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"Penelitian ini menguji mengenai pengaruh implied cost of capital terhadap market excess return. Cost of capital merupakan tingkat pengembalian yang dipersyaratkan oleh investor, sehingga secara teoritis return seharusnya lebih tinggi dari cost of capital tersebut. Implied cost of capital (ICC) didefinisikan sebagai tingkat diskon yang digunakan ketika harga pasar saham setara dengan present value dari arus kas yang diharapkan sehingga ICC dapat menjadi proksi yang baik untuk memprediksi return saham di masa mendatang.Penelitian ini menggunakan pendekatan dividend discount model untuk menghitung ICC dengan menggunakan dasar tahun penelitian 2012. Variabel yang digunakan adalah excess return sebagai variabel terikat dan untuk variabel bebasnya menggunakan ICC sebagai variabel uji dan P/E ratio serta PBV ratio sebagai variabel kontrol.Hasil penelitian memperlihatkan bahwa ICC berpengaruh signifikan terhadap excess return pada horizon 6 bulan, 12 bulan dan 24 bulan. Penelitian ini juga memperlihatkan bahwa ICC lebih mampu menjelaskan excess return dibandingkan dengan P/E ratio dan PBV ratio sehingga dapat digunakan sebagai alternatif penilaian saham perusahaan dalam analisis investasi.

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This study examines the effect of implied cost of capital (ICC) to market excess return. Cost of capital is the expected return on an investor`s investment and theoretically it is equal to minimal returns required by investor. Implied cost of capital (ICC) can be defined as the discount rate that equates the firm`s market stock price to the present value of expected cash flows. Several researchs showed that ICC can be a good proxy for predicting future stock returns.

This study used a dividend discount models approach to calculate the ICC using a base year of 2012. Variables used are excess return as dependent variable and ICC as independent variable with P/E ratio and PBV ratio as control variables.

The results showed that the ICC is significant on excess return for the horizon of 6 months, 12 months and 24 months of holding period. This study also shows that the ICC has better correlation coefficients than P/E ratio and PBV ratio so that this variable can be used in assessing the company`s stocks valuation."

"Tesis ini membahas mengenai kriteria evaluasi investasi yang diterapkan oleh Perusahaan Modal Ventura (PMV) dalam mengambil keputusan investasi atas Perusahaan Pasangan Usaha (PPU) atau investee. Pada tesis ini, peneliti menggunakan benchmarking pada kriteria evaluasi investasi (investment evaluation criteria) yang digunakan oleh PMV dalam menganalisa dan menetapkan PPU mereka. Secara keseluruhan, terhimpun 12 kriteria. Dari literatur diperoleh untuk berinvestasi di AS disyaratkan 10 dari 12 kriteria. Hal ini menunjukkan bahwa PMV di Amerika Serikat memiliki persyaratan kriteria evaluasi investasi yang lebih banyak dan ketat dibandingkan negara lain. Di bawahnya terdapat Singapura yang memiliki 8 kriteria, Eropa 6 kriteria, Kanada 5 kriteria dan wilayah Asia Pasifik 4 kriteria. Dari hasil penelitian ditunjukkan bahwa Indonesia memiliki 8 kriteria dari 12 kriteria. Penelitian ini didukung oleh analisis terhadap data dokumen, observasi dan wawancara.

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This thesis discusses about the investment evaluation criteria employed by Venture Capital Firms (VCF) in deciding to invest on potential investee companies. For this thesis, the researcher utilized investment evaluation criteria used by VCFs in analyzing and determining their investee portfolio as a benchmark. In total, 12 investment evaluation criteria are observed. From literature, it was discovered that VCFs in the US considered 10 out of the 12 criteria to be significant. This shows that VCFs in the US stricter and more rigorous when it comes to investment criteria compared to their counterparts in the study. Singapore comes second with 8 criteria, followed by Europe with 6 criteria, Canada with 5 criteria, and the Asia Pacific region with only 4 criteria that they consider to be significant. Based on the findings of this study, VCFs in Indonesia considers 8 criteria to be significant. This research is supported with analysis of the data, comprehensive observation, and in-depth interview."

