Session 3-4-C: Are Lottery Players Affected by Random Shocks? Evidence from China’s Individual Lottery Betting Panel Data

I explore a unique, individual level, lottery betting panel data and show that lottery gambling is significantly affected by lottery winning history even though this winning history is shown to be merely an exogenous random shock. This panel data records lottery players’ collective lottery betting behaviors on a Chinese online lottery purchase website. This website lists each player’s lottery investment performance, the ratio between the lottery return and the lottery investment in the past three months, for lottery players’ reference and this ratio is shown to be an independent random shock across players. Based on the data with around 400,000 observations, I find that this random shock significantly affects lottery players’ purchasing behaviors. Specifically, collective lottery gamblers are significantly more likely to join a lottery package proposed by someone with a higher winning rate; lottery players are spending more money on the proposers with higher return rates

APAKAH RASIO PROFITABILITAS DAN PASAR BERPENGARUH TERHADAP HARGA SAHAM (STUDI KASUS BUMN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII))

Abstract The purpose of this research is to determine the effect of profitability ratios consisting of Return on Asset (RoA), Return on Equity (RoE), and Net Profit Margin (NPM) as well as market ratios consisting of Earning Per Share (EPS), Price Earning Ratio (PER), and Price Book Value (PBV) to sharia share prices either partially or simultaneously. The data analysis technique used in this research is multiple linier regression analysis, namely regression analysis used to predict one dependent variable based on two or more independent variable. The result of of the research are: (1) Return on Asset (RoA) partially has no effect to sharia share prices, (2) Return on Equity (RoE) partially has a negative effect to sharia share prices, (3) Net Profit Margin (NPM) partially has a positive effect to sharia share, (4) Earning Per Share (EPS) partially has a positive effect to sharia share prices, (5) Price Earning Ratio (PER) partially has no effect to sharia share prices, and (6) Price Book Value (PBV)  partially has a positive effect to sharia share prices. Based on these results, it can be concluded that Return on Equity (RoE), Net Profit Margin (NPM), Earning Per Share (EPS), and Price Book Value (PBV) partially can be used as a reference by investors in share purchase decisions whereas Return on Asset (RoA) and Price Earning Ratio (PER) partially cannot be used as a reference by investors in share purchase decisions. Keyword  : Return  on  Asset (RoA),  Return  on  Equity  (RoE), Net  Profit Margin (NPM), Earning Per Share (EPS), Price Earning Ratio (PER), Price Book Value (PBV), and Sharia Share Prices

Penetapan Rasio Bagi Hasil Akad Mudharabah dan Musyarakah (Studi Kasus di Bni Syariah)

This study is a descriptive case study analysis in PT. Bank BNI Syariah using primary data and secondary data. This study rejects the results of research Mawardi (2005) and Vustany (2006) which states that the granting of a return to the Islamic banking results are influenced by interest rates. The interest rate is only a reference in determining the level of expected return for the customer to determine the ratio of the results. Calculation of profit sharing between users and customers BNI Syariah funds made by the actual return earned business profits, and distribution of the proceeds among the owners BNI Syariah customer funds carried with the actual return earned by the bank. Determination of the ratio between BNI Syariah results with user customer funds made by setting the level of expected return and the bank's expected return rate of user client funds. Bank's expected return level is calculated based customer's of fund provider's expected return estimation, the estimated overhead cost, estimation of risk level, and the expected net profit of the bank. While the level of expected return customers entrepreneur is the difference between the projected benefit the customer's business and the expected return rate of the bank

Beberapa Faktor Yang Mempengaruhi Price Earnings Ratio Studi Pada Perusahaan-Perusahaan Manufaktur Yang Telah Go-public Di Bursa Efek Indonesia

This study aims: First, to get the variables that affect the price earnings ratio. Second, to obtain empirical evidence about the impact of these variables on price earnings ratio. To achieve this purpose, research on companies listed on the Indonesia Stock Exchange at the end of 2013. The number of companies manufacturing the research samples as many as 98 companies. By using eight regression model to explain the determinants of price-earnings ratio is obtained the following results. First, return on equity, the expected yield or capitalization rate, growth, dividend payout ratio, total asset turnover, net profit margin, and the debt to equity ratio is a determinant of price-earnings ratio. Second, the return on equity have a positive influence and significant impact on the price earnings ratio, expected returns or the capitalization rate affects negatively and significantly influence on the price earnings ratio, growth positive influence and significant impact on the price earnings ratio, dividend payout ratio positive effect and significant to price earnings ratio, total asset turnover and significant positive effect on the price-earnings ratio, net profit margin and significant positive effect on the price-earnings ratio, and debt to equity ratio and significant positive effect on the price earnings ratio. Third, the debt to equity ratio is the dominant determinant of the price earnings ratio. Fourth, the price earnings ratio variation able to be explained by variations in the independent variables of 43.1 to 75.6 percent. It may therefore be argued that this study is useful for: First, to provide information to investors about the variables that need to be considered when investing in the stock market and affect the price earnings ratio. These variables are the retention ratio, dividend payout ratio, total asset turnover, net profit margin, debt to equity ratio, the required yield, growth, and return on equity. Second, add a reference to the capital market in relation to fundamental factors. Third, the results of this study are expected to be a reference to the head of the company in order to increase the value of the company

