Foreign Institutional Ownership Andstock Return Volatility in Indonesia

This paper examines the impact of foreign institutional ownership on contemporaneous stock return volatility in Indonesia. In this study, return volatility is measured as standard deviation of daily stockreturns. The dynamic panel data results based on System GMM (S-GMM) estimation, confirm that foreign institutional ownership tend to linearly and convexly increase monthly stock return volatility.The linear impact seems to be weaker for stocks with higher market capitalization, but stronger for stocks with higher turnover.Furthertest reveals that foreign financial institutional ownershiplinearly contributes to return volatility upsurge, while foreign non-financial corporation ownership convexly contribute to return volatility increase.The additional test also uncovers that domestic financial and non-financial institutionalownerships do not impact return volatility

Uji Empiris Model Asset Pricing Lima Faktor Fama-french Di Indonesia

The main purpose of this study is to evaluate and compare the performances of the Fama-French three- (FF3) and five-factor (FF5) models in the Indonesia stock market. This study also examines whether book-to-market factor (HML) is redundant in explaining the portfolio excess returns in Indonesia. This study employs asset pricing factor of the 2 x 3 sorts and excess returns of 25 Size-B/M, 25 Size-OP, dan 25 Size-Inv portfolios as dependent variables. This study employs Ordinary Least Square (OLS) with monthly time-series data from 2000 to 2015. Based on the average adjusted R2 from the two models, FF5 explains portfolio excess return variations better than FF3, although the profitability and investment factors only display weak effect on the excess returns. If we refer to Merton's (1973) zero-intercept criterion, the both models are not valid in Indonesia, because most intercepts are significant in each set of 25 portfolios. We also find that book-to-market factor is redundant in describing the variation of returns in Indonesia. The test of intercept difference between Indonesia and The US indicates that there are differences of abnormal return and market efficiency in both countries

The Determinants of Management Forecasts Error and the Ipo Underpricing: a Case Study of Indonesian Ipo

To reduce the well-known information asymmetry in the IPO market, the issuing firms are required to publish offering prospectuses. One type of information disclosed in the prospectus is the management financial forecasts in which the IPO firms predict expected earnings at the end of year after the listing. The purpose of this study is to investigate the determinants of forecasted error published by the management in the IPO prospectuses. This study observes six possible determinants that affect the absolute forecast errors (AFE). Furthermore, this study also examines whether the earning forecast errors could explain the IPO stylish underpricing phenomenon.A sample of 124 IPO firms that went public in Indonesian Stock Exchange (prior Jakarta Stock Exchange) during the 1997 – 2005 period. The results show that the research models proposed are valid models. The management AFE is determined by firm size, forecast interval period, industry, and the firm business range. This study also finds that the AFE is positively related to the IPO underpricing, suggesting that the higher the forecast errors, the more underpriced is the IPO. Moreover, it is also found that market condition also influences the underpricing level in Indonesian IPO market

Non-Linear Impact of Growth Opportunity and Firm Size on the Capital Structure

One of the focuses on capital structure studies is to identify economic forces influencing corporate capital structure. We investigated the non-linear effects of the firm-specific factors to the leverage of the firm of the US-listed firms. In the partial-adjusted model, growth opportunity and the size of the firm had non-linear effects on the leverage of the firm. Growth opportunity showed quadratic effects on leverage with a negative linear term but a positive quadratic term. It meant if the growth opportunity of a firm reached a certain level, fund providers can relatively detect it and subsequently causes a decrease in asymmetric information. This detection of ample growth opportunity will increase the accessibility of external funding. Firm size also exhibits quadratic effects on leverage with a positive linear term but a negative quadratic term. In other words, if the firm size as a proxy of various omitted variables was imminent, the financial market has been applied the diversification discount that will decrease the accessibility of external funding.JEL Classification: G32, D92DOI: https://doi.org/10.26905/jkdp.v22i4.240

Immunocompetent 3D Model of Human Upper Airway for Disease Modeling and In Vitro Drug Evaluation

