The prediction of stock prices movement has always been a concern for investors when they make investment decisions. Most of stock markets all over the world provide data on price to earnings ratio (P/E) and price to book value ratio (P/B). How reliable these data are for investment is not clearly known. This study examines how accounting data of P/E and P/B can predict the stock prices. The study selects data from 218 firms listed in Indonesian Stock Exchange as sample over the period 2007-2016 and they are analyzed by multiple linear regression. The study shows that price to earnings ratio (P/E ratio) had no effect on stock prices for each year and also in all periods, but price to book value ratio (P/B ratio) had positive effect on stock prices, which means that the higher the P/B ratio, the more expensive the stock price. The decision of firm management is to maximize price to book value ratio (P/B ratio) which means to maximize the shareholders' wealth. However, on the contrary, investors always seek the lower P/B ratio to get the desirable gains. Nevertheless, since the statistical analyses show there are many other variables affecting the stock prices movement, the investors should not rely only on P/B ratio for making investment decisions.

This study identifies Indonesian investors’ reactions to the drop in stock prices on the Indonesia Stock Exchange market, during the early months of the COVID-19 crisis, before and after the World Health Organization (WHO) announced that its global spread constitutes a pandemic. It also explores variables that influence stock returns on this market during the financial crisis caused by the COVID-19 pandemic. This study uses a regression analysis of 70 firms, listed on the Indonesia Stock Exchange to examine the pandemic’s influence on trading volume, market capitalization, profitability, and book value for the period December 31, 2019, to April 30, 2020. The results show that stock returns were lower in the early period of the financial crisis caused by the pandemic. Firms’ trading volumes, profitability and book values positively affected stock returns and their market capitalization negatively affected stock returns during the study period. This study contributes useful insights to the finance literature and stock-market participants in terms of dealing with stock markets during financial crises. This study recommends that in any crisis investors should begin buying stocks or increasing their stock purchases to achieve abnormal returns by choosing stocks that perform well in terms of firm profitability and book value by looking a number of financial factors.

This paper investigates the changes in stock market returns before and after the announcement of a sample of three instalments, or 'volumes', (I, X, and XVI) of the Indonesian government's Economic Policy Package (EPP), between 2015 and 2017. It tracks Abnormal Return (AR) and Cumulative Abnormal Return (CAR) on the Composite Stock Price Index (JCI) and ten sectorial indices of the Indonesia Stock Exchange. By testing for the direction and significance of differences in AR and CAR, the paper aims to clarify whether those announcements provided sufficient informational content to sway prices. The study finds that the impact of the policy announcements was recorded primarily by individual sectors, but did not elicit a significant market-wide response. Moreover, the majority of economic sectors consistently reacted negatively. This shows that, overall, capital markets did not feel those government policies contain sufficient measures to remove obstacles to business activity.

Regional autonomy is designed to increase the welfare of the community with the idea that regional government best understands what must be done in order to increase and improve human resources. The quality of human resources in a community can be a determining factor for the success of development initiatives in a region. Regional governments must be able to properly plan, to implement, and to evaluate regional budget allocations as they have direct impacts on regional gross regional domestic product (GRDP) as well as on measurable community welfare as measured by the Human Development Index (HDI). This study examines the relationship between government spending and human development in regional governments of Papua Province, Indonesia as measured by the HDI. A secondary analysis of government data and Human Development Index (HDI) data was conducted using structural equation modelling. The secondary analysis of regional government budget allocations and HDI data suggests that spending with the goal of improving the lives of community members seems to lead to an improvement of HDI. This study is focused on regional governments in one province of Indonesia. While its findings suggest that governments should make supporting human resources a priority if they hope to see improvement in HDI, similar studies should be conducted in other communities in order to see how different cultural or political settings affect the relationship between spending and HDI. This study adds to our understanding of development with its focus on Papua Province, an under-studied area in development research.

This study is to investigate the movement of stock price in a tender offer strategy by the firm. The ultimate of success and failure of tenders offers of a firm can be predicted by the stock prices movements. Twenty-three firms listed in Indonesian Stock Exchange are selected as a sample to be analyzed which carry out the tender offer during COVID-19 Pandemic period of year 2020 to 2022. The tender offer positively affects the stock price at the first day after tender offer period and the average stock price of one month period after the tender offer period. This study also shows that the difference between tender offer price and stock price of one day prior the tender offer period will negatively affect the stock price of one day after tender offer period and the average stock price of one month period after the tender offer period. The proportion of number of stocks to be offered in tender offer has no effect on stock price both in one day after stock tender offer period and the average stock price of one month period after the tender offer period. The result of the study is important for the stock market investors to get abnormal returns by buying stocks which will carry out a tender offer strategy and consider the motivation of firm to enhance the firm performance and good reputation of the prospective buyer.