Share Price Analyst With PBV, DER, And EPS At Initial Public Offering

Underpricing and overpricing are commonly happened in stocks market. Underpricing happened when IPO pricing was lower than closing price in the first day stock been trade in the market. There were some measurements to be used, like Price to Book Value (PBV), Price Earning Ratio (PER), Earning Per Share (EPS), Debt to Equity Ratio (DER), Net Profit Margin (NPM), Size of Company (Size) and Company Age (Age). The type of research was quantitative with a comparative analysis which focused on the study of literature to support research by describing theories related to the title of the study, data collection of financial statements, and annual reports of companies going public as well as Fact Book published. This article used data from 78 companies that did IPOin 2010 to 2013. This research finds that some statistic used to show majority variables that influence to underpricing is PBV, PER, DER,and Size.

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Analisis Kinerja Keuangan Sebelum dan Sesudah Initial Public Offering (IPO) Pada Perusahaan Non Keuangan di Bursa Efek Indonesia

Paediatrica Indonesiana ◽

10.24036/wra.v6i2.102516 ◽

2018 ◽

Vol 6 (2) ◽

pp. 1347

Author(s):

Arfandi Arfandi ◽

Salma Taqwa

Keyword(s):

Financial Performance ◽

Initial Public Offering ◽

Financial Analysis ◽

Total Asset ◽

Major Influence ◽

Current Ratio ◽

Average Value ◽

Net Profit ◽

Equity Ratio ◽

Public Offering

Deciding for an initial public offering (IPO) has a major influence in improving the company's condition, improving the company's performance, especially in terms of corporate financial performance. This study aims to assess financial performance by viewing and analyzing financial reports, non-financial companies that IPO in 2014 at BEI. Financial analysis uses 6 (six) financial ratios: Return On Investments (ROI), Net Profit Margin (NPM), Total Asset Turn Over (TATO), Current Ratio, Debt to Equity Ratio (DER), and CashFlow Operation Ratio (CashFlow to Sales). Assessment of financial performance by comparing the difference in performance before IPO with post IPO so that the data analysis technique used is paired sample T-test. Based on the results of the analysis found that there are differences in financial performance in the current ratio, and the ratio of total asset turnover (TATO) before and after the IPO, but there is no difference in financial performance measured through return on investment (ROI), net profit magin (NPM ), debt to equity ratio (DER), and cash flow operations ratio. The condition of performance difference in current ratio tends to increase seen from the average value before doing IPO but TATO ratio tends to decrease from before IPO.Keyword: Initial Public Offering (IPO), Financial Performance, Financial Ratio

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Analisis Return on Equity (ROE), Current Ratio (CR), Net Profit Margins (NPM), dan Debt to Equity Ratio (DER) terhadap Earning Per Share (EPS)

JBMP (Jurnal Bisnis Manajemen dan Perbankan) ◽

10.21070/jbmp.v4i2.1902 ◽

2018 ◽

Vol 4 (2) ◽

pp. 154-163

Author(s):

Sriyono Sriyono ◽

Detak Prapanca ◽

Andi Setyo Budi

Keyword(s):

Financial Statements ◽

Profit Margin ◽

Annual Reports ◽

Manufacturing Companies ◽

Current Ratio ◽

Return On Equity ◽

Net Profit ◽

Food And Beverage ◽

Negative Effect ◽

Equity Ratio

The purpose of this study is to influence of Return on Equity (ROE), Current Ratio (CR), Net Profit Margin (NPM) and Debt To Equity Ratio (DER) to Earning Per Share (EPS) are partially and simultaneously. The research methode is Quantitative with sample research methods are food and beverage manufacturing companies period 2012 to 2016 with a total of 12 companies. Data from the IDX Faculty of Economics and Business, University of Muhammadiyah Sidoarjo or from the official website of the IDX. Data collection is carried out by tracking financial statements, annual reports (annual reports) and continuous reports or social information of the companies selected as samples. The results showed that simultaneously (Test F) Return on Equity, Current Ratio, Net Profit Margin, and Debt to Equity Ratio, is significant effect on the company's Earning Per Share. Partially (t test) the variable Current Ratio (CR) has a negative effect on Earning Per Share. While the variable Return On Equity (ROE), Net Profit Margin (NPM), and Debt To Equity Ratio (DER) is not Significant effect on Earning Per Share.

