Local Information

Malang is the second largest city in East Java with a rapidly growing population of about 1.2 million. This is a city of great historical significance. The oldest existing record of Malang as a regency is from the 8th century when it was the seat of government of the ancient Kanjuruhan and Singhasari kingdoms. The city officially became part of the all encompassing Javanese Mataram kingdom in the 17th century which by that time was controlled by the Dutch colonialists. Unsurprisingly given that history, there are several interesting Hindu relics in this area. The city quickly became very popular with the Dutch due to its cool climate, very attractive rural surrounds and easy reach from the main trading port city of Surabaya.

Modern day Malang, although significantly urbanised, has retained much of its historical character, remains vibrant and is regarded as by far the most attractive large city in the East Java region. Malang Regency is located between two groups of mountains with Mount Semeru, the highest mountain on Java, and Bromo-Tengger-Semeru National Park to the east. The biggest attraction here must be the beautiful landscape, in addition to which there are some temples not far away.

Malang’s Abdul Rachman Saleh Airport (MLG) is a small airport with a few flights every day mainly from Jakarta on Garuda Indonesia [1], Sriwijaya Air [2], and Citilink [3]. Regional airline Wings Air (subsidiary of Lion Air) [4] also flies to Denpasar, Bali. Prepaid taxi from the airport costs (March 2015) Rp 75,000 to the city center.

Alternatively, Malang can be reached via Surabaya Juanda International Airport (SUB), served by many domestic and international flights. From Surabaya airport, you can reach Malang using a private shuttle service (Rp 80,000-100,000/pax), public transportation (DAMRI airport bus to Bungurasih bus terminal, then an intercity bus to Malang, see the main Surabaya article), or taxi. A 100 km journey will take 2-3 hours or more, depending on traffic and mode chosen.

In a city of such great cultural and historical significance there are lots of cultural attractions and any visitor to Malang should dedicate some time to exploring these. There are also a number of beautiful sights in the rural areas surrounding the city.

  • Balekambang Beaches (about 60 km south of Malang). There are actually three beaches here: Balekambang, Ngliyep and Sendang Biru. All three are quite beautiful, are close by to each other and locals most often refer to all 3 as just Balekambang. It is best to visit on weekdays as this is a very popular weekend escape and it can get crowded. It is not safe to swim here but these are great relaxation beaches which offer some stunning coastal scenery. There is an offshore island called Pulau Sempu which can be visited by chartering a boat from Sedang Biru beach. At Balekambang beach there are three little islets just offshore which are attached to the beach by walkways. Of the three beaches, Balekambang itself is perhaps the most attractive but all three are worth visiting. The beaches can be easily visited as a da-trip from Malang in a car but for the adventurous there are basic places to stay at and around all three.
  • Ijen BoulevardMalang. This is a quite beautiful street. It is lined with well-tended bougainvillea against a backdrop of old colonial structures. The street houses a number of interesting buildings including the Brawijaya Army Museum, the Catholic Church and the city library. Usually every Sunday, there is an event called “Car Free Day” when almost all of Ijen Boulevard is free of motorised vehicles. There is also a “Pasar Minggu”, a traditional market which offers a wide range of items to buy, from traditional foods to clothing, even pets. It starts from 06:00 to around 10:00, depending on the number of events held. You should take in this area as part of a becak or walking tour of the historic downtown area
  • Padepokan Seni Mangun Dharma (Mangun Dharma Art Centre), Desa Tulus Besar Tumpang, e-mail: . Arts centre dedicated to the research, promotion and performance of traditional East Javanese art forms including dance, batik, shadow puppetry and carving. Superb place. Dance performances can be arranged on demand and are of excellent quality as the dancers are trained from childhood.
  • Purwodadi Botanical Gardens (Kebun Raya Purwodadi, Pasuruan), Jl Raya Purwodadi (about 20 km north of Malang), e-mail: . Opened in 1941, This is one of the four official botanical gardens in Indonesia (the others being the headquarters at Bogor, Bedugul in Bali and Cibodas in West Java. The 85 hectares of gardens house an impressive collection and the splendid Baung waterfall
  • Singosari Temple (Candi Singosari), Singosari, Malang (about 12 km north from Malang). This well preserved Hindu temple dates from 1300 AD and is a reminder of the great Hindu kingdoms that ruled East Java before the arrival of Islam. A visit to the nearby bathing pools at Ken Dedes combines perfectly with Singosari Temple. Ken Dedes was the wife of the first King of Singhasari (later Singosari) and these bathing pools are believed to have been part of the royal court. There are some quite wonderful statues here. The whole area has some other fine relics from the early Hindu kingdoms including Candi Jago and Candi Kidal. Ask your guide or at Singosari Temple for further directions

