Purpose This purpose of this study is to empirically investigate the investors overreaction and underreaction behaviours across the sectoral stock indices in the Indonesian stock market. Design/methodology/approach Nine weekly sectoral stock indices, comprising agriculture; mining; basic industry and chemicals; miscellaneous industry; consumer goods industry; property and real estate; infrastructure, utilities and transportation; finance; and trade, service and investment for the period 2009-2012 were analysed using the paired dependent sample t-test. To provide more insightful empirical evidence, the presence of market anomaly of investor’s overreaction and underreaction was examined on five observations with different vulnerable times. Findings The study documented that the overreaction anomaly was present among the winner portfolios in the entire sectoral indices. With the exception of the sectoral index of basic industry and chemicals on the loser portfolio, the study documented the presence of underreaction anomaly among all other sectoral indices in Indonesia. These findings implied that the investors might be able to gain significant profits investing their monies in the sectoral stock market in Indonesia by implementing the contrarian strategy. Originality/value Originality in this paper lies in the discussion of overreaction of investors in Indonesia where the stock market has great potential and has different characteristics and different problems from other regions.

No abstract

No abstract

No abstract

No abstract

This paper reports experimental investigation on slow pyrolysis process of Gayo Arabica coffee-pulp with a target of biochar quality improvement. Investigation started with preparing the design, fabrication and testing of a-pilot-scale batch reactor. Later, the reactor was modified by placing stainless-steel trays to split the reactor into three zones. The performance of reactor after modification was examined and compared it with data gained from un-modified reactor. Temperature profile and product distribution have been observed during slow pyrolysis process of coffee-pulp in order to evaluate the performance of reactor. Results show that installing trays inside the reactor improves heat distribution and diffusion of hot gasses through the chamber. Segmented reactor demonstrated a more stable in temperature changes during pyrolysis experiment. Enhanced yield of biochar up to 42.87 % is gained during pyrolysis experiment in segmented reactor. Investigation on characteristic of biochar suggests less impurity has been found from modified reactor product.

No abstract

Purpose of the study: The study aims are to investigate levels of language politeness and its violations in the political communication of Jokowi and Prabowo and to describe the types of politeness and its violations in political communication of Jokowi and Prabowo as Indonesian president candidates in 2019. Methodology: This research was used a qualitative approach with the descriptive method by paying attention to the Interactive Model theory to describe the object in analysis data through a pragmatic approach to identify the politeness principles and its violation following Leech’s (1983) theory. The subject of data on this research has conducted the utterances of Indonesian president candidates 2019 in the second debate session. Main Findings: The result of the study can be concluded that five principles of politeness seen in the utterances of the presidential candidate. They are tact, approbation, modesty, agreement, and sympathy maxim. Furthermore, in this research, Prabowo was more polite than Jokowi where he has produced utterances of approbation, agreement, and less violation of modesty, while Jokowi more violated the modesty maxim. Applications of this study: The study has an impact on political behavior. Other areas of study include social and political science and communication Novelty/Originality of this study: This research is the new way in the context of language politeness study where combined the language politeness principles with socio-political science especially political communication.