The development of more complex in vitro models for the assessment of novel drugs and chemicals is needed because of the limited biological relevance of animal models to humans as well as ethical considerations. Although some human-cell-based assays exist, they are usually 2D, consist of single cell type, and have limited cellular and functional representation of the native tissue. In this study, we have used biomimetic porous electrospun scaffolds to develop an immunocompetent 3D model of the human respiratory tract comprised of three key cell types present in upper airway epithelium. The three cell types, namely, epithelial cells (providing a physical barrier), fibroblasts (extracellular matrix production), and dendritic cells (immune sensing), were initially grown on individual scaffolds and then assembled into the 3D multicell tissue model. The epithelial layer was cultured at the air–liquid interface for up to four weeks, leading to formation of a functional barrier as evidenced by an increase in transepithelial electrical resistance (TEER) and tight junction formation. The response of epithelial cells to allergen exposure was monitored by quantifying changes in TEER readings and by assessment of cellular tight junctions using immunostaining. It was found that epithelial cells cocultured with fibroblasts formed a functional epithelial barrier at a quicker rate than single cultures of epithelial cells and that the recovery from allergen exposure was also more rapid. Also, our data show that dendritic cells within this model remain viable and responsive to external stimulation as evidenced by their migration within the 3D construct in response to allergen challenge. This model provides an easy to assemble and physiologically relevant 3D model of human airway epithelium that can be used for studies aiming at better understanding lung biology, the cross-talk between immune cells, and airborne allergens and pathogens as well as drug delivery

Reaksi Pasar Saham Indonesia yang Dikelompokkan Berdasarkan Kapitalisasi Pasar terhadap Aksi Serangan Teroris di Tempat yang Sama pada Waktu yang Berbeda

Tujuan penelitian – Penelitian ini bertujuan untuk meneliti perbedaan reaksi pasar terhadap dua kejadian terorisme yang terjadi pada tempat yang sama di waktu yang berbedaDesain/Metodologi/Pendekatan – Metodologi yang digunakan dalam penelitian ini merupakan metodologi event study dengan dua model estimasi return yang diharapkan yaitu market model dan tiga faktor Fama dan French (1993) untuk mengidentifikasi bahwa pasar belajar dari kejadian sebelumnya.Temuan – Hasil dari penelitian ini menunjukkan saham dengan kapitalisasi pasar besar dan menengah secara signifikan mempunyai rata-rata abnormal return yang sama antara kejadian pertama dan kedua walaupun mempunyai pola pergerakan yang berbeda. Saham dengan kapitalisasi pasar kecil cenderung mengalami fluktuasi.Keterbatasan penelitian – Kejadian terorisme yang diamati adalah peledakan bom yang terjadi dua kali di Hotel JW Marriot yaitu pada tahun 2003 dan terjadi kembali pada tahun 2009Originality/value – Kontribusi penelitian ini adalah untuk membandingkan tingkat elastisitas Perusahaan terhadap informasi peledakan bom di tempat yang sama. Penelitian ini juga menggunakan dua metode estimasi penetapan harga saham yang diharapkan (expected return) untuk melihat pergerakan return secara lebih baik

Feed intake, feed digestibility and live weight gain of male Bali cattle fed different combinations of Leucaena leucocephala and maize stover under farm conditions in Timor Leste

Leucaena planting on private land is increasing due to declining carrying capacity of native pastures in Timor Leste, and feeding 100% leucaena to cattle have started to be a common practice. However, feeding 100% leucaena for cattle fattening may not be economical, therefore it should be combined with crop residues such as maize stover, the most commonly available energy source in Timor Leste. The aim of this experiment was to determine feed intake, feed digestibility, rumen ammonia concentration and live weight gain of fattening Bali bulls feed different combinations of leucaena and maize stover. 12 male Bali cattle were allocated based on body weight into three treatment groups and each group fed either 100% leucaena, 75% leucaena and 25% maize stover or 50% leucaena and 50% maize stover. Feed intake (g OM/kg BW) was significantly higher in the bulls fed 100% leucaena compared to those fed 75% leucaena and 25% maize stover or 50% leucaena and 50% leucaena and 50% maize stover (26.8±1.1, 24.9±1.2 and 22.6±0.2 respectively). Digestibility of organic matter did not differ significantly with declining level of leucaena in the diet (60.6±1.6%, 58.8±2.4% and 53.1±10.2% for diets with 100%, 75% and 50% leucaena respectively). Rumen ammonia concentrations significantly decreased with decreasing level of leucaena in the diet (222±33, 169±5 and 157±24 mg N/L respectively). Live weight gain (kg/d) was significantly higher in bulls consuming 100% leucaena (0.50±0.08) than those fed 75% (0.46±0.07) and 50% leucaena (0.39±0.05). The lowest live weight gain recorded in this experiment was higher than the 0.2 kg/d for growing bulls fed grass only (Dahlanuddin et al 2012). Feed conversion ratio was lower (6.8±0.6 kg DMI/kg ADG) when maize stover was fed at 50% of diet, compared to 6.5 ± 0.6 and 6.2 ± 0.7 for the bulls fed 100% Leucaena and 75% Leucaena + 25% maize stover respectively. The minimum level of leucaena inclusion needed in the leucaena: maize stover combinations was 55% allowing up to 45% maize stover to gain a moderate growth rate