scholarly journals DEKOMPOSISI TRADED SPREAD SAHAM DI BURSA EFEK INDONESIA: ORDER PROCESSING COST, INVENTORY HOLDING COST, DAN ADVERSE SELECTION COST

2017 ◽  
pp. 1-13
Author(s):  
Donalson Silalahi
Keyword(s):  
Adverse Selection ◽  
Stock Price ◽  
Sampling Technique ◽  
Order Processing ◽  
Processing Cost ◽  
Stock Market Performance ◽  
Bid Price ◽  
Holding Cost ◽  
Inventory Holding Cost ◽  
Inventory Holding

Stock market performance can be viewed from various aspects. One of this aspect is the amount of traded spread. The greater of traded spread can be caused by a lack of trading system and disclosure. Therefore, the decomposition of traded spread is important for the study. This research was conducted to develop a model of traded spread and prove that: the order processing cost, inventory holding cost, and adverse selection cost are the component of traded spread. To achieve these objectives, the stock price and order flow observed during the years 2007 - 2008 and using the purposive sampling as the sampling technique. Samples were observed at 1.782 and using trade indicators to determine whether the transactions undertaken based on the ask price or bid price. The data were analyzed using the multiple regression. The research indicated that: First, the model of traded spread can be used to explain the decomposition of traded spread. Second, the contribution of order processing cost is 29 per cent, the contribution of inventory holding cost is 68 per cent, and the contribution of adverse selection cost is 3 percent. Third, the contribution of adverse selection cost is relatively low when compared with the contribution of real spread. Furthermore, the results of this study can be used to determine the policies in reducing of traded spread.

scholarly journals THE SPREAD COMPONENT OF THE EXCHANGE RATE: THE INDONESIAN CASE

2007 ◽  
Vol 10 (2) ◽  
Author(s):  
Nevi Danila ◽  
Dwinita Aryani
Keyword(s):  
Exchange Rate ◽  
Adverse Selection ◽  
Opportunity Cost ◽  
Order Processing ◽  
Bid Ask Spread ◽  
Processing Cost ◽  
Holding Cost ◽  
Us Dollar ◽  
Inventory Holding Cost ◽  
Inventory Holding

Paper ini menganalisa perilaku trader yang merupakan isu utama didalam market microstucture, karena perilaku ini dapat mempengaruhi inefisiensi pasar. Perilaku ini menetukan bid-ask spread yang komponennya terdiri dari order-processing cost, adverse selection cost dan inventory holding cost. Dengan mengetahui perilaku trader dalam menentukan spread, kita akan mengetahui perilaku perubahan nilai tukar dalam jangka pendek, dimana hal ini sangat penting bagi pelaku pasar didalam menjalankan bisnisnya.Dengan menggunakan nilai tukar Rupiah terhadap US dollar, diketahui bahwa order processing cost adalah komponen spread yang paling kecil. Hal ini tidak mengejutkan karena pasar valuta asing merupakan pasar yang sangat kompetitif. Sedangkan porsi terbesar dari komponen spread adalah inventory holding cost, hal ini disebabkan karena adanya opportunity cost dan resiko perubahan kurs. Adverse selection cost adalah komponen spread terpenting kedua. Hal ini dikarenakan Bank Indonesia melakukan intervensi secara diam-diam terhadap pasar valuta asing, jika tidak maka trader akan mendapatkan informasi yang sama tentang kebijakan pemerintah atau perilaku dari makro ekonomi sebuah negara.Keywords: Foreign exchange, spread, order-processing cost, adverse selection cost, inventory holding cost.JEL Classification: F31

scholarly journals The Inventory Routing Problem with Demand Moves

2021 ◽  
Vol 2 (1) ◽  
Author(s):  
Annelieke C. Baller ◽  
Said Dabia ◽  
Guy Desaulniers ◽  
Wout E. H. Dullaert
Keyword(s):  
Urban Areas ◽  
Research Literature ◽  
Inventory Routing ◽  
Routing Problem ◽  
Inventory Routing Problem ◽  
Solution Approach ◽  
Holding Cost ◽  
Inventory Holding Cost ◽  
Problem Instances ◽  
Inventory Holding

AbstractIn the Inventory Routing Problem, customer demand is satisfied from inventory which is replenished with capacitated vehicles. The objective is to minimize total routing and inventory holding cost over a time horizon. If the customers are located relatively close to each other, one has the opportunity to satisfy the demand of a customer by inventory stored at another nearby customer. In the optimization of the customer replenishments, this option can be included to lower total costs. This is for example the case for ATMs in urban areas where an ATM-user that wants to withdraw money could be redirected to another ATM. To the best of our knowledge, the possibility of redirecting end-users is new to the operations research literature and has not been implemented, but is being considered, in the industry. We formulate the Inventory Routing Problem with Demand Moves in which demand of a customer can (partially) be satisfied by the inventory of a nearby customer at a service cost depending on the quantity and the distance. We propose a branch-price-and-cut solution approach which is evaluated on problem instances from the literature. Cost improvements over the classical IRP of up to 10% are observed with average savings around 3%.

