Monetary authorities in Indonesia, as well as some academicians believe that the absence of long run relation between Indonesian stock market and developed markets prevents this emerging market from being deeply affected by the US downturn. Nevertheless, this hypothesis may not apply to the...

Many studies have investigated how markets react to the change of conventional market index composition. Nevertheless, how investors in emerging markets react to changes to an Islamic Index composition still needs to be answered. This study empirically investigates market responses to...

Monetary authorities in Indonesia, as well as some academicians believe the absence of a long run relation between the Indonesian stock market and developed markets prevents this emerging market from being deeply affected by the US downturn. Nevertheless, this hypothesis may not apply to the...

In determining the rate of return of stocks, many models have been introduced. Equilibrium models like APT and multifactor models have been used in calculating the level of risk and returns through portfolio formation. Since the development initiated by Markowitz, the empirical results of many...