scholarly journals ANALISIS ABNORMAL RETURN SURAT BERHARGA PADA PENAWARAN PERDANA DI BURSA EFEK JAKARTA (PERBANDINGAN PERIODE SEBELUM DAN SELAMA KRISIS MONETER)

2018 ◽  
Vol 9 (1) ◽  
Author(s):  
Tri Kartika Pertiwi
Keyword(s):  
Standard Deviation ◽  
Initial Public Offering ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Company Value ◽  
Underwriter Reputation ◽  
Monetary Crisis ◽  
Return Difference ◽  
Public Offering

The research about abnormal return of initial offering has  been  carried out by many other researchers. The results indicated that underpricing which signed by positive abnormal returns occurred in the short time. However, the effects that has caused underpricing was still indicate inconsistency. The objective of this research is to examine the differences of abnormal return between company that carry out  initial public offering in the  period  before and during monetary crisis,with a special reference to Jakarta Stock Exchange. Furthermore, it also aims to find out effects of stock value uncertainty and company value that proxied by standard deviation and age, effect of informed demand proxied by delay time, and effect of underwriter reputation on abnormal return.Results indicated that there was significant abnormal return difference between the periods before and during monetary crisis.  The factor that effected abnormal return in the period before monetary crisis was delay variable and underwriter reputation. The results was contrary with initial assumption. The significant factor that influenced abnormal return in the period during monetary crisis was standard deviation and age

scholarly journals ANALISIS ABNORMAL RETURN SURAT BERHARGA PADA PENAWARAN PERDANA DI BURSA EFEK JAKARTA (PERBANDINGAN PERIODE SEBELUM DAN SELAMA KRISIS MONETER)

2017 ◽  
Vol 9 (1) ◽  
pp. 1
Author(s):  
Tri Kartika Pertiwi
Keyword(s):  
Standard Deviation ◽  
Initial Public Offering ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Company Value ◽  
Underwriter Reputation ◽  
Monetary Crisis ◽  
Return Difference ◽  
Public Offering

The research about abnormal return of initial offering has  been  carried out by many other researchers. The results indicated that underpricing which signed by positive abnormal returns occurred in the short time. However, the effects that has caused underpricing was still indicate inconsistency. The objective of this research is to examine the differences of abnormal return between company that carry out  initial public offering in the  period  before and during monetary crisis,with a special reference to Jakarta Stock Exchange. Furthermore, it also aims to find out effects of stock value uncertainty and company value that proxied by standard deviation and age, effect of informed demand proxied by delay time, and effect of underwriter reputation on abnormal return.Results indicated that there was significant abnormal return difference between the periods before and during monetary crisis.  The factor that effected abnormal return in the period before monetary crisis was delay variable and underwriter reputation. The results was contrary with initial assumption. The significant factor that influenced abnormal return in the period during monetary crisis was standard deviation and age.

scholarly journals ANALISIS PENGARUH HARGA SAHAM PERDANA TERHADAP ABNORMAL RETURN YANG DITERIMA INVESTOR STUDI PADA BURSA EFEK INDONESIA

2019 ◽  
Author(s):  
Afriyeni Afriyeni ◽  
Doni Marlius
Keyword(s):  
Initial Public Offering ◽  
Abnormal Return ◽  
Sampling Method ◽  
Stock Exchange ◽  
Alternative Hypothesis ◽  
Abnormal Returns ◽  
Sampling Technique ◽  
Real Rate ◽  
Average Abnormal Return ◽  
Public Offering

In this research uses empirical design, the goal is to determine how the effect of the initial public offering of the abnormal return earned by investors on the Stock Exchange went public in the period 2008-2010. This study is a population of all shares of listed companies on the Stock Exchange. The sampling technique used was purposive sampling method based sampling method with a consideration of certain criteria in order to obtain as many as 26 samples. Based on the statistical test results, it can be concluded that the initial public offering and a significant positive effect on abnormal returns earned by investors on the Stock Exchange, which can be seen from the alternative hypothesis is accepted. This means that the average abnormal return earned by investors on the Stock Exchange for the first six weeks of the companies that go public as many as 26 companies will be greater than 0 (zero) or positive. Overall average abnormal return earned by investors is positive, so that the average IPO price of 26 companies that went public in the year 2008 to 2010 is considered low (undervalued) or if the real rate of return higher than the return that expected.

Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing

2016 ◽  
Vol 8 (1) ◽  
pp. 53-74
Author(s):  
Maria Jeanne ◽  
Chermian Eforis
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Statement ◽  
Data Set ◽  
Multiple Regression Method ◽  
Underwriter Reputation ◽  
Public Offering

The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing. Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.

APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Saefudin Saefudin ◽  
Tri Gunarsih
Keyword(s):  
Interest Rates ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Secondary Market ◽  
Company Size ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Public Offering

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.

scholarly journals Prospectus disclosure and the stock market performance of initial public offerings (IPOs): the case of Thailand

2016 ◽  
Vol 13 (4) ◽  
pp. 160-179
Author(s):  
Kulabutr Komenkul ◽  
Mohamed Sherif ◽  
Bing Xu
Keyword(s):  
Stock Returns ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Jel Classification ◽  
Ipo Underpricing ◽  
Stock Market Performance ◽  
Wide Range

This study examines if the prospectus disclosure of the motives for an initial public offering (IPO) explains the long-run performance of equity issuers using hand-collected data for 245 IPOs from the Stock Exchange of Thailand (SET), and also the Market for Alternative Investments (MAI), in the 12-year period between 2001 and 2012. The stock returns of the IPOs were investigated using cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR). The authors find a significant impact for the level of use-of-proceeds disclosure on IPO underpricing, and further that the ex-ante uncertainty and signalling hypotheses explain the IPO underpricing phenomenon in the Thai IPO market. Furthermore, Thai firms citing investment needs show significant positive abnormal returns after the offering, but issuers that state general corporate purposes and debt payments motives underperform. The authors provide evidence that the offering size and bull-market conditions significantly affect the IPO pricing and the strategic disclosure of information in the prospectus. Our results are robust, having been subjected to a wide range of sensitivity checks. Keywords: Prospectus disclosure, IPO performance, Thailand. JEL Classification: G14, G30, G32

scholarly journals The Influence of Intellectual Capital Disclosure, Economic Value Added Analysis, and Inclusion of Warrants on the Level of Underpricing in Shares

2019 ◽  
Vol 28 (3) ◽  
pp. 1682
Author(s):  
Muhammad Faisal ◽  
Gerianta Wirawan Yasa
Keyword(s):  
Initial Public Offering ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Sampling Technique ◽  
Economic Value Added ◽  
Ipo Underpricing ◽  
Company Value ◽  
Public Offering

The underpricing phenomenon often occurs when a company conducts an initial public offering or commonly known as IPO (Initial Public Offering). This condition causes stakeholders receive not enough information for assessing the company value. This study aims to analyze the effect of intellectual capital disclosure, economic value added, and inclusion of warrants on the level of underpricing of shares. This research was conducted in all companies that conducted IPOs on the Indonesia Stock Exchange (IDX) in the period 2012-2014. The number of samples taken was 60 companies, with a purposive sampling technique. The data analysis technique used is multiple linear regression. The results of testing the partial test hypotheses found that intellectual capital disclosure variables negatively affect the level of underpricing, while the variables of warrants participation have a positive effect on the level of underpricing. The economic value added variable does not affect the level of underpricing. Keywords : Initial Public Offering (IPO), Underpricing, Economic value added, Warrant.

scholarly journals DETERMINANTS FACTOR ANALYSYS OF UNDERPRICING ON INITIAL PUBLIC OFFERING AT INDONESIA STOCK EXCHANGE

2017 ◽  
Vol 15 (1) ◽  
pp. 21
Author(s):  
Ardhiani Fadila ◽  
Muhammad Zilal Hamzah ◽  
Pardomuan Sihombing
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Stock Prices ◽  
Stock Exchange ◽  
Financial Information ◽  
Financial Data ◽  
Economic Data ◽  
Independent Variables ◽  
Underwriter Reputation ◽  
Public Offering

Under pricing is phenomenon of IPO which often happened in capital market and have been examined by researchers in many countries. This study aims to analyze the determinant factors of under pricing. This data is collected from some stocks at Indonesia Stock Exchange, especial for non-financial sector company which performed initial public offering period 2010-2014.<br />The samples used were 75 companies that were taken through purposive sampling. Independent variables in this study are Macro Economic Data, Financial Data and Non-Financial Data.<br />The result shows that all independent variables simultaneously have a significance correlation toward under pricing. Its prove that the rate of inflation has effect on determining IPOs price which impact on profit companies also stock prices. While non-financial information (proxies by underwriter reputation) has a negative correlation toward the degree of under pricing. Its mean that a good performance of underwriter can decrease the IPOs under pricing.

