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"The sopwith camel -- The mutual fund pioneer -- "He knows more about the fund business that we do" -- A marriage made in heaven -- Irreconcilable differences -- From the deck of HMS Vanguard -- Cutting the Gordian knot -- The Vanguard manual -- Creating loyalty and respect -- The great bull market -- "The devil's invention" -- The two Jacks -- Don't call me a gadfly -- St. Jack -- The rise of the speculator -- The spirit of mutuality -- The heart of the matter -- The future of indexing -- The future of Vanguard."

"We extend the persistence and pervasiveness of the presence of value effect to Indonesian stockreturns in the last two decades by utilizing data set that is relatively free of survivor bias and selectionbias. Our finding shows that value portfolios have been able to outperform growth portfolios.Furthermore, the presence of the effect as an asset pricing factor, along with the size effect, can significantlyexplain the returns of the aggregate equity mutual funds in Indonesia and unveil that theequity mutual fund industry does not provide sufficient risk-adjusted return to cover trading costs andfund expenses. Our proposition is that the equity mutual fund valuation will be better off to apply simplermodel shown in this paper to capture the value premium as opposed to the general applicationof traditional valuation method."

"Dicabutnya ketentuan fasilitas pembebasan pajak Industri Reksa Dana, yang berlanjut dengan dikeluarkan kebijakan pengenaan pajak penghasilan atas bunga obligasi pada industri reksa dana. Penelitian ini bertujuan untuk memberikan gambaran mengenai Evaluasi Kebijakan Pajak Penghasilan Atas Bunga Obligasi Pada Industri Reksa Dana dan permasalahan yang timbul akibat dari kebijakan perpajakan tersebut. Metode penelitian yang digunakan adalah kualitatif dengan analisis data kualitatif. Data kualitatif didapatkan melalui studi literatur dan wawancara mendalam. Hasil penelitian ini adalah adanya dampak yang ditimbulkan dari kebijakan pajak penghasilan atas bunga obligasi pada industri reksa dana yakni bagi investor : menurunnya return yang diterima, bagi pengelola investasi : menurunnya jumlah investor, portofolio pengelolaan dana menurun, melemahnya daya saing investasi reksa dana di Indonesia dibandingkan dengan negara lain, bagi emiten obligasi: menurunnya ekspansi perusahaan (emiten obligasi) dalam mengembangkan sektor usahanya, bagi pemerintah: secara tidak langsung akan menurunkan penerimaan negara. Permasalahan yang timbul akibat kebijakan pajak penghasilan atas bunga obligasi pada industri reksa dana adalah timbulnya penolakkan-penolakkan dari pengelola investasi dan pihak lainnya kepada otoritas pajak karena kebijakan tersebut berpotensi menimbulkan dampak terhadap sektor perekonomian serta iklim investasi pada industri reksa dana berbasis obligasi.

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Revocation of tax exemption provisions of the Mutual Fund Industry, which continued with policies issued by the imposition of income tax on the interest on the bonds in the mutual fund industry. This study aims to provide an overview of the Policy Evaluation of Income Tax on Bond Interest In Mutual Fund Industry and the problems that arise as a result of the tax policy. The method used was a qualitative study with qualitative data analysis. Qualitative data obtained through the study of literature and in-depth interviews.

Results of this study was the impact of tax policy on bond interest income on the mutual fund industry for investors: decreasing returns, for investment managers: the declining number of investors, fund management portfolio declined, weakening the competitiveness of Indonesian investments in mutual funds compared with other countries, for bond issuers: reduced expansion (bond issuer) in developing the business sector, for the government: will indirectly reduce state revenue.

Policy issues arising from tax on interest income on a bond mutual fund industry is the emergence of rejection-rejection of investment managers and other parties to the tax authorities because the policy has the potential to cause an impact on the economy and investment climate in bond-based mutual fund industry."

