative approach to the design of exploratory studies. The data obtained through interviews with eight (8) disabled employees and eight (8) non-disabled employees, both at the level of managerial and non-managerial. The analysis is built with the understanding of employees and the company about disability and company values. Research shows that there has been no formal and structured adoption of Diversity Programs in SCB Indonesia. During this time, SCB Indonesia implement affirmative action in the form of hiring persons with disabilities according to the instructions of the group. However, SCB considered to have sufficient capital to develop the more structured Diversity Programs in the future.

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Penelitian ini bertujuan untuk mempelajari kandungan informasi privat pada proses unnatural price discovery atau yang lebih dikenal sebagai jump ketika kejadian makroekonomi tidak dapat menjelaskan proses terjadinya jump di pasar saham. Hasil penelitian ini menunjukkan bahwa jump yang terjadi di pasar saham di Asia Tenggara dipengaruhi oleh informasi privat dimana nilai imbal hasil secara statistik signifikan lebih tinggi/ lebih rendah pada hari dimana terjadi informasi privat. Kami juga menemukan pola bahwa informasi privat yang terjadi di pasar saham Indonesia secara konsisten terkonsentrasi pada hari tertentu yaitu hari Jumat. Sedangkan pola pada pasar saham di negara lain menunjukkan informasi privat yang datang tidak terkonsentrasi pada hari tertentu melainkan secara random. Hasil penelitian ini selanjutnya menemukan bahwa informasi privat mampu menjelaskan imbal hasil individu perusahaan di Indonesia dan Thailand secara konsisten untuk semua interval waktu yaitu; 1 menit, 5 menit, 10 menit, dan 30 menit. Menggunakan konsep dari Aït-Sahalia, Cacho-Diaz, and Laeven (2015) kami menemukan spillover informasi privat yang konsisten dan signifikan hanya di pasar saham Singapura dan Indonesia sedangkan untuk pasar saham negara lain kami tidak menemukan adanya spillover.

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ABSTRACT
This research studies the private information from unnatural price discovery or jump when the absence of macroeconomic announcements. This study reveals that private information significantly explain jump in the Southeast Asia stock ..markets. Private information affects return on the day when the informed traders execute their information resulting extreme value of return. We find a pattern that the arrival of private information in Indonesian stock market is consistently concentrated on Friday while other stock markets are random. This paper empirically shows that private information is consistently explain individual return in Indonesia as well as Thailand stock market. Using the concept from Aït-Sahalia, Cacho-Diaz, and Laeven (2015), we discover spillover of private information from Singapore to Indonesia whereas there is no private information spillover in other stock markets

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Tujuan dari penelitian ini adalah untuk meneliti peran pelaku pasar yang berbeda dalam proses price discovery di pasar obligasi pemerintah. Price Discovery sangat penting dalam manajemen return dan risiko karena informasi terikat pada harga aset. Penelitian ini akan mencakup dua lapis pasar. Pertama adalah pasar interdealer dan kedua adalah pasar pelanggan. Penelitian ini mempelajari order flow mana yang memiliki dampak yang lebih besar dalam pembentukan harga di pasar obligasi pemerintah. Berdasarkan hasil analisis dapat disimpulkan bahwa pada pasar obligasi pemerintah Indonesia berpengaruh pada pembentukan harga, namun dari dua lapis order flow yang mempengaruhi harga adalah order flow dealer jangka pendek dan order flow customer jangka pendek. Koefisien regresi order flow customer jangka pendek lebih berpengaruh kepada pembentukan harga hal ini menunjukan bahwa pada perdagangan obligasi tersebut terdapat informed customer. Sedangkan pada penelitian Valseth (2013) order flow dealer pada semua jangka waktu mempengaruhi pembentukan harga. Dalam perdagangan obligasi pemerintah Indonesia customer tidak hanya melakukan perdagangan berdasarkan pertimbangan likuiditas saja namun memiliki informasi dalam mengambil keputusan atau membuat portofolio investasi. Pada hasil penelitian peran dealer secara individual, dimana dalam penelitian ini dilakukan secara grup dealer. Menunjukan bahwa dealer memiliki peran secara heterogen dan memiliki segmen yang berbeda pula. Hal penelitian ini sesuai dengan hasil penelitian Valseth (2013) bahwa dealer berperan secara heterogen.

