COVID-19 has caused many significant impacts on various businesses in Indonesia. This pandemic was first announced by government on March 2020 and as the result, Indonesia Composite Index moved toward down trend. To investigate this matter, this result applied event study and non-parametric test (Wilcoxon Signed Test) on observed IHSG from December 2019 to March 2020. The result confirmed that indeed after announcement, IHSG significantly decreased and loss almost 50% from initial value in December 2019. This research also suggests that this event cannot consider as Black Swan event because IHSG moved gradually decrease since February 2020. This research also offers some contingency plan and risk management concept to overcome this pandemic crisis.

Behavioral study about how people make decision becomes very popular nowadays. Many various researches address a problem or an error in people action. One of the errors that would like to be explored in this article is endowment effect. Endowment effect explains that people perceive fairness based on prior knowledge or a “frame” that put into their mind. This would be a problem because it could cause inconsistency in people action. Purpose of this research is to detect the endowment effect on university student when COVID-19 is taking place. The issue that would like to be explored is medical mask price increase during this outbreak. Simple survey on two groups of university students is conducted to detect this endowment effect. If the response from research respondents is the same on both groups then there is no endowment effect. Independent t-test is applied to test research hypothesis and validate the result. The finding is quite surprising; there is inconsistency between descriptive and hypothetical result. Most of respondents agree that the price is actually tradable at Rp 4,000 (it increases from normal price and about 0.27 USD) but they are reluctant to say this action fair. Some discussion and analysis are performed to expand this finding.   Key Words: Behavioral Economics, Bounded Rationality, Endowment Effect, Opportunity Cost, and Self-Control

Abstract- This research examine market anomali that used to be found in capital market. There are 3 (three) common market anomalies that observed by financial researcher, holiday effect (in this case Lebaran Effect), January effect and Monday effect. The goal in this empirical study is to confirm and examine these anomalies on consumer goods firms. One of most common misleading statement that would like to be argued by this research is on Lebaran Season; most likely consumer goods stocks would be the most wanted and highest return. Dummy variables are applied in research model to test research hypothesis regarding to this issue. Research models are analyzed using OLS approach and the result is indeed finding some anomali in Lebaran, January and Monday Effect. But the result from adjusted R2 is very low (<1%) which implies that explanatory power of event to abnormal return is need a critic and improvement. Further result from loss aversion theory confirms that most of Indonesian Citizen play save strategy under sure loss condition.   Keywords: Capital Market Anomali, EMH, Lebaran Effect, January Effect, Monday Effect, Behaviour Economics

COVID-19 has changed many aspects of our daily life. In order to minimise the spread of the virus, social interaction was restricted, and as a result, community gatherings became less than before. The social restriction has created an opportunity in the digital economy; specifically, it has boosted the number of retail investors in Indonesia. Investment is a compulsory subject taught to business students, and the emergence of retail investors deserves special attention in our syllabus. However, fundamental theories of investment that are being taught in current education systems only focus on the cognitive aspect and theoretical framework to measure investment risk without any learning experience on the emotional part. This research argues that without emotion, the investment framework is not complete. Therefore, this research aims to evaluate the ongoing investment course at Pradita University and provide suggestions for a future class. An independent t-test is conducted to measure the perceived emotional feeling between a group of students with trading or simulation experience and the inexperienced group. The outcomes of this research could contribute to the body of knowledge to build a proper syllabus for investment courses for higher education.

The most popular Asset Pricing that has been known for long time was CAPM. This model offers very simple approach and strong fundamental theory for financial literature. Base of previous research using time-series data, this model show very good explanation in explain variation of portfolio return. Aim of this research is to find some pattern in different industrial sector, especially agriculture sector. Keywords: CAPM, Empirical Evidence, Abnormal Return, Stock Return