INVESTIGATION OF EXTERNAL AND INTERNAL SHOCK IN THE STABILITY OF INDONESIA’S FINANCIAL SYSTEM

The objective of this research is to develop a financial system stability index and analyze the internal and external factors that we expect to affect the stability of the Indonesian financial system. We measured the single model of financial system stability index (FSSI) from year 2004M03 to2014M09 in Indonesia, and compiled a single quantitative measure based on aggregate internal factors and external factors to capture and predict the shocks of the financial system stability. Stability parameters were composed of composite indicators on different bases. In addition, we developed a comprehensive index component associated with the relevant market conditions, including banking soundness index, financial vulnerability index, and regional economic climate index. Results stated that US economic growth and economic growth of ASEAN countries positively affected financial stability. In addition, current account, exchange rate, inflation, interest rate were shown to negatively affect financial stability. The results of this study imply that internal factors have a strong influence on the financial stability. Therefore, the central bank should give a fast and correct response to the changes of external and internal financial environment, especially for internal factors through monetary policy. Keywords: Financial System Stability Index, Banking Soundness Index, Financial Vulnerability index, Regional Economic Climate Inde

Bid-ask Spread dan Periode Kepemilikan Saham pada Perusahaan Lq-45

Global crisis gives quite big impact to the Indonesian Stock Exchange and also changes the investor behavior as well. Fundamental exchange which is considered fragile becomes instability threat and reflects uncertain condition. This research aims to analyze and explain empirically the impact of variance return, trading volume, stock prices and return shares toward bid-ask spread which is the measurement of asymmetrical information cost, also the impact of variance return, market value, bid-ask spread and dividend pay out towards common shares holding periods in Indonesia Stock Exchange and some dominant variable that affect them.The findings of this research strengthen the presumption that in conducting the investment, investors in Indonesian Stock Exchange is more oriented to short term investment by expecting more on common shares than dividend. Most investors keep their ownership in common shares in Indonesian Stock Exchange for two years. Besides, the efficient investment strategy which optimizes profit is “switching strategy”, following the market movement every time exactly, using technical information to active shares by moving from the shares that the price is predicted to decline to the increased ones. Moreover, the researcher also got the evidence that the investors in Indonesian capital market conduct their investment irrationally, investor\u27s analysis is getting technical and gives less attention to the fundamental factors. The decision of selling and buying which is conducted by the investors on common shares is based on the trading activity, that is actually a measurement of the scale of asymmetry information

Anti-neutrophil cytoplasmic antibodies associated vasculitis with interstitial lung disease: a case report

Anti-neutrophil cytoplasmic antibodies (ANCA) associated vasculitis is a necrotizing vasculitis that primarily affect small blood vessels of the airway and kidneys. The major clinicopathologic feature include microscopic polyangiitis and granulomatosis with polyangiitis. There are several studies done that have shown the association of interstitial lung disease (ILD) and ANCA vasculitis. Majority of the studies showed that the prognosis was bad in patients with AAV and ILD, then those without it, and patients with pulmonary fibrosis and ANCA had as low a prognosis as patients with IPF without ANCA. We hereby report a case of a female patient in her 70s who was been treated as a case of infection at different hospital, only to be diagnosed later as ANCA associated vasculitis with interstitial lung disease. Methylenetetrahydrofolate reductase (MTHFR) enzyme is one of the key enzymes involved in the metabolism of folate

A Change in Engagement: The Relationship between Employee Engagement and Generational Differences

Employee engagement changes generationally. This literature review explores employee engagement and shared life experiences that define the characteristics of each generation; shaping generational perception on employee engagement and how each generation actually engages at work. Resultantly, generational differences, characteristics, and shared life experiences make salient how employee engagement changes

Analisis Beberapa Faktor Yang Mempengaruhi Holding Period Saham Biasa Pada Perusahaan Go Public Yang Tercatat Dalam Index Lq45

There are many factors influencing the decision making of investors in holding their possession on security especially common stock. Monetary crisis condition has proved to be able to influence the investors' attitude in Jakarta Stock Market in investing their capital especially about the long/short of holding a security. This study is conducted based on the differentiation of conclusion/result of study from previous studies about decision to hold security in the long/short term. The aim of this study is to analyze variables influencing holding period of common stock on public firm listed in LQ 45 Index, that are firms generally have good performance assessed based on both market performance and firm fundamental, then analyzing the dominance influencing variable. This study is conducted in Jakarta Stock Exchange with population of stocks listed in LQ 45 index in period of 2000 – 2001 with the total of 64 firms. The Sample Taking Method is purposive sampling with the criteria that the firms at least listed twice in LQ45 index on the study period. The analysis method used to analyze independent variables: spread, market value, variance return, and dividend pay out ratio and dependent variable: holding period is two stage least squares multiple regression model, since there is possibility that the correlation of bid-ask spread from the current period and bid-ask spread and holding period from the previous period for every stock take place simultaneously. Results of the study showed that, partially, bid-ask spread variable that constitutes the different value between the highest price provided paid by buyer with the lowest price offered by seller has significance positive correlation on holding period of common stock and there is inverse correlation/significance negative between variance return variable that reflect the risk rate from stock effected by fluctuation of stock price and holding period of common stock. While, simultaneously, there is no significance correlation between dependent variable and independent variable that means bid-ask spread, market value, variance return and dividend pay out ratio can't describe variation from holding period variable

Analisis Faktor Yang Mempengaruhi Holding Period Saham Biasa Pada Perusahaan Go Public Yang Tercatat Dalam Index Lq45

The aim of this study is to know and analyze variables influencing holding period of common stock on public firm listed in LQ 45 Index, that are firms generally have good performance assessed based on both market performance and firm fundamental, then analyzing the dominance influencing variable. This study is conducted in Jakarta Stock Exchange with population of stocks listed in LQ 45 index in period of 2000 – 2001 with the total of 64 firms. The Sample Taking Method is purposive sampling with the criteria that the firms at least listed twice in LQ45 index on the study period. The Analysis method used to analyze independent variables: spread, market value, variance return, and dividend pay out ratio and dependent variable: holding period is two stage least squares multiple regression model, since there is possibility that the correlation of bid-ask spread from the current period and bid-ask spread and holding period from the previous period for every stock take place simultaneously. Results show that partially bid-ask spread variable that constitutes the different value between the highest price provided paid by buyer with the lowest price offered by seller has significance positive correlation on holding period of common stock and there is inverse correlation/significance negative between variance return variable that reflect the risk rate from stock effected by fluctuation of stock price and holding period of common stock. While, simultaneously, there is no significance correlation between dependent variable and independent variable that means bid-ask spread, market value, variance return and dividend pay out ratio can't describe variation from holding period variable