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"Penetapan kota Batam sebagai kawasan perdagangan bebas dan pelabuhan bebas dimaksudkan untuk melakukan perubahan atau keistimewaan dalam dua aspek pelayanan publik, Yang pertama adalah aspek birokrasi baik secara kelembagaan ataupun operasionalisasinya. Sedangkan yang kedua adalah dalam hal perlakuan kebijakan fiskal khususnya perpajakan. Melalui kedua perubahan atau keistimewaan ini, pemerintah berharap investasi di Kota Batam dapat tumbuh pesat, menghasilkan produk ekspor, menyerap tenaga kerja dalam jumlah besardan pada akhirnya dapat mengembangkan wilayah disekitar zona yang terpilih. Dengan adanya kebijakan intervensi pemerintah pusat berupa KPB dan PB Batam, mendorong pemerintah untuk mempersiapkan segala sesuatu yang dapat menarik minat investor untuk menanamkan mdalnya, salah satu yang utama adalah mempersiapkan kelembagaan dan segala bentuk infrastruktur fisik daerah.

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The endorsement of Batam City as a Free Trade Zone and Free Port is meant to bring in changes or special treatment in two aspects of public services. The first is in the bureaucracy, both in its institutions and operations. The second is in term of fiscal policy, especially tax. By these two change, central government expects that Batam will have better investment, higher exports and higher employment absorption, and finally lead to develop the surrounding area. The central government policy such as Free Trade Zone and Free Port of Batam encourages local governments to improve facilities for investor to invest their capital, the main priority of this is instituional arrangement and preparation of infrastructure at Batam city."

"Tesis ini membahas mengenai valuasi saham perusahaan yang bergerak di industri peternakan ayam yaitu PT Charoen Pokhpand dan PT Sierad Produce. Hasil dari penelitian ini diharapkan dapat memberikan informasi kepada investor mengenai nilai wajar saham PT Charoen Pokhpand dan PT Sierad Produce. Metode yang digunakan dalam valuasi saham PT Charoen Pokhpand dan PT Sierad Produce adalah FCFF, FCFE, dan PER. Hasil perhitungan berdasarkan ketiga metode tersebut dibandingkan dengan harga pasar pada 30 Desember 2010, menunjukan bahwa saham PT Charoen Pokhpand dinilai overvalued. Hasil valuasi PT Sierad Produce jika dibandingkan harga pasar pada 30 Desember 2010 maka hasil valuasi mengunakan metode FCFE dinilai wajar, namun jika mengacu pada metode FCFF dan PER dinilai overvalued.

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This thesis analyzed the intrinsic value of PT Charoen Pokhpand and PT Sierad Produce both of companies operating in poultry industry. The result of this thesis expected can gives investors information about intrinsic value of PT Charoen Pokhpand and PT Sierad Produce. Valuation is performed using Free Cash Flow to Equity, Free Cash flow to the Firm and Price Earnings Ratio method. When the intrinsic value based on FCFF, FCFE and relative valuation of PT Charoen Pokhpand and PT Sierad Produce is compared with market value on December 30¬th 2010, the result suggest PT Charoen Pokhpand is overvalued. On the other hand, valuation result of PT Sierad Produce using FCFE method suggest its stocks valued at fair price, in contrast its valuation result using FCFF and PER method suggest its stocks is overvalued."

"ABSTRAKTesis ini mencoba untuk mempelajari apakah portofolio yang dibentuk dengan menggunakan metode value investing, growth investing, dan GARP dapat menghasilkan return yang lebih baik daripada return pasar, yang tercermin dari Indeks Harga Saham Gabungan Bursa Efek Indonesia. Lebih lanjut lagi tesis ini juga mencoba untuk meneliti apakah metode GARP dapat menghasilkan return yang paling besar dari ketiga metode tersebut. Hasil penelitian ini menunjukan ketiga portofolio berhasil menghasilkan return yang lebih baik dari pasar. Dari ketiga portofolio yang diteliti, ternyata portofolio yang dibentuk menggunakan metode GARP bukanlah yang terbaik dalam menghasilkan return, melainkan metode growth investing.

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ABSTRACT

This thesis studies whether portfolios that made up using value investing, growth investing, and GARP could generate return exceeding those generated by market, as resembled by The Jakarta Composite Index. Further more, this study also trying to find out whether the GARP method is the best in generating return among those three methods being compared. This research find that all of those three portfolios outperform market, in term of returns. And the best method among those three are growth investing not GARP, respectively."

"Benjamin Graham's Value Investing Method is a method to select undervalue stocks with regards to the companies' asset values. Undervalue stocks are expected to give capital gain in the long term (five years). A stock can be said undervalue if the stock shows that the overall companies' value is higher than company's stock market price. Combination of Benjamin Graham's criteria in selecting the undervalue stocks used by some analyst. In this research selection criteria are applied to 326 companies listed in the Indonesian Stock Exchange in 2003. The Capital Asset Pricing Model has been used to test whether stocks are able to give return higher than the market return. The results show that almost all stocks which fulfill the above-mentioned criteria can not significantly give return higher than the market return. The stocks which passed the Benjamin Graham criteria do give returns above the returns of portfolio from randomly selected stocks that do not passed the Benjamin Graham's criteria."

"Penelitian ini menganalisis keterkaitan dinamis antara strategi value investing dan growth investing pada pasar saham Amerika Serikat dan emerging markets, direpresentasikan oleh indeks S&P 500 Value, S&P 500 Growth, MSCI Emerging Markets Value, dan MSCI Emerging Markets Growth. Sampel penelitian menggunakan data return harian dari 1 Januari 2019 hingga 31 Desember 2024. Estimasi dilakukan dengan model Dynamic Conditional Correlation–Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) (Engle, 2002) untuk menangkap korelasi dinamis antar indeks yang berubah dari waktu ke waktu. Hasil penelitian menunjukkan bahwa korelasi antar indeks dalam satu kawasan, seperti di pasar saham Amerika Serikat atau emerging markets, cenderung tinggi dan relatif stabil, sedangkan korelasi lintas kawasan lebih rendah. Korelasi meningkat secara signifikan selama pandemi COVID-19 dan kembali melemah pada periode pasca-pandemi. Temuan ini memberikan implikasi praktis bagi investor, khususnya investor dari negara maju yang ingin mendiversifikasi portofolionya ke pasar negara berkembang. Korelasi lintas kawasan yang rendah membuka peluang diversifikasi, sementara perubahannya sepanjang siklus krisis menekankan pentingnya strategi alokasi aset yang adaptif terhadap kondisi pasar global.

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This study analyzes the dynamic relationship between value investing and growth investing strategies in the stock markets of the United States and emerging markets, represented by the S&P 500 Value, S&P 500 Growth, MSCI Emerging Markets Value, and MSCI Emerging Markets Growth indices. The research sample uses daily return data from January 1, 2019 to December 31, 2024. Estimation is conducted using the Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC GARCH) model (Engle, 2002) to capture the dynamic correlations between indices that change over time. The results show that correlations between indices within the same region, such as in the United States or emerging markets, tend to be high and relatively stable, while cross-regional correlations are lower. Correlations increased significantly during the COVID-19 pandemic and weakened again in the post-pandemic period. These findings provide practical implications for investors, particularly those from developed countries who wish to diversify their portfolios into emerging markets. Lower cross-regional correlations offer diversification opportunities, while their fluctuations throughout the crisis cycle emphasize the importance of asset allocation strategies that are adaptive to global market conditions."