Trading Activities and the Volatility of Return on Malaysian Crude Palm Oil Futures

Trading activities represent the flow of market information to the investors. This paper examines the effect of trading activities, i.e., trading volume and open interest, on the volatility of return for Malaysian Crude Palm Oil Futures. The GARCH model is applied by adding the expected and unexpected elements of trading activities (trading volume and open interest) as the independent variables. The results show that there is a negative contemporaneous relationship between the expected volume and volatility, but that a positive relationship exists between unexpected volume and volatility. On the contrary, the expected and unexpected open interest mitigate the volatility. Therefore, both trading volume and open interest should be considered together when information flows into the market.

PENGARUH BEBERAPA FAKTOR DALAM PENETAPAN LOKASI KEDAI KOPI

Abstrak Kopi menjadi salah satu komoditas yang pada masa pandemi ini justru mengalami peningkatan pesat, baik dari sisi bisnis usaha, maupun dari sisi jumlah kedai kopi yang bertema kekinian dibanding komoditas usaha lainnya. Salah satu kota di Indonesia yang mengalami perkembangan yang sangat pesat berkaitan dengan bisnis kedai kopi adalah Kota Tarakan, Kalimantan Utara. Meskipun dibanding kota lain di Kalimantan, barangkali perkembangan kedai kopi di kota Tarakan sedikit tertinggal 3-4 tahun misalnya dari kota Balikpapan dan Banjarmasin. Jumlah kedai kopi di Kota Tarakan mengalami peningkatan cukup pesat dalam kurun waktu dari tahun 2019 hingga 2021 ini. Lokasi kedai kopi di Kota Tarakan tersebar di sekitar kawasan perdagangan, perkantoran dan permukiman penduduk. Kehadiran kedai kopi di beberapa kawasan disatu sisi berdampak positif, yaitu menghidupkan kawasan di sekitar kedai yang semula sepi dan rawan, menjadi ramai, namun disisi lain juga kadang kala berdampak negatif, seperti terjadi kemacetan lalulintas, kesulitan lahan parkir dan kebisingan suara dari aktivitas kedai kopi. Oleh karena itu pemilihan lokasi kedai kopi menjadi tantangan tersendiri. Penelitian ini bertujuan untuk menentukan pengaruh dari beberapa faktor utama yang mendasari pemilik kedai kopi memilih lokasi untuk pendirian kedai kopinya di Kota Tarakan. Menjamurnya kedai kopi kekinian dari sisi perkembangan perekonomian kota sangat baik, karena memicu denyut perekonomian kota, membantu mengakselerasi pemulihan ekonomi dimasa pandemi serta menjadi salah satu masukan menarik dalam pembangunan tata kota dan pengembangan pusat-pusat ekonomi baru di Kota Tarakan terutama yang berkaitan dengan aktivitas perdagangan dan jasa. Penelitian ini masih merupakan ide gagasan/pemikiran penulis yang melihat bahwa perkembangan kedai kopi dari hari ke hari sebagai suatu fenomena unik sebuah kota. Dan itu terjadi di hampir seluruh kota besar di Indonesia. Data yang digunakan merupakan informasi yang diperoleh dari komunitas kopi yang terdiri dari para pemilik kedai kopi dan barista di Kota Tarakan. Berdasarkan hasil pengamatan diperoleh empat kelompok faktor yang menggambarkan karakter pemilihan lokasi kedai kopi di Kota Tarakan. Kelompok faktor yang mempengaruhi pemilihan lokasi kedai kopi di Kota Tarakan yaitu fleksibilitas/aksesibilitas lokasi, kesesuaian/ketepatan lokasi, dukungan/support di sekitar lokasi, dan faktor-faktor tambahan lainnya. Fleksibilitas lokasi yaitu jangkauan kemudahan akses ke lokasi kedai dan bagaimana pelanggan/customer bisa dengan mudah mencapainya. Kesesuaian lokasi yaitu ketepatan pemilihan lokasi kedai dengan pertimbangan tertentu agar dapat mengakomodir kebutuhan dari kegiatan kedai kopi tersebut. Dukungan di sekitar lokasi yaitu adanya elemen-elemen pendukung yang ada di sekitar lokasi yang bisa menunjang dan mempermudah dalam kegiatan operasional kedai kopi. Faktor tambahan lainnya adalah faktor lain yang menjadi pertimbangan pemilihan lokasi namun relatif tidak memberikan pengaruh yang besar dalam penentuan pemilihan lokasi kedai kopi di Kota Tarakan, antara lain faktor efisiensi biaya kontrak. Abstract Coffee is one of the commodities that experienced a rapid increase during this pandemic, both in terms of the business and the number of coffee shops with contemporary themes compared to other business commodities. One of Indonesia's cities experiencing rapid development to the coffee shop business is Tarakan City, North Kalimantan. Although compared to other cities in Kalimantan, perhaps the result of coffee shops in Tarakan is a little behind 3-4 years, for example, from Balikpapan and Banjarmasin's towns. Tarakan City's coffee shops have increased quite rapidly from 2019 to 2021. The location of coffee shops in Tarakan City is spread around the trading area, offices, and residential areas. The presence of coffee shops in several places, on the one hand, has a positive impact, namely reviving the area around the shop, which was initially quiet and vulnerable, becoming crowded. Still, on the other hand, it also sometimes has a negative impact, such as traffic jams, parking difficulties, and noise from coffee shop activities. Therefore, choosing a coffee shop location is a challenge in itself. This study aims to determine the influence of several primary factors that underlie coffee shop owners selecting a place to establish their coffee shop in Tarakan City. The proliferation of trendy coffee shops in the city's economic development helped accelerate economic recovery during the pandemic and develop new financial centres in Tarakan City, especially trading activities. And services. This research is still the author's ideas/thoughts who see that the development of coffee shops from day to day is a unique phenomenon of a city. Furthermore, it happened in almost all big cities in Indonesia. The data used is information obtained from the coffee community consisting of coffee shop owners and baristas in Tarakan City. Based on the observations, four factors describe the character of choosing a coffee shop location in Tarakan City. The factors that influence the selection of coffee shop locations in Tarakan City are location flexibility/accessibility, suitability/accuracy, support/support around the area, and other additional factors. Location flexibility is the range of easy access to the shop's location and how customers/customers can easily reach it. Location suitability is the accuracy of choosing the shop's location with specific considerations to accommodate the needs of the coffee shop's activities. Another factor is other factors considered for site selection but relatively do not significantly influence the location of coffee shops in Tarakan City, including contract cost efficiency.

