Multi Factor SUR in Event Study Analysis: Evidence from M&A in Singapore’s Financial Industry

This paper proposes a use of multi-factor seemingly unrelated regression (SUR) in event study analysis to study mergers and acquisitions in Singapore’s financial industry. We also study the cross-sector (banking and insurance)domestic acquisition in Singapore’s financial industry. By contrasting to the use of ordinary least squares (OLS) method, it is found that OLS method seems to underestimate the value of the sample cumulative abnormal returns as compared to SUR. The study also found that post mergers and takeovers in banking and insurance industries tend to have high possibility of negative returns.Event study; Seemingly unrelated regression (SUR); Merger and Acquisition (M&A); Singapore; Financial Industry; Cross-sector

Central Bank Credibility and Monetary Policy: Evidence from Small Scale Macroeconomic Model of Indonesia

In this paper, we develop a forward-looking small scale macroeconomic model (SSMM) of the Indonesian economy which is potentially useful for carrying out monetary policy analysis. The Batini-Haldane (1999) model is used as the theoretical underpinning for the development of the model along with the well -known Taylor policy rule (1993). The tracking performance of the model is found to be satisfactory. We conduct deterministic and stochastic simulations to examine the role of the central bank’s credibility in achieving the inflation target and to suggest appropriate monetary policy responses. Policy simulations indicate that it is crucial for the Indonesian authority to address its credibility for Indonesia to achieve a lower inflation rate. Simulations to trace out the inflation-output tradeoff frontier also show that a monetary policy rule that targeted both the inflation and output gap will result in less macroeconomic volatility. We also found that the inclusion of the exchange rate into the monetary policy rule as an additional feedback variable warrants serious consideration in the future course of monetary policy management.Small Scale Macroeconomic Model, Monetary Policy, Central Bank Credibility, Policy Frontier, Indonesia

Experiencing Disability As Starting Point Of Becoming Empathetic Architect

With the Act No. 8 the Year 2016, the equal rights of people with disabilities are acknowledged by the Indonesian Government following UNCRPD demand. Act No. 20 Year 2003, the education of People with Disabilities has been translated into the special schools for children with Disabilities and inclusive educational schools (JICA et al., 2015). However, the implementation is found not effective (Edwards, 2014). And many inclusive schools fail supporting the People with Disabilities (JICA et al., 2015). Schools and Libraries are found essential for learning and preserving various collections. Therefore, Inclusive Decision Making or Inclusive Design (ID) framework is needed to create more inclusive education. Further I want to present - Experiencing as People with Disabilities - Why I am interested in Service-Learning with Disabilities? - Literature Review of Inclusive Design - Explanation on Inclusive Design Course in PCU - Sharing Sample of Improving Access for All in Library@Petra - Conclusio

CULTURE–INCLUSIVE TOILET DESIGN FOR YPAB BLIND SCHOOL IN SURABAYA

Toileting culture affects the toileting design. Adaptive - inclusive toilet design strategy was needed to respond the local unique toileting culture of Surabaya people. Based on toileting culture and five Inclusive design principles directed by Tanuwidjaja, the inclusive toilet was produced. The project involved four steps such as: literature review, interview and photo documents, participative design workshops and design development. Therefore, a final design was produced and found acceptable for Surabaya people

Free Wake Techniques for Rotor Aerodynamic Analylis. Volume 2: Vortex Sheet Models

Results of computations are presented using vortex sheets to model the wake and test the sensitivity of the solutions to various assumptions used in the development of the models. The complete codings are included

METABOLIC RISK FACTORS OF URINARY STONE DISEASE IN CHILDREN

Objective: To evaluate metabolic risk factor of urinary stone disease in children. Material & method: In this hospital-based preliminary study, children with urinary stone disease who underwent stone removal in Hasan Sadikin Hospital were included. Control group consisted children with other diseases, matched for age and BMI. Blood evaluation (uric acid, calcium and phosphate) and 24-hour urine evaluation (calcium, phosphate, sodium, magnesium, uric acid, acidity, and urine volume) were measured before the stone removal. Stone analysis was performed later. Data was analyzed using Kruskal Wallis and Spearman correlation test. Results: Eight subjects with urinary tract stone and 8 normal subjects were included to the study. This study included 4 (50%) subjects with renal stone, 3 (37,5%) subjects with bladder stone, and 1 (12,5%) subject with distal urethral stone. Stone analysis revealed 6 (75%) calcium oxalate, 1 (12,5%) calcium phosphate, and 1 (12,5%) struvite stone. There was no significant difference in blood calcium, phosphate, and uric acid between groups. 24 hours urinary calcium level was higher in subjects with stone disease (40,8 mg vs 10,6 mg, p=0,027). Urinary calcium-to-creatinine ratio was also higher in stone disease (0,23 vs 0,02 mg/mg creatinine, p=0,002). There was no significant difference of other urinary electrolites and uric acid level between groups. Conclusion: Twenty four hours urinary calcium level and urinary calcium-to-creatinine ratio is higher in children with urinary stone disease. Keywords: Urinary stone disease, children, metabolic risk factors

