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: 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: Hydrothermal Synthesis of Biphasic Calcium Posphate
Abstrak: Biphasio calsium phosphate (BCP), which was a mixture of hydroxypatite (HA) and tricalcium phosphate (TCP), was synthesized by hydrothermal method followed by sintering process. Hydroxyapatite was produced by using natural calcium source CaO from hen's eggshell and (NH4)2HPO4 as phosphate souce, other hydroxyapatite sample was produce by using synthetic calcium source Ca(OH) and H3PO4 as phosphate source.
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