Nguyen Lords with Trading Activities and International Cultural Exchange in South Vietnam during the Sixteenth to Eighteenth Centuries

The 16th 18th centuries were widely known as a fascinating period of Vietnamese history. It was characterized by the division between North (Đng Ngoi) and South of the country (Đng Trong) and the civil war accordingly between the Trinh Lords and the Nguyen Lords. It also witnessed the most vibrant cultural exchange and integration of feudal states in Vietnamese medieval times. With their well-defined vision and effective maritime trade strategies, the Nguyen Lords have actively promoted cultural and economic exchange in the region and to the world. The seaports along the coast of South Vietnam have become a central gateway for these activities. The current research is an attempt to give a vivid picture of the dynamic trading environment in Thuan Quang the biggest province in this part of the country. A critical reassessment of the Nguyen Lords integration policies will also be presented.

A Temporal Network Model for Livestock Trade Systems

The movements of animals between farms and other livestock holdings for trading activities form a complex livestock trade network. These movements play an important role in the spread of infectious diseases among premises. For studying the disease spreading among animal holdings, it is of great importance to understand the structure and dynamics of the trade system. In this paper, we propose a temporal network model for animal trade systems. Furthermore, a novel measure of node centrality important for disease spreading is introduced. The experimental results show that the model can reasonably well describe these spreading-related properties of the network and it can generate crucial data for research in the field of the livestock trade system.

