Judul: Makroekonomi Global dan Indeks Saham Amerika dan Cina terhadap Pergerakan Jakarta Islamic Index Akibat Pandemi COVID-19.
Abstrak: Perubahan kondisi makroekonomi global akibat pandemi COVID-19 memberikan guncangan pada pasar modal seluruh dunia. Indeks saham syariah dinilai dapat menjadi pelindung nilai portofolio indeks saham konvensional meskipun ditengah kondisi krisis. Penelitian ini bertujuan dari untuk melihat respon Jakarta Islamic Index (JII) terhadap pasar saham Amerika-Cina dan makroekonomi global. Penelitian ini menggunakan model Vector Error Correction Model (VECM), dengan periode data sebelum lockdown dan lockdown yaitu 23 Januari 2020 hingga 17 April 2020. Hasil penelitian ini menunjukkan, bahwa pengaruh jangka panjang pada periode sebelum lockdown indeks saham Jakarta Islamic Index merespon seluruh variabel secara signifikan. Akan tetapi, pada periode lockdown hanya Hang Seng Index dan Dow Jones Islamic Index yang berpengaruh secara signifikan. Dow Jones Islamic Market Index mengalami perubahan arah dari semula negatif pada periode sebelum lockdown menjadi positif pada periode lockdown. Variabel yang berkontribusi besar memengaruhi Jakarta Islamic Index pada periode lockdown yaitu Jakarta Islamic Index, VIX S&P 500, dan Fed Fund Rate secara berurutan. Pada periode lockdown, variabel yang berkontribusi besar memengaruhi Jakarta Islamic Index yaitu Dow Jones Islamic Market Index dan VIX S&P 500.
Keyword: United States, Cina, COVID-19, lockdown, JII, macroeconomics, VECM

Judul: Fenomena Overreaction Jangka Pendek Saham Syariah Indonesia selama Pandemi COVID-19
Abstrak: Pandemi COVID-19 merupakan peristiwa luar biasa yang tidak terduga. Krisis kesehatan tersebut berakibat pada perekonomian global tanpa terkecuali pasar saham syariah Indonesia. Goncangan pada pasar saham syariah menyebabkan ketidakpastian dan perubahan perilaku para investor yang berpotensi terjadi anomali overreaction. Penelitian ini bertujuan untuk menganalisis fenomena tersebut pada pasar saham syariah Indonesia. Metode analisis yang digunakan adalah uji beda dan cross sectional regression. Indeks yang digunakan adalah Jakarta Islamic Index (JII). Hasil penelitian menunjukkan bahwa peristiwa dilantiknya Joe Biden sebagai presiden Amerika Serikat selama Pandemi COVID-19 (Event 8) dan peristiwa kenaikan kasus kematian harian tertinggi akibat COVID-19 (Event 11) secara signifikan terjadi overreaction pada saham-saham kategori winner. Faktor yang memengaruhi overreaction tersebut adalah kapitalisasi pasar yang secara signifikan berpengaruh positif dengan overreaction. Selain itu, volume perdagangan secara signifikan berpengaruh negatif dengan terjadinya overreaction., The COVID-19 pandemic is an unexpected and extraordinary event. The health crisis has had an impact on the global economy without exception, including the Indonesian Sharia stock market. The shock in the Sharia stock markets has caused uncertainty and a change in the behavior of investors that could potentially lead to an anomaly of overreaction. The study aims to analyze the phenomenon in the Indonesian Sharia stock market. The analytical methods used are differential tests and cross-sectional regression. The index used is the Jakarta Islamic Index (JII). The results of the study showed that Joe Biden's appointment as president of the United States during the COVID-19 pandemic (Event 8) and the increase in daily deaths due to COVID-19 (Event 11) significantly overreacted to the winner category stocks. The factor that influences such overreactions is market capitalization, which significantly influences overreaction. Besides, trading volumes negatively influenced overreaction.
Keyword: COVID-19, Cross Sectional Regression, Islamic Stock Market, Overreaction

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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