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This study is try to conduct investigation about price discovery in Indonesia government bond market. Price discovery is very important to achieve return and  manage risk because information is tied to price of the asset. This research will cover two tier market, first tier is interdealer market and second tier is customer market. We study the dealer and customer order flow to identify which side that have greater impact in price formation in government bond market. The results show that from the two layers of order flow, the short-term dealer order flow and short-term customer order flow have role in price discovery process. Customer flow order regression coefficient is larger than the dealer order flow. Meanwhile Valseth study (2013) dealer order flow orders aggregatly affect daily yield changes. Customers trade not only trade based on liquidity but also have information in making decisions or making investment portfolios (informed customers). At the group dealer order flow, dealers have a heterogeneous role and have different segments. This result follows Valseth (2013) study that dealers play a heterogeneous role.

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Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh pengumuman rekonstitusi Daftar Efek Syariah (DES) terhadap abnormal return, abnormal return volatility, dan abnormal volume perdagangan perdagangan saham-saham yang keluar dari dan masuk pada Daftar Efek Syariah. Dengan menggunakan metodologi studi acara akan terlihat bagaimana reaksi pasar sekitar pengumuman DES yang baru. Baik untuk saham-saham yang keluar dari DES maupun saham-saham yang masuk pada DES, sama-sama tidak terbukti ada Cumulative Average Abnormal Return dan Abnormal Volatility di saat jendela acara seluruh periode pengumuman DES yang baru. Akan tetapi, untuk Abnormal Volume terbukti ada yang bernilai diatas periode normal sehingga bisa dikatakan pasar bereaksi terhadap pengumuman rekonstitusi DES dan memberikan tambahan likuiditas. Jadi bisa dikatakan pasar bereaksi terhadap pengumuman rekonstitusi DES, tetapi tidak memberikan tekanan pada harga. ......This study aims to determine how the effect of the announcement of the reconstitution of the Sharia Securities List (DES) on abnormal return, abnormal return volatility, dan abnormal volume of stocks that include and exclude the Sharia Securities List. Using the event study methodology it will be seen how the market reacts around the announcement of the new DES. Both for stocks that left DES and stocks that entered DES, there was no evidence of Cumulative Average Abnormal Return and Abnormal Volatility during the entire event window of the new DES announcement period. However, Abnormal Volume is proven that there is a value above the normal period so that it can be said that the market is reacting to the announcement of the DES reconstitution and providing additional liquidity. Thus, it can be said that the market reacted to the announcement of the DES reconstitution, but did not put pressure on the price.

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Beberapa literatur menunjukkan bahwa merjer dan akuisisi umumnya memberikan efek negatif terhadap perusahaan yang terlibat. Penelitian ini bertujuan untuk menganalisis apakah terdapat efek merjer dan akuisisi pada performa perusahaan sektor keuangan dalam jangka pendek dan menengah. Berdasarkan jenis merjer dan akuisisi yang dilakukan, performa perusahaan diukur dari profitabilitas, enterprise value (nilai perusahaan), dan pengembalian saham. Sampel pada penelitian ini berjumlah 165 transaksi merjer dan akuisisi yang melibatkan perusahaan sektor keuangan yang terjadi di Amerika Serikat selama periode Januari 2009 hingga Januari 2019. Menggunakan regresi linear berganda, penelitian ini menemukan bahwa M&A konglomerat terbaik dalam meningkatkan performa jangka pendek, sedangkan M&A horizontal terbaik dalam meningkatkan performa jangka menengah. ......Some literature indicates that mergers and acquisitions generally have a negative effect on the companies involved. This study aims to analyze whether there is an effect of mergers and acquisitions on the performance of financial sector companies in the short and medium term. Based on the types of mergers and acquisitions carried out, company performance is measured by profitability, enterprise value (company value), and stock returns. The sample in this study totaled 165 merger and acquisition transactions involving financial sector companies that occurred in the United States during the period from January 2009 to January 2019. Using multiple linear regression, this study found that conglomerate M&A was the best in increasing short-term performance, while horizontal M&A was the best in improving medium-term performance.

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......In the capital market, investment is usually utilized as a kind of tool for the investors against the number one cnemy, the infation. By this way, investment is a better alternative than time deposit and cash instrument which offer less return on investment than capital market instrument. Investment can also be a tool for investors in growing their wealth and preserve it. By staying invested, investor can generate earnings and even more from their existing money or fund as long as the market is in expectation and in favour. Now the world is entering the era of recession when the trend is bearish and market is not so favorable. Many investors are now experiencing great losses and suffer in their investment. The investment has become like an enemy instead of a tool to grow, protect and preserve the wealth of investors. Some investors have stated that the investment did not making them moncy anymore at this time of recession, some said that better not to invest their money in capital market instead. All of these statements were raised mainly because one thing that investors have usually forgotten, its portfolio risk management. Investment bankings in US were bankrupt and no more. The capital markets in every major country were experiencing great amount of loss and people suffered in their investment. That was because one term that has been abandoned all this time, portfolio risk management. In bullish trend, that was fine to structure the portfolio of investment in stocks and less in bonds as long as the retumn and risk of the portfolio were also fire with the investors. But when the market changes, the structure should be different in terms of portfolio contents. The investor should reduce the portion or share of stocks (since these relatively have high volatility) and increase the share of bonds and cash in their portfolio. That is the thing the investor should do. Capital market of Indonesia bas also suffered because of this world recession. The JCI as the main index price of BEI (Indonesia Stock Exchange) has shown a great downturn for the past one year. Now is the bearish year of the JCI. Therefore, it is also wise for the rational investors to also consider restructuring their portfolio to become mainly in bonds and cash instead of stocks. The way the investors doing this should be by applying the best method ever conceived called modern portfolio theory which was founded by Nobel Winner Henry Markowitz. Risk and Return are just like two sides of one coin. The greater the return, the greater the potential risk may embodied within the investment. The research in this thesis will show investor on how to find out the lowest risk of a portfolio investment by providing them with several structures of portfolio weighting. By this way, investor can compare and make the decision based on risk-return consideration and opportunity cost as well.

