About Rayenda Brahmana

About research: google scholar: https://scholar.google.com/citations?hl=id&user=jlvpW3QAAAAJ&view_op=list_works&sortby=pubdate https://publons.com/researcher/1457129/rayenda-brahmana/ Others: twitter: @raye_brahm instagram: kolom.riset email: kolom.riset(at)gmail.com raye_brahm(at)yahoo.com

Podcast ~ Pilpres AS dan Pasar Saham Indonesia


I just started my podcast. It is about elaborating two perspective: one from academician and one from Practitioners.

The latest podcast is about US Presidential Election and Indonesia stock market. I invited one of senior analyst from a hedge fund house to discuss about it.

The research papers used for the discussion can be retrieved here:



Saya baru saja memulai podcast saya. Ini tentang mengelaborasi dua perspektif: satu dari akademisi dan satu dari Praktisi.
Podcast terbaru ini membahas tentang Pemilihan Presiden AS dan pasar saham Indonesia. Saya mengundang salah satu analis senior dari perusahaan hedge fund untuk membahasnya.
Makalah penelitian yang digunakan untuk diskusi dapat diambil di sini:



Writing Schedule

Tracking your writing progress is important. It will be useful to motivate or to plan about your manuscript. This schedule will help you to trace your research work, especially, how much writing you have done. You can use it for your PhD, Master, or research manuscript. The file below is the example for research manuscript. Feel free to modify it.

Melacak kemajuan menulis Anda adalah proses yang penting dalam riset. Ini akan berguna untuk memotivasi atau merencanakan naskah penelitian Anda. Jadwal yang dilampirkan ini akan membantu Anda melacak kemajuan penulisan penelitian Anda, terutama, seberapa banyak penulisan yang telah Anda lakukan. Anda dapat menggunakannya untuk PhD, Master, atau naskah penelitian Anda. File di bawah ini adalah contoh naskah penelitian. Silakan memodifikasinya.


Day of the week anomaly (Monday Effect) – How to do it? – Anomali Monday Effect / Day of the Week – Bagaimana melakukan risetnya?

Day of the week anomaly (Monday Effect) – How to do it?

Day of the week anomaly or more known as Monday Effect is one of calendar anomalies in financial market. It states that the stock market returns on Monday is significantly different from other day. This anomaly is proposed by Kenneth French in 1980, and his research paper was published in Journal of Financial Economics. The appearance of Monday Effect is an evidence of market inefficiency. Yet, in French (1980) paper, he suggested an arbitrage profit or mispricing profit from this anomaly. He further surmises “Although an active trading strategy based on the negative expected returns would not have been profitable because of transactions costs, investors could have Increased their expected returns by altering the timing of trades which would have been made anyway – delaying purchases for Thursday Friday until sales scheduled Monday on preceding Friday”

Continue reading

Heteroscedasticity in SPSS – Uji Asumsi Klasik Heteroskedastisitas di SPSS

Heteroscedasticity in SPSS

Hi! One of the test for CLRM assumption is Heteroscedasticity. Testing it in E-views or Stata for Time-Series or Panel data is easy because the software provides the command. You just need to click this and that, then the heteroscedasticity will be out. However, testing it under SPSS software (perhaps cross-sectional data) it needs a work.

Below is the process to run it. Note that you need to copy paste the macro syntax below to run it. We use Breusch-Pagan and Koenker Test for it. The procedure is as follow: Continue reading

Herding in financial Market: How to do it? – Herding/ Mengekor di Pasar keuangan: Bagaimana melakukannya?

Herding in financial Market: How to do it?

Remember a folk story about pied piper of Hamelin (https://en.wikipedia.org/wiki/Pied_Piper_of_Hamelin) ? Once upon a time, Hamelin town was full of rats. Yet, the pied piper has solution for this rat issue. He promised to drowned all rats and the city has to pay him 1000 golds. After mayor of Hamelin agreed, the piper played his pipe and lured the rats into Weser river, and all rats were drowned (except one rat). How? All rats HERD him because of the music. I don’t want to continue the story because it is a sad story.

This herd behavior has also occurred in the financial market. Yes, herding is the trading behavior of investor by copying the behavior of other investors. Continue reading

Women on Board Effect: How to do it? Perempuan dalam Dewan Direksi: Bagaimana melakukan risetnya?

Women on Board Effect: How to do it?

Women on Board research is an interesting research considering the issue of gender equality. However, the role of women in firms has not extensively and empirically discussed like other corporate governance issues. Research has found that women may change the board room situation because women are more cautious than male on board in corporate decisions making (Huang and Kisgen, 2013 and Levi et al., 2013). Laura Tyson, a former economic adviser to US President Bill Clinton, recommended the improvement of board diversity to increase firm’s financial performance through the number of women on board (Tyson, 2003). Adams and Ferreira (2009) studied 1500 companies at United States from 1996-2003, and found female directors have significant impact on corporate performance of firms with weak shareholders right. They stated that female directors are more likely to monitor their committees. As the greater the gender diversity, the directors have fewer attendance problem. Therefore, this issue should be explored more in the future
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Temperature Effect: How to do it? – Efek Cuaca: Bagaimana melakukannya?

Temperature Effect: How to do it?

Weather effect is another interesting research in finance. It is actually an argument for the traditional finance that relies much on rational behavior assumption. So, whenever you write problem statement for this topic, start it with the argument on rational behavior. I firstly read paper of Saunders (1993) then followed by Dowling and Lucey (2005). It really attracted me. How come weather may affect stock price? Right?

Who support it? A lot! For example, Loewenstein (2000) argues that the emotions and feelings influence our decision making process. It may dictate our long-term cost and benefits, hence, it will affect the equity pricing. The logic is simple, when it is rainy day, we tend to feel lazy compared to bright day (we tend to be aggressive). This emotion may affect our decision making. If it is rainy day, we tend to have our leisure time, meanwhile, during sunny day we tend to be rushed out (Yet, this debatable even in psychology field). Continue reading

Moon effect Research: How to Do it? – Penelitian efek bulan: Bagaimana Cara Melakukannya?

Moon effect Research: How to Do it?


The moon effect research in economics and business field is interesting and intriguing. I met this topic by coincidence. That time I was solely on weather effect reading papers from Cunningham (1979) and Dowling and Lucey (2005). I remember that I prepared my manuscript for Journal of Bioeconomics, opened this journal to see its scope, but ended up with Herbst (2007) paper. It really attracted me.

When I read it, it was related to my PhD research (that time) and I wanted it to be part of my regressor. The issue is what theory to support it? How to measure it? How to rationale it? It was painstaking, but it has to be done. Continue reading