Semarang, July 3, 2026 – The Doctoral Program in Economics, Faculty of Economics and Business, Diponegoro University (FEB UNDIP), once again held its Doctoral Promotion Examination. On this occasion, Erman Denny Arfinto successfully defended his dissertation entitled:
“Dynamic Term-Structure Modeling Through Estimation of the Level, Slope, and Curvature of the Yield Curve of Government Bonds in Indonesia.”
The doctoral promotion examination was held in the Doctoral Meeting Room, Pertamina Hall, 3rd Floor, FEB UNDIP Dean’s Building, and was attended by the promoter team, examiners, family members, and the academic community.
In his research, Erman Denny Arfinto examined government bond yield curve modeling, specifically the level, slope, and curvature. This research is expected to contribute to the development of financial science, particularly in understanding the dynamics of the Indonesian government bond market and supporting more effective investment and economic policy decisions.
Acting as Promoter was Prof. Dr. The dissertation was led by Dr. Harjum Muharam, S.E., M.E., while the Co-Promoter was Dr. Dra. Irene Rini Demi Pangestuti, M.E. Both provided academic guidance and direction throughout the dissertation development process and the promotion examination.
The examination proceeded smoothly and in a constructive academic atmosphere. The doctoral candidate presented his research comprehensively and answered various questions and input from the examining team.
This success marks a significant milestone for Erman Denny Arfinto and adds to the number of doctoral graduates produced by the Doctoral Program in Economics, Faculty of Economics and Business, Diponegoro University. It is hoped that the research findings will benefit academics, financial practitioners, regulators, and policy development in the Indonesian financial market sector.
Congratulations to Dr. Erman Denny Arfinto on successfully earning his doctorate in the Doctoral Program in Economics, Faculty of Economics and Business, Diponegoro University. May this achievement be the first step in continuing to work and contribute to the development of science and the Indonesian economy.