EVALUASI KINERJA KEUANGAN PT SLJ GLOBAL TBK KALIMANTAN TIMUR

Dea Firta Ananda 2023. Faculty of Economics and Business, University August 17 1945 Samarinda. Fiancial Performance Evaluation of PT SLJ Global Tbk East Kalimantan, under the guidance of Mrs. Mardiana as Supervisor I and Mrs. Camelia Verahastuti as Supervisor II.This study aims to determine the increase in the financial performance of PT SLJ Global Tbk whichis reviewed uses the Liquidity Ratio measured by the Current Ratio and Cash Ratio, the Profitability Ratio measured from Return On Assets and Return On Investment from 2019 to 2021.This study uses financial industry standars as a reference to make it easier to determine whether or not the numbers achieved by the company are good. As well as facilitating the preparation of financial reports and facilitating auditors or investors in understanding or comparing the financial statements of different entities.Research Result Show : 1) Financial Performance of PT SLJ Global Tbk experienced an decrease in 2019-2021 based on the Liquidity Ratio in the Current Ratio variable. 2)  Financial Performance of PT SLJ Global Tbk experienced an decrease in 2019-2021 based on the Liquidity Ratio in the Cash Ratio variable. 3) Financial Performance of PT SLJ Global Tbk experienced an decrease in 2019-2021 based on the Profitability Ratio in the Return On Assets (ROI) variable. 4) Financial Performance of PT SLJ Global Tbk experienced sn decrease in 2019-2021 based on the Profitability Ratio in the Return On Investment (ROI) variabl

PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSET, FIRM SIZE, DAN EARNINGS PER SHARE TERHADAP DIVIDEND PAYOUT RATIO (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2015)

ABSTRACTThe purpose of this research is to examine the impact of Debt to Equity Ratio, Return On Asset, Firm Size, and Earnings Per Share on Dividend Payout Ratio at trading firm which is registered in Indonesia Stock Exchange from 2011-2015. The research type used in this study is hypothesis testing, by using purposive sampling method and obtain about 18 firms which fulfill the criteria to be research object.The data used in this study is secondary data obtained from the audited and annually financial statements published by the reference center of capital markets contained in the Indonesia Stock Exchange. The multiple regression analysis model is used to test the hypothesis.The results of this study indicate that (1) Debt to Equity Ratio (DER) has no impact on Dividend Payout Ratio (DER), (2) Return On Asset (ROA) has impact on Dividend Payout Ratio (DER), (3) Firm Size has no impact on Dividend Payout Ratio (DER), and (4) Earning Per Share (EPS) has impact on Dividend Payout Ratio (DER).Keywords: Debt to Equity Ratio, Return On Asset, Firm Size, Earnings Per Share, Dividend Payout Ratio.ABSTRAKTujuan penelitian ini adalah untuk Pengaruh Debt to Equity Ratio, Return On Asset, Firm Size, dan Earnings Per Share Terhadap Dividend Payout Ratio (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015). Jenis penelitian yang digunakan dalam studi ini adalah pengujian hipotesis, dengan menggunakan metode purposive sampling dan menghasilkan sebanyak 18 perusahaan yang memenuhi kriteria sampel penelitian.Jenis data yang digunakan adalah data sekunder yang diperoleh dari laporan keuangan teraudit dan laporan tahunan yang dipublikasikan oleh pusat referensi pasar modal yang terdapat di Bursa Efek Indonesia. Analisis yang digunakan adalah regresi linear berganda untuk menguji hipotesis.Hasil penelitian menunjukkan bahwa (1) Debt to Equity Ratio (DER) tidak memiliki pengaruh terhadap Dividend Payout Ratio (DPR), (2) Return On Asset (ROA) memiliki pengaruh terhadap Dividend Payout Ratio (DPR), (3) Firm Size tidak memiliki pengaruh terhadap Dividend Payout Ratio (DPR) dan (4) Earning Per Share (EPS) memiliki pengaruh terhadap Dividend Payout Ratio (DPR).Kata kunci: Debt to Equity Ratio, Return On Asset, Firm Size, Earnings Per Share, Dividend Payout Ratio

Hedging currency risk: Does it have to be so complicated?

The question of whether foreign investments should be systematically hedged against currency risk has not been clearly answered to date. Numerous theoretical and empirical studies have provided contradictory conclusions. This paper examines to what extent foreign bonds and equities are exposed to currency risk. Risk and return of different strategies are aggregated over five reference currencies for a period from 1985 to 2000. The advantage of this method is that the results do not depend much on the time period chosen. Empirical evidence confirms the hypothesis that currency hedging should be fully applied to foreign bonds, whereas foreign equities should not or only be partially hedged.Currency risk; hedging; fixed income; equity; optimal hedge ratio

Pengaruh Debt Asset Ratio, Return on Equity, Growth, dan Size terhadap Kebijakan Dividen

Dividend policy is one of the functions of financial management, where the policy must be properly decided by a manager, so that the interests of the company and investors are balanced. This study aims to examine company-specific factors such as debt asset ratio, return on equity, growth and size that can affect the dividend payout ratio. The method used is descriptive and verification with multiple regression panel data test tools. The sample used is a manufacturing company listed on the Indonesia Stock Exchange (BEI) in 2009-2016 with a total of 97 companies with 302 units of analysis. Meanwhile, the data used is in the form of secondary data sourced from the Indonesian Capital Market Directory (ICMD) and the Capital Market Reference Center. The test results found that the dividend payout ratio was significantly influenced by the debt asset ratio, return on equity and size. Unlike growth, the test results prove that growth does not affect the dividend payout ratio