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Abstrak :
Disertasi ini menginvestigasi apakah investor individual sadar akan adanya stock split dan apakah rasio split yang lebih tinggi (sinyal informasi privat yang lebih kuat) menurunkan tingkat disposition effect. Penelitian ini menggunakan data kejadian stock split dan data transaksi investor di Bursa Efek Indonesia dari Januari 2004 hingga Desember 2017. Kami mengukur kesadaran investor individual menggunakan seberapa banyak transaksi diinisiasi oleh pembeli. Untuk menguji pengaruh sinyal stock split terhadap disposition effect, kami melakukan regresi atas tingkat imbal hasil masa lalu terhadap seberapa banyak transaksi diinisiasi oleh penjual. Kami menemukan bahwa investor individual sadar akan adanya stock split, terlebih saat rasio split-nya tinggi. Selain itu, stock split menurunkan tingkat disposition effect. Semakin tinggi rasio split, maka tingkat disposition effect akan semakin lemah. ......This dissertation investigates whether individual investors are attentive to stock splits and whether higher split ratios (stronger private information signals) reduce the disposition effect. This study employs stock split events and transaction data in the Indonesia Stock Exchange (IDX) from January 2004 to December 2017. We measure individual investors’ attention using buy-initiated trades. To test the effect of split signal on disposition effect, we regress individual investors’ sell-initiated trades on past stock returns. We find that individual investors are attentive to stock splits, especially when stock split ratios are high. In turn, stock splits tend to weaken the disposition effect. The higher the stock split ratios, the weaker the disposition effect.

Abstrak :
Penelitian ini bertujuan untuk mengamati dua bias perilaku trader di pasar cryptocurrency bitcoin yaitu disposition effect dan herding. Menggunakan analisis round trip dan survival, diamati reverse disposition effect dalam kondisi pasar menaik dan positive disposition effect dalam kondisi pasar menurun. Perilaku herding dijumpai dengan model regresi sebaran return CSAD, terutama di data harian dan meningkat saat: 1) harga bitcoin menurun di pasar bearish; 2) harga bitcoin naik di pasar bullish; 3) volume trading lebih rendah; dan 4) volatilitas trader lebih rendah.

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This paper investigates two behavioral biases-the disposition effect and herding using the Mt. Gox data between 2011-2013 in the bitcoin cryptocurrency market. Using trade round-trip and survival analysis, it shows the market exhibits a reverse disposition effect in bullish periods and the usual positive disposition effect in bearish periods. It finds evidence of herding in bearish as well as bullish periods using a return dispersion model. Additionally, it shows that herding moves along the market trend. Herding increases in both bullish and bearish periods when the bitcoin price increases and decreases, respectively.

Abstrak :
Dengan ambisi untuk mencapai agenda Sustainable Development Goals (SDGs) pada tahun 2030, beberapa negara berusaha meningkatkan implementasi green financing salah satunya melalui green bond. Pertanyaannya adalah seberapa menarik obligasi hijau bagi investor? Pertanyaan ini relevan karena obligasi hijau telah diterapkan di beberapa negara untuk membantu mereka mencapai tujuan pembangunan berkelanjutan sebagai bagian dari keuangan berkelanjutan. Makalah ini berfokus pada faktor dalam preferensi risiko investor mana yang dapat mempengaruhi minat pada obligasi hijau. Melalui kuesioner yang diberikan kepada investor obligasi di Indonesia, diketahui faktor keuntungan sebelumnya (house money effect) dan return memiliki pengaruh pada peminatan green bonds. Selanjutnya untuk memvalidasi temuan pada data primer, dilakukan analisa terhadap kinerja green bond di Indonesia sejak pertama kali diluncurkan pada 2018 hingga 2021 serta membandingkan yield obligasi hijau dengan yield obligasi konvensional dengan independent sample t-test. Hasilnya menunjukkan obligasi hijau Indonesia memiliki kinerja yang terus meningkat setiap tahunnya dan yield obligasi hijau memiliki perbedaan tidak signifikan terhadap yield obligasi konvensional dimana obligasi hijau memiliki yield sedikit lebih tinggi. ......With the ambition to achieve the Sustainable Development Goals (SDGs) agenda in 2030, many countries are increasing the implementation of green financing one of which is through green bonds. The question is how appealing are green bonds for investors? This question is relevant as green bonds have been applied in some countries to help them to achieve sustainable development goals as part of sustainable finance. This paper focuses on what factors in investors’ risk preferences can affect interest in green bonds. Through a questionnaire given to bond investors in Indonesia, it is known that the previous gain factor (house money effect) and return have an influence on the interest in green bonds. Furthermore, to validate the findings in primary data, an analysis was carried out on the performance of green bonds in Indonesia since it was first launched in 2018 to 2021 and compared the yield of green bonds with yields of conventional bonds with an independent sample t-test. The results show that Indonesian green bonds have an increased performance every year and green bond yields have no significant difference from conventional bond yields where green bonds have slightly higher yields.

