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"Indonesia is one of the largest economics compared to others in the Association of Southeast Asian Nations (ASEAN), with a population of 240 million in 2016. Most of the country’s economic and service-related activities are located on the island of Java, which is home to 50% of the population. A good and reliable transport infrastructure is therefore critical to ensuring that the movement of both passengers and goods is efficient, fast, reliable, and safe. The Indonesian government has initiated a High-Speed Train (HST) service to connect Jakarta and Surabaya, two big cities in the west and east of Java, respectively, in order to improve mobility and connectivity on Java. The first phase of the HST project is planned to connect Jakarta and Bandung. This study aims to understand the travel characteristics of potential HST passengers, which is important for predicting demand for the HST. The study conducts roadside interviews using a stated preference methodology for several passenger transport modes serving the Jakarta–Bandung route, namely the private car, 10-seater bus (shuttle), coach, and conventional rail. The survey asks respondents about their potential for shifting from their current transit mode to HST. The HST stations will be located in Halim (Jakarta) and Gedebage (Bandung). The study finds that most of the respondents have good economic welfare. A total of 64% of the respondents agreed that they would pay an HST ticket price of between 200,000 and 300,000 rupiahs to save 90 minutes’ travel time. Furthermore, the average amount paid to use a passenger car on the same trip is 200,000 rupiahs, which is slightly higher than the amount paid by a train passenger (Rp. 150,000). This finding demonstrates that the passenger traffic vehicle capitulates the benefit of choosing HST in comparison with the existing transport modes. It should also be noted that there is greater uncertainty with regard to traffic conditions for road traffic in comparison to that faced by railway passengers. In more detail, a sensitivity analysis indicates that passengers traveling from Jakarta could be more easily shifted to the HST than could passengers traveling from Bandung. The fact that those in Jakarta indicate a greater preference to shift to a faster transport mode than those in Bandung indicates that people in Jakarta place a higher value on time. This information is also useful for operational policy, including ticket price differentiation based on travel time period and travel origin–destination."

"ABSTRAK Berkembangnya hukum internasional telah merubah prinsip kedaulatan, ia tidak dapat dijadikan alasan bagi suatu pemerintah negara untuk tidak memberikan perlindungan hak asasi manusia kepada penduduknya. Doktrin intervensi humaniter yang ada, masih menimbulkan keresahan di kalangan komunitas masyarakat internasional. Berangkat dari hal tersebut timbulah gagasan doktrin Responsibiliy to Protect R2P untuk memberikan justifikasi baru terhadap intervensi kepada suatu negara yang telah nyata gagal untuk melindungi penduduknya dari 4 empat kejahatan, yakni: genosida, war crimes, crimes against humanity, dan ethnic cleansing. Penelitian ini lantas menganilis mengenai tindakan kejahatan berat yang terjadi pada etnis Rohingya di Myanmar serta kemungkinan ASEAN untuk menerapkan doktrin R2P tersebut. Metode yang digunakan dalam penelitian ini menggunakan metode penelitian normatif. Hasil yang diperoleh dari penelitian ini adalah dimungkinkannya ASEAN untuk menerapkan R2P kepada pemerintah Myanmar, sebab pemerintah Myanmar telah terbukti melakukan dan memenuhi unsur ndash; unsur dari tindakan kejahatan berat genosida dan crimes against humanity yang diatur pada hukum internasional yang merupakan syarat ndash; syarat untuk diadakannya R2P. Pemerintah Myanmar juga dinilai tidak mampu memenuhi tanggung jawabnya untuk melindungi dan menjadi pelaku kejahatan itu sendiri, maka tanggung jawab tersebut dapat berpindah kepada komunitas internasional dalam hal ini ialah ASEAN.ABSTRACT As the international law develops, sovereignty now cannot be deemed as granting impunity for the government to not protect their citizen s human rights. Humanitarian intervention doctrine is still lacks of support from the international community. Departing from that, the Responsibiliy to Protect R2P comes to serve a new justification for a State who is failed to protect its citizen from 4 four violations, such as genocide, war crimes, crimes against humanity, and ethnic cleansing. This study thus seeks to analyse gross violation that happen to ethnic Rohingya in Myanmar along with possibility of implementing R2P by ASEAN. The method used in this study is normative method study. This study then found the possibility of ASEAN to implement R2P for Myanmar s government, due to its action and fulfilment of the elements of gross violation genocide and crimes against humanity that stipulated in international law as the requirements of R2P implementation. Myanmar s government might be judged for has no capability to comply its responsibility to protect and becomes the perpetrator itself. Subsequently, the responsibility may devolve to international community especially ASEAN for this case."

