Eduardus Tandelilin
Faculty Of Economics & Business, Universitas Gadjah Mada

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BETA PADA PASAR BULLISH DAN BEARISH: STUDI EMPIRIS DI BURSA EFEK JAKARTA Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 16, No 3 (2001): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This research is intended to empirically test the relationship between systematic risk of a stock, measured on the bullish market and bearish market with the return of stock in Indonesian Capital Market. Data used are monthly stock prices and market index acquired from JSX Monthly Statistic and Capital Market Book Directory Index, from January 1994 to December 1996. Samples in this research consist of 95 stocks chosen by applying purposive sampling method. Testing of the stocks’ beta is conducted toward portfolios of stocks’ beta on bullish and bearish market. Before testing, individual stocks’ betas are first corrected by utilizing Fowler and Rorke one lead and one lag correction method. The result shows an indication that portfolios of stocks’ beta on the two different markets can elaborate the portfolios’ returns significantly. This indication is derived from F values significant at confidence levels of 5% and 10%.
PRINT ADVERTISING COPY TESTING: SOME PROBLEMS IN VALIDITY Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 10, No 1 (1995): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (849.399 KB) | DOI: 10.22146/jieb.39937

Abstract

This article aims to develop an integral overview of the present status of thetheory of the copy testing validity. It includes the presentation of the theoriticalconsideration or conceptual issues in copy testing, some empirical results or findingin copy testing, and finally, proposes an alternative conceptual framework of copytesting that a company can use to improve validity in copy testing especially in printcopy testing.
PROPOSED CONCEPTUAL FRAMEWORK OF INVENTORY MANAGEMENT USING THE JUST-IN-TIME (JIT) PHILOSOPHY Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 11, No 1 (1996): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

The effectiveness of the proposed JIT inventory management model, while conceptually developed based on previous case studies, depends largely to both internal and external support mechanisms of the organization. While the JIT philosophy has manifested remarkable contributions to productivity and efficiency in the developed countries, much has yet to be gained from it in the developing countries. Some problems can confound the adoption and implementation of JIT in the third world.Sector, as in the case of Tanzania (Msimangin, 1993): financial constraints, inadequate supply of inputs required for the production mills to operate near capacity, international delivery delays, an inadequate transportation infrastructure, and unreliable product demand forecasts. These problems are also present in the Philippines. Zamora (1989) identified several additional problems encountered in the implementation of JIT components in the Philippine setting: resistance to change, socio-cultural barriers, and lack of training, The success of any model or framework using the JIT philosophy must address these prob- j lems firmly. As in other cases, the successfti implementation of the proposed inventory management framework using the JIT philosophy could be achieved if existing local conditions aw considered to suit the requirements of the model] Flexibility of model adoption is therefore necessary.Further, it is recommended that the proposed model be practically applied in applicable situations and empirical informal be obtained to improve the framework. In this sense, the proposed model will be tested as to its practical usefulness apart from being conceptual.
BENCHMARKING Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 12, No 2 (1997): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This article aims to develop an integral summary of the present status of the model ("philosophy") of benchmarking. It includes the presentation of different bencmarking definitions, different benchmarking processes, preconditions for benchmarkig, and finally, to propose an alternative benchmarking model, processes of how to accomplish continuous improvement would be performed.
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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Abstract

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.
PERANAN STRATEGI OPERASI DALAM MENCIPTAKAN KEUNGGULAN BERSAING PERUSAHAAN Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 6, No 1 (1991): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Setiap perusahaan dalam suatu industri yang persaingannya sangat ketat pasti mempunyai strategi bersaing. Strategi bersaing dapat dikembangkan secara eksplisit melalui proses perencanaan, atau secara implisit melalui kegiatan-kegiatan dari berbagai departemen fungsional perusahaan. Pokok perumusan strategi bersaing adalah menghubungkan perusahaan dengan lingkungannya. Keadaan lingkungan akan mempengaruhi semua perusahaan yang ada dalam suatu industri, sehingga kunci keberhasilannya terletak pada kemampuan perusahaan menciptakan kekuatan yang berlainan di antara perusahaan perusahaan dalam industri. Strategi operasi merupakan salah satu cara yang telah dikembangkan oleh perusahaanperusahaan di Jepang dengan memanfaatkan operasi pabriknya (manufacturing operations) untuk berkompetisi di pasaran internasional. Mereka dapat memproduksi serta mendisain barang-barang yang berkualitas lebih baik dan dengan harga yang lebih murah.Strategi operasi adalah suatu visi fungsi operasi yang memberikan keseluruhan pengarahan atau dorongan bagi pengambilan keputusan agar searah dengan tujuan perusahaan. Strategi operasi terdiri dari misi (mission), kemampuan khusus (distinctive competance), tujuan (objective), dan kebijakan (policy). Tiga input strategi operasi adalah strategi bisnis, analisis eksternal dan analisis internal. Strategi dan keputusan tidak selalu sama, tergantung apakah perusahaan cenderung pada strategi low-cost atau strategi differentiation. Timbulnya global corporation telah mengubah strategi operasi, dengan harus melihat perspektif secara keseluruhan dunia baik dalam hal fasilitas, lokasi, sumber daya, disain produk, teknologi proses, logistik maupun organisasi. Learning curve menunjukkan hubungan antara unit cost dan akumulasi volume yang diproduksi, sehingga dengan mengikuti kurva ini, keunggulan bersaing dapat dicapai.
APLIKASI RANTAI MARKOV UNTUK PERENCANAAN DAN PENGENDALIAN PENJUALAN Eduardus Tandelilin
Journal of Indonesian Economy and Business (JIEB) Vol 4, No 1 (1989): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Banyak perhatian telah diberikan pada masalah-masalah perencanaan danpengendalian yang berkaitan dengan usaha-usaha penjualan. Biaya penjualan yangmeningkat akhir-akhir ini telah mendorong kita untuk mencari cara-carapemecahannya. Salah satu hambatan utama bagi pengembangan prosedur-prosedurperencanaan dan pengendalian penjualan adalah terbatasnya data yang bermanfaatyang dapat dipergunakan. Sebagai contoh, usaha-usaha penjualan akan lebihproduktif bila wiraniaga (salesman) mendatangi kemungkinan-kemungkinan yangpaling memberikan harapan, akan tetapi penyediaan informasi yang dapatmengidentifikasi pembeli-pembeli yang paling memberi harapan selalu sulit bagimanager penjualan. Tulisan ini mengajukan sebuah model yang akan memberikan data yang perlu bagi usaha-usaha perencanaan dan pengendalian penjualan. Dan akan menunjukkanbagaimana data yang dihimpun dengan model tersebut dapat digunakan untukmenghasilkan strategi-strategi penjualan jangka pendek dan prosedur-prosedur yangdapat menolong mengembangkan efektifitas wiraniaga dalam jangka panjang.
TIME VARYING BETA (DUAL BETA): CONDITIONAL MARKET TIMING CAPM Rachmat Sudarsono; Suad Husnan; Eduardus Tandelilin; Erni Ekawati
Journal of Management and Business Vol 11, No 2 (2012): SEPTEMBER 2012
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (28260.567 KB) | DOI: 10.24123/jmb.v11i2.221