Pengaruh Volume Perdagangan dan Retum terhadap Bid-Ask Spread

2007 ◽  
Vol 2 (2) ◽  
pp. 89
Author(s):  
Nico Yopida ◽  
Umi Murtini
Keyword(s):  
Stock Exchange ◽  
Trade Volume ◽  
Informational Asymmetry ◽  
Correction Model ◽  
Order Processing ◽  
Bid Ask Spread ◽  
Holding Cost ◽  
Inventory Holding ◽  
The Relationship

Bid ask spread is afunction of three components which are; order processing, inventory holding, and informational asymmetry. Although holding cost and infurmational asymmetry can not be directly obsertted and needs a specific measurement, these two costs are interesting to be examined. The present paper aims to observe empirical evidences about the relationship between trade and return as a holding cost meaurernent for bid-ask spread. The samples are drawn -fro* companies listed on Jakarta Stock Exchange (JSE and included in rneasurement factors of ILQ-45 fro* January 2004 until December 2004. Using Error Correction Model (ECM), the result shows that the relationship between a trade volume series, return, and bid-ask spread are not either relatively or absolutely having a long-term equilibrium.Keywords : Bid-ask spread, return, statianary, co-integration.

Revenue Sharing in a Two-Stage Supply Chain with Linear Stepwise Unit Inventory Holding Cost

2011 ◽  
pp. 254-274
Author(s):  
Jing Hou ◽  
Amy Z. Zeng ◽  
Lindu Zhao
Keyword(s):  
Supply Chain ◽  
Revenue Sharing ◽  
Sequential Optimization ◽  
Inventory Level ◽  
Two Stage ◽  
Channel Relationship ◽  
Holding Cost ◽  
Inventory Holding Cost ◽  
Inventory Holding ◽  
Optimization Mechanism

In this chapter we focus on examining the coordination mechanisms for a two-stage supply chain comprising one supplier and one retailer. We consider such a channel relationship that the transaction quantity between the two members is sensitive to the supplier’s inventory level and that the supplier’s unit inventory holding cost has a linear stepwise structure. We devise a coordinated revenue-sharing contract with bargaining so that each party’s respective profit is better than that resulted from the simple sequential optimization mechanism. The key contract parameters, namely the supplier’s inventory level and the retailer’s revenue-sharing fraction, are obtained and analyzed. Numerical illustrations of the contracts are given and shed lights on how the supply chain should coordinate in order to gain better performance.

Contracts based on Inventory Cost Share for Supply Chain Coordination

2011 ◽  
pp. 126-138 ◽  
Author(s):  
Alejandra Gomez-Padilla
Keyword(s):  
Supply Chain ◽  
Supply Chain Coordination ◽  
The Other ◽  
Inventory Cost ◽  
Cost Share ◽  
Pricing Scheme ◽  
Holding Cost ◽  
Inventory Holding Cost ◽  
Inventory Holding

In this document it is analyzed the importance of contracts for coordination between two companies in a supply chain. In the studied situation, one company, or supplier, supplies one product to the other company, who is a retailer. The companies are going to coordinate by two types of decisions: economic (concerning prices fixed on a contract), and physical exchange (concerning the inventory to be held). Two types of contracts will be presented: one contract with a simple pricing scheme and two contracts with inventory holding cost shared among the companies of the supply chain. The objective is to show that contracts with inventory holding cost share allow the two companies to efficiently coordinate the chain they form.

