Abstract:This study evaluates the use of futures contracts for precious metals to hedge against stock market risks and their hedging effectiveness on the Indonesian Stock Exchange (IDX) and the Kuala Lumpur Stock Exchange (KLSE). This study found that gold was the most effective hedging instrument, since it produced the highest hedging effectiveness both on the IDX and the KLSE among the other precious metals. None of the hedged portfolios had a higher Sharpe's ratio than the unhedged one on the IDX; however, all the hedged portfolios on the KLSE had a higher Sharpe's ratio than the unhedged ones. Almost all the hedged portfolios could produce a higher Treynor's ratio than the unhedged portfolios, both on the IDX and the KLSE. In general, this study concluded that studying some precious metals could reduce the investment risk, which was shown through the variance produced by the smaller portfolios, while gold can improve the risk-adjusted performance.

This study examines the impact of dividend policy, investment decision, and funding policy on firm value in the Indonesian manufacturing companies. This study was conducted by using 178 manufacturing companies listed in the Indonesia Stock Exchange (IDX) during the period 2009 -2016. Samples were taken by using a purposive sampling method. This study aims to examine the firm value's main determinants of the manufacturing companies in Indonesia based on basic theory of capital structure through building theoretical model. Partial Least Square through path analysis was used to analyze the data. The findings shows that dividend policy, investment decision, and funding policy have a positive impact on the Indonesian manufacturing companies' firm value. This study supports the theory of pecking order and agency theory. Penelitian ini mengkaji dampak kebijakan dividen, keputusan investasi, dan kebijakan pendanaan terhadap nilai perusahaan manufaktur di Indonesia. Penelitian ini dilakukan dengan menggunakan 178 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI)selama periode 2009 -2016 sebagai sampel. Metode pengambilan sampel yang dipergunakan adalah purposive sampling. Penelitian ini bertujuan untuk menguji determinan utama perusahaan dari perusahaan manufaktur di Indonesia berdasarkan teori dasar struktur modal melalui model teoritis bangunan. Partial Least Square dengan analisis jalur digunakan untuk menganalisa data. Temuan ini menunjukkan kebijakan dividen, keputusan investasi, dan kebijakan pendanaan berdampak positif terhadap nilai perusahaan manufaktur Indonesia. Hasil penelitian ini mendukung teori pecking order dan agency theory.

In practice, there are some aspects which contribute to decision making process. One of those aspects is psychological aspect which cannot be separated from human being. Psychological aspect in the study of finance is called as the study of behavioral finance (cognitive bias, emotional bias, and social bias) could lead to investor's irrationality in decision making. This study aimed to analyze the influence of dissonance bias, overconfidence bias, and herding bias to investment decision in Investor Club of Satya Wacana Christian University (SWCU). This study utilizes the purposive sampling method. The sample in this study covers the whole investor in Investor Club of SWCU. The results of this study indicate that: (i) Cognitive dissonance bias has an insignificant influence to investment decision ; (ii) Overconfidence bias has a positive and significant influence to investment decision; (iii) Herding bias has an insignificant influence to investment decision. This means that investors tend to use the emotional aspect rather than on the cognitive and social aspects of investment decision making. As a result investors are overconfident of their ability and the outcome of investment decisions is not maximal and can cause losses.

This research examines the effect of institutional ownership, independent board and the board size to firm performance. Using fixed effect data panel regression, this research investigates 293 firms listed in the Indonesian Stock Exchange during 2010-2015. Firm performance is proxied by market measure (Tobin's Q). The findings of this research suggest that the institutional ownership, the board of Independence has a positive impact only to Tobin's Q value, while the board size can increase both Tobin's Q. This research also finds that the board size has a non-linear relationship with investment as proxied by IOS. While the IOS variables can mediate the effect of board size on firm performance.

This study aims to analyze the correlation of gold, exchange rate, and CSPI on COVID-19 pandemic periods by testing the effect of gold exchange prices and exchange rate on CSPI and stock volatility. Also, by considering the dynamic correlation of dynamic correlations between CSPI with gold and CSPI with exchange rates. The data was collected from secondary data in the form of JCI daily data, gold prices, and exchange rate during the COVID-19 pandemic period from January 2020 to June 2020. Further, the data was analyzed by using a GARCH method to examine the effect of changes in gold and USD prices for CSPI and stock volatility. Hence, DCC-GARCH method was used to see the dynamic correlation between CSPI with gold and IHSG with exchange rate. The result showed that changes of gold prices has significant effect of on stock price volatility, the presence of a positive dynamic correlation between CSPI and gold, and a negative dynamic correlation between CSPI and exchange rates. This research can be used as a reference for investors for their investments by looking at the relationship between the CSPI, gold, and the exchange rate.