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All Journal Jurnal Manajemen dan Agribisnis ESENSI: JURNAL BISNIS DAN MANAJEMEN Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Economic Journal of Emerging Markets Jurnal Siasat Bisnis Jurnal Ekonomi Kuantitatif Terapan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Manajemen Teknologi Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Trikonomika: Jurnal Ekonomi Journal of Economics, Business, & Accountancy Ventura JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis MIX : Jurnal Ilmiah Manajemen Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Asia-Pacific Management and Business Application Substansi: Sumber Artikel Akuntansi Auditing dan Keuangan Vokasi IJHCM (International Journal of Human Capital Management) Jurnal Bisnis dan Manajemen Economica: Jurnal Ekonomi Islam Jurnal Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Jesya (Jurnal Ekonomi dan Ekonomi Syariah) JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT International Journal of Economics Development Research (IJEDR) Quantitative Economics and Management Studies BISMA (Bisnis dan Manajemen) Economic Reviews Journal Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) Indonesian Capital Market Review Eduvest - Journal of Universal Studies Prosiding Seminar Nasional dan Call Paper STIE Widya Wiwaha

Buddi Wibowo

Department Of Management, Economic And Business Faculty, Universitas Indonesia, Jakarta

Author-ID : 3061202

Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Social Sciences Other

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Government bonds yield (SBN-Domestic), IDX Composite (IHSG), US-Treasury Bonds yield 10 years, and SP500 linkages: a VAR model approach Martono Tampubolon; Buddi Wibowo
Proceeding of the International Conference on Family Business and Entrepreneurship 2022: Proceeding of 6th International Conference on Family Business and Entrepreneurship
Publisher : President University

The US is the country with the largest economy in the world. With the largest GDP among the G20 countries, the US power in influencing the world economy is also large. All economic, social, and political shocks that occur in the United States will be transmitted to emerging market countries such as Indonesia. This transmission will affect the performance of government bonds and the Indonesian stock market. This paper describes the type of relationship (response) that occurs between the yield of SBN Domestic variables (SBN20Y, SBN15Y, SBN10Y, SBN5Y, and SBN3Y), market index return volatility (IHSG) to the sources of shocks, and transmitting from yield variables T-Bond10Y, and SP500. The empirical model used to measure the type of relationship that occurs is by implementing a VAR (Vector Autoregression) model. The findings prove that there are dynamic linkages between the variables yield of SBN20Y, yieldSBN15Y, and yield SBN10Y on shocks originating from the yield of T-Bond10Y. The yield of SBN3Y has dynamic linkages to shock originating from the volatility of the SP500, and others have a contemporaneous relationship. The results of this study are expected to be able to add to the literature in the field of finance and investment, provide input for investors in investment decisions in determining which assets will be included in their portfolio, and last the findings of this paper in hoping contributes to the policy makers (government) in how they keep the domestic economic stability.

Price Manipulation in Indonesian Capital Market: Empirical Analysis on Stockbroker’s Behavior and Interaction Pattern between Domestic Investors and Foreign Investors Wibowo, Buddi
Indonesian Capital Market Review Vol. 2, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

Price manipulation in stock market transaction is an important issue when developing investor conidence and market integrity is a priority. Price manipulation is prevalent in emerging markets, which still have institutional problems and lack regulations. A stock market as a mutual company has an institutional problem when a stock broker instead of being an intermediary, behaves like a dealer and a principal for some stocks. A stock broker has strong incentives to give a signal to public investors about price of some stocks in order to get an unfair proit. A usual pattern of manipulation done by stock broker is a pump and dump manipulation. Artiicial price increase was made by manipulators through buying and selling activities among themselves until tend chaser and naive investors jump to this game. When stock price is at the highest level, manipulators start selling their stock. This research measured and identiied behavior pattern of stock brokers in Indonesian Stock Market, concerning their contribution to price manipulation existence. Because of the important role played by foreign investors in Indonesian stock market, this research would also identify interaction pattern between foreign and domestic investors. Empirical researches showed that foreign investors were underperformed domestic investors in Indonesian stock market (Dvorak, 2005, and Agarwal et al. 2009). In spite of their superior experience and inancial support compared to domestic investosr, foreign investors got lower return on average. Agarwal et al. (2009) showed this phenomenon occured because foreign investors were more aggressive than domestic investors. Dvorak (2005) argued that domestic investors had more access and network to collect short run information and were able to transfer those information to proitable trading strategy. This research tested new hypothesis about foreign investors' underperformance, that those foreign investors were entrapped in manipulative mechanism done by domestic investors having short run information through domestic stockbroker companies.

