Judul: Impact of stock market development on Indonesian macroeconomic variables
Abstrak: Stabilitas sistem keuangan dapat mendorong beroperasinya pasar sehingga dapat meningkatkan perekonomian suatu negara. Pasar modal merupakan salah satu elemen penting dalam menjaga stabilitas sistem keuangan. Integrasi antara perkembangan pasar modal dan kondisi perekonomian menyebabkan banyak perhatian, sehingga banyak penelitian dilakukan terhadap integrasi tersebut. Penelitian ini mengevaluasi hubungan antara Indeks Harga Saham Gabungan (IHSG) dan indikator makroekonomi Indonesia. Hasil yang didapatkan dari penelitian ini adalah IHSG memiliki pengaruh yang cukup kuat terhadap peubah makroekonomi Indonesia. Ketika IHSG mengalami guncangan, beberapa peubah makroekonomi akan mengalami guncangan. Guncangan yang diberikan IHSG terhadap peubah makroekonomi hanya pada 4 periode awal sedangkan pada periode berikutnya peubah makroekonomi cenderung stabil. Berdasarkan hasil uji hubungan kausalitas, disimpulkan bahwa peubah yang memiliki hubungan 2 arah adalah peubah IHSG dan peubah IHK, peubah Indeks Harga Konsumen dan Industrial Production Index (IPI), serta jumlah uang beredar luas (M2) dan Indeks Harga Saham Gabungan., Stability of the financial system could incourage market operation so as to bush the economy of a country. The capital market is one of the important elements in maintaining financial stability. The integration between the development of the capital market and economic conditions caused a lot of attention, so a lot of research done on the integration. This study evaluated the relationship between Jakarta Composite Index (JCI) and the Indonesian macroeconomic indicators. The results obtained from this study is JCI has a strong influence on Indonesian macroeconomic variables. When JCI shocks, some macroeconomic variables will experience shock. JCI shocks given to the macroeconomic variables only at the beginning of period 4, while in the next period of macroeconomic variables tend to be stable. Based on the causality test results, it was concluded that the variables that have a two-way relationship is JCI with Consumer Price Index (CPI), Consumer Price Index (CPI) with Industrial Production Index (IPI), and broad money supply (M2) with JCI.
Keyword: makroekonomi, model koreksi kesalahan, sistem keuangan, uji kausalitas Granger

Judul: Impact of the Macroeconomic Variabels on the Jakarta Composite Index (JCI) Return on Indonesia.
Abstrak: Pasar modal mempunyai peranan penting sebagai indikator perkembangan ekonomi suatu negara. Baik buruknya pasar modal dapat dilihat melalui indeks harga saham pada bursa efek. Perkembangan pasar modal di Indonesia bisa dilihat melalui return IHSG. Penelitian ini bertujuan untuk menganalisis pengaruh variabel makroekonomi terhadap return IHSG. Analisis yang digunakan dalam penelitian ini adalah Vector Error Correction Model (VECM) dengan menggunakan data dari Oktober 2005 sampai Februari 2016. Hasil analisis menujukkan bahwa guncangan BI Rate, uang beredar (M2), Indeks Harga Konsumen (IHK) dan Indeks Produksi Industri (IP) direspons negatif oleh return IHSG. Sementara guncangan nilai tukar direspons positif oleh return IHSG. Guncangan nilai tukar memiliki kontribusi terbesar dalam menjelaskan variasi return IHSG. Sedangkan guncangan dan BI Rate, M2, IP dan IHK memiliki kontribusi yang relatif lebih kecil dalam menjelaskan variasi return IHSG.
Keyword: Monetary, Macroeconomic, Return the Jakarta Composite Index, VECM, Stock Exchange, Capital Market, Stock Price, Return

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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