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"This paper examines the time wasted or effective harassment due to red tape at the district Indonesia, The study of finds a positive relationship between effective harassment in the form of the time spent by firms with heal bureaucrats and bribe rates, even after controlling for firm and other characteristics (location, industry etc). The bureaucratic harassment and bribes are therefore not completely exogenous - so, the efficient grease hypothesis cannot be supported. After decentralization, retribution to extract rents has become the biggest nuisance for most firms. Besides the euphoria of decentralization, a weak local tax base also explains why the temptation to create nuisance taxes and retributions is great, One picture is that education seems tv have a moderating impact on the part of local officials' behavior in creating red tape to extract rents."

"ABSTRAKPenelitian ini bertujuan untuk menguji dua hipotesis utama yang mampu menggambarkan siklus kehidupan dalam sektor perbankan Indonesia, yaitu Efficient Structure Hypothesis (ESH) dan Quite Life Hypothesis (QLH). ESH pada dasarnya menduga bahwa terdapat pengaruh yang positif dari efisiensi terhadap kinerja perusahaan perbankan. Sedangkan QLH menduga bahwa konsentrasi pasar akan mempengaruhi efisiensi perusahaan secara negatif.Penelitian ini menggunakan 106 bank sebagai sampel penelitian dengan periode 2006 ? 2014. Metode yang digunakan dalam penelitian ini ialah Malmquist Data Envelopment Analysis (DEA) untuk mengukur efisiensi perusahaan perbankan, Herfindahl Index (HI) untuk mengukur tingkat konsentrasi pasar, dan regresi data panel untuk mengestimasi parameter dalam model penelitian.Hasil penelitian menunjukkan bahwa terdapat siklus kehidupan yang dinamis pada sektor perbankan Indonesia, dimana perusahaan yang mulanya efisien akan tumbuh, menyebabkan peningkatan konsentrasi pasar, dan akan kehilangan efisiensinya seiring dengan berjalannya waktu.

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ABSTRACTThis study aims to test Efficient Structure Hypothesis (ESH) and Quite Life Hypothesis (QLH), the two main hypotheses that can reveal the life cycle inside Indonesia?s banking sector. ESH presumes that efficiency will affect bank?s performance positively, while QLH presumes that market concentration will affect bank?s efficiency negatively.This study uses 106 banks as research samples within 2006 ? 2014. The methodologies used in this research are Malmquist Data Envelopment Analysis (DEA) to measure bank?s efficiency, Herfindahl Index (HI) to measure market concentration, and panel data regression to estimate the parameter in the research models.This study finds that there is a dynamic life cycle in Indonesia?s banking sector, where banks grow as they become more efficient ? resulting in a higher market concentration (quite-life condition), and the quite-life condition will eventually erode banks? efficiency"

"This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders? free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985).Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White?s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders? free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf?s pecking order hypothesisbut unsupportive of Jensen?s free cash flow hypothesis."

"Terdapat dua hipotesis dalam menganalisis hubungan antara struktur pasar dan kinerja sebuah industri. Yang pertama adalah paradigma Structure-Conduct- Performance (SCP) tradisional yang mendasarkan pada perilaku kolusi pelaku usaha dalam mendapatkan profit, sedangkan yang kedua adalah hipotesis Efficient- Structure (ES) yang mendasarkan pada perilaku efisien dari pelaku usaha. Penelitian dalam tesis ini bertujuan untuk menganalisis kedua hipotesis tersebut, manakah dari kedua paradigma/hipotesis tersebut yang mencerminkan industri perbankan Indonesia. Dengan menggunakan data panel dari seluruh bank umum di Indonesia yang beroperasi pada periode tahun 2000 hingga 2010, terbukti bahwa paradigma SCP yang diwakili oleh variabel tingkat konsentrasi pasar perbankan (indeks Herfindahl- Hirschman) dan Market Share, tidak terbukti pada perbankan Indonesia. Sebaliknya terbukti bahwa hipotesis ES lebih dominan pada operasional bank di Indonesia. Variabel yang mewakili hipotesis ES adalah tingkat efisiensi teknis yang dihitung dengan pendekatan Data Envelopment Analisys (DEA) dan rasio efisiensi operasional (BOPO). Penelitian ini menghasilkan temuan bahwa hubungan antara struktur pasar dan kinerja industri perbankan Indonesia bukan merupakan paradigma SCP. Hal ini berarti bahwa kebijakan Bank Indonesia dalam Arsitektur Perbankan Indonesia (API) tidak berdampak negatif terhadap tingkat persaingan usaha bank, sebagaimana diwaspadai oleh Komisi Pengawas Persaingan Usaha (KPPU).

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There are two competing hypothesis with regard to market structure and performance in industrial organization. The first hypothesis is structure-conductperformance (SCP) paradigm, which emphasized on market collusion, and the second hypothesis is Efficient-Structure (ES) hypothesis which emphasized on market efficiency.

The objective of this study conducted test for both hypothesis with respect to the Indonesia's commercial banking industry. Employing pooled data from all commercial banks operating in Indonesia period 2000 - 2010, the SCP paradigm which represented by banking concentration (HHI) and market share, was not valid on Indonesian banking industry. Conversely the efficiency behaviour is more dominant on Indonesia banking operations to gains their profit. In this study, efficiency hypothesis is represented by technical efficiency variable which is calculated by Data Envelopment Analysis (DEA) approach and variable of operational efficiency ratio (BOPO).

