scholarly journals Analisis Kinerja Keuangan PT. BNI (Persero) Tbk Sebelum dan Sesudah Melakukan Seasoned Equity Offerings

2018 ◽  
Vol 3 (1) ◽  
pp. 34
Author(s):  
NANCY IKA ERVINA ◽  
MUSDHOLIFAH MUSDHOLIFAH
Keyword(s):  
Financial Performance ◽  
Seasoned Equity Offerings ◽  
Equity Offerings ◽  
Seasoned Equity Offering ◽  
Public Company ◽  
Before And After ◽  
Operational Activities ◽  
A Company ◽  
Better Than ◽  
Equity Offering

Seasoned equity offering (SEO) is done by public company which need seasoned loan to costing operational activities and invest.  Except to costing operational activities and invest a company, this offering can used to looking for seasoned loan to pay company loan. The aim of this study is to analyze financial performance of PT. BNI (Persero) Tbk before and after seasoned equity offering (SEO) with CAMELS (Capital, Assets Quality, Management, Equity, Liquidity, dan Sensitivity) measurement. This research represent descriptive which purposed to collect information about exist symptom.  This research is done in PT. BNI (Persero) Tbk. Ratio analysis are using Capital : CAR, Assets Quality : KAP1 dan KAP2, Earning : ROA dan BOPO, Liquidity : NCM to CA dan LDR, which later from the ratio can be explained its meaning. The conclusion of this research that financial performance PT. BNI (Persero) Tbk generally before seasoned equity offering (2006) is better than after seasoned equity offering (2008) which is in first period (January – March), second period (April – June), and third period (July – September). Therefore in fourth period (October  - December) 2008, financial performance PT. BNI (Persero) Tbk is better than 2006.

Seasoned Equity Offerings, Valuation and Timing: Evidence from 1980's and 1990's

2013 ◽  
Vol 03 (03n04) ◽  
pp. 1350013
Author(s):  
Jan Jindra
Keyword(s):  
Seasoned Equity Offerings ◽  
Equity Offerings ◽  
Equity Issue ◽  
Seasoned Equity Offering ◽  
Equity Offering

While the existing literature has focused on whether firms issue equity when they are overvalued, this paper examines whether there was a better time to issue seasoned equity when the valuation of a firm's shares might have been even more favorable. Using three valuation approaches, the findings suggest that: (1) the valuation of firms issuing seasoned equity is the most favorable at the time of the offering and (2) the estimated valuation errors are significantly related to the probability that firms will undertake a seasoned equity issue. These results are consistent with firms optimizing the timing of the seasoned equity offering so as to take maximum possible advantage of misvaluation of their shares.

Anchoring on Historical High Prices and Seasoned Equity Offerings

2019 ◽  
Vol 55 (8) ◽  
pp. 2588-2612
Author(s):  
Armen Hovakimian ◽  
Huajing Hu
Keyword(s):  
Stock Price ◽  
Market Reaction ◽  
Seasoned Equity Offerings ◽  
Reference Points ◽  
High Price ◽  
Equity Offerings ◽  
Seasoned Equity Offering ◽  
Financing Decisions ◽  
Price Reference ◽  
Equity Offering

We document that firms’ financing decisions are affected by historical high prices. The ratio of the monthly high price to the 12-month historical high price positively affects the probability of a seasoned equity offering (SEO). Furthermore, the postannouncement market reaction is muted and the offering discount is smaller if the preannouncement stock price is high relative to its historical high price. The results suggest that historical high price reference points may help managers rationally time SEOs to take advantage of market reception and minimize issuance costs.

scholarly journals ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH AKUISISI

2018 ◽  
Vol 7 (5) ◽  
pp. 2323
Author(s):  
Putu Yulia Kumalasari Dewi ◽  
Ni Putu Santi Suryantini
Keyword(s):  
Financial Performance ◽  
T Test ◽  
Corporate Financial Performance ◽  
Financial Condition ◽  
Analysis Technique ◽  
Before And After ◽  
Acquisition Strategy ◽  
One Year ◽  
A Company ◽  
Paired T Test

Financial performance is a reflection of the financial condition of a company. The purpose of this study is to determine the significance of differences in corporate financial performance before and after the acquisition of mining acquisition companies in the BEI period 2011-2013 by analyzing financial performance one year before and one year after acquisition. The method of determining the sample is the census that the entire population is used as a sample which is obtained by 5 acquirer companies. The analysis technique used is paired t-test (Pair-Sample T-test). Based on the results of the analysis found that financial performance measured by five financial ratios of CR, ROA, DER, TATO, PER that did not differ significantly after acquisition compared to before acquisition. The acquisition strategy has not been fully achieved due to the condition of financial performance after the acquisition has not increased. The motive of the acquisition is not economic but non-economic. The acquirer company which to achieve success, must make preparations by looking at the conditions of the company to be taken over.

