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Abstrak :
This work is a multidisciplinary analysis of the issue of insider dealing from the perspective of the applicability of criminal law to regulate it. First, it examines the nature of its prohibition in the European Union and in the United States of America. The text includes a more extensive overview of prohibition in four Member States of the European Union (France, the United Kingdom, Luxembourg and Poland). Then, it summarises the arguments presented by ethicists and economists in favour of and against insider dealing. Further, it analyses the foundations of criminal law and justifications that are given for its application. On the basis of this analysis, it presents a new two-step theory of criminalisation.

Abstrak :
Perdagangan orang dalam merupakan kejahatan serius yang terjadi di pasar sekuritas. Namun, karena kompleksitasnya dalam menyelesaikan kasus perdagangan orang dalam karena pelanggaran kejahatan ini cukup sulit untuk membuktikan kesalahannya, maka perlu ditekankan bahwa perlu adanya yurisdiksi yang dilengkapi dengan substansi hukum yang kuat disertai dengan penegakan hukum. Substansi hukum dan penegakan hukum yang sesuai juga penting karena peran pasar sekuritas dianggap sangat penting dalam masyarakat kontemporer ini di mana pasar sekuritas memiliki fungsi untuk menentukan lingkungan ekonomi, serta menyediakan pasar yang adil bagi para pemangku kepentingan yang relevan. Substansi hukum dan penegakan hukum dapat mengambil keuntungan dari implementasi integrasi teknologi seperti yang tercermin dari salah satu pendekatan yang digunakan oleh Amerika Serikat. Makalah ini bertujuan untuk membahas pendekatan modern Amerika Serikat dalam memerangi perdagangan orang dalam di mana pendekatan ini telah memberikan manfaat bagi penegak hukum terkait di Amerika Serikat seperti Securities and Exchanges Commission untuk mendeteksi, menyelidiki, dan mencegah dengan cara yang efisien dan efektif. Pendekatan yang diterapkan Amerika Serikat yang akan dibahas meliputi: (1) substansi hukum yang beragam yang mencakup isu insider trading - memiliki berbagai undang-undang federal dan Securities and Exchange Commission Regulations yang terus menerus diamandemen jika diperlukan, (2) cakupan pertanggungjawaban yang lebih luas dari teori penyalahgunaan insider trading (dibandingkan dengan yurisdiksi lain seperti Indonesia), (3) beberapa lembaga seperti Securities and Exchange Commission, Departemen Kehakiman, Biro Investigasi Federal, atau Self-Regulatory Organisations seperti kolaborasi Otoritas Pengawas Industri Keuangan dalam hal penegakan hukum, dan (4) otoritas yang luas dari SEC serta integrasi teknologi yang digunakan. Pendekatan-pendekatan canggih yang diterapkan oleh Amerika Serikat akan dikaji dan dijelaskan dalam tesis ini, dengan harapan tesis ini dapat memberikan panduan kepada negara-negara lain yang memiliki pasar modal yang sedang berkembang untuk dapat dilengkapi dengan pendekatan-pendekatan terkini yang mengintegrasikan teknologi untuk memaksimalkan sumber daya mereka dalam mengidentifikasi dan menginvestigasi aktivitas-aktivitas kecurangan seperti perdagangan orang dalam di pasar modal. ......Insider trading is a serious crime that occurs in the securities market. However due to its complexity to solve insider trading cases as the offense of the crime is challenging in terms of establishing culpability, it should be emphasize that it is necessary for jurisdictions to be equipped with strong legal substances accompanied by legal enforcements. Legal substances and legal enforcements that are in-par are also essential as the role of securities market are considered to be crucial in this contemporary society where it has the function of determining the economic environment, as well as, providing fair marketplace for the relevant stakeholders. The legal substances and legal enforcement could take advantage of implementation of technological integration as reflected by one of the approaches utilized by the United States. This thesis aims to mainly discuss the United States’ modern approaches in combating insider trading where these approaches have benefitted the United States’ relevant legal enforcers such as the Securities and Exchanges Commission to detect, investigate, and prevent in an efficient and effective manner. The approaches implemented United States’ that will be discussed includes: (1) a variety of legal substances that cover the issue of insider trading - having variety of federal statutes and Securities and Exchange Commission Regulations that are continuously amended if necessary,  (2) the wider scope of liability from the misappropriation theory of insider trading (compared to other jurisdictions such as Indonesia), (3) multiple agencies such as the Securities and Exchange Commission, Department of Justice, Federal Bureau of Investigation, or Self-Regulatory Organisations such as the Financial Industry Regulatory Authority’s collaboration on enforcement, and (4) Wide authority of the SEC and technological integration utilized. The sophisticated approaches implemented by the United States would be studied and explained in this thesis, with the hopes that this thesis can provide guidelines to other countries with emerging capital market to be equipped with up-to-date approaches integrating technology to maximize their resources on identifying and investigating fraudulent activities such as insider trading in the securities market.

