MENTAL ACCOUNTING AND LOSS AVERSION ON INDONESIA FIRM’S PERFORMANCE DURING COVID-19

The world shocked by the found of new virus COVID-19 which impact the firm’s performance. The objective of this study is to examine the effect of mental accounting behavior and loss aversion on the performance of companies in Indonesia listed on KOMPAS100 during the period of pandemic COVID-19. The Ordinary Least Square (OLS) regression model on panel data was formed using the two dependent variables ROA and Tobin’s Q. The results show that loss aversion behavior gives a negative impact on company performance, both on variable ROA and Tobin's Q variables and that behavior generally has an increasing impact when the crisis due to the COVID-19 pandemic occurs. While mental accounting behavior also influence on a negative impact on company performance by using the ROA variable along COVID-19 pandemic period, this behavior significantly increased giving a negative impact on company performance. However, these results are not in line with research using Tobin's Q which shows significant results that mental accounting behavior gives positive impact on company performance and the impact increases when crisis period due to COVID-19 pandemic. The research concluded previous research shows that both mental accounting and loss aversion gave impact to the company performance.Dunia dikejutkan dengan ditemukannya virus baru COVID-19 yang berdampak pada kinerja perusahaan. Tujuan dari penelitian ini adalah untuk menguji pengaruh mental accounting behavior dan loss aversion terhadap kinerja perusahaan di Indonesia yang terdaftar di KOMPAS100 selama periode pandemi COVID-19. Model regresi Ordinary Least Square (OLS) pada data panel dibentuk dengan menggunakan dua variabel dependen ROA dan Tobin's Q. Hasil penelitian menunjukkan bahwa perilaku loss aversion berpengaruh negatif terhadap kinerja perusahaan, baik pada variabel ROA maupun variabel Tobin's Q dan perilaku tersebut umumnya memiliki dampak yang semakin meningkat ketika krisis akibat pandemi COVID-19 terjadi. Sementara perilaku mental accounting juga terbukti memberikan dampak negatif terhadap kinerja perusahaan dengan menggunakan variabel ROA selama masa pandemi COVID-19, namun perilaku ini meningkat signifikan sehingga berdampak negatif terhadap kinerja perusahaan. Namun hasil tersebut tidak sejalan dengan penelitian menggunakan Tobin's Q yang menunjukkan hasil yang signifikan bahwa perilaku mental accounting memberikan dampak positif terhadap kinerja perusahaan dan dampak tersebut meningkat saat masa krisis akibat pandemi COVID-19. Hasil penelitian menyimpulkan penelitian sebelumnya menunjukkan bahwa baik mental accounting maupun loss aversion berpengaruh terhadap kinerja perusahaan

STOCK RETURN AND TRADING VOLUME IN LQ45 INDEX

Penelitian ini berfokus hubungan antara return dan volume perdagangan dengan data harian perusahaan diLQ45. Model GARCH Bivariat digunakan untuk mengamati hubungan antara return dan volumeperdagangan. Untuk mengetahui hubungan lebih lanjut antar variabel tersebut, digunakan pendekatantime lag correlation. Untuk verifikasi hubungan tersebut, datanya dibagi menjadi dua kelompokberdasarkan ukuran volume perdagangan dan ukuran perusahaan. Hasilnya menunjukkan bahwakelompok volume perdagangan hanya menyebabkan Granger kausal ke volume perdangangan, tetapisebaliknya tidak. Sementara pada kelompok ukuran perusahaan, masing-masing menunjukkan hasil yangberbeda. Pada ukuran perusahaan kecil dan menengah, return dan volume mempunyai dua arah (bilateral)Granger kausal. Namun, tidak ditemukan hubungan kausal bagi ukuran perusahaan besar. Semuakelompok ukuran volume dan kelompok ukuran perusahaan menunjukkan korelasi lag waktu positif,sehingga terdapat efek anti-leverage.Kata kunci: return, volume perdagangan, Bivariat GARC