"Penelitian ini bertujuan untuk melihat hubungan yang ada antara biaya reksa dana dengan kinerja dalam industri reksa dana saham di Indonesia. Secara khusus penelitian ini membahas kinerja reksa dana dengan menggunakan metode 4 faktor milik Carhart yang dipengaruhi oleh market portofolio, size, book to market, dan momentum. Metode Carhat akan menghasilkan nilai konstanta intercept ( ) yang akan menjelaskan apakah sebuah reksa dana menghasilkan (tidak menghasilkan) excess return. Nilai konstanta intercept ( ) ini yang dipakai untuk melihat hubungan yang ada antara biaya dengan kinerja pada reksa dana saham. Penelitian ini menggunakan 27 produk reksa dana saham yang terdaftar di BAPEPAM selama periode 2009-2013. Berdasarkan data analisis, penelitian ini menemukan adanya hubungan negatif antara biaya reksa dana dengan kinerja yang dihasilkan oleh masing-masing reksa dana saham. Hubungan negatif antara biaya dengan kinerja pada reksa dana dapat dijadikan referensi bagi para investor dalam memilih produk reksa dana untuk berinvestasi berdasarkan biayanya.

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The objective of this research is to study the relation between fee and performance in Indonesia?s equity mutual fund industry. In particular this research examines how to investigate mutual fund performance using four factors

Carhart method influenced by market portfolio, size, book to market and momentum. This method generates the intercept () which explain whether the value of () will generate (or not generate) the excess return in a mutual funds. The value of intercept () will be used to correlate the relation between fee and performance in equity mutual funds. This research uses 27 equity mutual funds listed in BAPEPAM from 2009-2013.

Based on analysis, this study found there is a negative relation between fee and performance of each equity mutual funds. The negative relation between fee and performance in mutual fund can be used as reference for investors to choose which mutual fund product for investment based on their fee."

"ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh informasi asimetris (antara realized return dan expected return) pada market timing ability di Industri Reksa Dana Indonesia. Variabel penelitian ini adalah total return reksa dana, market excess return, small-minus-big, high-minus-low, market timing ability, dan informasi asimetris. Peneliti menggunakan data panel pada 129 produk reksa dana non-syariah terbuka dengan denominasi rupiah yang terdiri dari reksa dana saham, pendapatan tetap, campuran, dan pasar uang dengan data tahunan selama tahun 2010-2017. Penelitian ini menggunakan metode penelitian Fama-French 3 Factors Model dan Asymmetric Information-Dierkens Model. Hasil dari penelitian ini menunjukkan bahwa pada keseluruhan sampel penelitian, rata-rata manajer investasi memiliki market timing ability. Selain itu, ditemukan bahwa market timing abilitydipengaruhi secara signifikan oleh informasi asimetris.

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ABSTRACTThis study aims to determine information on asymmetry (between realized return and expected returns) on market timing ability in the Indonesian Mutual Fund Industry. The variables of this study consist of mutual fund total returns, market excess returns, small-minus-big, high-minus-low, market timing abilities, and asymmetric information. The researcher used a panel of data on 129 open-ended non-sharia mutual fund products consisting of equity, fixed-income, mix, and money market mutual funds with annual data for 2010-2017. This study uses the Fama-French 3 Factors Model and Asymmetric Information-Dierkens Model. The results of this research indicate that in the overall research sample, the average investment manager has the ability to market timing. In addition, it was found that market timing ability is very significant by asymmetrical information."

"Prinsip keterbukaan merupakan dasar kepercayaan dalam melakukan investasi di pasar modal. Munculnya kasus Reksa Dana PT.ADI pada tahun 2008 menjadi perhatian, mengingat kejadian tersebut berlangsung dalam waktu yang lama yakni sejak tahun 2001 sehingga banyak pihak yang mempertanyakan apakah pengaturan, penerapan dan pengawasan prinsip keterbukaan Reksa Dana telah berjalan dengan baik. Berdasarkan kondisi tersebut, peneliti mencoba menganalisis apakah prinsip keterbukaan telah dijabarkan dalam peraturan baik dalam UU No.8 Tahun 1995 tentang Pasar Modal, PP No.46 Tahun 1995 tentang Tata Cara Pemeriksaan di Bidang Pasar Modal maupun dalam Peraturan Ketua Bapepam-LK dan PT.KSEI. Selanjutnya dilakukan analisis kasus dengan menggunakan peraturan yang ada untuk menilai apakah telah terjadi pelanggaran prinsip keterbukaan dari sudut peraturan pasar modal dan UU PT Tahun 2007. Dalam penelitian ini penulis menggunakan metode penelitian hukum normatif yang bersifat deskriptif dengan menggunakan data sekunder. Hasil analisis menunjukkan bahwa dalam kasus Reksa Dana PT.ADI menunjukkan walaupun aturan dalam menjamin prinsip keterbukaan dalam Reksa Dana telah diatur dengan baik, namun penerapan dan pengawasan Bapepam-LK dan PT.KSEI belum berjalan dengan optimal. Hasil penelitian juga menunjukkan telah terjadi pelanggaran prinsip keterbukaan. Berdasarkan permasalahan tersebut, peneliti menyarankan agar dilakukan revisi atas UU No.8 Tahun 1995 tentang Pasar Modal dengan memberikan kewenangan yang lebih besar kepada Bapepam-LK, meningkatkan penerapan prinsip keterbukaan dengan mempublikasikan kinerja Reksa Dana sebagai bentuk prinsip keterbukaan, mengembangkan skema perlindungan investor dan memberikan investor education lebih gencar melalui media massa, media internet atau lewat berbagai organisasi dan melakukan pengawasan terpadu antara Bapepam-LK, PT.KSEI dan Bank Indonesia.

