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Author

Toni Heryana

3 papers indexed here

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Open access Aug 2026

Machine Learning-Based Volatility Forecasting and Systemic Risk Dynamics in Indonesian State-Owned Banks

This study evaluates volatility forecasts and systemic-risk indicators for four Indonesian state-owned banks (BBRI, BBTN, BMRI, and BBNI) from January 2010 to December 2025. Random Forest (RF) and Gradient Boosting (GB) models use information available at each forecast origin and are tuned by expanding-window validatio...

Nono Heryana, N. Nugraha, Maya Sari et al. · 0 citations
Open access Aug 2026

Stock Market Reaction to the Launch of the Indonesian Sovereign Wealth Fund: Evidence from Indonesian State-Owned Banks

This study aims to analyze the Indonesian capital market's response to the launch of Indonesian Wealth Fund (Danantara) as a strategic initiative of the government's fiscal digitalization on February 24, 2025, focusing on the shares of major state-owned banks, namely BBRI, BMRI, BBNI, and BBTN. This study examines five...

C. Wijayangka, N. Nugraha, Maya Sari et al. · 0 citations
Open access Sep 2026

Moderating Effect of Foreign Capital Flow on Investor Sentiment and Stock Returns in ASEAN

Background: ASEAN capital markets exhibit persistent return volatility that is inconsistent with macroeconomic fundamentals, suggesting the influence of behavioral and structural factors beyond the Efficient Market Hypothesis (EMH). Objective: This study examines the direct effect of investor sentiment on stock returns...

Hadi Ahmad Sukardi, N. Nugraha, Toni Heryana et al. · 0 citations

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