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Ringkasan Tesis

Sesuai SK Rektor UGM Tanggal 27 Desember 2010 No. 788/P/S/SK/HT/2010, Universitas Gadjah Mada mewajibkan Mahasiswa membuat Ringkasan Tesis dalam Bahasa Inggris sebagai persyaratan Wisuda. Ringkasan tesis tersebut harus dikonsultasikan dan disetujui oleh dosen pembimbing. Tujuan Ringkasan Tesis dalam bahasa Inggris adalah untuk membuka akses kepada seluruh masyarakat dunia terhadap penelitian mahasiswa S2 Universitas Gadjah Mada. Ringkasan tesis bukan merupakan naskah publikasi. Format Ringkasan Tesis S2 dalam Bahasa Inggris sebagai berikut: 1. Cover: Title and Identification of the Study Program 2. Approval from Thesis’ Supervisor 3. Table of Contents 4. Abstract halaman 5. Chapter I: Introduction halaman 6. Chapter II: Literature Review 7. Chapter III: Research Methods halaman 8. Chapter IV: Result and Discussion 4,5 halaman halaman 9. Chapter V: Conclusion, Suggestion, and Reference 1 Catatan:  Jumlah halaman yang tertera di atas hanyalah kisaran. Pada praktiknya ringkasan tesis dapat lebih atau kurang sesuai kebutuhan.   Diketik dengan ukuran 1,5 spasi. Tidak perlu ada lampiran. 1,5 halaman 2 1 1 halaman 1

[ Contoh Ringkasan Tesis dalam Bhs Inggris ] SUMMARY ANALYSIS OF DEMOGRAPHIC FACTOR AND RISK TOLERANCE TOWARD INVESTMENT DECISION USING PROSPECT THEORY APPROACH Submitted by: Abdul Chalid 09/294805/PEK/14702 STUDY PROGRAM OF MASTER OF MANAGEMENT FACULTY OF ECONOMICS AND BUSINESS UNIVERSITAS GADJAH MADA YOGYAKARTA . ringkasan tesis discan dalam bentuk pdf dan dijadikan satu folder dengan file pdf tesis.Setelah mendapatkan persetujuan dari dosen pembimbing.

. Approved by: Thesis’ Supervisor ......2011 SUMMARY ANALYSIS OF DEMOGRAPHIC FACTOR AND RISK TOLERANCE TOWARD INVESTMENT DECISION USING PROSPECT THEORY APPROACH Submitted by: Abdul Chalid 09/294805/PEK/14702 ... .

Chapter V. Suggestion and References……………………. Abstract………………………………………………………………….. Chapter IV.. Approval of The Advisor Team…………………………………………. 2 3. Chapter III. 1 2. Title and Identification of the Study Program……………………….. 7 8. Research Methods…………………………………………. Result and Discussion……………………………………… 8 9. Chapter II.. 9 .. 3 4..TABLE OF CONTENTS 1.4 5. Introduction………………………………………………….. Table of Contents……………………………………………………….. 5 6. Conclusion. Chapter I. Literature Review…………………………………………… 6 7.

Keyword: demographic factor. INTRODUCTION . In general. In taking any decision. The main purpose of this research is to analyze the effect of different demographic factors to the level of investor’s risk tolerance and to what extent both factors affect the investor’s investment decision. The respondents on this research are 121 investors who have investment instrument on capital market. prospect theory. one-way ANOVA test is used. I. Data on this research is primary data which is collected from risk tolerance questionnaire and prospect theory questionnaire. To analyze the effect of different demographic factor to investor’s risk tolerance. especially investment decision. risk tolerance. Investor frequently ignores the rationality as a basis on investment decision. This study finds that different demographic factor generate different level of risk tolerance and there is no effect of demographic factor and risk tolerance toward investment decision. Investor’s risk tolerance and different demographic characteristic of each investor often affect investor’s investment decision. investment decision. investor still considers his or her rationality as a basis of decision. investor’s investment choice is based on the consideration of risk and return that will be born in the future. while binomial distribution test and probit regression are used to analyze to what extent both factors affect the investor’s investment decision.ABSTRACT Investor is a unique person.

