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Adler H. Manurung
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Agriculture, Biological Sciences & Forestry Economics, Econometrics & Finance

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ANALISIS KONTRAK BERJANGKA OLEIN DI BURSA BERJANGKA JAKARTA Andam Dewi; Hermanto Siregar; Sri Hartoyo; Adler H. Manurung
Jurnal Manajemen & Agribisnis Vol. 8 No. 1 (2011): Vol. 8 No. 1 Maret 2011
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (673.555 KB) | DOI: 10.17358/jma.8.1.1-9

Abstract

Study about efficient market hypothesis is a common object for many financial researchers. Nevertheless, there are still limited studies about futures contract market particularly in the emerging market. The purposes of this study were to test the weak form efficiency of the Olein futures contract in the Jakarta Futures Exchange and to seek factors that can affect the fluctuation of Olein futures contract price. ARIMA and GARCH models were used as the basis for the analyses. Results of the study indicated that using weekly data, the weak form efficient market (random walk) hypothesis was rejected for the Olein futures contract in the Jakarta Futures Exchange, meaning that the market was in efficient.This implies that some one will be able to outperform the market using technical analysis for predicting future price changes. Furthermore, using monthly data, the fluctuation of Olein futures contract returnis influenced significantly by interest rate, exchange rate and CPO price.   Keywords : Jakarta Futures Exchange, Efficient Market Hypothesis, ARIMA, GARCH
Emergence Corporate Financial Distressin Emerging Market: Empirical Evidence from Indonesia Stock Exchange(IDX) 2004-2008 Koes Pranowo; Noer Azam Achsani; Adler H. Manurung; Nunung Nuryartono
Jurnal Manajemen & Agribisnis Vol. 8 No. 2 (2011): Vol. 8 No. 2 Oktober 2011
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (314.317 KB) | DOI: 10.17358/jma.8.2.109-113

Abstract

Financial recovery is the most difficult in financial management. Therefore, this is important to study how a company in financially-distress can survive to rise up to a healthy financial condition (emergence financial distress). The research consists of 200 non financial companies which are listed on Indonesia Stock Exchange (IDX) for the period of 2004-2008. This study focuses on management of working capital. How a company fulfill its current liabilities, and its sources in current assets which shall be cashed at the short term period. By using Multinomial logit, we analyzed the probability a financially-distress company rise up to emergence financial distress or stay of the status of financial distress and what are financial indicators affect to a company in the status of Non Financial Distress tend to Financial Distress. Thus, the important thing is to determine financial ratios which can be an indicator to determine of emergence financial distress. We find a positive relationship between Profit, efficiency and emergence financial distress and a negative relationship between leverage and emergence financial distress.   Keywords: Emergence Financial Distress, Indonesia Stock Exchange (IDX), Multinomial Logit JEL Classification Codes: G 3
Co-Authors Andam Dewi Ervina Mela Dewi, Yandra Arkeman, Erliza Noor, Noer Azam Achsani Hermanto Siregar Koes Pranowo M. Yusuf Nunung Nuryartono Sri Hartoyo Sri Hartoyo Yuswandi A. Temenggung, Yuswandi A.