This study aims to examine the impact of COVID-19 on stock return volatility in 15 countries worldwide. Using daily data from January 2019 to June 2020, we find that changes in exchange rates have negatively affected stock returns in most countries. We also identify structural changes over the observation period; these structural changes occur not just after the first case of COVID-19 but also earlier in the period. Based on threshold generalized autoregressive conditional heteroskedasticity regressions, we find evidence that the emergence of COVID-19 affected stock return volatility in all observed countries except the United Kingdom. Furthermore, we find that the presence of COVID-19 in a country positively affects return volatility. However, the magnitude of this effect is small in every observed country. This finding suggests the need for in-depth studies of other factors that affect stock return volatility besides the occurrence of COVID-19.

The COVID-19 pandemic has taken the world by storm, but the magnitude of its impact differs from country to country. As of August 2020, Indonesia’s COVID-19 case-fatality rate is higher than the world average. The aim of our research is to find out why Indonesia has a high COVID-19 case-fatality rate. Using OLS regression models, we found the number of COVID-19 related deaths, the number of COVID-19 tests performed, population age, population, voice and accountability index, and control of corruption index are significant predictors of a country’s COVID-19 case-fatality rate. Based on our results, we conclude that Indonesia’s COVID-19 case-fatality rate is higher than it is supposed to be, mainly because of a lack of COVID-19 testing and accurate public information.

Penelitian dilakukan untuk melihat karakteristik dari pengguna teknologi finansial reksa dana di Indonesia, hubungan antara penggunaan teknologi finansial investasi dan literasi keuangan terhadap keputusan investasi, serta perbedaan literasi keuangan antara investor yang menggunakan teknologi finansial dan investor yang tidak menggunakannya. Dengan menggunakan sampel sebanyak 219 responden yang pernah atau sedang memiliki produk investasi reksa dana, kami menemukan bahwa sebagian besar responden pernah menggunakan teknologi finansial, dengan Bibit dan Bareksa sebagai platform yang paling sering digunakan. Dengan menggunakan metode OLS, ditemukan bahwa keputusan investasi dipengaruhi secara positif dan signifikan oleh variabel literasi keuangan. Sebaliknya, penggunaan teknologi finansial tidak memiliki pengaruh terhadap keputusan investasi yang dilakukan. Selain itu, investor yang menggunakan layanan teknologi finansial memiliki skor literasi keuangan yang lebih rendah dibandingkan dengan investor yang tidak menggunakan teknologi finansial. Temuan ini menekankan kepada kita perlunya sosialiasi yang lebih merata mengenai teknologi finansial dan literasi keuangan, yang pada akhirnya diharapkan berdampak pada meningkatnya inklusi keuangan.

Sustainable finance is one of the instruments that can be used to achieve sustainable development goals. Practices of sustainable finance are regulated in the Financial Services Authority Regulation No. 51 / POJK.03 / 2017 (“POJK 51”), where one of the requirements in its implementation is to publish a Sustainability Report annually. However, before being obliged to release a Sustainability Report, banks, particularly BUKU 4, had published the report. Seeing that the Sustainability Report has been prepared before reporting requirements, these banks are running a sustainable business. To measure the level of sustainability of a bank, we build a Sustainable Financial Index. The Sustainable Financial Index is compiled based on 42 indicators built on sustainable finance’s eight principles. Using Bank Mandiri, BCA, BNI, BRI, and Bank CIMB as the observed bank, the results show that the Sustainable Financial Index for each bank has increased from year to year. The increment indicates that the practice of sustainable finance is running well in BUKU 4. Besides, each bank has different characteristics; thus, the principles that stand out in implementing sustainable finance differ from one bank to another. However, the index has several limitations, so that further index development is required.Keywords: BUKU 4, Sustainable Financial Index, POJK 51, Sustainability Report

The development of financial technology impacts different human lives, including business processes. The public increasingly favors mobile payment as a fintech application because of its practicality, ease, and speed. In addition, its application could improve business performance and financial inclusion for business people. This study aims to analyze the consistency of mobile payment usage that will impact tenant performance and financial inclusion, influenced by perceived risk, perceived benefit (return), and brand image of mobile payment. The sample used in this study consisted of 338 respondents who are business people in the Jabodetabek area who use mobile payments.The results showed that perceived benefit and image influence business people to consistently use mobile payments in their business, which will impact business performance and increase their financial inclusion.The managerial implication for fintech companies is to maintain product quality and the benefits of mobile payments. People often ignore the risks of using mobile payments, so fintech companies mustmaintain their performances in terms of information, fraud, and speed of response to reduce consumer risks.