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Survey on the Use of Derivatives in Indonesia Lantara, I Wayan Nuka
Gadjah Mada International Journal of Business Vol 12, No 3 (2010): September - December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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This paper provides survey evidence on the use of derivatives among firms listed on the Indonesian Stock Exchange. The finding shows that the participation rate in the use of derivatives is 28.8 percent, much lower than those found in developed countries. For the derivatives non-users, insignificant risk exposure is reported as the most important rationale for not using derivatives. Consumer goods industry constitutes the largest proportion of firms using derivatives. The majority of respondents utilize derivatives to hedge against financial risks rather than to speculate. Foreign currency risk and interest rate risk are the most important types of risks faced with by respondents. Using the Chi-square and the Fisherâs exact tests, the result corroborates the size effect hypothesis, where the use of derivatives is more popular among large firms than small firms. A SURVEY ON THE USE OF DERIVATIVES IN INDONESIAKeywords: derivatives; hedging; risk management

PERUBAHAN TINGKAT SUKU BUNGA DAN KINERJA PASAR MODAL INDONESIA: ANALISIS PADA TINGKAT PASAR DAN TINGKAT INDUSTRI Lantara, I Wayan Nuka
Journal of Indonesian Economy and Business Vol 19, No 2 (2004): April
Publisher : Journal of Indonesian Economy and Business

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The objective of this paper is to test empirically the performance of Indonesian capitalmarket following the interest rate change. This study also tests the relationship between the interest rate changes and the subsequence performance in various industries, which are financial and manufacture sector. We used market level analysis as well as industry level analysis.We examine the 1996-2001 period. The sample consists of 64 interest rate change, 34increase and 30 decrease. We used one market index and two industry index, which areIndonesian Capital Market Composite Index, Financial Sector Index and ManufactureSector Index.In order to examine the market and industry performance following interest ratechange, we test the mean-adjusted return (MAR) and cumulative mean-adjusted return(CMAR) during 21 event windows with t-test statistics. The results indicate that market and industrial performance react negatively to the increase of interest rate, while reactpositively to the decrease of interest rate. Besides, there is also an indication that financialsector performance tends to be more sensitive than manufacture sector performance.Keywords: Interest rate change, market performance, financial and manufactureperformance, market-level analysis, industry-level analysis.

Akselerasi Program Edukasi Keuangan Melalui Kolaborasi Bank Indonesia, Lembaga Keuangan, Dan Perguruan Tinggi Lantara, I Wayan Nuka; Kartini, Ni Ketut Rai
JURNAL RISET MANAJEMEN SEKOLAH TINGGI ILMU EKONOMI WIDYA WIWAHA PROGRAM MAGISTER MANAJEMEN Vol 2 No 2 (2015): Jurnal Riset Manajemen Juli 2015
Publisher : Program Magister Manajemen STIE Widya Wiwaha Yogyakarta

This study aims to investigate the possibility of acceleration of financial education programs in Indonesia, through the collaboration of the three main parties, namely: (1) the regulator (Central Bank/Financial Services Authority); (2) the practitioner (financial institutions); and (3) the academia (universities). The study employed a qualitative approach to assess the opinions of the stakeholders in the Gadjah Mada University and related financial practitioners regarding accelerated implementation of financial education programs in Indonesia, which involved interviews with 24 informants who were considered to have knowledge about the financial education program in Indonesia. The study concluded that the respondents showed a positive perception on the importance and benefits of financial education programs in Indonesia. Other findings depicted that financial education programs need to be directed at the entire community with a wider coverage range. To expedite the process, a solid collaboration needs to be made between the three main parties: (1) Central Bank/ Financial Services Authority as regulator; (2) financial institutions (practitioners and providers of financial products and services); and (3) academia (universities). In terms of the implementation of the proposed program, the collaboration of all three parties need to be directed to the selected students who will firstly be prepared to be a financial educator (by giving knowledge, education and mentoring). Selected and well-trained students are expected to be effective educator who has energy resource availability in large quantities and a more mobile and larger coverage to accelerate financial education program in Indonesia.Keywords: literacy, education, financial inclution