MARITIME TRADE IN MAKASSAR IN THE XVI-XVII CENTURY

This study aimed to describe the maritime trade in the half of XVI and XVII centuries. The method used was the historical method, namely heuristics, source criticism, interpretation, and historiography. Based on the study, it was found that Makassar traders played a central role in the archipelago maritime trade. The fall of Malacca Strait made Makassar as a new trading port that allowed the Makassar traders in a higher mobility. Makassar got a significant change as a trading center in the XVI century, previously in the XV century before becoming a trading center. Makassar traders established trade relations with foreign traders from Europe, China, India, and Arabic. The commodities traded were spices, textiles, and porcelain. The free trade policy at Makassar Port was a determining factor for the success of Makassar in attracting foreign traders to do their trading activities at Makassar Port.

Perlindungan Hukum Bagi Para Pihak dalam Kontrak Bisnis Melalui E-Commerce Sebagai Akibat dari Resesi Ekonomi

The development of globalization which has become global today, has made several changes in the trading system. E-Commerce or what is often referred to as electronic transaction is a trading activity carried out online by business actors and consumers in conducting trading activities. If a dispute arises between the parties as a result of electronic transactions, especially in Indonesia regarding electronic transactions, it has been specifically regulated in Law no. 11 of 2008 concerning Information and Electronic Transactions in order to provide legal protection to the disputing parties. This study aims to examine the legal arrangements in buying and selling transactions through E-Commerce and revealing legal protection for parties in E-Commerce as a result of the economic recession. In processing research data using normative legal research with a Legislative approach. Sources of data used are primary and secondary legal data obtained through literature study. After the research data has been collected, the last stage is to process the data with descriptive qualitative methods. The results of this study indicate that the legal protection provided to the disputing parties as a result of a business contract carried out using an electronic transaction system is by filing a lawsuit in a commercial court by attaching evidence of an electronic business contract that has been agreed upon by the parties. legal as regulated in Law no. 11 of 2008 concerning Information and Electronic Transactions, which aims to provide protection to the disputing parties in the midst of an economic recession that has hit almost all countries in the world today.

INVESTIGATION OF THE EARLY TRACES OF PEPPER TRADING IN BANTEN AREA, WEST JAVA

Berbagai sumber sejarah menyebutkan bahwa Banten merupakan salah satu pelabuhan lada untuk pasar Asia dan Eropa pada abad ke-17. Namun pecahan keramik dari periode Tang dan Song-Yuan hasil penggalian di situs Banten Girang membuktikan bahwa aktivitas perdagangan telah dimulai sejak abad X. Permasalahannya, sejarah awal perkebunan lada belum diketahui dengan jelas, oleh karen itu diperlukan suatu kajian untuk mengetahui tentang perdagangan lada pra-Islam di Banten. Kami melakukan survei di pedalaman Banten yang diduga sebagai lahan perkebunan di masa lalu. Pengamatan lapangan telah menemukan kembali jejak lada yang terhubung ke pelabuhan di pantai utara dan barat. Berdasarkan keterkaitannya dengan peninggalan pra-Islam, lada diduga telah dibudidayakan sejak Milenium pertama Masehi seiring dengan masuknya pedagang India dan China melalui Selat Sunda. Hasil analisis kontekstual terhadap jejak arkeologi dan etnografi, telah memberi gagasan bahwa perdagangan lada telah menjadi penggerak utama perekonomian yang dikendalikan oleh kekuasaan politik pesisir utara Jawa yang mungkin telah dimulai pada masa Tarumanagara dan berkembang pada masa kerajaan Sunda-Banten. Various historical sources state that Banten was one of the pepper ports for the Asian and European markets in the 17th century. Ceramic shards from the Tang and Song-Yuan periods at the Banten Girang site prove that trading activities have started since the 10th century. The problem is, the early history of pepper plantations is unknown, therefore a study is needed to gain knowledge about the pre-Islamic pepper trade in Banten. We conducted a survey in the interior of Banten suspected as plantation land in the past. Field observations have rediscovered traces of pepper connected to ports on the north and west coasts. Based on its association with pre-Islamic remains, pepper was supposed to have been cultivated since the first millennium AD along with the arrival of Indian traders through the Sunda Strait. The results of the contextual analysis on archaeological and ethnographic traces, propose the idea that the pepper trade has become the main driver of the economy controlled by the north coast polities of Java which may have started during the Tarumanagara period and developed during the Sundanese kingdom of Banten.

Supplier Selection Analysis Using Minmax Multi Choice Goal Programming Model

Production control, inventory and distribution is an important factor in trading activities. These three factors are discussed in a system called Supply Chain Management (SCM). Procurement of goods from a company or trading business related to suppliers. In some cases, there are several supplier that can be assessed by considering certain factors. In certain cases, the data from several factors that are considered are uncertainty, so the fuzzy approach can be used. The MINMAX Multi Choice Goal Programming model can be used to solve fuzzy supplier selection problems with linear membership function. It can be applied to selecting supplier of Brastagi Oranges. There are four suppliers, namely Jaya, Mako, Baros. Gina. There are three factor to consider, cost, quality and delivery. The decision maker select the best supplier for ordering 17000 kg Brastagi oranges. The results, the best supplier is Gina with an order quantity of 10000 kg and Mako with a total order of 7000 kg

Kebijakan Bea Masuk Impor Barang E-commerce Dalam Kaitannya Dengan Hukum Persaingan Usaha

The government made Law Number 5 of 1999 concerning the prohibition of monopolistic practices and unfair business competition to regulate business actors in carrying out activities related to buying and selling in the market. The birth of this regulation provides a limit for business actors to create healthy business competition. The presence of a platform for online shopping also makes trading activities easier today. The development of this shopping style also affects the number of imported goods that enter Indonesia. There is a policy regarding the setting of the value for import duties on imported goods which has increased from the previous one. The change in the value of this import duty is a step by the government to protect domestic business actors.Keywords: Law; Bussiness competition; Policy; Import.AbstrakPemerintah membuat Undang – Undang Nomor 5 tahun 1999 tentang larangan praktek monopoli dan persaingan usaha tidak sehat untuk mengatur pelaku usaha dalam melakukan kegiatan yang berkaitan dengan jual beli didalam pasar. Lahirnya peraturan ini memberikan batasan bagi pelaku usaha agar menciptakan persaingan usaha yang sehat. Hadirnya platform untuk berbelanja online juga mempermudah kegiatan perdagangan saat ini. Berkembangnya gaya berbelanja ini juga berpengaruh terhadap banyaknya barang impor yang masuk ke Indonesia. Terdapat kebijakan mengenai pengaturan besaran nilai bagi bea masuk barang impor yang mengalami kenaikan dari sebelumnya. Berubahnya nilai bea masuk ini sebagai langkah pemerintah melindungi pelaku usaha domestik.Kata Kunci: Hukum; Persaingan Usaha; Kebijakan; Impor.

The Impact of Investors Overconfidence on Trading Activities and Stock Returns in Pakistan Stock Exchange

This study investigates the hypothesis of investor overconfidence that impact stock activity and stock return, using vector auto regressive model. Data observed consist of Monthly and daily returns from PSX 100 index. The results of the study shows that there are specific months in which the variables respond to each other or they are some actions that appears after some interval or else there is no significant relationship of current monthly return to past months volume, volume with volatility in stock returns as it is not increased with increase in volume. And there is no relationship of current monthly volume with previous market returns, Investor overconfidence has negative impact on trading activity as it keep them high and exaggerated level as it is not the real value of the securities and it may harm the investors. The results further marked that immediate past month return has an impact on current trading activity that is denoted from volume of trade.