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Disclosure principle is the basic trust in investing in capital market. The emerge of PT. ADI Mutual Fund case in early 2008 became the center of attention to public, considering the incident had occurred in quite some time since 2001 thus many parties? questioning whether the management, implementation, and surveillance of Mutual Fund disclosure principle had run well.

Based on the condition, the writer is trying to analyze whether the disclosure principle has been regulated in our rules and regulations, such as in Act No. 8 Year 2005 regarding Capital Market, Government Regulation No. 46 Year 1995 regarding Rites in Examination/Investigation in Capital Market, and also Rules of Bapepam Chairman-LK and PT. KSEI. Furthermore, the writer is also analyzing the case by applying the existing rules and regulations of capital market and act of limited corporation year 2007 to assess whether the disclosure principle had been breached so far. In this research, the writer is using the descriptive normative law research method by applying secondary data.

The analysis result shows that PT. ADI Mutual Fund indicates, even though the rules and regulations that ensure the disclosure principle had been regulated well, the implementation and surveillance of Bapepam-LK and PT. KSEI have not been optimally enforced. The other analysis result also indicates the breach of disclosure principle had occurred.

Based on those problems, the writer is suggesting to revise the Act No. 8 Year 1995 regarding Capital Market by giving more authority to Bapepam-LK, enhancing the implementation of disclosure principle by publicizing the Mutual Fund performance as one the media for disclosure principle, developing investor protection scheme , providing investor education more often through mass media, internet, or many organizations, and also having integrated surveillance among Bapepam-LK, PT. KSEI, and Bank Indonesia."

"Penelitian tesis ini adalah tentang analisis kesiapan industri Reksa Dana Indonesia dalam menghadapi implementasi integrasi Pasar Modal ASEAN tahun 2015. Penelitian dilakukan dengan menyebarkan kuesioner yang berisi aspek-aspek Pasar Modal dan Reksa Dana kepada Manajer Investasi dan Otoritas Jasa Keuangan (OJK). Hasil penelitian dengan SWOT analysis menunjukkan bahwa Pasar Modal Indonesia terletak pada Kuadran 3 (stabil) dengan peluang pasar yang sangat besar. Sedangkan Total Skor Faktor Strategis Internal dari hasil perhitungan bobot, rating dan skors pada matriks Internal Eksternal adalah Pasar Modal di Indonesia terletak pada sel 5 (lima). Strategi pada sel 5 (lima) adalah stability strategy, yaitu dengan melakukan penetrasi pasar, pengembangan produk-produk Reksa Dana yang inovatif dengan potensi imbal hasil yang menarik, meningkatkan kapasitas dan kemampuan perusahaan Manajer Investasi, dan koordinasi kebijakan yang baik antar Regulator yang berkepentingan terhadap implementasi integrasi Pasar Modal ASEAN.

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This research is to analyze the Readiness of Indonesia Mutual Fund Industry in Facing the Implementation of ASEAN Capital Market Integration in year 2015, where it was conducted by distributing questionnaires containing the aspects of Capital Market and Mutual Fund. The questionnaires were given to the selected Investment Managers and the Authority Financial Services (AFS). The SWOT analysis result is showed that Indonesia Capital Market is located on the 3rd Quadrant (stable) with huge market potential. Meanwhile, the result of Internal Strategic Total Score Factor on the Internal-External matrix after weighted calculation, ratings and scores is the Indonesian Capital Market lies in the fifth cell. The strategy of 5th cell is to have stability strategy, which is by doing market penetration, create innovative mutual fund product development with attractive potential return, improve the capacity and capability of Fund Manager, and a good policy coordination among related Regulator."