FENG SHUI IN MODERN HOUSE DESIGN SEARCHING FOR THE RATIONALE AND POSSIBLE IMPACTS ASSESSMENT

The Feng Shui, the wind-water, is a Chinese system of geomancy using the laws of both Heaven and Earth for harmony and balance of life with the positive qi. Feng Shui is widely used to orient temples, palaces, shops, houses, and other structures, with the reference to local features such as bodies of water, stars, or a compass. The Feng Shui also informs the physical arrangements for manipulation and channeling the qi (positive or negative energy). Although Feng Shui is related to traditional believe and propitious manner, but some of its principles are rational. The current research is conducted to investigate any positive impacts of the Feng Shui application in modern house design. A house in Jakarta designed with Feng Shui was analyzed. The strategies were later examined based on the sustainable architectural design principles, especially its impact on the house functionality

Iman Kristen Dan Kebudayaan

Culture is created by God, as it is the essence of Christian faith, in order to reflects His values and glory. Culture can not be separated from the existence of God relate to its origin, process and ultimate objective. However, culture is never be able separated from humanity's oldest struggle, sin. The existence of sin also takes part in various area in the development of human culture, there for brings those who insult and assume that God is not the highest and must be glorified, even rejecting the existence of God. The teachings of the Christian faith explain the concept of redemption which finally enables the culture to recognize the existence of God as the highest being, and to reveal His glory. This paper expresses various Christian struggles in addressing the existence and development of human culture from the perspective of the Christian faith, and returning it to God's original position and purpose for humans. Kebudayaan berasal dari Allah dijalankan sesuai tata nilai dari Allah dan dan harus kembali kepada Allah, itulah esensi iman Kristen. Budaya tidak dapat dipisahkan dari keberadaan Allah, baik asal mulanya, prosesnya hingga kepada tujuan akhirnya. Walau demikian, kebudayaan tidak terlepas dari pergumulan tertua manusia, yaitu dosa. Keberadaan dosa juga mengambil andil dalam perkembangan kebudayaan manusia ke berbagai bidang, sehingga ada yang melecehkan dan mengganggap bahwa Allah bukanlah yang tertinggi dan harus dimuliakan, bahkan menolak keberadaan Allah. Ajaran iman Kristen memaparkan konsep penebusa yang akhirnya memampukan kebudayaan itu mengakui keberadaan Allah sebagai Pribadi yang tertinggi, dan menyatakan kemuliaan-Nya. Tulisan ini mengungkapkan berbagai pergumulan orang Kristen dalam menyikapi keberadaan maupun perkembangan kebudayaan manusia dari sudut pandang iman Kristen, dan mengembalikannya pada posisi maupun tujuan awal Allah bagi manusia

MACROECONOMIC DEVELOPMENTS OF THE INDONESIAN ECONOMY WITH SPECIAL REFERENCE TO FINANCIAL CRISIS AND POLICY CONDUCT

Tulisan ini berisi penjelasan mengenai struktur dan perkembangan makroekonomi Indonesia dengan refrensi khusus yang disediakan untuk dapat memahami alasan utama yang menyebabkan Indonesia mengalami penderitaan dalam bidang ekonomi selama krisis keuangan Asia tahun 1997-1998. Kami menemukan bahwa kelemahan pokok makroekonomi dalam perekonomian Indonesia adalah sebagai hal yang bertanggung jawab pada runtuhnya ekonomi, dan bukannya krisis keuangan Asia, sebagai perten-tangan pada pandangan lain mengenai efek penularan (contagion effect). Diskusi mengenai perubahan kebijakan moneter dan fiskal yang telah dilakukan saat ini juga akan dibahas

SUSTAINABLE ARCHITECTURAL DESIGN IN A TRADI-TIONAL BALINESE HOUSING IN ACCORDANCE TO THE CONCEPT OF TRI MANDALA

Global challenges such as natural resource depletions, irregular weather pattern, and pollutions were imminent. The Home Green Design proposed by other countries was not suitable to Bali Island because of the local social context. The Balinese House is regulated with the Tri Mandala and Sanga Mandala to achieve the harmonious relations between Macrocosms (Bhuana Agung) and Microcosms (Bhuana Alit) [or Tri Hita Karana]. The Sanga Mandala guides the spatial pattern both on the house and the settlement scale. The Tenganan traditional Village implemented Tri-Mandala which organized the house into the Utama (upper and sacred), Madya (middle and human), and Nista (lower and profane). The Tri Mandala concept is very adaptable to the environment, even in the middle of the economic-driven activities and fast home development. However, the Tri-Mandala really supported the sustainability in the functionality aspect, the social acceptance aspect as well as thermal comfort aspect. Therefore, the Tri Mandala concept could be implemented in the contemporary house design in Bali