There were three important IPO anomalies: the positive average initial return (improperly called short-term 'underpricing'), the long-term underperformance, and hot/cold IPO. The EVENT STUDY model explained the 'underpricing' based on the assumption that the underwriter sets the initial price equal to the market-perceived true value and investors were rational. IPO prices are affected by demand and supply. The idea of the model was to explore pump-and-dump and flipping patterns exhibited upon IPO anomalies event in Indonesia. Pump-and-dump is the strategy to manipulate stock prices, while flipping was stocks bought at the IPO and sold at early days ta listing date. This strategy oftentimes exhibits anomalous behavior. Some implications of this model for the IPO market were positive 1st-day initial return (IR) and a negative relation cumulative average abnormal 5-days abnormal return (CAAR-5days) for flipping strategy. The other was a relationship between underperformance cumulative average 30-days abnormal returns (CAAR-30days) and cumulative average 5-days (CAAR-5days) abnormal returns in terms of pump-and-dump strategy. Using the relation between the Characteristics (Size of issue, Board and Floating rate) and Macroeconomics Condition (Central Bank Rate, Inflation rate, USD/IDR exchange, and GDP growth), and the IR, a CAAR-5days and a CAAR-30days, this EVENT STUDY explained the existence of the pump-and-dump and flipping pattern in the Indonesian stock exchanges. The Authors implemented a multivariate analysis of variance (MANOVA) to test hypotheses regarding the effect of a three-variables dependent (the initial return, a 5-days abnormal return, and a 30-days abnormal return) into several dependent variables. Using the IPO data taken from 2015-2019, the paper found that this EVENT STUDY explained the existence of pump-and-dump and flipping patterns at the early trading of IPO stocks in the Indonesia Exchange Market.

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The aim of this study is to determine priority subsectors in the field of Indonesian marine. The analysis is done by input-output approach. This study has found several priority subsectors classified into two groups, namely short-term and long-term priority subsector groups. Short-term priority subsectors group in the Indonesian marine sector include fish processing and preservation industries, marine tourism, marine and fisheries support, marine and fisheries education and research services, and fisheries services. Meanwhile, for the long-term priority subsectors group the Indonesian marine sector comprises oil and gas mining and refining, marine trade services, offshore mining, fishery services and shrimp industry.Keywords: Input-Output, Multiplier Effect, Backward Linkages, Forward Linkages

This study aims to analyze the impact of China’s economic growth on the Indonesian economy. In this analysis, the study adapted SVAR with block exogeneity consisting of blocks global variable (China’s economic growth and non-fuel global commodity prices growth) and domestic variable blocks (economic growth, inflation, real interest rates and Indonesia’s exchange rates). Using the data over the period from 1993q1-2017q2, this study found that the shock if China’s economic growth had a major impact on non-fuel global commodity price movements. Additionally, it is also acknowledged that China’s economic growth shock of 1.9 percent causes the Indonesian economy to grow by 0.85 percent. This was due to the appreciation of Rupiah exchange rate againt US Dollar by 1.6 percent, make inflation under control, while inflation in term of rising price index was insignficant

Penelitian ini bertujuan untuk menganalisis dampak pertumbuhan kredit terhadap pertumbuhan industri. Dalam menganalisis dampaknya, penelitian ini mengklasifikasi pertumbuhan industri ke dalam dua state atau regime. Sehingga, dapat diidentifikasi dampak pertumbuhan kredit pada masing-masing regime. Dengan menggunakan Markov Switching Model, hasilnya didapati bahwa pengaruh pertumbuhan kredit terhadap pertumbuhan industri lebih besar pada regime pertumbuhan rendah dibandingkan regime pertumbuhan tinggi. Hal ini mengindikasikan bahwa pertumbuhan kredit dapat memainkan peran dalam menstabilisasi tren pertumbuhan yang sedang berlangsung. Sementara itu, terkait dengan probabilitas transisional, studi ini juga mendapati bahwa transisi dari regime pertumbuhan rendah ke pertumbuhan tinggi dan sebaliknya cenderung bersifat persisten. Kata Kunci: Pertumbuhan Kredit, Pertumbuhan Industri, Model Markov Switching