The Relationship Between Leverage, Maturity, and Investment Decision: Evidence From Emerging Markets

In this paper, we examine simultaneous relationship between leverage, maturity and over(under)- investment in emerging markets. We divide leverage into short term and long term to investigate the relation between current and future simultaneous relationship between leverage and investment decision, between debt maturity and investment decision, and between leverage and debt maturity. This research used twenty emerging market data from 2006 – 2016. First of all, our results show that firms in emerging markets prefer to use short-term debt to long-term debt to minimize the underinvestment problem. Second, there is a simultaneous non-linear relation between long-term leverage and growth opportunities in emerging markets firms. Third, long-term debt has non-linear effects on investment decision in emerging markets firms. It can be concluded that firms in emerging markets have different characteristics with regard to their capabilities to manage the interaction between leverage, maturity and investment compared to developed markets

Formation of Warped Disks by Galactic Fly-by Encounters. I. Stellar Disks

Warped disks are almost ubiquitous among spiral galaxies. Here we revisit and test the `fly-by scenario' of warp formation, in which impulsive encounters between galaxies are responsible for warped disks. Based on N-body simulations, we investigate the morphological and kinematical evolution of the stellar component of disks when galaxies undergo fly-by interactions with adjacent dark matter halos. We find that the so-called `S'-shaped warps can be excited by fly-bys and sustained for even up to a few billion years, and that this scenario provides a cohesive explanation for several key observations. We show that disk warp properties are governed primarily by the following three parameters; (1) the impact parameter, i.e., the minimum distance between two halos, (2) the mass ratio between two halos, and (3) the incident angle of the fly-by perturber. The warp angle is tied up with all three parameters, yet the warp lifetime is particularly sensitive to the incident angle of the perturber. Interestingly, the modeled S-shaped warps are often non-symmetric depending on the incident angle. We speculate that the puzzling U- and L-shaped warps are geometrically superimposed S-types produced by successive fly-bys with different incident angles, including multiple interactions with a satellite on a highly elongated orbit.Comment: 16 pages, 13 figures, 3 tables. Accepted for publication in Ap

Porphyra-334, a mycosporine-like amino acid, attenuates UV-induced apoptosis in HaCaT cells

The main aim of the current research was to study the effect of porphyra-334, one of mycosporine-like amino acids (MAAs), well known as UV-absorbing compounds, on UV-induced apoptosis in human immortalized keratinocyte (HaCaT) cells. Due to their UV-screening capacity and ability to prevent UV-induced DNA damage, MAAs have recently attracted considerable attention in both industry and research in pharmacology. Herein, human HaCaT cells were used to determine the biological activities of porphyra-334 by various in vitro assays, including proliferation, apoptosis and Western blot assays. The proliferation rate of UV-irradiated HaCaT cells was significantly decreased compared to the control group. Pretreatment with porphyra-334 markedly attenuated the inhibitory effect of UV and induced a dramatic decrease in the apoptotic rate. Expression of active caspase-3 protein was increased in response to UV irradiation, while caspase-3 levels were similar between cells treated with porphyra-334 and the non-irradiated control group. Taken together, our data suggest that porphyra-334 inhibits UV-induced apoptosis in HaCaT cells through attenuation of the caspase pathway

Nearly isotropic upper critical fields in a SrFe1.85_{1.85}Co0.15_{0.15}As2_{2} single crystal

We study temperature dependent upper critical field $H_{\rm c2}$ of a SrFe$_{1.85}$Co$_{0.15}$As$_{2}$ single crystal (\textit{T$_c$}=20.2 K) along \textit{ab}-plane and \textit{c}-axis through resistivity measurements up to 50 T. For the both crystalline directions, $H_{\rm c2}$ becomes nearly isotropic at zero temperature limit, reaching $\sim$ 48 T. The temperature dependence of the $H_{\rm c2}$ curves is explained by interplay between orbital and Pauli limiting behaviors combined with the two band effects.Comment: Proceedings of M2S-IX, Tokyo 200