Go next

  • Batu – nearby hill town. Very cool, fresh and visually extremely attractive, with
  • Bromo-Tengger-Semeru National Park – active volcanoes and unearthly scenery
  • Surabaya
  • Wendit – a little lake with woody place full of monkeys, nice to see and to swimm
  • Sengkaling – a place for swimming with crystal clear water
  • Semeru – the highest mountain in Java island

Tourist information Centres

  • East Java Tourist Office, Jl Jendral Basuki Rachmat 6. ☎ +62 341 323966.
  • Indonesian Guides Association, Jl Semeru 4. ☎ +62 341 366852.
  • Malang City Tourist Office, Jl Tugu 1. ☎ +62 341 327661.
  • Malang Tourism Center, Jl Jenderal Basuki Rachmad 11 ☎ +62 341 7570999
  • Bromo Tourims Center, Jl Panglima Sudirman 92. ☎ +62 8564 910 0851
  • Malang Travel Guide, Jl Raya Candi . ☎ +62 8233 469 9923


Citizens from the member states of the Association of Southeast Asian Nations as well as from several other states could already travel to the country visa-free, but the complete list of visa-free states and territories is now:

Singapore, Thailand, Myanmar, Brunei, Malaysia, Cambodia, Vietnam, Laos, Philippines, Chile, Morocco, Peru, Ecuador, Hong Kong, Macau, China, Russia, South Korea, Japan, United States, Canada, New Zealand, Mexico, United Kingdom, Germany, France, the Netherlands, Italy, Spain, Switzerland, Belgium, Sweden, Austria, Denmark, Norway, Finland, Poland, Hungary, Czech Republic, Qatar, United Arab Emirates, Kuwait, Bahrain, Oman, and South Africa.

Australians will still need a visa to enter the country, although tourists can buy one on arrival.

The five international airports through which citizens of the 45 countries and territories can enter Indonesia visa-free are Soekarno-Hatta in Jakarta, Ngurah Rai in Bali, Kuala Namu in Medan, Juanda in Surabaya and Hang Nadim in Batam.


Scientific Committee:
Professor Raghavendra Rau (University of Cambridge)
Professor William Megginson (University of Oklahoma)
Professor Claudio Morana (University of Milan)
Professor Joseph Cherian (National University of Singapore)
Professor Thomas Chemmanur (Boston College)
Professor Ansari Mahfooz (University of Lethbridge)
Professor David Guest (King’s College)
Professor Henk von Eije (University of Groningen)
Professor Graham Partington (University of Sydney)
Professor Alexander Kostyuk (Ukrainian Academy of Banking)
Professor Raja Suzana (Universiti Malaysia Kelantan)
Professor Masykuri (University of Islam Malang)
Professor Made Sudarma (Brawijaya University)
Junaidi Mistar, PhD (University of Islam Malang)
Faisal, PhD (Diponegoro University)
Dr. Suherman (State University of Jakarta)
Dr. Fachruzzaman (University of Bengkulu)
Dr. M. F. Arrozi (Esa Unggul University)
Dr. Winarto (UPN Veteran Yogyakarta)

Organizing Committee:
Nur Diana, MSi (University of Islam Malang) – Chair
Afifudin, MSA, Akt (University of Islam Malang) – Co-chair


Registration Fees

Registration fees for the conference are listed below.