The Effect of Competition Levels and Banking Concentration on Systemic Risks: Indonesia’s Case Wibowo, I. G. B. Erri; Wibowo, Buddi
Indonesian Capital Market Review Vol. 9, No. 2
Publisher : UI Scholars Hub

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This article analyzes the relationship between Indonesian banking competition, concentration, and systemic risk, using the characteristics of individual banks and state variables as control variables. This article uses the Panzar–Rosse Model and Concentration Ratio to measure banking competition and concentration, while measuring systemic risk by applying CoVaR. The empirical result shows that concentration and competition increase systemic risk. This means increasing competition leads banks to take higher risks, and also shows that banks with high market power tend to charge higher interest rates, thus increasing systemic risk. The Net Interest Margin as a control variable is statistically significant in competition-systemic risk models as well as in concentration-systemic risks. These findings support the competition-fragility view that banking system stability is seriously affected by banking competition level, especially in decreasing net interest margin periods. On an individual bank level, the competition-systemic risk relationship depends on the bank size and the interbank deposit ratio, but the capital structure and demand-deposit to total funding ratio are not significant.

Systemic Risk Contribution and Bank’s Competitiveness buddi wibowo
Journal of Accounting, Business and Management (JABM) Vol 29 No 2 (2022): October
Publisher : STIE Malangkucecwara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31966/jabminternational.v29i2.590

There are two competing views about bank’s competitiveness and its systemic risk contribution: competition-stability and competition-fragility. Previous research shows mixed results. To test empirically the relationship, this research proposes a quadratic functional form that may reconciliate these two opposite views. Using Marginal Expected Shortfall as individual bank’s systemic risk contribution measurement and Lerner Index as individual bank’s competitiveness, this research find that the relationship resembles U-shape. In the first phase, competition creates prudent banking operation and low systemic risk contribution. But when competition become excessive, competition drive dominant bank to be a systematically important financial institution which may cause a serious systemic defaults and threat financial system stability.

Merton Model of Default Risk and Stock Return: Evidence from Indonesian Stock Market Titis Fatarina Mahfirah; Buddi Wibowo
IJHCM (International Journal of Human Capital Management) Vol 6 No 2 (2022): (IJHCM) International Journal of Human Capital Management
Publisher : Program Studi S3 Ilmu Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/IJHCM.06.02.2

The study of the characteristics of risk and return has received great attention. Several studies in finance literature have tested whether default risk influences firmsâ€™ stock returns, but the results are often conflicting. Previous research derives varying empirical results because they refer to default risk indicators and samples from different equity markets. The main objective of this study is to evaluate the effect of default risk on stock return using data taken from non-financial companies on the Indonesia Composite Index (IDX Composite) in Indonesia for the 2008-2017 research period. This study uses Mertonâ€™s (1974) model as done by Vassalou & Xing (2004) to build a proxy for the risk of default. The advantage of this model is that it considers the volatility of firmsâ€™ assets in estimating default risk. Companies can have similar equity and debt levels but possibly have very different default probabilities. The results of the study show that default risk has a positive and significant effect on equity returns.

IDIOSYNCRATIC VOLATILITY AND HERD BEHAVIOR: INDONESIA STOCK MARKET CASE Buddi Wibowo
Jurnal Bisnis Manajemen Vol 20, No 1 (2019): March 2019
Publisher : Fakultas Ekonomi dan Bisnis Universitas Padjadjaran

Anomalies revealed by various research of asset pricing models indicate the presence of other risk factors which have not been included in the model. Even the most recent models such as the Fama-French Five Factor still leave several other risk factors included in the error terms produced by the model. An empirical test that tests whether this idiosyncratic risk significantly affects stock returns becomes necessary and urgent in order to obtain a solid theoretical understanding. Empirical tests in emerging market stock markets such as the Indonesia stock exchange are important in sharpening and enriching the understanding of idiosyncratic risk because transactions in emerging market stock markets are more likely to be influenced by the existence of herding behavior where foreign investors or large investors can often direct trading in several stocks. The empirical test of the idiosyncratic risk and herd behavior correlation in the Indonesia stock exchanges shows herd behavior, especially in stocks that have high idiosyncratic risk and occur in the normal period, not in the crisis period. Herd behavior still avoids too much risk taking, as in times of high uncertainty such as during the crisis period.

Bank Scale of Economies, Banking Industry Concentration, and Competition Level: The Indonesian Case BUDDI WIBOWO
Jurnal Bisnis Manajemen Vol 17, No 1 (2016): March 2016
Publisher : Fakultas Ekonomi dan Bisnis Universitas Padjadjaran

Banking sector efficiency in a country is directly influenced by regulations that set up by the banking authorities in that country, especially what kind of banking industry structure that regulator intend by those regulation. Indonesian Banking Architecture which encourage mergers and acquisitions of smaller banks, has a clear target that Indonesian banking industry should have a leaner industry structure with fewer number of banks but with relatively large assets,higher industry concentration higher and more tighter competition. This policy is driven by the regulator’s belief that Indonesian banks has not achieved its economies of scales and competition is relatively low so that the Indonesian banking operating costs are among the highest among Asian countries. The opposite actually happened in the USA where the regulator is precisely to prevent mergers between major banks due to economies of scale bank in the United States has been exceeded. The reserach results showed the group of large banks in Indonesia is more efficient than medium and small banks and the efficiency is more due to economies of scale than caused by the concentration of the industry and the level of competition between banks.

