This study examined the process of applying historical learning and to know the effectiveness of historical learning through the diversity model of ethnic settlements in Palembang to improve students' tolerance attitude. The local culture and multicultural education of ethnic diversity in Palembang had a role to educate students' values and tolerance. Palembang is a multicultural city with ethnic diversity. The diversity of ethnic settlements is heritage of the Sultanate of Palembang namely Kampung Arab, Kampung Melayu, and Kampung Cina. The value of diversity of ethnic settlements involves religious value, kinship, cooperation, respect for difference, and sincerity.

This study aims to analyse the effect of demonstration events on abnormal returns. The literature shows that demonstration events have information content that can influence investors in the capital market. Therefore, investors in the capital market will react after the information is received. Demonstration events are risks closely related to negative signals influencing investors’ decisions in the capital market. The country’s situation, which was currently in turmoil due to continuous and chaotic demonstrations, greatly affected the state of the country’s economy. The research sample is a company listed on the Indonesian stock exchange. The analysis results show that the days around the date of the demonstration against the Job Creation Law affect abnormal returns. Furthermore, the results of a comparative analysis between demonstration events show that demonstrations highlighting the scarcity of cooking oil and rising cooking oil prices, rising fuel prices, and increasing VAT rates at almost the same time have the highest impact on abnormal returns compared to other demonstration events. This study expands the literature on capital markets by analysing the influence of demonstration events that have broad social and economic impacts on abnormal returns in capital markets in developing countries.

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