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Pengaruh Profitabilitas, Likuiditas, Solvabilitas, Dan Kebijakan Dividen Terhadap Harga Saham

Jurnal ULTIMA Accounting ◽

10.31937/akuntansi.v5i2.153 ◽

2013 ◽

Vol 5 (2) ◽

pp. 81-98

Author(s):

Hans Christian Pranata ◽

Ratnawati Kurnia

Keyword(s):

Dividend Policy ◽

Secondary Data ◽

Financial Statements ◽

Profit Margin ◽

Share Price ◽

Current Ratio ◽

Dividend Payout ◽

Net Profit ◽

Equity Ratio ◽

The Impact

The objective of this research is to examine the impact of profitability, liquidity, leverage, and also dividend policy partially and simultaneously towards share price. The profitability is proxied by Net Profit Margin (NPM), liquidity is proxied by Current Ratio (CR), leverage is proxied by Debt-to-Equity Ratio (DER), and dividend policy is proxied by Dividend Payout Ratio (DPR). The objects of this study are companies which have listed in Indeks Kompas100 in period 2009-2011. The samples are 17 companies determined based on purposive sampling. Data used in this study is secondary data such as financial statements and daily share price. The result of this study are (1) profitability proxied by Net Profit Margin has partial positive significant impact to share price (2) liquidity proxied by Current Ratio does not have partial negative significant impact to share price (3) leverage proxied by Debt-to-Equity Ratio does not have partial negative significant impact to share price (4) dividend policy proxied by Dividend Payout Ratio has partial positive significant impact to share price (5) profitability, liquidity, leverage, and dividend policy simultaneously have significant impact to share price. Keywords: profitability, liquidity, leverage, dividend policy, Net Profit Margin (NPM), Current Ratio (CR), Debt-to-Equity Ratio (DER), Dividend Payout Ratio (DPR), share price.

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Using Case Materials to Research Professional Standards on Revenue Recognition Issues

Issues in Accounting Education ◽

10.2308/iace.2007.22.1.89 ◽

2007 ◽

Vol 22 (1) ◽

pp. 89-104 ◽

Cited By ~ 1

Author(s):

Sudha Krishnan ◽

Steven M. Mintz

Keyword(s):

Initial Public Offering ◽

Financial Statements ◽

Professional Standards ◽

Share Price ◽

Net Income ◽

Revenue Recognition ◽

Generally Accepted Accounting Principles ◽

Software Company ◽

Accounting Principles ◽

Public Offering

MicroStrategy, Inc. is a software company listed on NASDAQ. Since the company came out with an initial public offering (IPO) in June 1998, it has always been identified as a successful, growing company with positive net income. On March 20, 2000, the company announced that it would restate its financial statements for all years since its IPO. This announcement caused its share price to fall 60 percent in one day. The case summarizes management's actions and asks you to identify issues relating to revenue recognition policies under generally accepted accounting principles (GAAP).

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Pengaruh Faktor Fundamental Dan Risiko Sistematis Terhadap Return Saham Syariah

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v12i1.581 ◽

2016 ◽

Vol 12 (1) ◽

pp. 23

Author(s):

Dwi Budi Prasetyo Supadi ◽

M. Nuryatno Amin

Keyword(s):

