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All Journal Jurnal Reviu Akuntansi dan Keuangan The Asian Journal of Technology Management (AJTM) International Research Journal of Business Studies (E-Journal) Jurnal Aplikasi Akuntansi Jurnal Ekonomi, Manajemen dan Perbankan (Journal of Economics, Management and Banking) PERWIRA - Jurnal Pendidikan Kewirausahaan Indonesia International Research Journal of Business Studies
Arief Rijanto
Universitas Prasetiya Mulya
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Journal : International Research Journal of Business Studies

 1 
Financial Flexibility in Highly Regulated Market: Indonesian Telecommunication Case during Tariff Pricing War Rijanto, Y. Arief
International Research Journal of Business Studies Vol. 8 No. 2 (2015): August - November 2015
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.8.2.123-135

Abstract

In year 2008, regulation of Indonesian telecommunicationindustries changes due the tariff pricing war within Telecommunication operator. This regulation tie up the telecommunication operator and affect operating revenue margin.The needs of financial flexibility within telecommunication firm is increased.Capex, operating revenue and reinvestment needs to be flexible must be inline with competition and change of technology. This paper goals is measuring financial flexibility based on Capex, operating revenue and re-investment needs.Re-investment needs by Telecommunication operator can be financed with or without financial flexibility. Data from year 2007 up to 2014 is selected to accommodate before and after changes of telecommunication regulation. The regulation effect to financial flexibility of telecommunication firm is still relevantbecause telecommunication industries by nature needs larger capital to re-new the telecommunication technology. Real options method will be used to measure financial flexibility.
Dampak Rumor Terhadap Volatilitas Harga Saham: Studi Empiris di Bursa Efek Indonesia Rijanto, Y. Arief
International Research Journal of Business Studies Vol. 3 No. 3 (2010): December 2010 - March 2011
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/

Abstract

«Buy on rumor, sell on news» strategy is common trading strategy done by the investor. This strategy contains a higher risk associated with the change of stock price volatility. This empirical study aims to explore the impact of rumors on stock prices by analyzing the changes in volatility patterns during circulation of rumors. This volatility patterns indicate a change in stock price trend due to rumors. The possibility of stock price movement will occur and turn stock price trend up or down. The volatility patterns that occurred in the general period compared with the rumors period. This study uses intraday stock price data (15-minute) during the 2007-2009 and rumors circulation period. Asymmetric GARCH and Treshold GARCH model is used to analyze an asymmetric or symmetric volatility pattern. Results showed that volatility pattern transformation during rumor circulation is different for different types of stocks. The impact of rumors on each stock is different. Rumors are not always increase stock price volatility and clustering. And the changes in volatility pattern due to rumors do not always trigger the stock price movement (trend) to rises or falls. As the result, the strategy implementation of «buy on rumor, sell on news» will be different for each stock and need to be adjusted with the volatility pattern of each stock (asymmetric or symmetric). It creates more uncertainty and risk. But, it also makes more opportunity in stock abnormal return.
Co-Authors Adriel Adisurjo Adryan Virgandhie Astikawati, Rina David Junius Desy Ayu Trianingsih Fayola, Berlynn Fu, Morgan Herlianti Rizkia Nany Chandra Marsetio Pangestu, Fabiola Widi Dwi Raihan Rahadi Retno Yuliati Simanungkalit, Imelda Simbolon, Kevin Yang Elvi Adelina Zulfikar Zulfikar