The Study of MTO Online Manufacturers' Guaranteed Delivery Time Model with Order Batching

2014 ◽  
Vol 933 ◽  
pp. 824-829
Author(s):  
Qiang Gang Zhu ◽  
Lei Liu ◽  
Yun Sheng Wang
Keyword(s):  
Lead Time ◽  
Delivery Time ◽  
Lot Size ◽  
Setup Cost ◽  
Time Model ◽  
Holding Cost ◽  
Inventory Holding Cost ◽  
Inventory Holding ◽  
Cost Of Transportation ◽  
Marketing Approach

To MTO on-line manufacturers, one of the most popular time-based competitive strategies is to widely advertise a uniform delivery time guarantee to all the customers. While providing time guarantee can be an effective marketing approach, it is critical for firms to reduce lead time to keep the promise. Decreasing lot size in batching is one of the most important levers to compress lead time in operation. This research expands existing blanket delivery-time guarantee models by integrating operation approach and marketing approach. The online manufacturers guaranteed delivery time model with order batching is established. Some analytic results are provided, and numerical examples are conducted to provide further insight into the problem. The effects of batch processing setup cost, unit inventory holding cost and unit compression cost of transportation time are analyzed. The results indicate that when batch processing setup cost decrease, unit inventory holding cost or unit compression cost of transportation time increase, the online manufacturer should decrease the lot size and shorten the guaranteed delivery time. The customers time and price sensitivities have adverse influences on the manufacturers delivery time decision.

A MULTI-PERIOD INVENTORY MODEL FOR DETERIORATING ITEMS IN UNCERTAIN ENVIRONMENT

2013 ◽  
Vol 21 (supp01) ◽  
pp. 113-125 ◽  
Author(s):  
YUFU NING ◽  
LIMEI YAN ◽  
HUANBIN SHA
Keyword(s):  
Equivalent Form ◽  
Service Level ◽  
Deteriorating Items ◽  
Inventory Problem ◽  
Total Cost ◽  
Uncertain Variables ◽  
Holding Cost ◽  
Inventory Holding Cost ◽  
Expected Total Cost ◽  
Inventory Holding

A model is constructed for a type of multi-period inventory problem with deteriorating items, in which demands are assumed to be uncertain variables. The objective is to minimize the expected total cost including the ordering cost, inventory holding cost and deteriorating cost under constraints that demands should be satisfied with some service level in each period. To solve the model, two methods are proposed in different cases. When uncertain variables are linear, a crisp equivalent form of the model is provided. For the general cases, a hybrid algorithm integrating the 99-method and genetic algorithm is designed. Two examples are given to illustrate the effectiveness of the model and solving methods.

scholarly journals PROSPEK SAHAM PERBANKAN DI INDONESIA

2020 ◽  
Vol 9 (2) ◽  
pp. 175
Author(s):  
Iwan Kusmayadi ◽  
Muhammad Ahyar ◽  
Muhdin Muhdin ◽  
G. A. Oktaryani
Keyword(s):  
Data Collection ◽  
Stock Price ◽  
Banking Sector ◽  
Market Performance ◽  
Sampling Technique ◽  
Share Price ◽  
Sample Survey ◽  
Annual Growth Rate ◽  
Earning Growth ◽  
Stock Market Performance

The focus of this research is to determine stocks provide the highest profit (gain opportunity) for investors. Investors will compare opportunities in choosing investment in the banking sector by comparing the combination of long-term growth rates rather than bank fundamentals with stock valuations. The population in this study is banking stocks included in the LQ45 index. The method of data collection uses a sample survey with a purposive sampling technique with the criteria of banking stocks with the largest market capitalization and has a high level of liquidity in trading values, and has consistently been included in the LQ45 index for the last 10 years (2008 to 2017). The number of samples selected were 4 banks consisting of Bank Mandiri (BMRI), Bank BRI (BBRI), Bank BCA (BBCA), and Bank BNI (BBNI). Data collection techniques through documentation, as well as quantitative data sourced from secondary data. Data analysis techniques by comparing the growth of fundamental performance such as Return On Assets (ROA), Return On Equity (ROE), Debt to Equity (DER), Capital Addequacy Ratio (CAR), and Non Performing Loans (NPL). Whereas market performance through Share Price, Earning Per Share (EPS), Price Earning Ratio (PER), Price to Earning Growth (PEG), and Dividend Yield by using compounded annual growth rate (CAGR). Then compare the value of the Margin Of Safety (MOS) Average in stock valuation analysis. The results of this study indicate that the financial performance of Bank BCA (BBCA) is superior to other banks according to DER, CAR and NPL. BRI is the best bank in generating profitability (ROA and ROE) compared to 3 other banks. Meanwhile, according to the stock market performance based on the order of the greatest opportunity level, Bank BNI has the best prospects because it has the largest EPS growth, the lowest stock price valuation, and sufficient MOS value, then ranked below it respectively are Bank Mandiri, Bank BRI, and Bank BCA .Keywords:Financial performance, market performance, and stock value

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