Abstract

Dual beta became a debate between researchers in finance especially investment and portfolio. This research test CAPM using dual beta predictions in conditional market timing. The research tested unconditional and conditional Beta, that showed linear and positive affect of return toward risk on single and multiperiods. The beta’s slope skewed but with moderate skewness, and there is no zero beta. However if the investors have les diversified portfolio, its show idiosyncratic risk and systematic risk determine the securities pricing model. Conditional beta test, showed positive slope for SML on bullish market, and negative for bearish market. There is also showed a shock to volatility because of leverage effect and or volatility feedback. The responsiveness of positive shock (bullish market) and negative (bearish market) is positive, however the magnitude of SML slope higher for bearish than bullish market. Dual beta remains consistent in explaining positive effect of risk and return. Dual beta able to reduce the idiosyncratic risk on bearish market rather than on bullish market.
STRATEGI DAN KINERJA INVESTASI DALAM AKTIVITAS PERDAGANGAN INVESTOR ASING VS INVESTOR DOMESTIK Johannes Maysan Damanik; Eduardus Tandelilin
JURNAL MANAJEMEN UNIVERSITAS BUNG HATTA Vol 17 No 1 (2022): Jurnal Manajemen Universitas Bung Hatta
Publisher : Management Department, Faculty of Economics and Business, Universitas Bung Hatta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37301/jmubh.v17i1.19997

Abstract

This study is aimed to find out the investment strategy and investment performance betwen foreign investrors and domestics investror who have transaction in Indonesia Stock Excange. A Proxy used to see the Investment Strategy and Investment Performance in this study is the Trading Profit from transaction wich has been done by the investors. Investment strategy chossen bt investors can be seen from the investor’s tendency in doing some sales which contains some shareds with positive and negative valued trading profit. Investment Performance is seen from the investor’s capability in producing positive valued trading profit. This study used intra-day transaction data which are transacted by foreign investors and domestic investors. The result of this study found that foreign investors used a momentum when transacting in the stock excange and domestics investor using a contrarian when transacting in the stock excange. This study olso found that there isn’t defferent performance between foreign investors and domestik investors in stock excange transactions activities.
Does Institutional Quality Matter in the Relationship Between Competition and Bank Stability? Evidence from Asia Muizzuddin Muizzuddin; Eduardus Tandelilin; Mamduh Mahmadah Hanafi; Bowo Setiyono
Journal of Indonesian Economy and Business Vol 36 No 3 (2021): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (205.721 KB) | DOI: 10.22146/jieb.v36i3.1428

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Introduction/Main Objectives: This study aims to investigate whether competition impacts bank stability. Furthermore, the study also analyzes the role of institutional quality in a country, such as voice and accountability, political stability, government effectiveness, regulatory quality, the rule of law, and control of corruption, forming the effect of competition on bank stability. Background Problem: Analysis of the relationship between competition and bank stability has been at the center of academic and policy debate. However, the theoretical and empirical research has not concluded whether bank competition leads to more or fewer stable banks. Novelty: We consider institutional quality's role in mitigating the negative impact of competition on bank stability, which has mainly been under-elaborated in prior studies, particularly in using measures from The World Bank’s Worldwide Governance Indicators, which measure how the institutions of each country influence bankers’ and the people's behavior, as part of the cultural system. Research Methods: Using a sample of 427 Asian commercial banks from 2011 to 2019, we employ the generalized method of moments (GMM) estimator and consider loan growth and the cost to income ratio as instrumental variables. Findings/Results: We find robust evidence that competition erodes bank stability. Besides, better institutional quality, especially government effectiveness, regulatory quality, the rule of law, and corruption control in each country are important aspects that promote bank stability and mitigate the negative impact of competition on bank stability. Conclusion: Competition has a negative impact on bank stability. Meanwhile, the quality of institutions can both promote bank stability and mitigate this negative relationship.