Abstrak :
Era inklusi keuangan digital telah membawa masyarakat Indonesia untuk menjadi tertarik pada sektor keuangan dengan mengakses literatur keuangan. Di masa Pandemi Covid-19, menurut KSEI (2021), fenomena unik terjadi di mana harga saham yang turun namun jumlah investor individu yang didominasi kaum milenial justru meningkat. Penelitian ini bertujuan untuk mengkaji bias perilaku yang dapat mempengaruhi investor milenial Indonesia dalam proses pengambilan keputusan. Fokus utama penelitian ini adalah mengkaji kemungkinan pengaruh yang diberikan dari overconfidence, disposition effect, dan loss aversion yang dialami investor milenial Indonesia dalam pengambilan keputusan investasi selama Pandemi Covid-19, dengan juga mengkaji mediating effect untuk literatur keuangan. Dengan menggunakan purposive sampling, sebanyak 1.035 responden yang valid telah dikumpulkan dengan menggunakan kuesioner Google Form. Analisis Structural Equation Modeling (SEM) dilakukan sebagai metode kuantitatif yang dipilih untuk mengkaji kondisi tersebut. Overconfidence, disposition effect, dan loss aversion terbukti berpengaruh positif terhadap keputusan investasi bagi investor milenial Indonesia di masa Pandemi Covid-19. Selain itu, literatur keuangan juga terbukti menerima mediating effect dari overconfidence terhadap keputusan investasi, di atas semua variabel independen lainnya. Penelitian ini diyakini dapat memperluas wawasan investasi, terutama dalam hal proses pengambilan keputusan dan bias perilaku. ......Digital financial inclusion era has bringing up Indonesian people to gain interest in financial sector by accessing more resources to financial literature. During Pandemic Covid-19, referring to KSEI (2021), a unique phenomenon occurred where the price was going down but the numbers of individual investors, dominated by millennials, were increasing. This paper aimed to examine the behavioral biases that may influence Indonesian millennial investors during decision making process. The main focus is examining possibility of given effects from overconfidence, disposition effect, and loss aversion of the Indonesian millennial investors to investment decision making during Pandemic Covid-19, by also examining the mediating effect for financial literature. Using purposive sampling, a total of 1,035 valid respondents were collected using Google Form questionnaire. Structural Equation Modelling (SEM) analysis was conducted as the quantitative chosen method to examine the condition. Overconfidence, disposition effect, and loss aversion are proven to positively affect investment decisions for Millennial Investors during Pandemic Covid-19. Additionally, financial literature is also proven to receive the mediating effect from overconfidence to investment decision, over all other independent variables. This study is believed to broaden the investment insight, especially in terms of decision making process and behavioral bias.

Abstrak :
Penelitian ini bertujuan untuk meneliti hubungan, baik hubungan langsung maupun tidak langsung, antara variabel behavioral biases, seperti  disposition effect, herding behaviour, dan Islamic financial instrument bias terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah melalui variabel risk perception  sebagai mediator. Penelitian ini dilakukan dengan mengumpukan data primer melalui self administered questionnaire. Sampel yang digunakan dalam penelitian adalah investor Gen X dan Gen Y di  pasar modal syariah yang berdomisili di wilayah Jabodetabek. Uji hipotesis dilakukan dengan metode structural equation modelling (SEM) melalui smart partial least squares (PLS). Hasil penelitian menunjukkan bahwa herding behaviour dan Islamic financial instrument bias berpengaruh positif signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Disposition effect dan Islamic financial instrument bias berpengaruh positif dan signifikan terhadap risk perception. Sementara itu, risk perception tidak mampu memediasi hubungan seluruh variabel behavioral biases dengan keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Secara umum, tidak terdapat perbedaan signifikan antara karakteristik gen X dan gen Y. Pada gen Y ditemukan bahwa herding behaviour memiliki pengaruh positif dan signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Selain itu, disposition effect adalah faktor yang menjelaskan terjadinya risk perception. Kedua temuan ini tidak ditemukan pada perilaku gen X. ......This study aims to investigate the direct and indirect relationships between behavioral biases and investors' investing decisions to invest in Islamic financial instruments through the mediating role of risk perception. This research was conducted by collecting primary data through self-administered questionnaires. The samples used in the research were Gen X and Gen Y investors in the sharia capital market who live in the Jabodetabek area. Hypothesis testing was carried out using the structural equation modeling (SEM) method via smart partial least squares (PLS). The research results show that herding behavior and Islamic financial instruments can have a significant positive effect on investors' decisions to invest in Islamic financial instruments. The disposition effect and Islamic financial instruments can have a positive and significant effect on risk perception. Meanwhile, risk perception is unable to mediate the relationship between all behavioral bias variables and investors' decisions to invest in sharia financial instruments. In general, there is no significant difference between the characteristics of the gen  X and Y. In the gen Y, it was found that herding behavior has a positive and significant influence on investor decisions to invest in sharia financial instruments. Furthermore, the disposition effect is a factor that explains the occurrence of risk perception. Both of these findings were not found in the behavior of the gen X.