"Tesis ini menguji mengenai pengaruh strategi bank dalam menyalurkan kredit konsenterasi atau diversifikasi terhadap return dan risiko yang telah go public di Indonesia. Penelitian bersifat kuantitatif dengan menggunakan laporan keuangan dari tahun kuartal I 2009 sampai dengan kuartal IV 2013. Data yang digunakan berasal dari catatan atas laporan keuangan laporan audited masing ? masing bank. Hasil regresi menunjukkan bahwa konsentrasi portofolio kredit memiliki pengaruh terhadap return bank. Hasil regresi menggunakan tingkat konsentrasi dengan HHI Hirshman-Herfindahl Index tidak berpengaruh positif terhadap risiko gagal bayar.

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This thesis examined the effect of the bank's strategy in leding, concentration or diversification of the returns and risks for bank that have gone public in Indonesia. Quantitative research using the financial statements of the 1st quarter of 2009 to the 4th quarter of 2013. The data used comes from the notes to the audited consolidated financial statements of each - each bank. Regression results show that the concentration of the loan portfolio has influence on the bank return. Regression results using the HHI concentration levels Hirshman-Herfindahl Index is not significant effect on the risk of default."

"Penelitian ini mengevaluasi kinerja koperasi simpan pinjam di Jakarta tahun 2011-2013 dengan melihat efisiensi serta profitabilitas yang digambarkan melalui Efficiency-Profitability Matrix. Pendekatan efisiensi yang digunakan adalah input oriented yaitu efisiensi dengan memaksimalisasi input dalam menghasilkan output. Efisiensi dilihat dari tiga komponen yaitu technical efficiency, pure technical efficiency dan scale efficiency sedangkan profitabilitas diukur dengan ROA. Matriks efficiency-profitability dibagi dalam empat kuadran, dimana kuadran II (stars) adalah kuadran terbaik dengan menunjukkan bahwa koperasi simpan pinjam mempunya kinerja efisiensi tinggi dan profitabilitas tinggi. Observasi kemudian dikelompokkan berdasarkan tiga komponen efisiensi. Ratarata efisiensi yang dihasilkan adalah 81,82% untuk technical efficiency, 86,54% untuk pure technical efficiency dan 80% untuk scale efficiency. Rata-rata pofitabilitas dari tahun 2011 hingga tahun 2013, adalah 13,6%, 14,08% dan 12,7%. Hasil penelitian menunjukkan bahwa best practice yang terlihat pada hasil matrks technical efficiency yaitu pada kuadrran II (stars) adalah koperasi Wadhika. Koperasi tersebut dapat menjadi acuan dalam penilaian kinerja anggota koperasi simpan pinjam PUSKOPDIT Jakarta untuk efisiensi teknis secara umum dan profitabilitas yang tinggi.

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This study evaluation performance of saving and credit cooperation in jakarta 2011-2013 by analyze efficiency and profitability which describe use efficiencyprofitability matrix. Approachment efficiency using input oriented, which mean efficiency is maximum input to create output. Efficiency assessed by three component efficiency : technical efficiency, pure technical efficiency and scale efficiency and profitability was assessed by ROA. Matrix efficiency-profitability divided into four quadrant, quadrant II (stars) is the best performance. It represent cooperatives which has high efficiency and high profitability. Observation result was grouped based on three component efficiency. Mean score of efficiency score are 81,82% for technical efficiency, 86,54% for pure technical efficiency and 80% for scale efficiency. Mean of profitability are 13,6% for 2011, 14,08% for 2012 and 12,7% for 2013. The result of study represent the best practice from matrix efficiency-profitability is Wadhika. Koperasi could be the best practice and benchmarking for performance valuation in PUSKOPDIT Jakarta for high technical efficiency which manifest efficiency generally and high profitability."

"Tesis ini bertujuan untuk mencari tahu apakah ada abnormal return yang terjadi pada bursa efek indonesia yang diakibatkan oleh pengumuman private placement lalu mengidentifikasi faktor - faktor apa saja yang menyebapkan terjadinya abnormal return pada bursa efek Indonesia dengan menggunakan variabel yang pernah diukur pada penelitian sebelumnya. Dengan menggunakan metode event study penelitian ini menemukan adanya abnormal return negatif hari kedua setelah private placement namun sebaliknya penelitian ini juga menemukan cumulatif abnormal return pada saat dua hari sebelum pengumuman dibandingkan 3 hari setelah pengumuman dan pada saat dua hari sebelum dibandingkan dengan tiga hari setelah pengumuman. Dengan menggunakan regresi multivarians penelitian ini menemukan bahwa faktor yang menyebabkan terjadinya cumulatif abnormal return adalah tujuan penggunaan dana hasil private placement, tingkat diskon/premium, dan tingkat varians pada volume perdagangan saham perusahaan.