Early bird

(until Sep 20)


(Sep 21 – Oct 20)

International Academics USD 400 USD 500
International Student USD 300 USD 400
Local Academics IDR 2,500,000 IDR 2,900,000
Local Student IDR 2,300,000 IDR 2,700,000

Registration fee includes participation in the program, coffee breaks, luncheons, proceedings, conference program, hand bag, name tag and certificate of presentation.

Registration fee excludes the accommodation.

There is a USD 200 (IDR 2,000,000 for local) for each additional paper.

No refunds are available.

The registration form should be accompanied by the appropriate payment for the registration fee and made payable by the following method:


Beneficiary Name: Herni Kurniawati
Account No.: 0948294462
Bank Name: Bank Central Asia (BCA)
Bank Address: Jl. Paus 81, Rawamangun, Jakarta Timur, Indonesia
Swift Code: CENAIDJA
Message: (Please indicate the name of the participant)

Please email the transfer slip to;



General APA Guidelines
Your essay should be typed, double-spaced on standard-sized paper (8.5″ x 11″) with 1″ margins on all sides. You should use a clear font that is highly readable. APA recommends using 12 pt. Times New Roman font.

Major Paper Sections
Your essay should include four major sections: the Title Page, Abstract, Main Body, and References.

Title Page
The title page should contain the title of the paper, the author’s name, the institutional affiliation, and email address.

Begin a new page. Your abstract page should already include the page header. On the first line of the abstract page, center the word “Abstract”. Beginning with the next line, write a concise summary of the key points of your research. (Do not indent.) Your abstract should be a single paragraph double-spaced. Your abstract should be between 150 and 250 words. You may also want to list keywords from your paper in your abstract. To do this, indent as you would if you were starting a new paragraph, type Keywords: (italicized), and then list your keywords.

Main Body
The main body should contain the background of study, literature review, methodology, results and discussion, and conclusion.

Your reference list should appear at the end of your paper. It provides the information necessary for a reader to locate and retrieve any source you cite in the body of the paper. Each source you cite in the paper must appear in your reference list; likewise, each entry in the reference list must be cited in your text.

Venue and Accommodation

The venue of the conference is Atria Hotel, Malang.


Malang offers a full range of accommodation through from simple homestays to star-rated hotels.


  • Ardjuno, Jl Brigjen Slamet Riadi No122, Malang, +62 341 326929 (). A bit distant from the city center but closer to shopping mall Town Square. Free WiFi. From Rp 55,000-110,000.  
  • Bamboe Denn, Jl Arjuna No1, Malang, +62 341 366256. A bit of legend on the backpacker circuit, this dorm is attached to an English language school and you will be asked to talk to the kids. From Rp 30,000.  
  • Gress Homestay, Jl Kahayan no.6, Malang, +62 341 491386 (), [8]. A nice budget option. Stay in a family house owned by the charming Mrs Grace Marten who speaks English, Dutch and Indonesian. Rp 100,000-110,000.  
  • Hotel Helios, Jl Patimura No37, Malang, +62 341 362741 (), [9]. Great value place aimed at backpackers. Very new and clean rooms, but cheap ones are really small and have a shared (also very clean) bathroom. Free wifi. English, Dutch and Indonesian speaking. Tours can also be booked here which are not overpriced. Rp. 250,000 to 450,000.  
  • Kampong Tourist, Jl Patimura No37, Malang, +62 341 345797 (), [10]. The best place for backpackers. Clean, good atmosphere, hot water, wifi, local tours, cafe and bar, tv. English and Indonesian speaking. Rp. 55,000 to 140,000.  
  • Hotel Menara, Jl. Pajajaran no.5, Malang, +62 341 362871 (). Same area as Helios, a few minutes walk from the train station. Rooms are slightly worn but large. The restaurant serves very cheap and delicious Indonesian food (10-20, 000 Rp). From Rp 135, 000(incl. breakfast, May 2015).  
  • Citihub Hotel, Jl Jaksa Agung Suprapto No11, Malang, +62 341 369385, [11]. . Rp. 210,000.  
  • Homestay Information, Jl Bunga Camalia No 9, Malang, +62 82232798131 (), [12]. The best place for backpackers. You can ask about tourism, and you can ask about homestay as your budget. Rp. 95,000 to 500,000.  
  • Jonas Homestay, Jl Sutomo no. 4 Malang, +62341-324678 (), [13]. Homestay with low budget, not far from train station. Comfortable and clean, feels like home. Rp. 60,000 to 250,000.   .