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Risiko kredit membahas mengenai kerugian yang discbabkan oleh kejadian gagal bayar nasabah. Inti pcngukuran risiko kredit adalah pada penentuan probabilitas gagal bayar. Banyak pendekatan dan model dikembangkan atas dasar asumsi perhitungan probabilitas gaga! bayar. Pemahaman menyeluruh atas karakteristik data kredit memungkinkan manajemen perbankan untuk melakukan analisis manajemen kredit yang komprehensif dan tepat guna. Dalam memahami karakteristik data, metode hazard rate dan model logit memberikan altematif pemahaman berdasarkan analisis kualitas kredit nasabah. Kualitas kredit dipandang sebagai data-data yang berulang keterjadiannya dengan pola atau probabilitas perpindahan tertentu. Dengan pemahaman atas karakteristik repetisi keterjadian kualitas kredit nambah, manajemen kredit perbankan dapal melakukan analisis yang komprehensif mengenai perilaku kualitas kredit nasabah dalam jangka pendek dan memproyeksikannya. Melalui kombinasi mata kerja Markov dengan analisis deskriptif berdasarkan frekuensi keterjadian kualitas kredit, manajemen kredit perbankan akan dapat memformulasikan berbagai kebijakan kredit yang lebih terintegrasi dan tepat guna. ......Credit risk discusses about loss that caused by counterpany's default. The point of credit risk measurements is how to determine probability of default. Many approach developed base on asumption about probability of default. Understanding all characteristics of credit data., make possibility banking's management analyzing credit management comprehensively and efliciently. In understanding characteristic of data, Duration atau Hazard-rate Approach and logistic approach an altemative base on counterparty's credit quality analysis. Credit quality recognized as data that repetitively happened with specific trend or probability of trantition. Understanding about characteristic behaviour of repetition oounterparty’s credit quality, banking institution management can analyze comprehensively about counter-party's credit quality behaviour in short term and make projection. Combining Markov chain with descriptive analysis base on frequency of credit quality event, banking institution management can formulate any credit policies more integrately and efficiently.

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Penelitian mengenai kepemilikan bank tetap menjadi topik yang menarik untuk dikaji. Dengan meneliti kelompok kepemilikan yang didefinisikan Bank Indonesia, ditemukan perbedaan kinerja yang berbeda antara kelompok kepemilikan tersebut. Menggunakan data set yang berbeda (antara tahun 2002 sampai dengan 2008), penelitian ini menemukan bahwa ada keterkaitan antara kepemilikan bank dengan profitabilitas, struktur permodalan dan likuiditas, kualitas aset dan pencadangan serta risiko bank. Hasil yang diperoleh sejalan dengan penelitian sebelunmya, bahwa profitabilitas dan risiko bank asing lebih baik tinggi dibanding bank domestik, yaitu bank swasta dan pesero. Namun hal ini tidak berlaku kepada Bank BPD dimana profitabilitas lebih tinggi dari bank asing. Kelompok Bank BPD juga memiliki keunikan dalam hal operasi, yang non devisa membuat perbedaan sifat dengan bank domestik lain. Bank PESERO yang dihipotesakan memiliki profitabilitas yang lebih rendah, ternyata masih lebih baik dari profitabilitas bank swasta nasional. Dengan membandingkan struktur modal, kualitas aset serta risiko, terlihat bahwa bank domestik lebih memilih risiko yang sedang dibanding bank asing, sehingga menghasilkan profitabilitas yang sedang juga. Hal ini dapat menjadi referensi mengenai perilaku pengambilan risiko antar bank yang berbeda kepemikan. ......Bank ownership is still important and interesting. Using ownership categories defined by Bank Indonesia, this paper found different performance between them. With different dataset (between 2002 and 2008) this paper found evident of relationships between bank ownership, profitability, capital structure and liquidity, asset quality and provisions, and risk. These foundings preserve recent findings that foreign bank produced more profitability than domestic banks, government owned and private owned. But these findings do not apply to state government owned banks (BPD) which bad higher profitability than foreign banks. BPD had uniqe characteristics which include limited operations, or non devisa that differ from other ownership type. Government owned banks assume to have lower profitability, turns out to outperforme private owned banks. By examining capital structure, asset quality and risk, we found domestic banks have lower risk taking opposite to foreign banks hence their profitability also lower. This shows risk taking behaviour that differ between different ownerships.

