Analisis Variabel-variabel Fundamental yang Berpengaruh terhadap Price Earning Ratio sebagai Dasar Penilaian Saham (Studi pada Saham-saham Indeks Lq 45 di Bursa Efek Jakarta)

The existence of the Indonesian Capital Market is very important for Indonesian economic activity, due to the fact that capital market development is one indicated of the betterment of national economy. In terms of investment, capital market development is determined by the economic fundamentals, public company performance, and investor's tendency to invest. Stock, being the main investment object, offers several preferences to choose by the investor, one of which is LQ 45 stock indices. The Jakarta Stock Exchange (JSX) focus is put on the trade of LQ 45 stock indices. Therefore, it is necessary to evaluate the LQ 45 stock indices by taking into account the four main variables as suggested by the Gordon model. In line with the above, this study concerns stock evaluation based on the fundamental analysis by the price earning ratio approach. Explanatory variable is dividend payout ratio, return on equity, earning growth and financial leverage, dependent variable is price earning ratio. Purposive random sampling and multiple regression using 16 emittent of LQ 45 stock indices samples were used]. The aims of this research is to know the influence of the fundamental variables on the price earning ratio, and the naturalness of LQ 45 stock indices value. The samples used are the big, established and stable companies included in calculation of LQ 45 indices, and thus would not apply to non LQ 45 indices at the JSX from 1999 through 2000. The results of the study indicate that (1) out of the four explanatory variables used: dividend payout ratio, return on equity, earning growth and financial leverage whereas simultaneously, all the variables showed significant influence; (2) dividend payout ratio was the most significant explanatory variable influencing the price earning ratio; (3) based on the price earning ratio analysis, no natural value was evidence of LQ 45 stock indices at the JSX

Segmentasi Pasar Sewa Peralatan Pembangkit Listrik Dengan Pendekatan Cluster Analysis (Studi Pada Pelanggan PT. Sumberdaya Sewatama Jakarta)

This research aims to identify the factors that develop market segmentation of Power Rental Equipment, as well as to reveal the profile of the segment formed by the segmentation process. This type of research is survey, which combines exploratory and descriptive research, with a purposive sampling method. The object of the research is the business customers of PT. Sumberdaya Sewatama Jakarta, with a purposive sample for a total of 48 respondents. This research using a Cluster Analysis methods.. Results of research showed the factors that necessitated priority in shaping the Market Segmentation of power rental equipment such as: delivery, quality, service, price and range. The study also profiled three segments as follows : First Time Prospect, Novices, Sophisticates on which to base further development of empirical research. The uniqueness of this study is the first market segmentation study on power rental equipment industry in Indonesia

Analisis Return, Abnormal Return, Aktivitas Volume Perdagangan Atas Pengumuman Merger dan Akuisisi (Studi pada Perusahaan yang Listed di Bej Tahun 2000-2002)

Merger and acquisition events can influence market depend on the existence of the content of informations in the merger and acquisition phenomenon or not. If the merger and acquisition contain informations then market will react and vice versa. Objective of this study is to find out the difference of return, abnormal return, trade volume activity, before, in the moment, after the merger and acquisition announcement. Research sample is determined by the purposive sampling method, and there are 9 companies which announce merger and Acquisition between 2000-2002. Statistical experiment used is T-test experiment (paired two samples for means). The observation was done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the merger and acquisition. Results of this research show that there is no significant difference between return in period of the moment, after and before-after merger and acquisition announcement. In the case of abnormal return, there is no signification difference in the before-at the moment and after period, but before-after periods show the significant difference. The activity of stock\u27s trade volume suggest no signification difference in the before-at the moment, at the moment - after and before-after periods. Cumulatively, it is concluded that merger and acquisition have no information content, so that market in general give no reaction, it due to the merger and acquisition announcement can\u27t give positive signal informatio

Analisis Komponen Reverse Mean pada Harga Saham melalui Perspektif Ekonomi Makro di Bursa Efek Jakarta

