Judul: Analysis of the Flight-to-Quality Phenomenon in Developed and Developing Countries: A Study Case of the COVID-19 Pandemic
Abstrak: Guncangan yang diakibatkan pandemi COVID-19 berpengaruh baik terhadap negara maju yaitu Amerika, Inggris, Jepang, dan Australia maupun negara berkembang yaitu Indonesia, Malaysia, Thailand, dan Vietnam. Falling stock market merupakan salah satu dampak yang diakibatkan oleh pandemi COVID-19 yang selanjutnya dapat memicu fenomena flight-to-quality yaitu fenomena ketika investor memindahkan asetnya dari saham ke obligasi. Penelitian ini bertujuan untuk melihat fenomena flight-to-quality dan korelasi volatilitas return saham dan return obligasi di delapan negara dengan menggunakan model analisis GARCH dan DCC-GARCH. Hasil penelitian menunjukan fenomena flight-to-quality hanya ditemukan di negara Vietnam. Korelasi volatilitas return saham dan return obligasi berbeda-beda antar negara yang dianalisa. Penelitian ini menunjukan adanya korelasi volatilitas return saham dan return obligasi selama pandemi COVID-19 menguat positif di negara Amerika, Inggris, dan Jepang, menguat negatif di negara Indonesia, Malaysia, dan Vietnam, dan cenderung melemah di negara Australia dan Thailand., The shocks caused by the COVID-19 pandemic impacted both developed countries such as the United States, United Kingdom, Japan, and Australia as well as developing countries such as Indonesia, Malaysia, Thailand, and Vietnam. One of the consequences of the COVID-19 pandemic is a falling stock market which may trigger a flight-to-quality phenomenon, which occurs when investors shift their assets from stocks to bonds. The purpose of this study is to examine the flight-to-quality phenomenon and the correlation between stock and bond return volatility in eight countries using GARCH and DCC-GARCH analysis models. According to the findings, the flight-to-quality phenomenon is only found in Vietnam. The correlation between the volatility of stock returns and bond returns vary significantly across countries studied. This study shows that during the COVID-19 pandemic, the volatility correlation between stock and bond returns strengthened positively in United States, United Kingdom, and Japan, strengthened negatively in Indonesia, Malaysia, and Vietnam, and tended to weaken in Australia and Thailand.
Keyword: COVID-19 pandemic, flight-to-quality, falling stock market, GARCH, volatility

Judul: Indonesian Stock Market Return Volatility and Openness: Evidence From Covid-19 Pandemic
Abstrak: Pandemi Covid-19 berdampak pada berbagai aspek ekonomi, seperti resesi global. Hal ini menyebabkan ketidakpastian pada pasar saham meningkat, termasuk pasar saham Indonesia. Keterbukaan pasar saham Indonesia dapat dicerminkan dari kepemilikian nilai saham oleh investor asing yang terus meningkat hingga Januari 2021. Penelitian ini bertujuan untuk menganalisis volatilitas return dan dampak volatilitas aliran masuk bersih oleh investor asing (Net Foreign Inflow/NFI) terhadap volatilitas return pasar saham Indonesia. Penelitian ini menggunakan data harian sejak Januari 2019 hingga Februari 2021. Metode yang digunakan ialah analisis model E-GARCH dan DCC-GARCH. Analisis model E-GARCH digunakan untuk mengetahui volatilitas return pasar saham Indonesia. Analisis DCC-GARCH digunakan untuk mengetahui dampak volatilitas NFI terhadap volatilitas return pasar saham Indonesia. Hasil penelitian menunjukkan bahwa dampak guncangan dari berita buruk dan baik lebih besar pada volatilitas return saat pandemi Covid-19. Guncangan berdampak positif terhadap peningkatan efek spillover volatilitas NFI ke volatilitas return di jangka pendek dan panjang pada periode sebelum pandemi Covid-19, namun hal tersebut tidak terjadi saat pandemi.
Keyword: E-GARCH, DCC-GARCH, net foreign inflow, return volatility

Judul: Sintesis dan Pencirian Natrium Titanat (Na2Ti2O4(OH)2) Berbahan Dasar Titanium Dioksida
Abstrak: TiO2 can be utilized as basic material for synthesis of sodium titanate (Na2Ti2O4(OH)2). This research was purposed to synthesize and characterize sodium titanate from TiO2 rutile powder as a basic material. Sodium titanate was synthesized by hydrothermal process at temperature 130 °C by mixing TiO2 rutile powder with 5 M and 10 M NaOH solution, then each was calcinated at temperature 700 °C. The energy dispersive X-ray analysis showed that sodium titanate has been successfully synthesized. This result was also supported by functional group analysis with Fourier transform infrared (FTIR) spectrofotometer showing the existence of Ti-O-Na vibration band at 989.42 cm-1. The formation of sodium titanate was depend on the reaction condition such as temperature, reaction time, and NaOH concentration. Scanning electron microscope image indicated that sodium titanate synthesized at 130 °C in 20 hours reaction time with 10 M NaOH had crystal size of 99.37 nm.
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