Judul: Impact of the Acquisition on Stock Prices: Case Study of PT Semen Indonesia and PT Solusi Bangun Indonesia
Abstrak: Penelitian ini bertujuan untuk menganalisis pengaruh proses akuisisi terhadap abnormal return dan kinerja keuangan, serta memberikan rekomendasi keputusan investasi saham PT Semen Indonesia (SMGR) dan PT Solusi Bangun Indonesia (SMCB). Penelitian ini menggunakan metode event study dengan uji beda, penilaian saham menggunakan pendekatan Price Earning Ratio (PER) dan Price Book Value (PBV). Hasil penelitian menunjukkan akuisisi SMGR tidak meningkatkan kinerja keuangan menyeluruh, namun SMCB menunjukkan peningkatan. Uji hipotesis menunjukkan bahwa abnormal return kedua perusahaan dan Return on Equity (ROE) SMGR tidak berbeda sebelum dan sesudah akuisisi. Namun ROE SMCB, Return on Asset dan Debt Equity Ratio kedua perusahaan menunjukkan perbedaan sebelum dan sesudah akuisisi. Analisis fundamental menunjukkan harga saham SMGR dalam kondisi undervalued, sementara SMCB dalam kondisi overvalued. Implikasi Manajerial bagi SMGR perlu evaluasi hasil akuisisi terhadap kinerja keuangan. SMCB perlu mensinergikan teknologi dan sumber daya. Investor perlu bergerak cepat terhadap isu di pasar modal. Saran untuk penelitian selanjutnya diharapkan mempertimbangkan kondisi ekonomi makro dan menggunakan periode pengamatan paska akuisisi yang panjang., This study aims to analyze the effect of the acquisition process on abnormal returns and financial performance, and provide recommendations for stock investment decisions of PT Semen Indonesia (SMGR) and PT Solusi Bangun Indonesia (SMCB). This study uses the event study method with a different test, stock valuation uses the Price Earning Ratio (PER) and Price Book Value (PBV) approaches. The results of the study show that the acquisition of SMGR has not been able to improve overall financial performance, but SMCB has shown an improvement. The hypothesis test shows that the abnormal returns of the two companies and SMGR's Return on Equity (ROE) are not different before and after the acquisition. However, SMCB's ROE, Return on Assets and Debt Equity Ratio of the two companies show differences before and after the acquisition. Fundamental analysis shows that SMGR's stock price is undervalued, while SMCB's is overvalued. Managerial implications for SMGR need to evaluate the results of the acquisition on financial performance. SMCB need to synergize technology and resources. Investors need to move quickly on issues in the capital market. Recommendations for further research are expected to consider macroeconomic conditions and use a long post-acquisition observation period.
Keyword: Abnormal Return, Acquisition, Event Study, Fundamental, Stock Valuation

Judul: Perbandingan Kinerja Keuangan dan Struktur Modal Perusahaan Sebelum dan Sesudah Akuisisi
Abstrak: Strategi akuisisi digunakan perusahaan untuk mendapatkan keunggulan kompetitif, namun tidak semua perusahaan berhasil menerapkan strategi tersebut. Berhasil tidaknya akuisisi secara ekonomis, dapat dilihat dari kinerja keuangannya. Akuisisi yang dilakukan perusahaan membutuhkan biaya yang cukup besar dan bersifat jangka panjang sehingga dapat mengubah struktur modal. Penelitian ini bertujuan untuk mengetahui perbedaan kinerja keuangan dan struktur modal perusahaan sebelum dan sesudah akuisisi dengan jangka panjang. Pengukuran kinerja keuangan dilakukan dengan menggunakan rasio keuangan dan struktur modal dengan komposisi struktur modal. Sampel perusahaan yang digunakan adalah PT Bank Permata Tbk dan PT Astra International Tbk sebagai perusahaan pengakuisisi yang melakukan akuisisi pada tahun 2010 dan tercatat di Komisi Pengawasan Persaingan Usaha. Analisis menggunakan uji beda Paired Sample T Test untuk data yang terdistribusi normal dan Wilcoxon Sign Rank Test untuk data yang tidak terdistribusi normal. Hasil yang diperoleh terdapat rasio keuangan TATO, ROA, EPS, DAR dan DER menunjukkan hasil yang signifikan dan pada rasio CR dan komposisi struktur modal hasilnya tidak signifikan., Acquisition strategies are used by companies to gain a competitive advantage, but not all companies are successful in implementing these strategies. The success or failure of an acquisition in an economic manner can be seen from its financial performance. Acquisitions carried out by the company require substantial and long-term costs so that they can change the capital structure. This study aims to determine differences in financial performance and corporate capital structure before and after long-term acquisitions. Measurement of financial performance is carried out using financial ratios and capital structure with the composition of the capital structure. The sample companies used were PT Bank Permata Tbk and PT Astra International Tbk as the acquirer companies that made an acquisition in 2010 and were listed in the Business Competition Supervision Commission. The analysis used the Paired Sample T Test for data that was normally distributed and the Wilcoxon Sign Rank Test for data that were not normally distributed. The results obtained show that the financial ratios of TATO, ROA, EPS, DAR and DER show significant results and on the CR ratio and the composition of the capital structure the results are not significant.
Keyword: Acquisition, Financial Performance, Capital Structure

Judul: Construction of Strongly Optimal Binary Linear Code with Minimum Distance 9 and 11
Abstrak: A binary linear code of length n over q F is a subspace of n q F . A code has three parameters that attached to it, namely length, dimension, and minimum distance. A code with length n, dimension k and minimum distance d is often called [n, k, d ]-code. Usually, when two parameters are given, then we want to find a code that has the best value for the last parameter. Based on Gilbert- Varshamov bound, if a [n, k, d ]-code exists and can not be expanded, we call it a strongly optimal code. In this paper, we construct strongly optimal code with minimum distance 9 and 11. In constructing the code, we created a theorem and algorithm based on Gilbert-Varshamov bound before we implement the algorithm to MAPLE programming language. Because of computational limitations, the program can only construct up to k = 10 for d = 9 and k = 12 for d = 11.
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