Abstrak :
Ketatnya persaingan di dunia asuransi akan mempengaruhi pendapatan hasil underwriting dari premi polis - polis yang diterbitkan. Dana premi yang diperoleh seharusnya dapat dimaksimumkan agar pendapatan dari investasi meningkat. Namun dengan pembatasan investasi dari peraturan yang ada untuk tetap menjaga kesehatan perusahaan asuransi dengan minimal Risk Based Capital. maka diragukan kinerja invcstasi PT. Asuransi Jasa Indonesia (Jasindo) lebih baik dibanding kinerja investasi Pasar saat ini dan juga diragukan bahwa portfolio investasi Jasindo alas masing-masing trading securities tidak optimal. Untuk itu diperlukan suatu perangkat analisis untuk mengetahui kinerja investasi Jasindo dan mencari alternatif investasi yang lebih baik. Pengukuran kinerja investasi yang dilakukan PT. Asuransi Jasa Indonesia akan dianalisis berdasarkan return dan Indeks Sharpe atas trading securities saham, reksadana dan obligasi yang selanjutnya dilakukan perhitungan optimal portfolio. Pengukuran kincrja investasi Jasindo mcnggunakan perbandingan Return dan Indeks Sharpe terhadap kincrja Pasar. Perhitungan parameter tersebut diuji secara statistik mcnggunakan t-Test dan Analysis of Variance (Anova). Sedangkan optimalisasi portfolio dan pembuatan efficient frontier menggunakan Metode Markowitz. Kinerja Investasi Jasindo bcrdasarkan return lebih baik dibanding Pasar, terutama untuk kinerja Saham selama tahun 2003. 2004 dan 2005 dimana return bulanan Saham Jasindo sebesar 4.57% scdangkan return saham Pasar hanya sebesar 2.99%. Namun untuk rata-rasa return Obligasi dan Rcksadana Pasar lebih baik dibanding Jasindo yaitu 2.099% (Obligasi) dan 0.660% (Rcksadana) dimana return Jasindo sebesar 0.916%. dan 0.453%. Kinerja investasi Asuransi Jasindo berdasarkan indeks Sharpe lebih baik dibanding kinerja Pasar kecuali untuk Reksadana dimana Kinerja Pasar lebih baik Selama tahun 2003, 2004 dan 2005. Indeks Sharpe Jasindo untuk Saham Reksadana dan Obligasi secara berturut-lurut sebesar 0.550. -0.1 16 dan 1.047. Sedangkan Pasar mcmpunyai indeksnya sebesar 0.396, -0.105 dan 0,459. Seluruh Portfolio investasi Jasindo untuk Saham. Reksadana dan Obligasi tahun 2003, 2004 dan 2005 tidak optimal. Hal dapat terlihat di Gambar efficient frontier yang disajikan, portfolio Jasindo tidak berada dalam efficient frontier.