AKSELERASI PROGRAM EDUKASI KEUANGAN MELALUI KOLABORASI BANK INDONESIA, LEMBAGA KEUANGAN, DAN PERGURUAN TINGGI Lantara, I Wayan Nuka; Kartini, Ni Ketut Rai
Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen Vol 2 No 2 (2015): Jurnal Riset Manajemen
Publisher : Program Magister Manajemen STIE Widya Wiwaha Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study aims to investigate the possibility of acceleration of financial education programs in Indonesia, through the collaboration of the three main parties, namely: (1) the regulator (Central Bank/Financial Services Authority); (2) the practitioner (financial institutions); and (3) the academia (universities). The study employed a qualitative approach to assess the opinions of the stakeholders in the Gadjah Mada University and related financial practitioners regarding accelerated implementation of financial education programs in Indonesia, which involved interviews with 24 informants who were considered to have knowledge about the financial education program in Indonesia. The study concluded that the respondents showed a positive perception on the importance and benefits of financial education programs in Indonesia. Other findings depicted that financial education programs need to be directed at the entire community with a wider coverage range. To expedite the process, a solid collaboration needs to be made between the three main parties: (1) Central Bank/ Financial Services Authority as regulator; (2) financial institutions (practitioners and providers of financial products and services); and (3) academia (universities). In terms of the implementation of the proposed program, the collaboration of all three parties need to be directed to the selected students who will firstly be prepared to be a financial educator (by giving knowledge, education and mentoring). Selected and well-trained students are expected to be effective educator who has energy resource availability in large quantities and a more mobile and larger coverage to accelerate financial education program in Indonesia.

AKSELERASI PROGRAM EDUKASI KEUANGAN MELALUI KOLABORASI BANK INDONESIA, LEMBAGA KEUANGAN, DAN PERGURUAN TINGGI I Wayan Nuka Lantara; Ni Ketut Rai Kartini
Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen Vol 2 No 2 (2015): Jurnal Riset Manajemen
Publisher : Program Magister Manajemen STIE Widya Wiwaha Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study aims to investigate the possibility of acceleration of financial education programs in Indonesia, through the collaboration of the three main parties, namely: (1) the regulator (Central Bank/Financial Services Authority); (2) the practitioner (financial institutions); and (3) the academia (universities). The study employed a qualitative approach to assess the opinions of the stakeholders in the Gadjah Mada University and related financial practitioners regarding accelerated implementation of financial education programs in Indonesia, which involved interviews with 24 informants who were considered to have knowledge about the financial education program in Indonesia. The study concluded that the respondents showed a positive perception on the importance and benefits of financial education programs in Indonesia. Other findings depicted that financial education programs need to be directed at the entire community with a wider coverage range. To expedite the process, a solid collaboration needs to be made between the three main parties: (1) Central Bank/ Financial Services Authority as regulator; (2) financial institutions (practitioners and providers of financial products and services); and (3) academia (universities). In terms of the implementation of the proposed program, the collaboration of all three parties need to be directed to the selected students who will firstly be prepared to be a financial educator (by giving knowledge, education and mentoring). Selected and well-trained students are expected to be effective educator who has energy resource availability in large quantities and a more mobile and larger coverage to accelerate financial education program in Indonesia.

Survey on the Use of Derivatives in Indonesia I Wayan Nuka Lantara
Gadjah Mada International Journal of Business Vol 12, No 3 (2010): September - December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper provides survey evidence on the use of derivatives among firms listed on the Indonesian Stock Exchange. The finding shows that the participation rate in the use of derivatives is 28.8 percent, much lower than those found in developed countries. For the derivatives non-users, insignificant risk exposure is reported as the most important rationale for not using derivatives. Consumer goods industry constitutes the largest proportion of firms using derivatives. The majority of respondents utilize derivatives to hedge against financial risks rather than to speculate. Foreign currency risk and interest rate risk are the most important types of risks faced with by respondents. Using the Chi-square and the Fisher’s exact tests, the result corroborates the size effect hypothesis, where the use of derivatives is more popular among large firms than small firms. A SURVEY ON THE USE OF DERIVATIVES IN INDONESIAKeywords: derivatives; hedging; risk management

MARKET OVERREACTION, SIZE EFFECT ATAU LIQUIDITY EFFECT? STUDI PADA BURSA EFEK INDONESIA Danes Quirira Octavio; I Wayan Nuka Lantara
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 8 Nomor 1 Tahun 2014
Publisher : Universitas Udayana