Initial Public Offering ◽

Stock Exchange ◽

Systematic Risk ◽

Financial Statements ◽

Return On Equity ◽

Fundamental Factor ◽

Equity Ratio ◽

Public Offering ◽

Publication Period ◽

Selection Of

The research was conducted to examine the influence of fundamental factors and systematic risk to Islamic stocks Return. Fundamental factor in this study is proxied by: (1) Earnings per Share (EPS), (2) Return on Equity (ROE), and (3) Debt to Equity Ratio (DER), whereas systematic risk is proxied by Stocks of Beta.The population of this study is all companies listed on the Indonesia Stock Exchange (IDX) incorporated in the Jakarta Islamic Index (JII). Observation period in the study conducted from 2008 to 2011. Of this population, the selection of the sample using purposive sampling criteria: (1) The Company is always consistent on the Jakarta Islamic Index (JII) at least 4 times of the publication period December 2008 to December 2011, (2) The Company perform Initial Public Offering (IPO) in 2007, (3) Issuing an audited financial statements in the period 2008 to 2011, and (4) Getting a profit during the period of 2008 to 2011. With these criteria, the sample obtained by 20 companies. Performed during the study period of 4 (four) years and analytical methods using linear regression analysis.The results of this study indicate that the Earning per Share (EPS), Return on Equity (ROE), and Stocks of Beta positive, but not significant to Islamic stocks Return, while the Debt to Equity Ratio (DER) negative, but not significant effect on Islamic stocks Return. Simultaneously Earning per Share (EPS), Return on Equity (ROE), Debt to Equity Ratio (DER), and Stocks of Beta have no effect on Islamic stocks Return. Keywords: Fundamental Factors, Earning per Share, Return on Equity, Debt to Equity Ratio, Systematic Risk, Stocks of Beta and Islamic stocks Return.

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Pengaruh Laba Bersih dan Debt to Equity Ratio terhadap Dividen pada PT. Adaro Energy Tbk 2010 - 2017

Jurnal Riset Inspirasi Manajemen dan Kewirausahaan ◽

10.35130/jrimk.v3i2.65 ◽

2019 ◽

Vol 3 (2) ◽

pp. 80-84

Author(s):

Septi Utami ◽

Nor Norisanti ◽

Faizal Mulya Z

Keyword(s):

Correlation Coefficient ◽

Financial Statements ◽

Multiple Correlation Coefficient ◽

Debt Ratio ◽

Net Income ◽

Multiple Correlation ◽

Net Profit ◽

Equity Ratio ◽

R Value ◽

Moderate Relationship

The purpose of this study was to study the effect of net income and the Debt Ratio on Equity to Dividends at PT. Adaro Energy Tbk 2010-2017. The technique used in this study was purposive sampling. The population used in this study is the financial statements of PT. Adaro Energy Tbk, which is listed on the IDX. And the sample from financial statements is available for 32 periods (quarterly). The results of the determination coefficient test (R2) of 0.253 can be interpreted that the effect of Net Profit and Debt To Equity Ratio to Dividend is 25.3%. The remaining 74.4% is influenced by other factors not explained in this study. Based on the multiple correlation coefficient test seen from the R value of 0.503, indicating that there is a moderate relationship between Net Profit and Debt To Equity Ratio with Dividends. Based on the F test the probability value sig. 0.015 <0.05 which means that together the value of Net Profit (X1) and Debt To Equity Ratio (X2) have a significant effect on dividends (Y). Based on the t test shows that Net Profit (X1) does not significantly influence dividend (Y), Debt To Equity Ratio (X2) does not significantly influence dividend (Y).

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IPO Pricing Phenomena: Empirical Evidence Of Behavioral Biases

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v6i4.2412 ◽

2011 ◽

Vol 6 (4) ◽

Cited By ~ 2

Author(s):

Michael Adams ◽

Barry Thornton ◽

George Hall

Keyword(s):