MONETARY POLICY AND HERDING BEHAVIOR DEVELOPED MARKET AND EMERGING MARKET COMPARISON Buddi Wibowo
TRIKONOMIKA Vol 20 No 1 (2021): June Edition
Publisher : Faculty of Economics and Business, University of Pasundan

The research examines impact of monetary policy on herding behavior in the stock market. This study used OLS Regression, SUR, and Panel Regression Method. The results show that monetary policy affects herd behavior in stock market, specially in emerging market which have a specific characteristic such as low liquidity and low number of investor. Using SUR, this study show that common factors which affect the global herd behavior are not influential. Domestic stock market has its own variable that may initiate herd behavior.

Impact of Anonymity Broker ID on Market Quality: Evidence From Indonesia Stock Exchange Farah Permanasari; Buddi Wibowo
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v7i11.12058

This study aims to determine the effect of the implementation of Anonymity Broker ID on the quality of the stock market on the Indonesia Stock Exchange (IDX). The application of Anonymity Broker ID is measured by dummy indicators over the period before and after Anonymity Broker ID. Market quality measurement consists of high low volatility of stocks, bid-ask-spread, total depth value and volume. Hypothesis testing was carried out using Fixed Effect Ordinary Least Squares (OLS) and Fixed Effect Two-Stage Least Square (2SLS) regression models and using a sample of all stocks that were actively transacting during the period 04 December 2020 to 06 December 2022. The results provide empirical evidence that Anonymity Broker ID has a positive effect on the volatility of the 330 most active stocks, positively affects Total Depth Value, Bid Ask Spread and Volume. It can generally be concluded that Anonymity Broker ID can effectively dampen excessive market reaction during enactment.

Risk Analysis of Electricity Demand at Public Electric Vehicle Charging Stations (SPKLU): CVaR Model Approach Teuku Sadri Ramadhan; Buddi Wibowo
Quantitative Economics and Management Studies Vol. 5 No. 3 (2024)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.qems2580

The electricity demand at Public Electric Vehicle Charging Stations (SPKLUs) exhibits significant volatility, which is driven by several aspects including electricity demand patterns at specific time intervals, load variability, SPKLU capacity, and other related factors. The variability of these swings can present hazards for SPKLU operators in relation to energy administration as well as operational and financial hazards. The objective of this study is to assess the risk associated with energy demand fluctuation at SPKLUs by employing the Conditional Value-at-Risk (CVaR) model technique. CVaR, or Conditional Value at Risk, is a quantitative measure of risk that calculates the predicted loss value in the most unfavorable situation. It is commonly employed to enhance the risk management approach of SPKLUs. The electricity demand at SPKLU exhibits significant volatility, with an average fluctuation of 10.15% and a standard deviation of 49.67%. The CVAR, calculated at -121.19% for a confidence interval of 1%, represents the maximum potential loss that could be experienced during worst-case electrical demand conditions, highlighting the substantial fluctuations in demand. The study initially implemented the CVaR model to analyze power demand at SPKLU, providing novel perspectives on risk reduction for critical infrastructure and proposing unique strategies for managing demand fluctuations in a reliable and efficient manner. The results also offer comprehensive insights into risk exposure and facilitate the formulation of well-informed and strategic risk management plans.

Co-Authors Adrianto, Adrianto Akbar, Lolita Akbar, Moh Abrori Alfadjri, Muhammad Rummy Anas Lutfi Asrudin, Rudi Bagus Adhi Luthfi Budhi Santoso, Pungkas Farah Permanasari Firly Armanda Girindra Chandra Alam Hasna Fadhila Hendrikus Passagi I Gde Reza Rizky Margana I. G. B. Erri Wibowo Ida Bagus Teguh Cipta Maya Negara Jemitra, Jemitra Kurniawan, Adithya Kusmini, Tuti Lazuardi, Eduardo Martono Tampubolon Mochamad Yusuf Alsagaff Muhammad Budi Prasetyo Muhammad Iqbal Muhammad Iqbal Muhammad Pudjianto Murdani, Ahmad Dwi Mutiara Hikmah Nur Astiwi, Putri Pittauli Lidia Simanjuntak Pribadi, Sukma Kukuh Putri Nur Astiwi Rasyadan, Resa Robertho, Valentino Robertho, Valentino Robinson robinson Shasazuhni, Mohamad Shidiq, Imaduddin Siantoro, Andree Prasetyo Stefano, David Subhiksa, Siwa Kantha Teuku Sadri Ramadhan Titis Fatarina Mahfirah Wibowo, I. G. B. Erri Wilbert Ham

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