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This paper examines whether the anomalies of market overreaction and size effect and or liquidity effect occur on the Indonesia Stock Exchange.We also test the anomalies over short period and longer-term period. The sample of this research comprises of stocks listed in the KOMPAS 100 index from January 2010 – July 2010. The stocks listed in KOMPAS 100 index are considered as active stocks and provide great influence on the movement Indonesian Capital Market Composite Index (IHSG). Stocks are grouped into two portfolio samples: winner portfolio and loser portfolio. Results depict that only market overreaction occurred and only in loser portfolio.We also find that the market overeaction occur only in short period (6 months). We further test the size effect and liquidity effect. The finding shows that size matter in explaining market overeaction on loser portfolio

PERUBAHAN TINGKAT SUKU BUNGA DAN KINERJA PASAR MODAL INDONESIA: ANALISIS PADA TINGKAT PASAR DAN TINGKAT INDUSTRI I Wayan Nuka Lantara
Journal of Indonesian Economy and Business (JIEB) Vol 19, No 2 (2004): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6593

The objective of this paper is to test empirically the performance of Indonesian capitalmarket following the interest rate change. This study also tests the relationship between the interest rate changes and the subsequence performance in various industries, which are financial and manufacture sector. We used market level analysis as well as industry level analysis.We examine the 1996-2001 period. The sample consists of 64 interest rate change, 34increase and 30 decrease. We used one market index and two industry index, which areIndonesian Capital Market Composite Index, Financial Sector Index and ManufactureSector Index.In order to examine the market and industry performance following interest ratechange, we test the mean-adjusted return (MAR) and cumulative mean-adjusted return(CMAR) during 21 event windows with t-test statistics. The results indicate that market and industrial performance react negatively to the increase of interest rate, while reactpositively to the decrease of interest rate. Besides, there is also an indication that financialsector performance tends to be more sensitive than manufacture sector performance.Keywords: Interest rate change, market performance, financial and manufactureperformance, market-level analysis, industry-level analysis.

FINANCIAL LITERACY AMONG UNIVERSITY STUDENTS: EMPIRICAL EVIDENCE FROM INDONESIA I Wayan Nuka Lantara; Ni Ketut Rai Kartini
Journal of Indonesian Economy and Business (JIEB) Vol 30, No 3 (2015): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study investigates the level of financial literacy among undergraduate and graduate students. The study also examines the association between the students’ demographic factors and their financial literacy rate. Data were collected by distributing 800 questionnaires to undergraduate and graduate students of Gadjah Mada University, Indonesia, covering cross educational majors, ages, gender, education levels, marital status, income, and work experience. Out of the sample, a total of 348 respondents returned completed questionnaires, which gave a response rate of 43.5 percent. The findings show that on average 45.39 percent of the respondents answered the questions correctly, which is relatively low compared to what other studies found in other countries, such as Chen and Volpe (1998) in the US (52.87 percent), or Beal and Delpachitra (2003) in Australia (53 percent). It also seems that male students, students with economics and business majors, those with higher incomes, and more work experience have a higher financial literacy rate. Using probit and tobit regression tests, the study revealed that education levels and academic disciplines are positively associated with the financial literacy rate.Keywords: financial information, literacy rate, education, finance, Indonesia

STABILITAS DAN PREDIKTABILITAS BETA SAHAM: STUDI EMPIRIS DI BURSA EFEK JAKARTA Eduardus Tandelilin; I Wayan Nuka Lantara
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 2 (2001): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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The purpose of this research is to empirically analyze the stability and predictability of beta of common stocks in the Jakarta Stock Exchange (JSX). This is accomplished by first correcting the bias of beta using four-lead and four-lag versions of the Fowler and Rorke method. This study used the weekly returns of 95 stocks traded in the JSX from the first week of January 1994 to the last week of December 1996. The weekly Composite Index of the JSX was used as the proxy for market return. The stability and predictability of beta were studied over three 52-week periods by using the matrix transition test and correlation test. The result indicates that there is stability and predictability of common stocks during this research period. There is also an indication that portfolio betas are more stable and predictable than individual betas.

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