International Overview of Employee Share Ownership

Business management scholars have propositioned employee share ownership as a concept bearing different perspectives. Business management practitioners have implemented the model in varying degrees suiting their organizational needs depending on the context of the organization at the particular time. Empirical research on the impact, role, and the position of employee share ownership (ESO) has produced varying results leading to far reaching conclusions as to the importance and significance of the ESO on an organization and especially at a time when a firm is undergoing through crisis. The concept of employee share ownership has led to the development of employee share ownership plans which are implemented as direct stock/share allotment, bonuses, or profit-sharing models and plans. The employer or the principal capital holder bears an exclusive discretion in making the decision of who would receive any of these options.

Efficient Market Hypothesis for Islamic Capital Markets

This study has two important findings firstly, the theoretical results related to the efficient market hypothesis; and secondly, the results of application. The theoretical results show that if the market price of an asset includes all the information that influences its price, then that market is an efficient market. According to the efficient market hypothesis, investors cannot earn gains above the market return. Since stock share prices are unpredictable, it is assumed that when the information that the market had already been expecting is finally announced, the stock share prices will not change. That is because this announcement does not contain any information that can change the prices. The results obtained from the application show that the existence of abnormal return is valid for Islamic Stock Markets. Therefore, the findings mediate against the efficient market hypothesis. However, when the size of abnormal returns is observed, the results are almost equal to market returns. This finding supports the efficient market hypothesis. Islamic stock markets are integrated with the world at least as much as the non-Islamic global markets are. Islamic stock markets act together with the non-Islamic global markets. The risks and returns that the Islamic and non-Islamic stock markets provide to the investors are very close to each other. In conclusion, the efficient market hypothesis maintains its explanatory power for both Islamic stock markets and non-Islamic global stock markets. Islamic markets offer new investment opportunities on a global scale.

INFLUENCE INFLATION OF COMPOSITE STOCK SHARE PRICE INDEX LISTED IN BEI JAKARTA

Inflation is factor that influence the (IHSG) Composite Stock Share Price Index. Above also explains, if Inflation rates rise then the Composite Stock Share Price Index will go up, but we see that the theory will not be the same forever with the practice or application. For that we intend to see if it was true what was mentioned by the theory. To find out we took Composite Stock Share Price Index data that listed on BEI Jakarta from the period 1 January 2013 - until 31 December 2015. Then we took the Inflation rate data from the period 1 January 2013 - until 31 December 2015.Inflation is the one of economic factor can influence Composite Stock Share Price Index. If the inflation more high than before it can impact of Composite Stock Share Price Index. Otherwise, In this study we will examine Composite Stock Share Price Index from the results obtained output of coefficient over than 0.05 as much as 0.159 so the final inflation isn’t influence of Composite Stock Share Price. Key Words: Inflation and Composite Stock Share Price Index.

Analisis Peluang Penyertaan Modal Pemerintah Daerah Kota XYZ pada PT Bank Jawa Barat dan Banten (Bank BJB)

Economic growth and public welfare are the reason of regional autonomy regulation policy (UU No 22 year 1999). The policy allows regional economic resources managed by regional government to achieve its goal. One of the regional government strategies is investment strategy, which in this case investing in banking industry. The purposes of the study are 1) to identify the investment regulation on regional government 2) to identify the Bank BJB business and investment environment 3) to identify the comparison of investment feasibility on Bank BJB versus other banks 4) to identify the position of Stock Share A series owned by XYZ at Bank BJB. The data collection methods are using structured interview, in depth interview, field survey and literature study. The analysis tools are using institutional analysis, SWOT analysis and financial analysis. Institutional analysis showed XYZ regional government investment management is limited to regulation as follow 1) long term capital (stock share) investment limited only at BUMD (e.g. Bank BJB) 2) short term investment e.g. saving and deposit is limited only at healthy and feasible bank, and government bond which has small risk exposure. The financial analysis also showed the increasing performance of BJB Earning per Share (EPS) and Return on Equity (ROE) from 2006 until 2010. The SWOT analysis support other analysis that BJB Bank position in financial industry is suitable for long term and short term investment for XYZ regional government. Base on explanation above, the conclusions are the autonomy regulation limited XYZ regional government to invest as shareholders in A series (stock share) or B series (stock share) at BJB Bank only, and for short term investment is limited only at healthy and feasible bank, and government bond which has small risk exposure.

INFLUENCE OF INFLATION, INTEREST RATE AND CURRENCY ON COMPOSITE STOCK SHARE PRICE INDEX LISTED IN INDONESIA OF STOCK EXCHANGE JAKARTA

Inflation, interest rate and currency are factors that influence the (IHSG) Composite Stock Share Price Index. Above also explains, if Inflation rates rise then the Composite Stock Share Price Index will go up, but we see that the theory will not be the same forever with the practice or application. For that we intend to see if it was true what was mentioned by the theory. To find out we took Composite Stock Share Price Index data that listed on Indonesia Stock Exchange from the period 1 January 2013 - until 31 December 2015. Then we took the Inflation rate and interest rate data from the period 1 January 2013 - until 31 December 2015. Inflation, interest rate and currency are of economic factors can influence Composite Stock Share Price Index. If the inflation and interest rate more high than before it can impact of Composite Stock Share Price Index. Otherwise, In this study we will examine Composite Stock Share Price Index from the results obtained output of coefficient over than 0.05 as much as 0.306 so the final inflation, interest rate and currency aren’t influence of Composite Stock Share Price.

EMERGENCE OF POWER-LAW AND TWO-PHASE BEHAVIOR IN FINANCIAL MARKET FLUCTUATIONS

In this paper, we provide an insight into the emergence of power-law and two-phase behavior in the financial market fluctuations by defining an analytical model for time evolution of stock share prices. The defined model can exhibit bimodal behavior in the supply-demand structure of the market. Moreover, it differs from existing Ising-type models. It turns out that the constructed model is a solution of a thermodynamic limit of a Gibbs probability measure when the number of investors and the number of stock shares approaches the infinity. The energy functional of the Gibbs probability measure is derived from the Nash equilibrium of the underlying game.