Initial Public Offering ◽

Behavioral Finance ◽

Efficient Market Hypothesis ◽

Class Action ◽

Investment Horizon ◽

Efficient Market ◽

The Past ◽

Ipo Pricing ◽

Public Offering ◽

Substandard Performance

Does IPO stand for Instant Profit Opportunity or It’s Probably Over-priced? The conundrum is that both answers are generally correct. The answer appears to depend on the investor’s investment horizon. This realization provides an enigma for the Efficient Market Hypothesis (EMH) proponents. It is widely known that initial public offering (IPO) stocks in the past have typically been underpriced, thereby allowing the fortunate purchaser to buy the shares in the primary market and systematically beat the stock market averages. This phenomenon is evidenced by the average one-day returns on IPOs of 15% and presents a puzzle to efficient market advocates. Behavioral finance posits that the same underpriced IPO stocks will under-perform the market and deliver substandard performance during the ensuing one to three years. At a minimum, the “new-issues puzzle” presents a challenge to the EMH and has given rise to many class-action stockholder lawsuits alleging illegal price manipulation. Why under-pricing systematically happens and why issuing firms/major shareholders choose to leave copious amounts of money on the table is not well explained by traditional financial theory. Behavioral finance melds together investor psychology and normative financial theory in an attempt to explain this market enigma.

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Does prospectus information matter in IPO pricing?

Journal of Islamic Accounting and Business Research ◽

10.1108/jiabr-10-2017-0146 ◽

2018 ◽

Vol 9 (4) ◽

pp. 514-530 ◽

Cited By ~ 1

Author(s):

Rasidah Mohd-Rashid ◽

Mansur Masih ◽

Ruzita Abdul-Rahim ◽

Norliza Che-Yahya

Keyword(s):

Initial Public Offering ◽

Institutional Investors ◽

Ordinary Least Squares ◽

Quadratic Model ◽

Cross Sectional ◽

Content Type ◽

Ipo Pricing ◽

The Government ◽

Public Offering ◽

Lower Uncertainty

Purpose The purpose of this study is to identify selected information from the prospectus that might signal the initial public offering (IPO) offer price. Design/methodology/approach This study uses cross-sectional data for a 14-year period from 2000 to 2014 in examining hypotheses relating to Shariah-compliant status, institutional investors, underwriter ranking and shareholder retention, with respect to their associations with the offer price of the IPOs. Further, this study uses ordinary least squares (OLS) for all models, including the models for both subsamples of Shariah- and non-Shariah-compliant IPOs. As for robustness, this study incorporates the quantile regression and quadratic model. Findings The results tend to provide support for the argument that firms with Shariah-compliant status reflect lower uncertainty and project better signalling of quality due to greater scrutiny by the government and thus are able to offer IPOs at higher prices. Similarly, firms with a higher proportion of shareholder retention indicate lower risks as insiders forego their options to diversify their portfolio, and hence could price their IPOs higher. Finally, the involvement of institutional investors and higher underwriter ranking could be used by firms to disregard information asymmetry, and therefore, the issuer might have to discount the IPO offer price. Research limitations/implications This study focuses solely on information in the prospectus that should not be disregarded by the investors in valuing the appropriateness of the IPO offer price. This study contributes in terms of providing a better understanding of the determinant factors of the IPO offer price of the firms which are Shariah-compliant. Originality/value This paper provides evidence for the determinants of the IPO offer price in a fixed pricing mechanism for both Shariah-and non-Shariah-compliant IPOs.

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Price Determination in Public Offering and Evaluation Methods

Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-4666-7288-8.ch010 ◽

2015 ◽

pp. 144-165

Author(s):

Ümit Hacıoğlu ◽

Hasan Dinçer ◽

Zuhal Akça

Keyword(s):

Performance Evaluation ◽

Initial Public Offering ◽

Capital Markets ◽

Evaluation Methods ◽

Price Determination ◽

Key Factors ◽

Advanced Economies ◽

Ipo Pricing ◽

And Performance ◽

Public Offering

The latest financial situation in capital markets in advanced economies, emerging markets, and the Euro zone illustrates that volatility and risks related to global economic activity and global financial markets have impact on local capital markets and directly affects the value of company stocks even though an investor diversified his/her risk by investing in a portfolio. The initial public offering process, performance evaluation methods, and price determination became key factors for companies and investors. In this chapter, advantages and disadvantages of IPO, pricing methods and performance evaluation methods are assessed.

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