Perkembangan dan Evaluasi Kinejra Reksadana Terbuka Kontrak Investasi Kolektif di Indonesia

There are four kinds of investment funds: Money Market Investment Funds, Income Investment Funds, Balanced or Discretionary Investment Funds and Equity Investment Funds which can give flexibility to investors, because each investment fund has different risks and rate of return. Investors who invest in Equity Investment Funds would expect higher returns over the long term but experience greater price variability than those who invest in the Balanced or - Income Investment Funds.It is important to evaluate performance of mutual funds based on risk and return analysis. The risk adjusted return approaches are Sharpe Ratio,' Treynor Ratio, Jensen's Differential Return.Research was carried out by investigating the daily fluctuation of Net Asset Value within 119 of Jakarta Stock Exchange (JSE) working days over 21 investment funds which had been issued before February 1997. The result shows that Balanced Investment Funds has lower risk compared to Equity' Investment Funds, but has the highest average rate of return among them.- Hypothesis testing (at 95% confidence level) shows that Income Investment Funds, Balanced Investment Funds and Equity Investment Funds have—' significant risk differentiation but have no significant average rate of return' - differentiation. Performance based on Sharpe Ratio, Traynor Ratio, and Jensen's Differential Return shows that Balanced Investment Funds is better than Equity Investment Funds. This is due to not only to the high rate of return but also to the lower variability of the return of fixed income securities, money market instrument as well as bonds. These intriguing results implied that fund managers could enhance investment fund return by diversifying across both fixed income securities, money market instruments, bonds and stocks. Clearly to say, a judicious mix of deposits, bonds, and stocks over time could be used as a means to potentially rise investment funds return while also reducing risk. This research is a preliminary one and is done in short period of time so that it may only give phenomenon in the short run

Penerapan Customer Driven Cost dalam Konsep Activity Based Costing untuk Pengendalian Biaya PT. S di Surabaya

Dalam dunia usaha yang bersaing dewasa ini, badan usaha dituntut untuk mengetahui kondisi pasar, saluran distribusi serta produk yang menguntungkan. Banyaknya permintaan dan pelayanan yang diberikan badan usaha kepada pelanggan, menyebabkan seringnya terjadi kesalahan di dalam perhitungan biaya-biaya yang dikeluarkan oleh badan usaha tersebut. Hal ini mengakibatkan informasi yang diberikan kepada badan usaha menjadi tidak akurat. Dengan timbulnya keadaan ini menuntut perhatian badan usaha untuk semakin meningkatkan keakuratan biaya-biaya yang dikeluarkan dengan jalan menerapkan metode Activity Based Costing, di mana biaya-biaya yang dikeluarkan untuk melayani para pelanggan dibebankan berdasarkan aktivitas atau kegiatan yang diperlukan untuk melayani pelanggan tersebut. Dengan demikian akan diperoleh suatu gambaran yang jelas mengenai pelanggan-pelanggan mana yang menguntungkan bagi badan usaha dan pelanggan-pelanggan mana yang yang tidak menguntungkan bagi badan usaha. Hasil dari penerapan Customer Driven Cost dalam konsep Activity Based Costing menunjukkan pelanggan Jember dan Banyuwangi adaJah pelanggan yang kurang menguntungkan karena mengkonsumsi biaya pelayanan yang terbesar. Sebaliknya, pelanggan Denpasar merupakan pelanggan yang paling menguntungkan karena selain volume penjuaJannya besar, biaya yang dikeluarkan tidak terlalu besar. Dari basil pembahasan ini diharapkan dapat membantu pihak manajemen badan usaha untuk memperoleh informasi yang tepat dan akurat sehingga dapat menyusun strategi penjualannya di masa yang akan datang sehingga pada akhimya pengendaJian biaya dan tujuan yang yang telah ditetapkan dapat tercapai

Penentuan Harga Jual Produk dengan Menggunakan Metode Cost Plus Pricing pada Ud. Sinar Sakti

Harga jual harus dapat menutup semua biaya yang dikeluarkan dan menghasilkan laba yang diinginkan. Faktor biaya merupakan faktor utama dalam menentukan harga jual, karena biaya menggambarkan batas minimum yang harus dipenuhi Perusahaan agar tidak mengalami kerugian. Cost plus pricing adalah nilai biaya tertentu ditambah dengan kenaikan (mark-up) yang ditentukan. Tujuan penelitian ini adalah untuk mengetahui bagaimana Perusahaan menentukan harga jual produk dengan menggunakan metode cost plus pricing pada UD. Sinar Sakti. Penetapan harga jual yang ditetapkan oleh UD. Sinar Sakti masih menggunakan metode harga jual yang ditetapkan oleh produsen atau menggunakan metode harga jual relatif, yaitu harga jual yang mengikuti harga pasaran yang telah ditetapkan oleh usaha-usaha dagang sejenis lainnya. Hasil penelitian ini menunjukkan harga jual yang ditetapkan Perusahaan lebih tinggi daripada harga jual produk yang dihitung dengan menggunakan metode cost plus pricing. Manajemen Perusahaan sebaiknya menggunakan metode cost plus pricing dalam mengidentifikasi biaya-biaya produksi dan menghitung harga jual produk sehingga harga jual produk yang dicapai dapat bersaing dengan para pesaing yang memiliki usaha sejenis. Kata kunci: harga jual, cost plus pricin