This study finds that relationship of banking market structure and bank's performance, doesn't support SCP paradigm. Therefore, Bank Indonesia's policy in the Indonesian Banking Architecture (API) framework, empiricaly succeeded to minimize negative impact on banking competition, which is worried by the Indonesian Business Competition Supervisory Agency (KPPU)."

"Konsep Fractal Market Hypothesis (FMH) dalam pasar modal muncul sebagai alternatif teori Efficient Market Hypothesis (EMH) yang mampu menunjukkan kelemahan teori portofolio modern yang mengasumsikan bahwa investor bersifat rasional, pasar efisien, dan random walk. Fraktal mempunyai karakteristik yang tidak random, melainkan memiliki pola. Fraktal mengalami perulangan pola atau struktur dengan skala dan ukuran yang berbeda, dan menunjukkan adanya trend. Penelitian ini merupakan studi empiris yang bertujuan untuk mengetahui apakah konsep fraktal berlaku terhadap return harian indeks LQ45 dan lima saham perbankan yang bertahan dalam kelompok LQ45 selama periode 2 Juni 2008 sampai dengan 1 September 2009. Dalam penelitian digunakan analisis Rescaled Range (R/S) dan nilai eksponen Hurst (H) untuk melihat karakteristik pergerakan return, mengukur tingkat risiko, mengukur korelasi dan melihat dimensi fraktal. Berdasarkan hasil penelitian dapat disimpulkan bahwa pergerakan harga return harian indeks LQ45 dan lima saham perbankan kelompok LQ45 di BEI lebih mendekati asumsi FMH dengan konsep bias random walk, investor terdiri dari berbagai horison investasi dan pergerakan return saham dari waktu ke waktu mempunyai keterkaitan.

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Fractal Market Hypothesis (FMH) turns up in the capital market as an alternative theory for Efficient Market Hypothesis (EMH). The EMH assumes that investor have rational character, efficient market and random walk. This study is an empirical study to identify whether the EMH concept is still suitable for the LQ45 stocks return or applies to the Hurst process which is biased random walk in nature and which is in accordance with the FMH concept emphasizing the effect of the liquidity and the horizon of the investor behavior. FMH concept uses Rescaled Range analysis as a statistical processing tool and Hurst value used to measure the degree of risk. The result of this study shows that the FMH assumptions are more realistic than the EMH assumptions and do happen on the Indonesian Capital Market, especially for LQ45."

"Energy has moved to the forefront in terms of societal and economic development. Modern energy markets is a comprehensive, economically oriented, exploration of modern electricity networks from production and distribution to deregulation and liberalization processes. Updating previous work by the authors, different aspects are considered resulting in a complete and detailed picture of the systems and characteristics of modern electricity markets.Modern energy markets provides clear detail whilst encompassing a broad scope of topics and includes :1. A method to model energy production systems including the main characteristics of future demand side management,2. Different applications of this model in nuclear and renewable energy scenarios,3. An analysis of Real-Time Pricing of electricity and its potential effects across the market, and,4. A discussion of the need for regulation in an easily monopolized industry.Engineering and economics students alike will find that modern energy markets is a succinct and informative resource, as will researchers interested in environmental and energy issues. The inclusion of timely and relevant issues related to economic decision will also be of value to industry and civil officials."

"Tesis ini membahas keberadaan Dogs of the Dow pada bursa saham Indonesia. Penelitian ini menggunakan metode terminal value, Jensen?s alpha, Sharpe ratio, Treynor ratio, information ratio dan batting ratio. Penulis menemukan bahwa Dogs of the Dow mengalahkan performa Indeks Harga Saham Gabungan (IHSG), sebagai benchmark pasar, pada periode 2006 s/d 2011. Hasil penelitian juga menunjukkan bahwa portofolio dogs yang dibentuk dari sampel IHSG memiliki performa yang paling baik dibandingkan dogs yang diambil dari indeks BISNIS-27 dan LQ-45. Penelitian ini berkontibusi terhadap literatur behavorial finance dengan memberikan bukti nyata keberadaan anomali pasar.

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This thesis studies the existence of Dogs of the Dow in Indonesia stock market. This research uses terminal value method, Jensen's Alpha, Sharpe ratio, Treynor ratio, information ratio dan batting ratio. I find that Dogs of the Dow outperform Indeks Harga Saham Gabungan (IHSG), as market benchmark, for period 2006 to 2011. Further analysis indicates that dogs portfolio chosen from IHSG has better performance than dogs portfolio chosen from BISNIS-27 and LQ45 index. This study contributes to behavorial finance literature by giving empirical evidence of market anomaly."

"An assembly-type just-in-time (JIT) supply chain system is composed of a main serial supply chain and several branching serial supply chains merging to the main supply chain. Under the assumption of constant demand rate, the replenishment problem in the assembly-type JIT supply chain systems can be formulated as a mixed-integer non-linear programming problem. We conduct thorough theoretical analysis on the properties of the objective function value curve in this study. Following our theoretical analysis, we propose a search algorithm that effectively solves an optimal solution. Our numerical experiments show that the average run time of the proposed algorithm grows in a linear order of the problem size, and the proposed algorithm may serve as an efficient solution approach for the decision-maker."