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Penelitian ini membahas faktor-faktor apa saja yang mempengaruhi GOR Otista layak untuk dijadikan hunian sementara korban bencana banjir ditinjau dari aspek kesehatan lingkungan. Penelitian ini bertujuan untuk menunjukkan bahwa ada bentuk hunian sementara selain tenda yang lebih aman dari segi kesehatan lingkungan yang dapat dijadikan lokasi pengungsian korban bencana salah satunya GOR Otista. Metode penelitian ini menggunakan metode kualitatif dengan analisis univariat deskriptif observatif. Pengambilan data dilakukan dengan cara observasi dan wawancara menggunakan daftar tilik. Penelitian ini dilakukan di GOR Otista, Jakarta Timur. Variabel yang diobservasi dalam penelitian ini adalah ketersediaan sarana air bersih, sarana pembuangan tinja, sarana pengelolaan limbah padat, sistem pengendalian vektor dan binatang penular penyakit serta kesiapan lahan hunian sementara. Hasil penelitian ini menunjukkan bahwa GOR Otista memiliki ketersediaan sarana air bersih, sarana pembuangan tinja, sarana pengelolaan limbah padat, dan kesiapan lahan yang cukup memadai sehingga layak untuk dijadikan hunian sementara, namun belum memiliki sistem pengendalian vektor dan binatang penular penyakit. Berdasarkan perhitungan hasil observasi, GOR Otista layak dijadikan hunian sementara dengan persentase kelayakan sebesar 88,37%.

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ABSTRACT
The aim of this study discusses the factors that influence the Otista Sports Hall proper for temporary shelter for flood victims in terms of environmental health aspects. This study discusses the form of temporary housing in addition to tents that are safer in terms of health that can be used at the location of refugee camps, one of which is Otista Sports Hall. This research method uses qualitative methods with descriptive observational univariate analysis. Data retrieval is done by observation and interview using the checklist. This research was conducted at GOR Otista, East Jakarta. Variables related to this study are clean water facilities, fecal disposal facilities, solid waste management facilities, vector control systems and disease transmitters as well as the preparation of temporary housing. The results of this study indicate that GOR Otista has supply of clean water facilities, fecal disposal facilities, solid waste management facilities, and solid waste management to be used as temporary housing, not yet having vector control systems and infectious animal diseases. Based on the calculation of the observation results, the Otista Sport Hall is worthy of being a temporary residence with a percentage of eligibility of 88.37%.

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Penelitian ini bertujuan untuk menganalisis cash-cashflow sensitivity atau pengaruh cash flow terhadap cash holdings pada perusahaan yang mengalami kendala keuangan. Variabel yang digunakan untuk menjelaskan cash flow adalah pendapatan perusahaan sebelum extraordinary items dan cash holdings dijelaskan oleh perubahan nilai kas yang dimiliki perusahaan. Sementara untuk mengukur kendala keuangan, peneliti menggunakan pembayaran dividen, ukuran perusahaan, dan nilai KZ Index sebagai ukuran. Penelitian ini menggunakan sampel yang meliputi 306 perusahaan non keuangan di Indonesia dari periode 2005-2014. Dengan menggunakan regresi data panel dan regresi instrumen, ditemukan bahwa cash flow memiliki pengaruh yang positif terhadap cash holdings pada perusahaan yang terkendala keuangan sementara pada perusahaan yang tidak mengalami kendala keuangan, tidak ada pengaruh yang signifikan.

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ABSTRACT
This research aims to analyze cash-cashflow sensitivity on cash holdings of financially constrained and unconstrained firms. Variables used on this research are cash holdings that?s measured by change on cash to asset ratio and cash flow that?s measured by using company?s EBITDA. To measure financial contraint, the author uses dividend payout, size and KZ Index as the criteria. This research uses 291 non-finance public companies in Indonesia for the period of 2005-2014. By using panel data and IV regression, the result of this study is consistent whereas cash flow positively affect cash holding of financially constrained firm and insignificantly affect cash holdings of financially unconstrained firms.