"Penelitian ini dimaksudkan untuk memperkirakan faktor yang dapat mempengaruhi preferensi perpindahan penumpang dalam melakukan perjalanan menggunakan High Speed Train Jakarta Bandung, serta membentuk perangkat analisis permintaan berbentuk model pemilihan moda. Analisis dilakukan dengan menggunakan model logit multinomial yang dibentuk dengan hasil survey stated preference terhadap penumpang mobil pribadi dan angkutan shuttle/travel yang melalui rute Jakarta Bandung. Data yang diambil dalam penelitian ini adalah sebanyak 100 sampel. Hasil permodelan menggunakan metode Multinomial Logit menunjukkan bahwa pada saat tarif/biaya (selisih tarif = 0) mobil pribadi memiliki probabilitas berpindah ke kereta cepat sebesar 0,38 (38%). Sedangkan untuk angkutan shuttle/travel memiliki probabilitas berpindah ke kereta cepat adalah sebesar 0,23 (23%) serta probabilitas memilih kereta cepat sebesar 0,39 (39%).

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This study aims to estimate the factors that can affect the passengers preference in travelling using the High Speed Train Jakarta Bandung, and form of a choice mode selection model. The analysis was carried out using a multinomial logit model which was formed with the results of a stated preference survey of private car passengers and shuttle/travel passengers through the Jakarta Bandung route. The data taken in this study were 100 samples.

The modelling results using the Multinomial Logit method indicate when the tariff/fee (fee defference = 0) of private cars has the probability of moving to high speed train by 0,38 (38%). Whereas for shuttle/travel has probability of moving to high speed train is 0,23 (23%) and theprobability choosing the high speed train is 0,39 (39%)."

"This study focuses on the behavior of open-ended mutual fund investors when encountered withmultiple information signals of mutual fund?s historical performance. The behavior of investors canbe reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observethe presence of ambiguity within investors due to multiple information signals, and their reactiontowards it. We apply a Fama-McBeth Regression technique for equity mutual funds, fixed incomemutual funds, and balanced mutual funds that are effective during the period of February 2010 untilFebruary 2015. Our finding shows that open-ended mutual fund investors do not only have sensitivitytowards past performance information signals, but also have additional sensitivity towards theambiguity of multiple information signals. Because of the presence of ambiguity, investors considermore on negative information signals and the worst information signal in their investment decisions."

"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."

"The number of takeover transactions is relatively less compared to other corporate actions bypublicly-listed companies, (e.g. IPOs, rights issues, or material transactions). There is no researchthat explains or contextualizes this fact, but one may speculate that this may be due to (a) the existenceof block-holders in Indonesia’s corporate structure profile (structural barrier) or (b) because itis costly to carry out a takeover in light of the existing Mandatory Tender Offer (MTO) requirements(legal barrier). This article focuses on the latter problem, aiming to address the practical and legalissues pertaining to takeover transactions in Indonesia with respect to the existence of the MTO.Pursuant to the prevailing rule, in a takeover of publicly-listed companies that results in a change ofcontrol, a MTO/mandatory bid requirement must be followed with the potential acquirer making anoffer to purchase all of the remaining shares of the target company according to a certain minimumprice formula. Specifically the article discusses practical and creative strategies that prospectivecontrollers employ to avoid the mandatory bid/MTO requirement, and how these strategies impactthe principle of minority shareholders’ protection.."

"As one of the biggest medicines market in the South East Asia, the pharmaceutical industry inIndonesia has a huge potential market. However, the majority supply of raw materials has been imported.Besides, regulations of the Health Ministry and the Trade Ministry have still hampered mostplayers in Indonesia pharmaceutical industry. Therefore, this study used Data Envelopment Analysis(DEA) models to analyze efficiency and productivity change in the Indonesian pharmaceutical industrybetween 2006 and 2011, listed in the Indonesia Stock Exchange and also supported by applyingefficiency financial ratio. This study finds that the decision for the most relatively efficient companyis different using DEA compared to efficiency financial ratios, yet DEA has better measurement ofefficiency. It is proven by one of State-owned Enterprises has been evaluated underperformed by thefinancial ratio analysis, unexpectedly is efficient using the DEA approach. This study has also proposedand tested a hypothesis on the average efficiency to check if the domestic and foreign pharmaceuticalcompanies differ in their efficiency but the result implies that there is no significant statisticaldifference among them. This study indicates that firms having dominant contribution in selling overthe-counter medicines are more efficient than selling ethical medicines. Lastly, technological changecontribution has more influence to productivity change instead of pure technical efficiency change inIndonesia pharmaceutical companies."

"This article contributes to country specific result on the responses of sector stock indices to crudeoil price changes. Using linear and asymmetric models and by studying the association of crude oiland stock price, this article aims to explain about the short-term responses of Indonesian sector stockindices to crude oil price changes. Besides, we also try to figure out whether there are asymmetricresponses within. Our findings suggest that the strength and the sensitivity of this association varyacross sectors, and the effects are positive for all sectors. We also find strong significance of asymmetryreactions for Agriculture and Consumer Goods sector stock returns due to changes in crudeoil price."