Highlights We utilize the COVID-19 pandemic announcement as the setting to test the safe-haven properties of Bitcoin and Ethereum. Bitcoin and Ethereum exhibit short-term safe-haven properties. Ethereum is potentially a better safe-haven than Bitcoin. However, both cryptocurrencies exhibit high volatilities.

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The main purpose of this study is to evaluate and compare the performances of the Fama-French three-(FF3) and five-factor (FF5) models in the Indonesia stock market. This study also examines whether book-to-market factor (HML) is redundant in explaining the portfolio excess returns in Indonesia. This study employs asset pricing factor of the 2 x 3 sorts and excess returns of 25 Size-B/M, 25 Size-OP, dan 25 Size-Inv portfolios as dependent variables. This study employs Ordinary Least Square (OLS) with monthly time-series data from 2000 to 2015. Based on the average adjusted R 2 from the two models, FF5 explains portfolio excess return variations better than FF3, although the profitability and investment factors only display weak effect on the excess returns. If we refer to Merton's (1973) zero-intercept criterion, the both modelsare not valid in Indonesia, because most intercepts are significant in each set of 25 portfolios. We also find that book-to-market factor is redundant in describing the variation of returns in Indonesia. The test of intercept difference between Indonesia and The US indicates that there are differences of abnormal return and market efficiency in both countries.

This research investigates the role of interactivity and service quality toward customer engagement (i.e., co-developing, influencing, augmenting, mobilizing) in the context of mobile e-commerce applications (apps). Based on a survey of 717 mobile e-commerce app users in Indonesia, the study utilizes a quantitative approach using Partial Least Squares-Structural Equation Modeling (PLS-SEM) to test the conceptual framework. The findings show that interactivity positively related to all forms of customer engagement behavior (i.e., co-developing, influencing, augmenting, mobilizing), and service quality moderates the relationships between interactivity on augmenting and mobilizing. This study offers a more detailed understanding of the role of interactivity and service quality in each dimension of customer engagement. As such, this study complements prior insights on value co-creation in a multi-stakeholder service system.