scholarly journals Modeling and Estimation of Cumulative Abnormal Return using VECM

2021 ◽  
Vol 7 (1) ◽  
pp. 36-49
Author(s):  
Sri Ambarwati ◽  
Eka Sudarmaji ◽  
Herlan Masrio ◽  
Ismiriati Nasip
Keyword(s):  
Initial Public Offering ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Idiosyncratic Risk ◽  
Cointegration Analysis ◽  
Cumulative Abnormal Return ◽  
Firm Level ◽  
Long Run ◽  
Short Run ◽  
Public Offering

This paper examined how firm-level idiosyncratic risk varies over time. It affected initial public offering (IPO) in the presence of pump-and-dump and flipping trends during the early trading of IPO stocks in the Indonesia Stock Exchange. The paper used the IPO data taken from 181 companies during the year 2015-2019. It revisited the relationship between Cumulative Abnormal Return thirty-days (CAR30D) and Cumulative Abnormal Return five-days (CAR5D) and the Characteristics (IPO Floating shares, IPO Fund and Price) and Macroeconomics Condition (Inflation rate). It also used the cointegration analysis and VECM model. The paper found that Both LnFloat and LnPrice had causal evidence in the long-run causality or short-run with Cumulative Abnormal Return thirty days (CAR30D). We also noted that idiosyncratic risk exposure depends on IPO characteristics. It was crucial for firms going public in hot-issue markets, undervalued IPOs, and high idiosyncratic-risk issues. The model suggested that those series should cointegrate firstly. However, the variable of LnIPOFund had causal evidence in the short-run causality only.

KINERJA SURAT BERHARGA SETELAH INITIAL PUBLIC OFFERING

2005 ◽  
Vol 1 (2) ◽  
pp. 135
Author(s):  
Umi Murtini
Keyword(s):  
Initial Public Offering ◽  
Abnormal Return ◽  
Stock Exchange ◽  
T Test ◽  
Short Term ◽  
Sample Data ◽  
Level I ◽  
Public Offering ◽  
Term Performance

This study observes the pedormance of stock, shortierm and long-term in Jakarta Stock Exchange (BEJ). Sample data taken from firm that hove done IPO since the January 1990 untit December 2003, amount sample that used as much 255 firms. The daily abnormal return used as proxy perlormance by using Market-Adjusted Return Abnormal Model (Aggwwal $993). Short-term pedormance is based on a share performance atter, one day,' one month, 2 month and 3 month, Long-term perfonnance is b,osed on performance during 24 month. The result tests of one sampte t-test indicate that in short-term, cnerage abnormal return ore positive equal to i,8, 83 %. This result consistent with the previous research that performance in short-term experience, of the under pricing, Abnormal relurn that resuked in long term are arcrage negative equal to 21, 44%. This study Jinds the consistent phenomenon underperformance on a long term. And then the results of paired comparisont-test indicate that the short-term performance,is better lhqnlong-range performance, at level I %o.signtficance.Keywords: t Initiol Pubtic Offering, Performace of IPO, Abnormitl'Return, Underpricing and Underperform)

effect of underwriter's reputation and auditor's reputation on underpricing in medium companies taking an initial public offering on the Indonesia stock exchange

2021 ◽  
Vol 9 (1) ◽  
pp. 67-78
Author(s):  
P. Lelyta Apti Dhina Apsari ◽  
Gerianta Wirawan Yasa ◽  
Ida Bagus Putra Astika
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Negative Influence ◽  
Public Offerings ◽  
Analytical Technique ◽  
Underwriter Reputation ◽  
Public Offering

The purpose of this study is to obtain empirical evidence of the influence of auditor reputation and the effect of underwriter reputation on medium-sized companies that conduct initial public offerings. This research was conducted on 190 companies experiencing underpricing listed on the Indonesia Stock Exchange (IDX) for the 2016-2021 period, the research data used in this study is secondary data. The number of samples analyzed was 130 development board companies and experienced underpricing because companies that met the sample criteria. The analytical technique used in this study was Multiple Linear Regression Analysis. The results of the study prove that underwriter reputation has a negative influence on underpricing of medium-sized companies that conduct initial public offerings. The reputation of the auditor has no effect on the underpricing of medium-sized companies that make this initial public offering on the IDX.

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