Judul: Analisis Integrasi Pasar Saham ASEAN-3 dan Guncangan Indikator Makroekonomi Sebelum dan Saat Covid-19
Abstrak: Pandemi Covid-19 meningkatkan ketidakpastian dan perilaku risk aversion pada pasar saham. Selain itu, di saat pandemi kebijakan makroekonomi tiap negara berbeda-beda untuk melindungi kestabilan pasar saham. Penelitian ini fokus meneliti pengaruh dari pandemi Covid-19 dan guncangan indikator makroekonomi terhadap integrasi pasar saham negara ASEAN-3 yang terdiri atas Indonesia, Malaysia, dan Singapura periode Januari 2019 - Desember 2021. Metode analisis yang digunakan yaitu Vector Error Correction Model with Exogenous (VECMX). Hasil penelitian menunjukkan bahwa integrasi pasar saham ASEAN-3 lebih tinggi saat terjadi pandemi Covid-19. Namun tidak terdapat pengaruh signifikan dari pandemi Covid-19 terhadap ketiga indeks saham ASEAN-3. Selain itu, pengaruh guncangan indikator makroekonomi Indonesia terhadap indeks saham negara ASEAN-3 lainnya cenderung kecil.
Keyword: ASEAN-3, Covid-19, Macroeconomic, Integration, VECMX

Judul: The Relationship between stock price index and  interest rates in ASEAN-5 countries before and during the Covid-19 pandemic
Abstrak: Pandemi Covid-19 adalah fenomena yang terjadi pada akhir tahun 2019, Covid-19 memiliki dampak tidak hanya bagi kesehatan juga berdampak pada keadaan ekonomi suatu negara. Hal tersebut juga berpengaruh terhadap tingkat suku bunga dan indeks harga saham pada negara ASEAN-5. Tujuan dari penelitian ini adalah untuk menganalisis hubungan tingkat suku bunga dan ineks harga saham di negara ASEAN-5 pada masa sebelum dan saat pandemi Covid-19. Penelitian ini menggunakan metode deskriptif dan kuantitatif dengan menggunakan analisis VARX (Vector Autoregressive with Exogenous). Hasil dari penelitian ini yaitu pada masa sebelum pandemi Covid-19 indeks harga saham negara ASEAN-5 cenderung stabil dikarenakan kebijakan moneter yang eketif melalui suku bunga, namun pada masa pandemi Covid-19 suku bunga tidak berpengaruh secara signifika terhadap indeks harga saham, hal tersebut dikarenakan tingginya sentimen negatif investor terhadap indeks harga saham saat pandemi Covid-19. Berdasarkan interpretasi IRF exogenous, indeks harga saham dan suku bunga negara ASEAN-5 masih berfluktuatif dengan adanya guncangan penambahan kasus Covid-19. Hal tersebut menunjukkan bahwa ekonomi negara ASEAN-5 masih rentan terhadap guncangan pandemi Covid-19., The Covid-19 pandemic is a phenomenon that occurred at the end of 2019. Covid-19 has an impact not only on health but also on the economic state of a country. This also affects interest rates and stock price indexes in ASEAN-5 countries. The purpose of this study was to analyze the relationship between interest rates and stock price indexes in ASEAN-5 countries before and during the Covid-19 pandemic. This study used descriptive and quantitative methods using VARX (Vector Autoregressive with Exogenous) analysis. The results of this study in the period before the Covid-19 pandemic the stock price index of ASEAN-5 countries tended to be stable due to effective monetary policy through interest rates, but during the Covid-19 pandemic interest rates did not significantly affect the stock price index, it was due to high negative investor sentiment towards the stock price index during the Covid-19 pandemic. Based on the IRF exogenous interpretation, the stock price index and interst rate of ASEAN-5 are still fluctuating whit their shock of Covid-19 cases. This shows that the ASEAN-5 economies are still vulnerable to the shocks of the Covid-19 pandemic.
Keyword: ASEAN-5, Covid-19, interest rate, stock price index, VARX, ASEAN-5, Covid-19, interest rate, stock price index, VARX

Judul: Sintesis Flavon dari Fenol dan Benzoil Klorida
Abstrak: Flavone is a class of flavonoid, commonly found in plants with wide bioactivity spectrum. A widely used flavone synthesis route is through acidcatalyzed oxidative cyclization of β-diketone. In this study, unsubstituted flavone had been synthesized via 5-step from phenol, with 22% yield and successfully increased the yield of previous study on Fries rearrangement of phenyl acetate and benzoylation of o-HAP steps. Phenol was acetylated resulting 93% phenyl acetate. AlCl3-catalyzed Fries rearrangement in 1.5 hour and at 120 °C converted phenyl acetate into o-hydroxyacetophenone (o-HAP) with 40% yield. AlCl3 as catalyst produced o-HAP with higher and reproducible yield compared with BF3·Et2O and ZnCl2. Benzoylation of o-HAP followed by Baker-Venkataraman rearrangement of the ester product using KOH in dried pyridine produced β-diketone 1-(2- hydroxyphenyl)-3-phenylpropane-1,3-dione. The yield of ester and β-diketone were 71% and 85%, respectively. Finally, oxidative cyclization of β-diketone with sulphuric acid as catalyst produced 99% of flavone. The flavone product had been characterized spectroscopically and its melting point as well.
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