The main objective of the research is to examine the excessive trading hypothesis, investors who have higher
overconfidence shown by high miscalibration levels will tend to practice aggresive and excessive trading
strategy. It is an experimental research which combines both between and within subject design. The participants
are undergraduate students who have already taken financial management course but have not yet invest in real
capital market. The result of the research shows that high overconfidence investors have higher trading activity
than low overconfidence investor. The other result shows that among high overconfidence investors, there is no
trading activity differences between pre and post bad news, whereas among low overconfidence investors, the
existence of bad news cause trading activity to decrease in the post bad news period. Then, the investment
returns of high overconfidence investors is significantly lower than that of the low overconfidence investors.

This study aims to investigate determinants of agency costs on agro-industrial firms that are listed in the Indonesian Stock Exchange (IDX). Modeling of agency costs is analyzed by performing regression analysis of panel data. This study employs secondary data of 54 companies from year 2010 to 2013. The results show that agency costs are affected by the effectiveness of good governance mechanism, especially the function of board of directors (BOD) and board of commissioners (BOC) in conducting their duties, dividend payout and leverage. Whereas, independent commissioners and auditor committee are not significant factors in mitigating agency costs. Ownership concentration affects agency costs in vary. The results can help management, investors and other decision makers to implement better governance practices in agro-industrial firms in Indonesia.

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Abstract:Banking fragility phenomenon in the world as well as in Indonesia whip out some interesting issues to be investigated. The objective of this study is to investigate the dynamic causality relationship between competitionand stability of bank in Indonesia. The relationship between competition and stability of bank has long been a controversy before some crises takes place in the world either in theoretical or in empirical sphere. The crucial question such as will competition increase stability of banking industry or the other way around will competition create instability in banking system in Indonesiaare going to be investigated in this study. Stability will be analyzed by z-score, and competition will be measured by HHI. Testing the relationship between competition and stability will be conducted by Panel Vector Autoregression, a relatively new approach in econometrics. Empirical result indicates that competition decreasedstability of banking industry,whereas stability has aninsignificant effect to competition.Key words:competition, bank stability, panel vector autoregression, granger causality analysis Abstrak: Fenomena kerentanan perbankan baik di dunia dan khususnya di Indonesia membersitkan beberapa isu yang menarik untuk dikaji lebih jauh. Tujuan studi ini adalah untuk meneliti bagaimanakah hubungan kausalitas dinamik diantara kompetisi dan stabilitas perbankan di Indonesia.Hubungan antara kompetisi dan stabilitas perbankan telah menjadi perdebatan sebelum berbagai kirisis di dunia terjadi baik di tataran teoritik maupun empirik. Dalam penelitian ini akan dianalisis apakah kompetisi akan menciptakan stabilitas perbankan ataukah kompetisi akan menyebabkan kerapuhan dalam sistem perbankan. Dalam penelitian ini stabilitas akan dianalisa dengan metode zscore,kompetisi akan diukur dengan HHI. Hubungan antara kompetisi, dan stabilitas akan diuji dengan Panel Vector Autoregression sebuah pendekatan yang relatif baru dalam ekonometrika.Hasil penelitian ini menunjukkan kompetisi menurunkantingkat stabilitas perbankan. Dalam arah yang sebaliknya, stabilitas tidak mempunyai pengaruh yang signifikan terhadap kompetisi.Kata kunci:kompetisi, stabilitas bank, panel vectorautoregression, granger casuality analysis. PENDAHULUANLembaga perbankan sangat penting dalam proses intermediasi dunia perekonomian modern. Bank berperan menghubungkan kelompok masyarakat yang memiliki surplus dengan kelompok masayarakat yang membutuhkan uang. Lembaga perbankan dapat

This paper empirically examines the macroeconomic factors that affect the rental rates and selling prices of office space. The data are in the form of quarterly time series which are used for the period of 1996: 1 to 2012: 4 period. In addition, quantitative methods in the form of Vector Error Correction Model (VECM) are also used in this study. The results showed that there is a long-term relationship between macroeconomic variables with the rental rate and selling prices of office space. IRF and FEVD showed that the rental rates and selling prices responded permanently to the shocks that occured on macroeconomic variables. Moreover, the rental rate is predominantly influenced by the rental rate followed by the service sector employment, the selling price, exchange rate, inflation, interest rates and economic growth. Conversely, the selling price is predominantly influenced by the rental rate followed by service sector employment, the exchange rate, economic growth, the selling price, infllation and interest rates. Investors and developers can use the results of this study as one of approaches of market analysis, especially for office market analysis.