cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Heny Kurniawati
Contact Email
christian.harito@binus.edu
Phone
+6221-5345830
Journal Mail Official
jafa@binus.edu
Editorial Address
Jl. Raya Kb. Jeruk No.27, RT.2/RW.9, Kb. Jeruk, Kec. Kb. Jeruk, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11530
Location
Kota adm. jakarta barat,
Dki jakarta
INDONESIA
Journal of Applied Finance & Accounting
Published by Universitas Bina Nusantara
ISSN : 19796862     EISSN : 27466019     DOI : 10.21512/jafa.v7i2.6378
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Applied Finance & Accounting (JAFA) showcases useful theoretical and methodological results with the support of interesting empirical applications in the area of Finance and Accounting. Purely theoretical and methodological research with the potential for important applications is also published. Articles in the journal may examine significant research questions from a broad range of perspectives including economics, sustainability, organizational studies and other theories related to accounting and finance phenomena. JAFA is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments and banking.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 5 Documents
 1 
Search results for , issue "Vol. 3 No. 2 (2011): Published on June 2011" : 5 Documents clear
VALUE-AT-RISK (VaR) FOR LQ – 45 COMPANIES Rangga Handika
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.165

Abstract

This paper offers a new measurement of risk, Value-at-Risk (VaR) for LQ-45 index in Indonesian Stock Exchange (ISX). Basic finance uses standard deviation in measuring and quantifying the risks. This paper uses VaR as a risk measure by using historical and analytical methods. This study uses the data containing all LQ-45 weekly data from January 1st, 2005 to December, 31st 2010. Moreover, this paper also calculates VaR of three indices (IHSG, Dow Jones, and S&P 500) for benchmarking purpose. This study finds that LQ-45 companies have VaR ranging from -5.30 to -41.05 percent with 95 percent level of confidence. It means that we can expect to suffer a minimum weekly loss between 5.30 to 41.05 percent in 5 percent probability when we invest in the LQ-45 companies stocks individually. Furthermore, this study finds that individual LQ-45 stock is riskier than indices based on VaR measure. This paper also concludes that individual LQ-45 stock tends not to follow normal distribution while index tends to follow by comparing their historical and analytical VaR calculation.
EMPIRICAL INVESTIGATION OF THE UNDERPRICING PHENOMENON ON IPOs IN PRIVATIZATION OF SOEs: EVIDENCE FROM INDONESIA Monika Setiobudi; Dezie L. Warganegara; Doni S. Warganegara
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.166

Abstract

The Objective this empirical research is conducted with the main purpose to assess whether the short-run underpricing level of IPOs on privatization is lower or not compared to the privately owned enterprises in Indonesia. The aim is intended to identify whether the presence of excessive underpricing is occurred among the Privatization IPOs in Indonesia. Method are used to fullfil the objective, the samples are derived from both SOEs and Non-SOEs that conducted the Initial Public Offerings (IPO) during period 2000-2009. The total final samples used are 147 samples. Moreover, this research focuses on the initial return of the first trading day to determine the underpricing level. The data is also analyzed by using descriptive statistics, Kolmogorov Smirnov test, parametric tests, Non-parametric tests and Multiple Regression Analysis. Result of the research shows the evidence that the extent of underpricing is significantly lower in IPOs conducted by the SOEs compared to the privately owned in Indonesia. Furthermore, the result also clarifies that there is no occurrence of excessive underpricing within the Privatization IPOs in Indonesia.Conclusion is the degree of underpricing within the SOEs is proven to be lower than the Non-SOEs. This fact is supported by the reasons of tight standardize legislation, underwriter’s reputation, budget deficit in Indonesia, and well-established industry within the SOEs.
THE DETERMINANTS OF MANAGEMENT FORECASTS ERROR AND THE IPO UNDERPRICING: A CASE STUDY OF INDONESIAN IPO Yanthi Hutagaol; Florens Siauw; Irwan A. Ekaputra
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.167