PERKEMBANGAN DAN EVALUASI KINEJRA REKSADANA TERBUKA KONTRAK INVESTASI KOLEKTIF DI INDONESIA

There are four kinds of investment funds: Money Market Investment Funds, Income Investment Funds, Balanced or Discretionary Investment Funds and Equity Investment Funds which can give flexibility to investors, because each investment fund has different risks and rate of return. Investors who invest in Equity Investment Funds would expect higher returns over the long term but experience greater price variability than those who invest in the Balanced or - Income Investment Funds.It is important to evaluate performance of mutual funds based on risk and return analysis. The risk adjusted return approaches are Sharpe Ratio,' Treynor Ratio, Jensen's Differential Return.Research was carried out by investigating the daily fluctuation of Net Asset Value within 119 of Jakarta Stock Exchange (JSE) working days over 21 investment funds which had been issued before February 1997. The result shows that Balanced Investment Funds has lower risk compared to Equity' Investment Funds, but has the highest average rate of return among them.- Hypothesis testing (at 95% confidence level) shows that Income Investment Funds, Balanced Investment Funds and Equity Investment Funds have—' significant risk differentiation but have no significant average rate of return' - differentiation. Performance based on Sharpe Ratio, Traynor Ratio, and Jensen's Differential Return shows that Balanced Investment Funds is better than Equity Investment Funds. This is due to not only to the high rate of return but also to the lower variability of the return of fixed income securities, money market instrument as well as bonds. These intriguing results implied that fund managers could enhance investment fund return by diversifying across both fixed income securities, money market instruments, bonds and stocks. Clearly to say, a judicious mix of deposits, bonds, and stocks over time could be used as a means to potentially rise investment funds return while also reducing risk. This research is a preliminary one and is done in short period of time so that it may only give phenomenon in the short run

Phosphorylation by protein kinase C and the responsiveness of Mg2+-ATPase to Ca2+ of myofibrils isolated from stunned and non-stunned porcine myocardinm

Previously we showed in an in situ porcine model that the thiadiazinone derivative [+]EMD 60263, a Ca2+ sensitizer without phosphodiesterase III inhibitory properties, increased contractility more profoundly in stunned than in non-stunned myocardium. This finding was consistent with the observed leftward shifts of the pCa2+/Mg2+-ATPase curves of isolated myofibrils induced by [+]EMD 60263. The aim of the present investigation was to study the possible involvement of protein kinase C in the mechanism of reduced Ca2+ responsiveness of myofilaments during stunning. No differences were observed in the maximal activity of the Ca2+-stimulated Mg2+-ATPase and in the pCa50 of myofibrils isolated from non-stunned and stunned myocardium. After phosphorylation with [gamma-32P]-ATP and excess of purified rat brain protein kinase C, the myofibrils were separated on sodiumdodecylsulphate-polyacrylamide gelectrophoresis and the 32P incorporation counted by the Molecular Imager. Ca2+/ phosphatidylserine/sn-1,2 diolein-dependent 32P incorporation catalyzed by excess of purified rat brain protein kinase C in C-protein, TnT and TnI subunits did not show any differences between myofibrils from non-stunned and stunned myocardium. However, protein kinase C-induced phosphorylation of myofibrils isolated from ventricular myocardium of sham-operated pigs resulted in a marked leftward shift of the PCa50 from 6.03 ± 0.04 to 6.44 ± 0.06 (p < 0.05), while porcine heart cyclic AMP-dependent protein kinase-induced phosphorylation resulted in an expected small rightward shift to 5.97, although statistical significance was not reached. Protein kinase C-induced phosphorylation also stimulated (80%) the maximal myofibrillar Mg2+-ATPase activity. [+]EMD 60263 (3 μM) produced a leftward shift of the myofibrillar pCa2+/Mg2+-ATPase curve which was unaffected by prior protein kinase C-induced phosphorylation. In conclusion, the findings with isolated myofibrils from myocardium of anaesthetized open-chest pigs indicate that protein kinase C might be involved in the mechanism of reduced Ca2+ responsiveness of myofilaments in stunned myocardium. However, at this stage no differences could be found between the maximal activity of the Ca2+-stimulated Mg2+ -ATPase, the pCa50 and the degree of phosphorylation of myofibrils isolated from stunned and non-stunned myocardium