Pembentukan Portofolio Saham Dengan Model Indeks Tunggal (Suatu Studi Pada Perusahaan Perkebunan Yang Listed Di PT Bursa Efek Indonesia)

Capital market in Indonesia has grown rapidly since 1989, after the government issuedvarious deregulation to spur the growth of the capital market. Individual investors in theequity investment must try to obtain optimal return and reduce risk. Regarding on thepurpose, this research used a single index models found by Sharpeto form a stock portfolio.The problem in this research is how to do stock selection in the plantation sector in order toestablish optimal stock portfolio with single index model and how much the proportion offunds to be allocated to the portfolio? The research objective is to determine whichplantation stocks will form a stock portfolio and how many percentage the allocation offunds to each stock. The research was descriptive form, using secondary data. The data used in this study is quantitative data that individual stock price index, the stock price index and the rate of Bank Indonesia (BI Rate). From the calculation, there are six stocks will establish the optimal stock portfolio. They are PT Smart, Tbk., PTPP London Sumatra Indonesia, Tbk., PT Tunas Baru Lampung, Tbk., PT Sampoerna Agro, Tbk., PT Gozco Plantations, Tbk. and PT Astra Agro Lestari, Tbk. The allocation of funds will be invested by the investor, it is obtained the biggest investment will be invested in stock of PTPP London Sumatra Indonesia, Tbk. amounted to 31.32%, PT Tunas Baru Lampung, Tbk. amounted to 20.20%, PT Sampoerna Agro, Tbk. amounted to 16.59%, PT Smart, Tbk. amounted to 12.09%, PT Gozco Plantations, Tbk. 10.71% and the smallest investment amounted to 9.08%. in stock of PT Astra Agro Lestari, Tbk

Financial Liberalisation and Stock Market Volatility: The Case of Indonesia

This paper examines the relationship between financial liberalisation and stock market volatility in Indonesia. By looking at the time series properties of the Jakarta Composite Index (JCI) we identify breaks in stock market volatility which coincide with the timing of major policy events. Our main findings are (i) a significant decrease in volatility after the "official" opening of the stock market to foreign participation; (ii) a significant increase in volatility in the year before market opening following reforms that eased entry requirements and the issuance of brokerage licenses; and (iii) a significant increase in volatility at the time of the Asian crisis followed by a significant decrease in the second and sixth years after the crisis.financial liberalisation; stock market volatility; Indonesia; Asian crisis.

Peran BAPEPAM dan Lembaga Profesi Penunjang Dalam Pengendalian Pasar Modal

Lattely, the businessmen’s society had realized more about the function of capital market for their bussinesses development, that’s right, the investors require information about the situation of company as the basic consideration in commiting decision to invest. The information which is served in prospect that is published when the company commited public negotiation for capital market instrument to the society, basically contains description about the situation of company, which is observed from several aspects of law, finance, production industry, and marketing. however, another think that is also need to be attention in the capital market’s activity is how important the law inforcement’s improvement is for the violations they did. This is the taste of BAPEPAM and supportime profession institution to anticipate or to organize an inspection to every suspect for commiting or contributed in the violation. in this examination, the writer discusses about the rule of BAPEPAM and supportive profession institution of BAPEPAM in capital market’s activity. The used examination method is normative juridic method, an examination which oppresses in secondary data by examining and studying the foundations of law, especially the rules of positive law from literature materials in the rule of legislation and the valid term, especially that is related to the capital market, based on the analysis result and discussion, it is concluded that in the capital market’s activity, BAPEPAM acts as the organizing institution or as a faster-father of capital market’s actors by giving reaction if the exchange activity is weak, straightening if the capital market’s actors have deviated from the served lines, and executing law sanction if they violate the terms. And also need to be paid with attention to create a better quality of capital market, then the capital market’s activity demands participation from supportive profession institutions, especially in ‘’go public’’ process, because all activities which is related to capital market’s activity. The suportive professiob institutions are public accountant, notary, law consultant, appraiser, investment advisor. Key words : Capital Market, BAPEPAM, Supportive Profession Institution

Faktor yang Mempengaruhi Kelengkapan Pengungkapan Laporan Keuangan pada Perusahaan Manufaktur yang Terdaftar di Bei

Bapepam melalui Surat Keputusan Bapepam No. 06/PM/2000 tanggal 13 Maret2000 tentang Pedoman penyajian Laporan Keuangan mensyaratkan elemen-elemen yangseharusnya diungkapkan dalam laporan keuangan Perusahaan-Perusahaan publik diIndonesia. Penelitian ini bertujuan menguji faktor-faktor yang mempengaruhi kelengkapanpengungkapan laporan keuangan Perusahaan. Variabel independen yang digunakan adalah basis Perusahaan, ukuran Perusahaan, profitabilitas, leverage, proporsi kepemilikan sahampublik, reputasi KAP dan likuiditas. Sampel penelitian dengan menggunakan metodepurposive sampling diperoleh sebanyak 81 Perusahaan manufaktur yang terdaftar di BursaEfek Indonesia. Hasil analisa regresi berganda pada α = 5% menujukkan bahwa ukuran Perusahaan dan leverage memiliki pengaruh yang signifikan terhadap kelengkapanpengungkapan laporan keuangan. Sedangkan variabel yang lain tidak memiliki pengaruhyang signifikan

Kejahatan Dan Pelanggaran Di Bidang Pasar Modal Dan Penegakan Hukumnya Ditinjau Dari UU No. 8 Tahun 1995