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This thesis aims to find out if there is an abnormal return occurred in Indonesia stock exchange caused by the announcement of the private placement and also to identifies factors causing the abnormal return using variables ever measured in previous studies. By using the event study method this study find a negative abnormal return at second day after the announcement. This study also find cumulatif abnormal return during one day and two days before the announcement compare to 3 days after the announcement. Using regression multivarians, this study find the factors that cause cumulative abnormal return is the intended use of the proceeds from the private placement, the level of discount / premium, and the degree of variance in the volume of stock."

"Pada pembentukannya ETF ditujukan untuk mereplikasi pergerakan indeks acuannya sehingga perlu adanya sebuah penelitian apakah pergerakan harga ETF XIIC, RLQ45 dan XIJI sesuai dengan tujuannya yaitu mereplika indeks acuan. Pada penelitian ini pergerakan harga ETF di uji menggunakan uji johansen dan VECM agar mengetahui pergerakan harganya apakah mengikuti indeks acuanya. Pada penelitian ini ditemukan bahwa ETF RLQ45 dan XIJI memiliki kointegrasi jangka panjang dengan indeks acuannya dan IHSG namun ETF XIIC hanya memiliki kointegrasi jangka panjang dengan indeks acuannya saja dan tidak terkointegrasi jangka panjang dengan IHSG. Pada penelitian ini juga ditemukan bahwa pergerakan jangka pendek XIIC tidak dipengaruhi oleh indeks acuannya namun lebih dipengaruhi oleh IHSG.

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ETF aimed to replicate the benchmark index movement so that the need for a study of whether the ETF price movements XIIC, RLQ45 and Xiji accordance with the objective being to replicate the benchmark index. In this study, the ETF price movement in a test using Johansen test and VECM in order to determine whether price movements follow acuanya index. This study found that ETF RLQ45 and Xiji has a long-term cointegration with benchmark index and stock index ETF XIIC but only have a long-term co integration with its benchmark index only and is not a long-term cointegrated with JCI. In this study also found that short-term movements XIIC not influenced by the benchmark index but more influenced by JCI."

"Investasi di dalam sektor properti dapat berupa investasi pada pasar rill/properti real atau pasar finansial/sekuritas sektor properti. Waktu yang tepat untuk memasuki pasar investasi riil atau finansial menjadi salah satu hal penting dalam keputusan investasi. Salah satu hal yang dibutuhkan investor dalam membuat keputusan investasi pada sektor properti adalah mengetahui dinamika pergerakan dari investasi riil dan investasi finansial sektor properti sebagai benchmark untuk menentukan waktu yang tepat memasuki pasar properti riil atau finansial. Karya akhir ini memiliki dua tujuan utama yaitu untuk mengevaluasi dinamika hubungan jangka panjang antara investasi riil sektor properti dengan investasi finansial sektor properti dan untuk mengevaluasi dinamika hubungan jangka pendek antara kedua jenis investasi pada sektor properti tersebut.

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Investment in property sector can be an investment in the real market or financial market. Time will be one of the most important in the decision making when investor will enter the investment market. One thing that is required by investors in making investment decisions in the property sector was to determine the dynamics of the movement from real investment and financial investment property sector as a benchmark to determine the appropriate time to enter the real or financial property markets. This thesis has two main objectives, to evaluate the dynamics of long-term relationship between real investment and financial investment in property sector and to evaluate the short-term dynamics of the relationship between the two types of investment in the property sector."