  • Amaris Hotel, Jl Letjend Sutoyo No. 39 (Near intersection of Jalan Sarangan and Jalan Letjen Sutoyo), +62 341 419 191 (), [14]. checkin: 12.00 am; checkout: 14.00 pm. Clean and affordable budget hotel owned by the Santika group, and ideal for business and budget travellers. It is also a convenient base for exploring the area’s many attractions. Wi-fi access, pool, meeting room facilities all available. From Rp 340,000.  
  • Kertanegara Premium Guest House, Jl Semeru 59 (Near intersection of Jalan Ijen and Jalan Semeru), +61 341 368 992 (), [15]. . From Rp 330,000.  
  • Hotel Pelangi, Jl Merdeka Selatan 3, Malang 65119, +62 341 365156 (, fax: +62 341 365466). Centrally located mid range hotel in the city. From about Rp 400,000.  
  • Graha Cakra Hotel, Jl Cerme No16, +62 341 324989 (), [16]. A converted colonial building that dates from 1930s. Designed by Dutch architect Ir Mueller. Has been operating as a hotel since 1994. 52 rooms, large swimming pool and restaurant. From €50.  
  • Regent’s Park Hotel, Jl Jaksa Agung Suprapto 12-16, Malang 65111, +62 341 363 888 (), [17]. Large 100 room modern hotel which is a little lacking in character but offers good value and service. From Rp 430,000.  
  • Savana Hotel and Convention, Jl Letjend Sutoyo No. 32-34 (Near the intersection of Jalan Sarangan and Jalan Letjen Sutoyo), +62 341 495 555 (), [18]. Modern, clean and spacious hotel at the heart of the city. ATMs, Garuda Airlines office, Shuttle service, Wi-fi access, indoor swimming pool, gym, spa, meeting room facilities and three dining places in site; after 5ive dine and lounge in the sky, Terrata Restaurant, and Kayu Manis Lounge.  


  • Tugu Hotel, Jl. Tugu No3, Malang, East Java, Indonesia, +62 341 363891 (), [19]. The sister hotel of the famous Tugu Hotel in Canggu, Bali and a similar type of property. It is fitted and furnished with a range of fine Javanese antiquities. The owners of the Tugu rescued and relocated many splendid old trees here when property developers razed the old Malang botanical gardens. Located in the heart of the old town and looks out on the Tugu Monument which commemorates the independence struggle in Indonesia. A four star property but it feels better than that. Highly recommended From US$105 for a deluxe room up to US$1,000 for the Apsara suite.  
  • Villa in Malang (Perfect for Groups), [20]. checkin: flexible; checkout: flexible. Comfortably and peacefully located near Apple garden, surrounded by Arjuna, Kawi and Welirang mountains, the villa offers beautiful scenery for its visitors. At an altitude of 1300m above sea level, the sea views are magnificent and the cool fresh air rejuvenates travelers at the villa. Suitable for groups such as family gatherings, group retreat, and also New year’s firework ritual. This 6 bedroom villa has also a kitchen for you to prepare meals. USD 235 per night

Keynote Speaker

Professor Raghavendra (Raghu) Rau is currently the Sir Evelyn de Rothschild Professor of Finance at Judge Business School, University of Cambridge. He is also a past president of the European Finance Association, Head of the School’s Finance & Accounting subject group, Director (Research) of the Cambridge Centre for Alternative Finance (CCAF) and a member of the Cambridge Corporate Governance Network (CCGN).

