Overreaction is a phenomenon caused by stock market inefficiencies and also a reaction to certain events. Das and Krishnakumar (2016) explain that some overreaction phenomena violate the theory of capital market efficiency. As experienced by other stocks , Islamic stocks also probably experience market inefficiencies. This study aims to analyse the phenomenon of overreaction in Islamic stocks, as well as the factors that influence the phenomenon, by using a two-stage testing method: two paired sampling and cross-sectional regression. Two specific events which occurred in 2016-2018, and which were followed by price reversal and return reversal, are studied. The results show that the election of Donald Trump as US President (Event 1) and the bombingsin Surabaya (Event 2) were significant in the overreaction in the winner stock category. The factors that influenced the two events were different. The overreaction to Trump’s election proved to be significantly influenced by information leakage, while the bombings in Surabaya significantly affected the company ownership category . The results indicate that Islamic stocks continue to have several transactions which areprohibited by the DSN MUI fatwa in the short term.

The Indonesian Waqf Board (BWI) is a national nazhir which was established with a vision and mission to advance the system of representation in Indonesia. BWI has important responsibilities in empowering waqf assets, including cash waqf. Cash waqf is one of the products of business character representation and can be an alternative to produce other waqf assets. To achieve these objectives, the management sector becomes the main sector to generate profits on a sustainable basis. Therefore, the purpose of this study is to identify internal factors (strengths and weaknesses) and external factors (opportunities and threats) that influence them based on the business model canvas. Data processing and techniques use the Analytic Network Process (ANP) with a SWOT network structure to obtain priority strategies that can be applied. From these results, five alternative strategies were obtained with the highest priority is increasing nazhir professionalism in terms of entrepreneurial waqf management. Keywords: ANP, business canvas model, cash waqf, strategy, SWOT.

This study estimates Indonesian households’ carbon emissions that are attributed to their expenditures in 2005 and 2009 to analyze the pattern, distribution and drivers of their carbon footprint. Employing an input-output-emission-expenditure framework, the authors find a significant difference in household carbon emissions between different affluence levels, regions and educational levels. They also find that, while many household characteristics influence emissions, total expenditure is by far the most important determinant of household emissions, both across households and over time. Consequently, emissions inequality is very similar to expenditure inequality across households. The decomposition analysis confirms that changes in emissions are predominantly due to rising expenditures between the two periods, while expenditure elasticities analysis suggests that the rise in household emissions is mainly caused by the overall rise in total household expenditure, and not by shifting consumption shares among consumption categories. The paper discusses policy options for Indonesia to reduce this very strong expenditure–emissions link.

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