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Apakah Kinerja Masa Lalu Mencerminkan Kinerja Masa Depan? Evaluasi Return Reksa Dana Saham Tahun 2005-2006

Rahman Untung Budiman

Indirect investing in capital market instruments especially stock mutual fund have gained momentum lately. It is important for such prospects and investors to understand the performance of equity mutual fund in terms of its return and risk. Prospects and investors often use past performance i.e. unadjusted-return as the main criterion in selecting stock mutual fund. This paper questions the ability of stock mutual fund in outperforming the market and the persistence of stock mutual fund gross returns during year 2005-2006. The mean hypothesis tests showed that stock mutual fund could not outperform the market in both years. Contingency table tests showed that the stock mutual fund returns were persistent in term of winner-loser whereas its returns were not persistent in term of outperformed-under-performed along both periods. Therefore, prospects and investors could not rely on the past performance to pick up the next to be stock mutual fund out performers. For stock fund managers who are under-performed, the issuance of index stock fund should be considered.

stock fund performance, contingency table tests, return consistency, past return predictability


Sari Wahyuni
Mudrajad Kuncoro

The increasing number of global enterprises recognises that strategic alliances can provide growth at a fraction of the cost of going it alone. Alliances become a way for organisations to leverage resources and being a smart way to growth. However, many dreams that lay behind the formation of alliances may not always materialize.There are many obstacles companies face during their alliance process. This research is trying to analyse the basic logic of the tremendous growth of strategic alliances, the strength and weaknesess of this type of partnership and the complications managers have to solve in managing its alliances. By analysing the up and down of KLM and Northwest relationship, we hope managers can draw the lesson we learn from this longlasting partnership.

strategic alliances, globalisation

Daftar Isi 
Apakah Kinerja Masa Lalu Mencerminkan Kinerja Masa Depan? Evaluasi Return Reksa Dana Saham Tahun 2005-2006
Rahman Untung Budiman. 3

Permasalahan yang Dihadapi Modal Ventura di Indonesia
R. Nugroho Purwantoro dan Willem A. Makaliwe  7

Boundary Spanner and Indentity Problem
Firmanzah 14

Suka Duka Aliansi Stratejik: Studi Kasus KLM-Northwest 
Sari Wahyuni dan Mudrajad Kuncoro 22

Job Characteristics Model (JCM): Konsep dan Pengukuran
Wilson Bangun.  30

Potret Efektivitas Organisasi Publik: Review Hasil Penelitian
Patar Simatupang dan Haedar Akib 35

Strategi Mengelola Perubahan melalui Learning Organization di Lingkungan Perusahaan Kecil-Menengah
Uning Hadiyati.  42

Resensi Jurnal: Liquidity of Emerging Market.........................................................56


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2008 Lembaga Management Fakultas Ekonomi Universitas Indonesia