Even though.3 Investment . Investment decisions which ………………………………………………. ……………………………………………………………………………………… 12. Behavioral finance Bodie. LITERATURE REVIEW 21.2 Risk tolerance Hirschey and Nofsinger (2008) explain that risk is potential loss or reduction of assets or failure to obtain investment objectives. One of topics on behavioral finance is …………………………………. Background Investors are a unique person. ……………………………………………………………………………………… 2.. Thus. 1997).. Kane. The Objective The objectives on this research are: 1... Marcus (2009) states that the assumptions of behavioral finance is the traditional financial approach ignores how people actually make decisions and become different because of impossibilities individuals in taking the decision. in the real world investor often ignores the rationality as a basis on investment decision as explained by Kahneman and Tversky (1979) on prospect theory approach. II. 2. risk tolerance is investors propensity to attracted or rejected risky investment choices (Weber and Milliman. Generally investor’s behavior formed by expectation and belief of risk and return on his/her owns investment decisions. investor always still considers his or her rationality as a basis of decision. 2. To analyze the effect of different demographic factor toward risk tolerance of investor.11.. Risk tolerance could be ……………………………………. While. especially investment decision. To analyze the effect of demographic factor and risk tolerance toward investment decision using prospect theory approach.

Investment could be defined as a commitment to invest fund at the moment to obtain profit in the future (Jones. …………………….3 Analysis Methods Anova one-way test is used to analyze the effect of demographic factors toward the level of risk tolerance.. in which 88 percent of them are below 39 years old. Risk tolerance questionnaire. RESULT AND DISCUSSION 4. …………………………………… 3. Majority of the respondents are male (74%). they are dominated by graduate program (S1) account to 51%.. Binomial test and probit regression are used to analyze the demographic factors and risk tolerance toward investor’s investment decision. The respondents in this study are individual investors who have instrument investment at capital market. which is developed by Lytton and Grable 1999).1 Sample and Data Data used in this research is primary data which is collected from survey based on questionnaire. For the education level. 4. …………………………………………………………………………… ……………………………………………………………………………………… IV.2 Variable measurement The independent variables on this research are risk tolerance and demographic data. ……………………………………………………………………………………… 3.1 Respondent background Total respondents in this study are 121 investors who have investment instrument at capital market. ……………………………………………….. …………………………………….. Investment couldn’t be ……………………………………………………………………………………… III. 2002). ……………………………. is used to measure risk tolerance variable. RESEARCH METHODS 3.2 Hypothesis testing .

. Investment Decisions and .950 2. ………………………………………………………….From the statistical test neither Anova one-way test nor t-test shows that there is effect of demographic factor toward the differences of risk tolerance among investor.044 F/t 3. Weber. Elke U. SUGGESTION AND REFERRENCES 5.527 1.034 0. This study finds ……………………………………………………………. it could use cluster sampling as the sampling method based on demographic factor groups with the equal proportion. ……………………………………………………………………………………… 5.1 Conclusion The majorities of the respondents are male and under 39 and have high risk tolerance level.2 Suggestion For the next researches. Martin Weber. CONCLUSION.3 References Alexander Klos. Only two demographic factors …………………………………. The result of this study is in line with the Drooms (1987) research who stated that almost all the investors at capital market had high risk tolerance level.211 0. ……………………………………………………………………………………… Demographic factor Gender Age Education Income Experience Sig 0.755 Conclusion Ha accepted Ha rejected Ha rejected Ha accepted Ha accepted From the binomial test and probit regression. 2005. to minimize the lack of data variation..000 0. it is reflected that ……………………………………………………………………………………… V.979 2.774 1.107 0. 5.

L. Z. L and Bernasek. AARP. 1777-1790.J. A. 51. Kane and Marcus. And Menkhoff. No. Bajtelsmit. Beckmann D.A. 2008. Bodie. 2009. 2001. Risk Preferences and The Investment Decision of Older America. New York. Discussion Paper No. 12 pp. 2002. 8th ed. Berridge Kent C.Time Horizon: Risk Perception and Risk Behavior in Repeated Gambles. Vickie. Will Women Be Women? Analyzing the Gender Difference among Financial Experts. A.39 February 2008. Management Science. Oxford University Press Inc. ISSN 0949-9962. McGraw-Hill: Singapore ……………………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………… . The Psychology of Economic Decisions vol 1”Irrational Pursuit: Hyper-Incentives From a Visceral Brain . Investment. Vol.