Reverse mean reversion and predictability of stock return is probably the most well researched topic in the empirical research of financial economics. Numerous empirical studies have been unable to reject the hypothesis that return unpredictable and that stock price follows a random walk or martingale process. The essence of the mean-reversion hypothesis is that the stocks price contains a temporary component. Thus, the market value of stock deviates from the fundamental value but will revert to its mean. The objective of this study is to test the mean reversion hypothesis in Indonesian capital market, by investigate the size and significance of mean reversion component of stock prices at the Jakarta Stock Exchange, for the period of January 1990 through December 2003, and to investigate the size of the forecast error variance decomposition for real stock prices which is caused by permanent innovation and temporary innovation for a horizon of 2, 3, 4, 6, 12 and 24 months. By placing appropriate structural restrictions on a vector auto-regressive system estimated for the period of January 1990 through December 2003, it was found that the temporary component in the stock prices at the Jakarta Stock Exchange has significant size. From this, it can be inferred that the pattern of share price movements at the Jakarta Stock Exchange has a temporary component which will gradually disperse or undergo reverse mean. This evidence supports the mean reversion hypothesis that stock price are not pure random walks and predictability of stock return and reject the random walk hypothesis

Analisis Reaksi Investor terhadap Pengumuman Right Issue di Bursa Efek Jakarta (suatu Pengamatan pada Return, Abnormal Return, Aktivitas Volume Perdagangan dan Bid-ask Spread Saham)

Development of stock market activity, which grows very fast lead to significant changes on the demand of information quality. To make the rational investor decision making, it is needed a relevant information in order to identify any work of the company. Event study is a study which analyze any market reactions toward an event which the information is published as announcement. Right issue announcement can affect market, it is depent on the existence of the content of the information in the right issue announcement above. If the right issue announcement contains some information so the market will react and the market won't react if no information. The research sample is determined by a purposive sampling method, and there are 17 companies which announce right issue between 2000-2003. Statistical experiment used is T-test experiment (paired two samples for means). The Observation period which is done in 11 day, consist of 5 day before, 1 day in the moment, and 5 day after the announce right issue. Results show that there is a significant difference between return and abnormal return in the period of between at the moment, and after the announce right issue. The result in the before-after announce right issue period shows that there is no significant difference. The result in the variable activity of stock's trade volume shows that there is signification difference in the before-at the moment and after period, but in the result of before-after period show that there is no significant difference there. And the result of bid-ask spread variable shows that there is no significant different in the before-at the moment and after period of announce right issue, but in the before-after period the result shows that there is no significant different there. And the result of bid-ask spread variable shows that there is no significant different in the before-at the moment and after period of announce right issue, but in the before-after period the result shows that there is significant different there. Cumulatively, this research gives a conclusion that announcement right issue have no information contents positive so that the market in general give no reaction

Moteur à combustion interne : stockage thermique pour la réduction des émissions et de la consommation

En dépit des efforts de recherche des constructeurs automobiles, le démarrage à froid représente aujourd'hui un point faible sur le cycle de référence européen NEDC (surconsommation de 20%-rejet de polluant de type HC). Stocker à l'arrêt et déstocker au démarrage le liquide de refroidissement chaud permet d'atteindre plus rapidement les conditions de fonctionnement optimal d'un moteur. L'originalité d'un tel procédé se situe au niveau de l'introduction de quantité d'air dans le circuit de refroidissement. La purge rapide du circuit au démarrage constitue le principal défi technologique

Genetic diversity of blastocystis in livestock and zoo animals.

Blastocystis is a common unicellular anaerobic eukaryote that inhabits the large intestine of many animals worldwide, including humans. The finding of Blastocystis in faeces in mammals and birds has led to proposals of zoonotic potential and that these hosts may be the source of many human infections. Blastocystis is, however, a genetically diverse complex of many distinct organisms (termed subtypes; STs), and sampling to date has been limited, both geographically and in the range of hosts studied. In order to expand our understanding of host specificity of Blastocystis STs, 557 samples were examined from various non-primate animal hosts and from a variety of different countries in Africa, Asia and Europe. STs were identified using 'barcoding' of the small subunit rRNA gene using DNA extracted either from culture or directly from faeces. The host and geographic range of several STs has thereby been greatly expanded and the evidence suggests that livestock is not a major contributor to human infection. Two new STs were detected among the barcode sequences obtained; for these, and for three others where the data were incomplete, the corresponding genes were fully sequenced and phylogenetic analysis was undertaken

Peptide/MHC Tetramer-Based Sorting of CD8+ T Cells to a Leukemia Antigen Yields Clonotypes Drawn Nonspecifically from an Underlying Restricted Repertoire

Testing of T cell-based cancer therapeutics often involves measuring cancer antigen-specific T-cell populations with the assumption that they arise from in vivo clonal expansion. This analysis, using peptide/MHC tetramers, is often ambiguous