Herding to A Side of Order Book Balance

In the growing econophysics, it is quite rare that the presented analyses approach the interesting properties of order book. However, a lot of data are available in the order book, and analysis on this object will bring us to further understanding of the market. We analyze some order book of stocks traded in Jakarta Stock Exchange and see interesting properties there by looking at the balance of the order book. We also build a model based on the work of Chiarella and Iori [1] with some modi¯cations to explain the herding pattern of traders through the order book

Democracy: Order out of Chaos

We construct a majority cellular automata based model to explain the power-law signatures in Indonesian general election results. The understanding of second-order phase transitions between two different conditions inspires the model. The democracy is assumed as critical point between the two extreme socio-political situations of totalitarian and anarchistic social system - where democracy can fall into the twos. The model is in multi-party candidates system run for equilibrium or equilibria, and used to fit and analyze the three of democratic national elections in Indonesia, 1955, 1999, and 2004

On Stock Market Dynamics through Ultrametricity of Minimum Spanning Tree

We analyze the evolving price °uctuations by using ultrametric distance of minimally spanning ¯nancial tree of stocks traded in Jakarta Stock Exchange 2000-2004. Ultrametricity is derived from transformation of correlation coe±cients into the distances among stocks. Our analysis evaluates the performance of ups and downs of stock prices and discovers the evolution towards the ¯nancial and economic stabilization in Indonesia. This is partly recognized by mapping the hierarchical trees upon the realization of liquid and illiquid stocks. We remind that the methodology is useful in two terms: the evaluation of spectral market movements and intuitively understanding for portfolio management purposes.ultrametricity, minimum spanning tree, liquidity, Jakarta Stock Exchange.

Agent-based Model Construction In Financial Economic System

The paper gives picture of enrichment to economic and financial system analysis using agent-based models as a form of advanced study for financial economic data post-statistical-data analysis and micro- simulation analysis. Theoretical exploration is carried out by using comparisons of some usual financial economy system models frequently and popularly used in econophysics and computational finance. Primitive model, which consists of agent microsimulation with fundamentalist strategy, chartist, and noise, was established with an expectation of adjusting micro-simulation analysis upon stock market in Indonesia. The result of simulation showing how financial economy data resulted analysis using statistical tools such as data distribution and central limit theorem, and several other macro-financial analysis tools previously shown (Situngkir & Surya, 2003b). This paper is ended with several further possible advancements from the model built.multi-agent, financial analysis, fundamentalist and chartist strategy, Indonesia stock market.

What can we see from Investment Simulation based on Generalized (m,2)-Zipf law?

The paper revisits the investment simulation based on strategies exhibited by Generalized (m,2)-Zipf law to present an interesting characterization of the wildness in financial time series. The investigations of dominant strategies on each specific time series shows that longer words dominant in larger time scale exhibit shorter dominant ones in smaller time scale and vice versa. Moreover, denoting the term wildness based on persistence over short term trend and memory represented by particular length of words, we can see how wild historical fluctuations over time series data coped with the Zipf strategies.Generalized (m,2)-Zipf law, time series, fluctuations, investment.

BUILDING COMPETITIVE ADVANTAGE THROUGH MARKETING, MANUFACTURING AND ENVIRONMENTAL MANAGEMENT STRATEGY: A CASE STUDY OF METAL PRODUCT SMEs IN TEGAL

This research investigates how the marketing strategy, manufacturing strategy and environment management create SMEs competitive advantage that will improve SMEs business performance. It gives both theoretical and managerial implications about steps must be taken by SMEs to improve their business performance through the competitive advantage gained from the marketing strategy, manufacturing strategy, and the ability to manage the environment. This research includes a data set from 121 SMEs. Results show that the manufacturing and environment management strategy positively affects SMEs competitive advantage, and the competitive advantage also positively affects SMEs business performance. Marketing strategy implemented didn’t affect the competitive advantage. This research proved that for now, the competitive advantage of metal product SMEs in Tegal lay on their ability to create product in accordance with consumers want. Metal SMEs always maintain their flexibility and product quality with competitive prices. To gain the competitive advantage, SMEs must have the ability to adjust with political and economics transformation such as general election or city major and governor transformation. Because of its flexibility, metal SMEs in Tegal can easily adjust with the transformation of political and economical climate. The last thing that must be noted from this research is that metal SMEs in Tegal didn’t implement the marketing strategy well because of the job-order system. The competitive advantage will be more perfect if the company also have superb marketing strategy

Statistical Facts of Artificial Stock Market: Comparison with Indonesian Empirical Data

The paper reports the construction of artificial stock market that emerges the similar statistical facts with real data in Indonesian stock market. We use the individual but dominant data, i.e.: PT TELKOM in hourly interval. The artificial stock market shows standard statistical facts, e.g.: volatility clustering, the excess kurtosis of the distribution of return, and the scaling properties with its breakdown in the crossover of Levy distribution to the Gaussian one. From this point, the artificial stock market will always be evaluated in order to have comprehension about market process in Indonesian stock market generally.artificial stock market, agent based model, statistical facts of stock market

What can we see from Investment Simulation based on Generalized (m,2)-Zipf law?

The paper revisits the investment simulation based on strategies exhibited by Generalized (m,2)-Zipf law to present an interesting characterization of the wildness in financial time series. The investigations of dominant strategies on each specific time series shows that longer words dominant in larger time scale exhibit shorter dominant ones in smaller time scale and vice versa. Moreover, denoting the term wildness based on persistence over short term trend and memory represented by particular length of words, we can see how wild historical fluctuations over time series data coped with the Zipf strategies