Penelitian ini dilakukan dengan tujuan untuk mengetahui apa saja bentuk kejahatan dan pelanggaran yang terjadi di bidang Pasar Modal dalam tinjauan UU No. 8 Tahun 1995 dan bagaimana bentuk pencegahan hukum terhadap kejahatan dan pelanggaran di bidang Pasar Modal. Dengan menggunakan metode penelitian yuridis normatif disimpulkan: 1. Tindakan kejahatan dan pelanggaran di bidang pasar modal memang sepertinya terlihat hampir sama. Kejahatan di pasar modal berarti tindakan-tindakan penyelewengan yang terjadi di dalam sedangkan pelanggaran merupakan hal-hal teknis yang terjadi tidak dengan semestinya dalam pasar modal. Bentuk-bentuk kejahatan atau boleh dikategorikan tindak pidana di bidang pasar modal adalah seperti penipuan, dan manipulasi pasar yang terdiri lagi atas marking the close; painting the tape; pembentukan harga berkaitan dengan merger, konsolidasi atau akusisi; cornering the market; pools; wash sales dan perdagangan orang dalam di samping itu ada juga beberapa tindakan pidana pasar modal yang lain. Sedangkan pelanggaran di pasar modal merupakan pelanggaran yang sifatnya teknis dan administratif seperti masalah perizinan, persetujuan dan pendaftaran di BAPEPAM. 2. BAPEPAM merupakan pengawas dan penegak hukum dalam bidang pasar modal dengan memiliki beberapa tugas dan fungsi tentunya. Dengan terbentuknya OJK (Otoritas Jasa Keuangan) kita melangkah ke optimalisasi pengawasan keuangan di Indonesia. Terhadap kejahatan dan pelanggaran di bidang pasar modal, ada beberapa sanksi yang dapat dikenakan yaitu sanksi administratif, sanksi perdata yang menghubungkan UUPM dengan UUPT (Undang-Undang Perseroan Terbatas) dan sanksi pidana berupa kurungan penjara dan denda sesuai dengan tindakan yang dilakukan. Dalam proses penyelesaian sengketa pasar modal di Indonesia, alternatif penyelesaian sengketa di luar pengadilan merupakan jalan yang cenderung disukai untuk digunakan karena memiliki beberapa keuntungan seperti penyelesaian yang tidak berbelit-belit. Indonesia memiliki badan penyelesaian sengketa pasar modal di luar pengadilan yaitu Badan Arbitrase Pasar Modal Indonesia (BAPMI). Kata kunci: Kejahatan, pelanggaran, pasar modal

Residual Value Analysis Post-Privatization Of Jakarta Stock Exchange From August 1992 Until July 1995)

The more-and-more efficient market shows the lessening difference between actual return and expected return on stocks being traded. In other words, the residual values are growing smaller. Such market brings in signals that the prices of stocks reflect all the necessary information suitable for the concept of the market efficiency itself. By making most use of all information available either in the form of regularly published reports or in any other relevant information on the movement of the capital market from year to year historically, it is highly expected that the efficiency be reached where the price has significance upon true fundamental values. The competition includes market participants as well as the competition in numbers and security. The steadily increasing informational efficiency results positively in the development of the upcoming market, namely bringing great credit to contribute to public interest. Naturally, the consequence is that there is more and more people involved in the market participating actively and thus each transaction is getting more competitive. In the end, illegal practices can be minimized and the market mechanism can roll forward propelled by the natural power of demand and supply for stocks expected having a prospect as provided by the available information

Perlindungan Hukum terhadap Investor dan Upaya Bapepam dalam Mengatasi Pelanggaran dan Kejahatan Pasar

Industri pasar modal di suatu negara diperlukan sebagai salah satu sumber dana pembangunan nasional. Dalam aktivitasnya terdapat para pelaku yang keseluruhannya menopang dan menunjang kegiatan pasar modal sesuai dengan masing-masing tugas dan fungsinya. Salah satu pelakunya adalah investor, sebagai pihak yang menanamkan dananya untuk mendapatkan keuntungan (deviden, dll). Keberadaan dana investor telah dapat menggerakan industri pasar modal secara khusus. Secara umum dana investor dapat menjadi sumber dana bagi pembangunan nasional. Namun demikian, karena terdapatnya komposisi saham yang tidak seimbang antara saham founder dengan investor publik, telah menyebabkan kedudukan investor menjadi lemah, sehingga investor seringkali menjadi korban kejahatan dan pelanggaran pasar modal. Pelanggaran dalam kegiatan pasar modal memiliki karakter yang khas, dilihat dari sisi pelakunya, pola pelanggarannya, akibat yang ditimbulkannya, dan sanksi yang dikenakannya, terutama dibandingkan dengan tindak pidana murni yang diatur dalam KUHPidana. Sehingga pelanggaran dalam kegiatan pasar modal dapat dimasukkan ke dalam “white collar crime” dan “corporate crime”. Perlindungan hukum terhadap investor diberikan lewat UU No. 8/1995, antara lain melalui prinsip “full disclosure” sebagai upaya preventif dan sanksi yang berat melalui sanksi administratif, pidana dan gugatan perdata, perbuatan melawan hukum dan wan-prestasi. Bapepam dapat mengatasi pelanggaran & kejahatan pasar modal tersebut dengan cara melaksanakan tugas fungsi pembinaan kepada para pelaku pasar modal, fungsi pengaturan, serta fungsi pemeriksaan, penyelidikan dan penyidikan. Selain itu Bapepam dapat juga melaksanakan kewenangan investigasi dan yuridiksi

Tindak Pidana Pasar Modal dan Pengawasan Perdagangan Efek di Bursa

Actually, stock exchange markets us vulnerable to criminality, i.e: deception, market manipulation and insider trading, Hence, controlling is one of important obligation of Jakarta Stock Exchange (JSE) so that by the regulated, transparent and efficient trading is formed