No

Validation Date

STEI/ST/KPS/06.02
03/04/2010

Islamic Investment Management/MKJ-MK 08

12
Sekolah Tinggi Ekonomi
Islam Tazkia

Mid-Term Examination
Second Semester 2009/2010
SUBJECT/CODE
LECTURER
DAY/DATE
TIME DURATION
ROOM

: Islamic Investment Management/MKJ-MK 08

: Dr. Endri, SE., MA
: Thursday, April 08, 2010
: 2 HOURS (07.30-09.30) WIB
: Ibnu Qoyyim 2

INSTRUCTIONS TO CANDIDATES
1. CANDIDATES ARE REMINDED THAT THEY MUST NOT HAVE BOOKS, NOTES,
PAPER OR OTHER MATERIAL IN THEIR POSSESSION UNLESS THEIR USE IS
SPECIFICALLY PERMITTED BY "INSTRUCTIONS TO CANDIDATES" SET OUT
BELOW.

2. This paper consists of 4 questions printed on 2 pages.

PLEASE CHECK BEFORE COMMENCING. This is a Mid-Term Examination.
3. Attempt all questions.
4. This paper is worth a total of 30 marks.
5. Candidate must not remove this paper from examination room.

Soal 1 (20 poin)

a. Explain the definition of investment and the objective of someone
in investing.
b. Explain the main consideration in making investment decision by
an investor.
c. Explain two decision making processes in investment! (8%)
Soal 2 (25 poin)
a. Explain the difference between direct investment and indirect
investment. The difference must also include the definition and
types of financial assets.
b. What are the characteristic differences between investment
instruments in a money market and capital market?
c. What is the definition of security derivative? Explain the
difference between option and future.

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No
Validation Date

STEI/ST/KPS/06.02
03/04/2010

Islamic Investment Management/MKJ-MK 08

Soal 3 (30 poin)

The following table shows the return probability of stock A and B on several Rupiah
condition
Condition Rp
Rp Strengthening
Rp Normal
Rp. Weakening

Probability

Stock Return A

0,2
0,3
0,5

40%
30%
20%

Stock Return B
20%
25%
35%

Based on the above information, answer the following questions:

1. Count the expected return of stock A = E(RA)
2. Count the expected return of stock B = E (RB)
3. Count the stock A risk.
4. Count the stock B risk.
5. Count the return stock covariance A & B
6. Count the stock return corelation A & B
7. Based on answer 1 & 2, which stock has the best performance?
8. Based on answer 3 & 4, which stock has the best performance?
9. Based on answer 1,2,3 and 4 which stock has the best performance
10. If an investor invests 50% of his money in stock A and 50% of in stock B,
complete the portfolio fron the table above.
11. Count the portofolio expected return.
12. Count the portfolio risk.
Soal 4 (25 poin)
a. Explain about efficient portfolio! Draw the curve!
b. How do we get the risk preference score of an investor using an
indifferent curve?
c.

What are the steps that have to be taken to build an ideal

portfolio?

d. Explain what is meant by Markowitz model or Markowitz portfolio

selection model!
e. With this kind of portfolio arrangement, then what sort of risk should an
investor focus on, should be the systematic risk or non systematic risk
that should be avoided?

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