Abstract

To reduce the well-known information asymmetry in the IPO market, the issuing firms are required to publish offering prospectuses. One type of information disclosed in the prospectus is the management financial forecasts in which the IPO firms predict expected earnings at the end of year after the listing. The purpose of this study is to investigate the determinants of forecasted error published by the management in the IPO prospectuses. This study observes six possible determinants that affect the absolute forecast errors (AFE). Furthermore, this study also examines whether the earning forecast errors could explain the IPO stylish underpricing phenomenon.A sample of 124 IPO firms that went public in Indonesian Stock Exchange (prior Jakarta Stock Exchange) during the 1997 – 2005 period. The results show that the research models proposed are valid models. The management AFE is determined by firm size, forecast interval period, industry, and the firm business range.  This study also finds that the AFE is positively related to the IPO underpricing, suggesting that the higher the forecast errors, the more underpriced is the IPO. Moreover, it is also found that market condition also influences the underpricing level in Indonesian IPO market.
VALUE-AT-RISK (VAR) APPLICATION AT HYPOTHETICAL PORTFOLIOS IN JAKARTA ISLAMIC INDEX Dewi Tamara; Grigory Ryabtsev
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.168

Abstract

The paper is an exploratory study to apply the method of historical simulation based on the concept of Value at Risk on hypothetical portfolios on Jakarta Islamic Index (JII). Value at Risk is a tool to measure a portfolio’s exposure to market risk. We construct four portfolios based on the frequencies of the companies in Jakarta Islamic Index on the period of 1 January 2008 to 2 August 2010. The portfolio A has 12 companies, Portfolio B has 9 companies, portfolio C has 6 companies and portfolio D has 4 companies. We put the initial investment equivalent to USD 100 and use the rate of 1 USD=Rp 9500. The result of historical simulation applied in the four portfolios shows significant increasing risk on the year 2008 compared to 2009 and 2010. The bigger number of  the member in one portfolio also affects the VaR compared to smaller member. The level of confidence 99% also shows bigger loss compared to 95%. The historical simulation shows the simplest method to estimate the event of increasing risk in Jakarta Islamic Index during the Global Crisis 2008.
ANALISIS PENGARUH PERGERAKAN BURSA INTERNASIONAL TERHADAP PERGERAKAN BURSA INDONESIA Johan Halim; Marcories Marcories
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.169

Abstract

The purpose of this study was to determine and obtain empirical evidence on whether there is influence and reciprocal relationships on the movement of international exchanges (Dow Jones, FTSE, Nikkei, Straits Times and Hang Seng), economic conditions, and the relationship between the state of the market movements Indonesia (JSX and IDX). Method of multiple linear regressions with Eviews 5.1 program used in this study to determine the effect of the variables mentioned above. The sample in this study includes daily data for the JSX ongoing since January 1, 2006 through December 31, 2008, and taken to IDX data starting from January 1, 2009 through June 30, 2009. Results of this study are contained influences of the international exchanges separately. No effect occurs when tested simultaneously. JSX influenced by outside markets, but otherwise IDX positively affect international markets. IDX was due to the influence of the shifting influence of the American economy, which affected Subprime Mortgage crisis and the market is already pretty saturated, to Asia which is devoted to research in Indonesia, which is not affected by the Subprime Mortgage and developing countries (developing countries) that could affect other markets Subprime Mortgage crisis affected.Conclusion that there was a shift in which the effect of Indonesia's market affect other markets in the same region even European markets (FTSE) and the U.S. (Dow Jones) due to the improvement in the economic situation of Indonesia that resilience to the global crisis.

Page 1 of 1 | Total Record : 5

 1 

Filter by Year

2011 2011


Reset
Filter By Issues
All Issue Vol. 12 No. 1 (2025): Publish on June 2025 Vol. 11 No. 2 (2024): Publish on December 2024 Vol. 11 No. 1 (2024): Publish on June 2024 Vol. 10 No. 2 (2023): Publish on December 2023 Vol. 10 No. 1 (2023): Publish on June 2023 Vol. 9 No. 2 (2022): Publish on December 2022 Vol. 9 No. 1 (2022): Publish on June 2022 Vol. 8 No. 2 (2021): Publish on December 2021 Vol. 8 No. 1 (2021): Publish on June 2021 Vol. 7 No. 2 (2020): Publish on June 20200 Vol. 7 No. 2 (2020): Publish on June 2020 Vol. 6 No. 1 (2013): Publish on November 2013 Vol. 5 No. 2 (2013): Publish on June 2013 Vol. 5 No. 1 (2012): Publish on November 2012 Vol. 4 No. 2 (2012): Publish on June 2012 Vol. 4 No. 1 (2011): Publish on November 2011 Vol. 3 No. 2 (2011): Published on June 2011 Vol. 3 No. 1 (2010): Published on November 2010 Vol. 2 No. 2 (2010): Published on June 2010 Vol. 2 No. 1 (2009): Published on November 2009 Vol. 1 No. 2 (2009): Published on June 2009 Vol. 1 No. 1 (2008): Published on November 2008 More Issue