Professor Rau has taught at a number of universities around the world, including the Institut d’Etudes Politiques de Paris (Sciences PO), Purdue University, the University of California at Los Angeles and most recently, the University of California at Berkeley.

Professor Rau was Principal at Barclays Global Investors, then the largest asset manager in the world, in San Francisco from 2008-2009. He is Co-Editor of Financial Management, and an Associate Editor of the Journal of Banking and Finance, the International Review of Finance and the Quarterly Journal of Finance. His research has frequently been covered by the popular press including the New York Times, the Financial Times, the Wall Street Journal, and the Economist, among others.

His research interests include corporate finance; market efficiency; the acquisition and use of information by market participants in a competitive framework.

Awards & honours

  • FMA Competitive Paper in Corporate Finance Award for the paper “Do compensation consultants enable higher CEO pay? New evidence from recent disclosure rule changes”, 2015
  • Ig Nobel Prize in Management for the paper “What doesn’t kill you will only make you more risk-loving: early life disasters and CEO behavior”, 2015
  • International Finance & Banking Society best paper in conference award for the paper “What doesn’t kill you will only make you more risk-loving: early life disasters and CEO behavior”, 2015
  • Keynes Senior Fellowship, 2014
  • Club 7 Member, Haas School of Business, University of California at Berkeley (for teaching excellence, based on student evaluations), 2009
  • The Chinese Finance Association Best Paper in Corporate Finance Award, 2008
  • Runner-Up, Salgo-Noren Teaching Award for Outstanding MBA Teacher of the Year, Purdue University, 2007
  • Dean’s Outstanding MBA Core Course Teaching Award, Purdue University, 2005, 2007
  • Institute for Quantitative Research in Finance (Q Group) Award, 2003
  • Chicago Quantitative Alliance Award, 2002
  • School of Management Outstanding Undergraduate Teaching Award, Purdue University, 2001
  • John and Mary Willis Young Faculty Scholar Award, 2001
  • EFA Barclays Global Investor Award, 2000
  • Krannert Faculty Fellow Award, 1999
  • FMA “Best of the Best” Award, 1996
  • FMA Competitive Award for Business Finance, 1996
  • Indian Institute of Management Merit Scholarship, 1988
  • Delhi University Merit Scholarship, 1987
  • National Talent Merit Scholar, India, 1982

Selected publications

Here are a selection of Raghavendra Rau’s publications.

Bernile, G. Bhagwat, V. and Rau, P.R. (2015) “What doesn’t kill you will only make you more risk-loving: early-life disasters and CEO behavior.” Journal of Finance (available online via the SSRN) (forthcoming)

Mola, S., Rau, P.R. and Khorana, A. (2013) “Is there life after the complete loss of analyst coverage?” The Accounting Review, 88(2): 667-705 (DOI: 10.2308/accr-50330)

Rau, P.R. and Xu, J. (2013) “How do ex ante severance pay contracts fit into optimal executive incentive schemes?” Journal of Accounting Research, 51(3): 631-671 (DOI: 10.1111/joar.12001)

Rau, P.R. and Stouraitis, A. (2011) “Patterns in the timing of corporate event waves.” Journal of Financial and Quantitative Analysis, 46(1): 209-246 (DOI: 10.1017/S0022109010000694)

Cheung, Y.-L., Rau, P.R. and Stouraitis, A. (2006) “Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong.” Journal of Financial Economics, 82(2): 343-386

Cooper, M.J., Gulen, H. and Rau, P.R. (2005) “Changing names with style: mutual fund name changes and their effects on fund flows.” Journal of Finance, 60(6): 2825-2858

Many of Professor Rau’s papers are available via the Social Science Research Network.