Judul: Institutional Investor Decisions in Crisis (Case: KBMI-4 bank)
Abstrak: The Covid-19 pandemic had a significant impact on the profitability and volatility of banking issuers' stock prices on the Indonesia Stock Exchange (BEI), particularly in 2020 and 2021. Using 720 observational data from institutional investors of Indonesia's four largest banks (known as KBMI-4), this research examines institutional investors' responses during the pandemic by focusing on their stock investment portfolios and taking into account relevant macroeconomic indicators, financial fundamentals, and stock performance that may influence their decision-making process. This study analyzes the behavior of KBMI-4 institutional investors with growth investing, value investing, and GARP investment styles, based on locations in Indonesia, Asia, and Non-Asia, in three observation phases: pre-pandemic (January 2019 to February 2020), pandemic (March 2020 to June 2021), and recovery (July 2021 to June 2022). Kruskal-Wallis test, Dunnett's Multiple Comparison Test, and panel data regression modeling were utilized. Only investors with high investment values (>IDR1,5 billion) exhibited investment dynamics, with investment values increasing from pre-pandemic levels. Concerning the investment style variants and investor location base, which are considered proxies for herding behavior and home bias, it was determined that they had no impact on the investment decisions of KBMI 4 bank institutional investors. Compared to the pre-pandemic, only non-Asian investors exhibited significant differences in investment value. This growth is attributable to this group's high investment potential. Based on KSEI data, of the total 7.49 million investors in the Indonesian capital market as of December 31 2021, only less than 1.0% came from countries outside Asia. Panel data modeling: Inflation rate, Loan at Risk (LAR) ratio, LAR coverage, Return on Equity (ROE), and loan growth (LON) have a statistically significant impact on the stock investments made by institutional investors in KBMI-4 banks. This identifies asset quality and profitability as two crucial considerations for investors during the pandemic-induced crisis. In addition, the model revealed six other variables had a significant relationship, but their coefficients did not match the direction of the relationship predicted by the hypothesis. These variables were the BI-7DRRR, Covid-19 cases, PPOP growth, Loan to Deposit Ratio (LDR), CASA ratio, and Price to Earnings Growth (PEG). In the context of optimizing institutional investor investment, these seven variables can strengthen the previous conclusion that, in the midst of a pandemic, investors are focusing on indicators that can provide an indication of the end of the pandemic and the enhancement of the fundamental performance of KBMI-4 bank. The findings of this study strengthen the behavioral finance reference in the context of institutional investors, who are less susceptible to behavioral biases and have distinct rationales compared to individual investors in general., Pandemi Covid-19 memberikan dampak signifikan bagi emiten perbankan berupa menurunnya profitabilitas serta volatilitas harga sahamnya di Bursa Efek Indonesia (BEI) khususnya di tahun 2020 dan 2021. Menggunakan 720 data amatan dari investor institusi empat bank terbesar di Indonesia (KBMI-4), penelitian ini bertujuan untuk mengungkapkan bagaimana pandemi direspon investor institusi dalam bentuk perubahan portofolio investasi sahamnya dan menganalisis indikator-indikator terkait ekonomi makro, kinerja keuangan, dan kinerja saham yang dapat mempengaruhi proses pengambilan keputusan. Untuk memenuhi tujuan tersebut, penelitian ini menganalisis perilaku investor institusi bank
Keyword: behavioral finance, covid-19, determinant factors, institutional investors, stock investment

Judul: Analysis of Investor Reactions to the Announcement of Right Issue At The Indonesian Stock Exchage Issuers Before And During The Covid-19 Pandemic