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Highly competition in insurance industry in Indonesia would have an impact to their revenue from insurance premium. The fund collected from their clients should be invested and earned enough profit. However, the restriction for investment in insurance industry would bring a constraint to earn bigger return on investments. Based on the above constraints, the prediction on the investment performance would lead a pessimistic result for each trading securities i.e. stocks, mutual funds and bonds. Some prediction would also lead to an opinion that the return of trading securities invested by PT. Asuransi Jasa Indonesia (Jasindo) is lower than the return earned by capital market. In terms of portfolio analysis, Jasindo's portfolios would not be reach optimal portfolio. Tools for analyzing the Jasindo's investment performance is needed to find a better result for return and optimal portfolios for Jasindo. The performance analysis is done by comparing return and Sharpe index between Jasindo's and Capital Market. Next analysis is done by computing the optimal portfolio and building an efficient frontier. The calculations arc tested statistically by t-Test and Analysis of Variance (Anova). The calculation for Optimum Portfolio building efficient frontier use Markowitz method. Jasindo's investment performance based on comparing return is better than return earned by Market. Especially for Stocks performance on year 2003, 2004 and 2005 which the monthly return of Jasindo's stock is 4.57% and the monthly return for Market's stock performance is only 2.99%. However, Market's Bond and Mutual fund performance are higher than Jasindo's which are 2.01)9% (Bond) and [1.660`%, (Mutual Fund) whereas Jasindo's returns are 0.916% and 0.453%. Jasindo's investment performance based on comparing Sharpe index is also better than market's perlormance except for Mutual Fund's performance. During year 2003, 2004 and 2005, Jasindo's Sharpe index for Stocks, Mutual Fund and Bond in sequential are 0.550, -0.116 and 1.047. Whereas, market's Sharpe index are 0.396, -0.105 and 0.459. All of Jasindo's portfolios for each bonds, stocks and mutual funds on year 2003, 2004 and 2005 are not optimum. These would be seen on the efficient frontier, which Jasindo's portfolios were none in the efficient lines.

Abstrak :
Skripsi ini membahas masalah hukum terkait transaksi marjin dan short selling dalam pasar modal indonesia. Transaksi marjin dan short selling mempunyai karakteristik yang khusus jika dibandingkan dengan transaksi efek biasa. Transaksi marjin/atau short selling mempunyai daya ungkit guna meningkatkan potensi keuntungan yang dapat diraih, namun disisi lain juga turut meningkatkan risiko yang ditanggung oleh investor tersebut. Sebagai sebuah transaksi dengan risiko yang relatif lebih besar dibandingkan dengan transaksi efek biasa maka kepastian dan penegakan hukum akan semakin diperlukan guna menjaga kepercayaan terhadap pasar modal Indonesia. Transaksi marjin dan short selling disini diatur oleh instrumen undang-undang dan peraturan pelaksanaannya. Dimana terhadap transaksi marjin dan short selling telah ditetapkan standarstandar yang patut dipenuhi baik oleh nasabah, perusahaan efek, dan bursa efek. Perusahaan efek dalam hal ini seringkali melakukan penyimpangan yang merugikan investor. Terhadap kerugian tersebut perlu dipertanyakan bagaimana pertanggungjawaban yang dapat diberikan. Hasil penelitian dalam skripsi ini menyimpulkan bahwa kerugian yang diakibatkan perusahaan efek dalam transaksi marjin dan short selling dapat diminta pertanggungjawabannya apabila menyalahi perjanjian atau peraturan perundang-undangan yang ada. ......This mini thesis is discusses the legal issues related to margin trading and short selling transactions in Indonesian capital market. Margin trading and short selling has special characteristics compared to the regular securities transaction. Margin trading and short selling has leverage capability to increase potential profits that can be achieved, but on the other hand also increase the risk borne by investors. As a transcation with a relative risk greater than regular securities transaction then enforcement and certainty of law will be increasingly important to maintain confidence in Indonesian capital market. Margin trading and short selling here is governed by the laws and instruments implementing regulations. Where by that regulation margin trading and short selling, standars that should be met either by the customer, securities companies and stock exchange is set. Company in this case often make violation that cause losses to investor. Against these losses needs to be questioned how accountability of securities company can be provided. The results of research in this mini thesis concluded that the losses caused by the securities company in margin trading and short selling transaction can be accounted as long it.s violating the relevant regulation or contract between them.

Abstrak :
The papers examine emerging topics such as ad auctions and supply chains, or the interactions between competing markets, and present novel algorithms and rigorous theoretical results. Several of them evaluate their results using real data from large e-commerce sites or from experiments with human traders.