"[ABSTRAKSalah satu opsi manajemen risiko bagi perusahaan asuransi adalah denganmembagi atau mentransfer risiko yang ditanggungnya kepada perusahaanasuransi lain, yang disebut reasuransi. Konsep reasuransi ini memberikan banyakkeuntungan bagi perusahaan asuransi, sekaligus membebani perusahaan denganbiaya tertentu. Penelitian ini dilakukan untuk mengetahui faktor yangmemengaruhi kebutuhan jasa reasuransi pada perusahaan asuransi di Indonesiadengan melihat aspek loss ratio, gearing ratio, tingkat debt to equity ratio,volatilitas biaya klaim, volatilitas hasil investasi, jenis organisasi, dan konsentrasilini pertanggungan perusahaan. Dari hasil penelitian kepada perusahaan asuransikerugian sebanyak 64 perusahaan dari tahun 2010-2013, dapat ditarik kesimpulanbahwa kebutuhan reasuransi: sebanding dengan tingkat loss ratio, volatilitas biayaklaim, gearing ratio, dan ukuran perusahaan; berbanding terbalik dengan DER;berbanding terbalik dengan derajat konsentrasi lini pertanggungan, dandipengaruhi oleh jenis organisasi perusahaan.

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ABSTRACTAn option for risk management in insurance company is to transfer or divide theirrisk to other insurance company, this called reinsurance. The concept ofreinsurance is very helpful for insurance company with some benefits, yet causessome expenses. This study aimed to analyze what factors influence the demand ofreinsurance in Indonesia by considering loss ratio, gearing ratio, debt to equityratio, claim cost volatility, investment return volatility, organizational form, andbusiness concentration. From the study of 64 insurance company in Indonesiaduring 2010 ? 2013, it can be concluded that the need of reinsurance is: in linewith degree of loss ratio, claim cost volatility, gearing ratio, and company?s asset;inversely with DER and business concentration; also influenced by organizationalform.;An option for risk management in insurance company is to transfer or divide theirrisk to other insurance company, this called reinsurance. The concept ofreinsurance is very helpful for insurance company with some benefits, yet causessome expenses. This study aimed to analyze what factors influence the demand ofreinsurance in Indonesia by considering loss ratio, gearing ratio, debt to equityratio, claim cost volatility, investment return volatility, organizational form, andbusiness concentration. From the study of 64 insurance company in Indonesiaduring 2010 ? 2013, it can be concluded that the need of reinsurance is: in linewith degree of loss ratio, claim cost volatility, gearing ratio, and company?s asset;inversely with DER and business concentration; also influenced by organizationalform.;An option for risk management in insurance company is to transfer or divide theirrisk to other insurance company, this called reinsurance. The concept ofreinsurance is very helpful for insurance company with some benefits, yet causessome expenses. This study aimed to analyze what factors influence the demand ofreinsurance in Indonesia by considering loss ratio, gearing ratio, debt to equityratio, claim cost volatility, investment return volatility, organizational form, andbusiness concentration. From the study of 64 insurance company in Indonesiaduring 2010 ? 2013, it can be concluded that the need of reinsurance is: in linewith degree of loss ratio, claim cost volatility, gearing ratio, and company?s asset;inversely with DER and business concentration; also influenced by organizationalform.;An option for risk management in insurance company is to transfer or divide theirrisk to other insurance company, this called reinsurance. The concept ofreinsurance is very helpful for insurance company with some benefits, yet causessome expenses. This study aimed to analyze what factors influence the demand ofreinsurance in Indonesia by considering loss ratio, gearing ratio, debt to equityratio, claim cost volatility, investment return volatility, organizational form, andbusiness concentration. From the study of 64 insurance company in Indonesiaduring 2010 ? 2013, it can be concluded that the need of reinsurance is: in linewith degree of loss ratio, claim cost volatility, gearing ratio, and company?s asset;inversely with DER and business concentration; also influenced by organizationalform.;An option for risk management in insurance company is to transfer or divide theirrisk to other insurance company, this called reinsurance. The concept ofreinsurance is very helpful for insurance company with some benefits, yet causessome expenses. This study aimed to analyze what factors influence the demand ofreinsurance in Indonesia by considering loss ratio, gearing ratio, debt to equityratio, claim cost volatility, investment return volatility, organizational form, andbusiness concentration. From the study of 64 insurance company in Indonesiaduring 2010 ? 2013, it can be concluded that the need of reinsurance is: in linewith degree of loss ratio, claim cost volatility, gearing ratio, and company?s asset;inversely with DER and business concentration; also influenced by organizationalform., An option for risk management in insurance company is to transfer or divide theirrisk to other insurance company, this called reinsurance. The concept ofreinsurance is very helpful for insurance company with some benefits, yet causessome expenses. This study aimed to analyze what factors influence the demand ofreinsurance in Indonesia by considering loss ratio, gearing ratio, debt to equityratio, claim cost volatility, investment return volatility, organizational form, andbusiness concentration. From the study of 64 insurance company in Indonesiaduring 2010 – 2013, it can be concluded that the need of reinsurance is: in linewith degree of loss ratio, claim cost volatility, gearing ratio, and company’s asset;inversely with DER and business concentration; also influenced by organizationalform.]"