Abstrak: Pandemi COVID-19 berdampak terjadinya fluktuasi terhadap pergerakan harga saham, dan sangat mempengaruhi kondisi ekonomi begitupun reaksi investor terhadap kebijakan right issue yang akan mempengaruhi minat jual beli saham. Studi ini mengamati perkembangan aktivitas pasar di mana investor bereaksi terhadap informasi dengan mempertimbangkan sifat dinamis pasar modal melalui bullish dan bearish sebelum maupun selama pandemi COVID-19. Penelitian ini bertujuan untuk mengidentifikasi periode bullish dan bearish di Bursa Efek Indonesia periode 2017-2020, mengidentifikasi pengaruh COVID-19 terhadap aksi right issue, menganalisis perbedaan rata-rata excess return dan likuiditas saham yang diukur dengan bid-ask spread sebelum dan sesudah pengumuman right issue masa sebelum dan selama pandemi COVID-19, kemudian menganalisis pengaruh right issue pada dividen per share yang akan diterima oleh pemegang saham masa sebelum dan selama pandemi COVID-19, serta menguji apakah pasar modal Indonesia mengikuti the semi strong efficient market. Penelitian ini menggunakan 50 sampel perusahaan dari tahun 2017-2020, metode penarikan sampel menggunakan purposive sampling dan menggunakan event study dengan pendekatan market model, uji normalitasnya adalah Kolmogorov–smirnov, uji statistik menggunakan uji beda dua rata (wilcoxon signed rank test dan paired sample t- test), serta identifikasi bullish dan bearish menggunakan analisis candlestick. Secara umum IHSG menunjukkan pola bullish sebagai tren utama dengan persentase (64.58%) dan bearish (35.42%). Hasil penelitian menunjukkan bahwa terdapat perbedaan excess return yang signifikan sebelum dan sesudah pengumuman rights issue pada periode sebelum COVID-19 namun tidak terdapat perbedaan excess return selama pandemi COVID-19. Sedangkan hasil penelitian menunjukkan bahwa tidak terdapat perbedaan likuiditas saham sebelum dan sesudah pengumuman rights issue, baik sebelum maupun selama pandemi COVID-19. Begitupun hasil pengujian dividen terdapat perbedaan DPS sebelum dan sesudah pengumuman right issue sebelum COVID-19 yang ditunjukkan dengan perbedaan jumlah rata-rata DPS sebelum dan sesudah right issue, sementara DPS saat COVID-19 tidak terdapat perbedaan yang signifikan, membuktikan bahwa adanya pengaruh pandemi yang menyebabkan perlambatan ekonomi berdampak terhadap pasar modal, sehingga kegiatan penawaran terbatas yang dilakukan perusahaan dengan menerbitkan right issue menyebabkan jumlah lembar saham yang beredar meningkat namun laba yang diperoleh perusahaan tidak mengalami peningkatan. Hasil empiris menunjukkan bahwa pasar modal Indonesia mengikuti bentuk semi strong dari efisiensi pasar., The COVID-19 pandemic has the impact of fluctuations on stock price movements, and greatly affects economic conditions as well as investors' reactions to rights issue policies which will affect the interest in buying and selling shares. A study of the development of market activity in which investors react to information taking into account the dynamic nature of the market through bulls and bears before and during the COVID-19 pandemic. This study aims to identify the bullish and bearish periods on the Indonesia Stock Exchange for the 2017-2020 period, the influence of the influence of COVID-19 on the rights issue, to analyze the difference in average excess return and stock liquidity as measured by the bid-ask spread before and after the announcement of rights. the issue of the period before and during the COVID-19 pandemic, then analyze the effect of the right issue on dividends per share that will be received by shareholders before and during the COVID-19 pandemic, as well as whether the Indonesian capital market follows a semi-strong efficient market.
Keyword: Bullish, Bearish, Bid-Ask Spread, COVID-19, Excess Return, Semi Strong From

Judul: Penyusunan Overlap Graph menggunakan Suffix Tree pada DNA Sequence
Abstrak: The DNA sequence assembly is very important in genome analysis. This step aims to reconstruct contigous DNA fragment (contigs) from short fragment by concatenating fragments based on the overlap region among them. This method employs overlap graph for solving the problems. In this graph, nodes represent fragments and edges represent overlap. This research developed a software for constructing overlap graph using suffix tree. The evaluation was conducted by measuring the number of nodes, number of edges, and the execution time in many values of minimum overlap. The minimum overlap is defined as the minimum length of substring which is considered as the overlap region between two fragments. The evaluation results showed that the number of nodes, the number of edges, and the execution time were increased with the decreasing of the minimum overlap value.
Keyword: