ANALISIS VALUASI SAHAM BUMN MENGGUNAKAN METODE DIVIDEND DISCOUNTED MODEL DAN ECONOMIC VALUE ADDED

This research is aimed at analyzing the valuation of BUMN shares with the dividend discounted model and economic value added model. This study is also aimed to teach early or novice investors about financial statement analysis, which contains information about companies' finances and companies' actions in the following years. Financial statement analysis is not limited to the Price-to-Earnings Ratio (P/E Ratio) and Price-to-Book Value (PBV). There are various analyses that can be used, such as the dividend discounted model aiming to find the company's intrinsic value and economic value added aiming to find economic value that will benefit investors. For this research, the researchers need 12 state-owned-enterprises (SOEs) to be used as samples and secondary data. The data used for this research are financial statements (2015-2019 period) and dividends per share (2015-2019 period). The data used were obtained before the event of CoVID-19. The results show that from the dividend discounted model and economic value added, 7 out of 12 SOEs are undervalued and have economic value for investors.

Do Low-Income Students Have Equal Access to Effective Teachers?

We examine access to effective teachers for low-income students in 26 geographically dispersed school districts over a 5-year period. We measure teacher effectiveness using a value-added model that accounts for measurement error in prior test scores and peer effects. Differences between the average value added of teachers of high- and low-income students are 0.005 standard deviations in English/language arts and 0.004 standard deviations in math. Differences between teachers of Black, Hispanic, and White students are also small. Rearranging teachers to obtain perfect equity would do little to narrow the sizable student achievement gap between low- and high-income students. We also show that a higher proportion of novice teachers in high-poverty schools contributes negligibly to differences in access to effective teachers.

Managers' Productivity and Recruitment in the Public Sector: The Case of School Principals

We study whether differences in management can explain variation in productivity and how more effective managers can be recruited in absence of high-powered incentives. To investigate this, we first extend the canonical teacher value-added model to account for school principals, and we document substantial variation in their ability to improve students’ learning. Teachers’ survey responses and quasi-experimental designs based on changes in school management validate our measure of principal effectiveness. Then, we leverage the timing of adoption of a civil service reform and show that despite having relatively rigid wages, public schools were able to attract more effective managers after increasing the competitiveness and transparency of their personnel selection process.

Economic Value Added and Profitability on Created Shareholders Value in Manufacturing Sectors

This study aimed to investigate the effect of economic value added and profitability on created shareholders value Fernandez model and market value added model in manufacturing companies listed on the Indonesia Stock Exchange period year 2013 to 2018. The samples are fifty Manufacturing companies enterprises listed on the IDX period year 2013 to 2018. Methods of data analysis were performed using panel data regression with pooled OLS model. The results of this analysis showed profitability has a significant effect on created shareholders value Fernandez model and market value-added model in manufacturing companies listed on the IDX period 2013 to 2018.

Decisions for Stock Investment among University Students

This study aimed to investigate the effect of economic value added and profitability on created shareholders value Fernandez model and market value added model in manufacturing companies listed on the Indonesia Stock Exchange period year 2013 to 2018. The samples are fifty Manufacturing companies enterprises listed on the IDX period year 2013 to 2018. Methods of data analysis was performed using panel data regression with pooled OLS model. The results of this analysis showed profitability have a significant effect on created shareholders value Fernandez model and market value added model in manufacturing companies listed on the IDX period 2013 to 2018.

Estimating Private School Premium for Primary School Children in Ethiopia: Evidence from Individual-level Panel Data

This article presents the first value-added model of private school effect in Ethiopia, using the unique Young Lives longitudinal data. I found a substantial and statistically significant private school premium (about 0.5 standard deviation) in Maths, but not in Peabody Picture Vocabulary Test (PPVT). Private school premium works for both low and high ability children. The results are robust to sorting on unobserved ability, grouping on lag structures and transfer between private and public schools. Combined with available contextual data, empirical evidence suggests that the effectiveness of private primary schools may be due to more learning time and teacher’s attention enjoyed by students. I also attempted to contribute methodologically to the literature by directly testing the structural assumption underpinning value-added models.