"ABSTRAKTesis ini membahas mengenai proses Business Coaching pada UMKM yang bergerak di bidang kuliner Betawi yaitu UD Cemilan Jakarta. Business coaching terdiri dari proses diskusi struktural dan diadakan secara berkala untuk membangun kesadaran dan perilaku UMKM sehingga dapat meningkatkan usaha yang dikelolanya. Tujuan dari proses ini adalah membantu UMKM untuk memiliki gambaran mengenai rencana produksi dan penyusunan anggaran modal sebagai dasar pengambilan keputusan investasi dalam rangka meningkatkan kapasitas produksi.Berdasarkan hasil perhitungan didapatkan kesimpulan bahwa perencanaan produksi dengan peningkatan kapasitas produksi minimal 67% dan pemesanan bahan baku secara reguler memungkinkan pengurangan biaya sebesar 47.27%, penggunaan mesin memungkinkan peningkatan kapasitas dan kualitas produk, berdasarkan perhitungan 4 dari 5 kriteria investasi menyatakan investasi layak dilakukan, dan cash flow sensitif terhadap perubahan biaya dan pendapatan, perbedaan 5% dari target menghasilkan 3 dari 5 indikator investasi menjadi tidak layak.

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ABSTRACT

This thesis discuss about Business Coaching process in culinary MSME named UD Cemilan Jakarta. Business coaching consists of structural discussions process that held regularly to create awareness and enhance MSME?s owners? behavior, so they can improve their business in the future. The objectives of the process are helping the owner to have a proper production plan and building a capital budgeting proposal. Capital budgeting proposal will be used for evaluation process of new machine investment.

The result of the calculation showed that increase the production capacity least 67%, will give possibility of 47.27% cost reduction from raw material through regular purchase. Cost reduction will give extra cash to increase capacity and quality of products. Based on calculations, 4 out of 5 investment criterias stated that investment is feasible, but cash flows are sensitive to cost and revenue differences. Sensitivity analysis shows that 5% deviation from target will lead 3 out 5 indicators of investment are not feasible."

"ABSTRAKTesis ini membahas kegiatan business coaching pada agen pos Asha Zafhina yang merupakan UMKM yang bergerak di bidang jasa ekspedisi, bedomisili di daerah Ciangsana. Agen pos merupakan usaha berbentuk kemitraan antara PT.Pos Indonesia dengan individu. Produk utama yang ditawarkan UMKM ini adalah jasa pengiriman surat dan barang. Permasalahan yang menjadi topik utama penulisan tesis ini adalah kondisi keuangan UMKM yang relatif mengalami kerugian setiap bulannya dikarenakan kurangnya masyarakat atau konsumen yang menggunakan jasa UMKM ini.Tujuan dari penulisan tesis ini adalah untuk memberikan gambaran tentang analisis laporan keuangan UMKM, memberikan gambaran apakah UMKM ini dapat menghindari kerugian melalui analisis break even point (BEP) serta usulan strategi pemasaran untuk meningkatkan pendapatan dengan cara memperluas jaringan konsumen.

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ABSTRACT

This thesis discusses the business coaching activities in the postal agent Asha Zafhina which are MSMEs engaged in freight forwarding services, located in Ciangsana?s area. Postal agent is a business in the form of a partnership between PT.Pos Indonesia and an individual. The main products offered by MSMEs are mail and goods delivery services. The problem that became the main topic of this thesis is the financial condition of MSMEs that relatively losses every month due to lack of people or consumers who use the services of these MSMEs.

The purpose of this thesis is to provide an overview of the analysis of financial statements of MSMEs, gives an idea whether MSMEs can avoid losses through the analysis of break-even point (BEP) as well as the proposed marketing strategy to increase revenue by expanding the network."