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"This study examines the effect of macroeconomics variables to a mutual fund's return. The macroeconomic variables hypothesized to affect the portfolio performance are change in exchange rate (IDR to US dollar return), change in SBI rate, and growth of money supply. Furthermore, the prediction of expected return is also examined whether related to return of previous periods (lag return) and the level of their volatility. The selected mutual fund is Mawar Mutual Funds issued by PT Dana Reksa and data are collected from June 31 *' 1998 until May 21st 2004. The statistical method to test on the hypothesis is Generalized Autoregressive Conditional Heteroskedasticity (GARCH). The results show that there are negative relationships between Mawar Mutual Fund's return to exchange rate return as well as change in SBI rate. This research also indicates that exchange rate return and change in SBI rate affect Mawar Mutual Fund's volatility. There is significant relationship between first lag return and Mawar's return of this period. But the results do not show any relation between Mawar's return to its volatility as well as the growth of money supply."

"This study aims to examine the preference of investors of pharmaceutical companies, including companies that produce herbal medicines, listed in the Indonesian Stock Exchange from 2020 to 2021. By using the descriptive analysis method and reviewing the daily stock prices of Indofarma (INAF), Kimia Farma (KAEF), Kalbe Farma (KLBF), and Sido Muncul (SIDO) in that period, it was found that there were unusual stock prices increases for state-owned pharmaceutical enterprises during those times. However, a similar occurrence did not occur with the other listed pharmaceutical companies, including one herbal medicine manufacturer. In comparing stock price movement trends, the researcher used Microsoft Excel software. The researcher also reviewed the monthly stock closing prices and the news published at that moment. It was found that related events and news existed for every significant increase in stock prices, which might influence investors' perceptions. In addition, the researcher also examined the data to test whether there was a correlation between the number of infected cases and stock prices using the ARCH model estimation. It was found that the relationship between both of them was insignificant. The researcher expects that the findings of this research not only will be a discussion topic in academic groups but also will be a reference for capital market investors and the government as the policyholders and controlling shareholders of these state-owned enterprises. Further studies on listed pharmaceutical companies in the capital markets of other countries are needed to complete the findings in this research, which may find different facts due to different policies in handling the COVID-19 pandemic."

"Effecient market hypothesis stated returns should be unpredictable and has no clear pattern because tock returns should be unpredictable and has no clear pattern because stock price at any date has reflect all available information..."

"Efficient Market Hypothesis stated stock returns should be unpredictable and has no clear pattern because stock price at any date has reflect all available information. This hypothesis is very rational because predictable stock return give investor chances to reap high abnormal return without risk through arbitrage activity. In spite of its rationality, this hypothesis has been rejected by many empirical researches in many countries. This paper empirically tested calender anomaly in Jakarta Stock Exchanges. It investigated 3 types calender anomaly; turn of the month effect, month-of-the year effect and holidays effect. The result is that Calender Anomaly is statistically significant occurred. Meanwhile January effect is not statistically significant occurred."