scholarly journals APAKAH PEMBENTUKAN HOLDING MENINGKATKAN KINERJA PERUSAHAAN ? ANALISIS PERBANDINGAN KINERJA ANAK PERUSAHAAN ABC BUMN HOLDING SEBELUM DAN SETELAH HOLDINGISASI DAN FAKTOR YANG MEMPENGARUHINYA

2019 ◽  
Vol 9 (2) ◽  
pp. 251
Author(s):  
Bambang Utoyo
Keyword(s):  
Financial Performance ◽  
Commodity Prices ◽  
Poor Performance ◽  
The Poor ◽  
Before And After ◽  
Sugar Mills ◽  
The Government ◽  
The Cost ◽  
Better Than ◽  
Non Parametric

Abstract: The government has established ABC BUMN Holding, with the hope that the performance of its subsidiaries' performance after holding has increased sharply. Unfortunately the financial performance of its subsidiaries is no better than before the holding. This study is intended to analyze the performance of ABC BUMN subsidiaries before and after holding and look for factors that affect their performance, with non-parametric statistical methods and discussions with experts. The results showed that the poor performance of subsidiaries was partly due to the focus of the holding Directors still on restructuring the debt of subsidiaries which were carried out before the establishment of holding, the low productivity of plantations as a result of late replenting, fertilization and maintenance that are not in accordance with the standard, the cost of revitalizing sugar mills has not been able to be prepared by the holding, the synergy between the parent company and its subsidiaries has not gone well, and there has been a tendency to decline in plantation commodity prices. Keywords: Holding, financial performance, low productivity of plantation,  statistic non parametric. Abstrak :Pemerintah telah membentuk ABC BUMN Holding, dengan harapan kinerja anak perusahaan setelah dilakukan holding meningkat secara tajam. Sayangnya kinerja keuangan anak perusahaannya tidak lebih baik dari sebelum holding. Penelitian ini dimaksudkan untuk menganalisis kinerja anak perusahaan ABC BUMN sebelum dan setelah holding dan mencari faktor yang memengaruhi kinerjanya, dengan metode statistic non parametric dan diskusi dengan pakar. Hasil penelitian menunjukkan bahwa belum baiknya kinerja anak perusahaan antara lain disebabkan fokus Direksi holding masih pada restrukturisasi hutang anak perusahaan yang terbawa dari sebelum pembentukan holding, rendahnya produktivitas perkebunan sebagai dampak terlambat replenting, pemupukan dan pemeliharaan yang tidak sesuai standar, besarnya biaya revitalisasi pabrik gula yang belum mampu disiapkan oleh holding, sinergi antara perusahaan induk dan anak perusahaan belum berjalan dengan baik, dan adanya kecenderungan turunnya harga komoditas perkebunan. Kata kunci: Holding, Kinerja keuangan, rendahnya produktivitas perkebunan, statistic non parametric.

scholarly journals Stock split, unseasoned equity offering, and firm value: evidence from the Korean stock market

2016 ◽  
Vol 13 (3) ◽  
pp. 105-109
Author(s):  
Chune Young Chung ◽  
Kangjin Ju ◽  
Doojin Ryu
Keyword(s):  
Stock Market ◽  
Firm Value ◽  
Negative Impact ◽  
Stock Splits ◽  
Equity Offerings ◽  
Korean Stock Market ◽  
Stock Split ◽  
Before And After ◽  
The Difference ◽  
Equity Offering

This study examines the extent to which announcements of stock splits and unseasoned equity offerings (capital increase without consideration) affect firm values in the Korean stock market. The authors find that, based on analyses of the cumulative abnormal return (CAR) around the announcement dates, CARs are significantly positive for both corporate events. This result suggests that both events are positive in relation to the firm’s value. The authors also examine whether the performance of firms that execute stock splits and/or unseasoned equity offerings differs from that of firms that do not, before and after their announcement dates; we do so by using the difference-in-difference test. The results indicate that a stock split is unrelated to improved firm performance following the announcement, and that an unseasoned equity offering can even have a negative impact on performance. Hence, the presence of stock splits and unseasoned equity offerings does not seem to support the signaling hypothesis, which predicts firms’ positive performance following an announcement

scholarly journals DETERMINANTS OF ADR RETURNS BEFORE AND AFTER DOMESTIC STOCK SEASONED EQUITY OFFERINGS: EVIDENCE FROM ASIAN AND LATIN AMERICAN EMERGING MARKETS / DEPOZITORINIŲ PAKVITAVIMŲ PASISKIRSTYMAS: AZIJOS IR LOTYNŲ AMERIKOS RINKOSE

2011 ◽  
Vol 12 (2) ◽  
pp. 248-277 ◽  
Author(s):  
Chien-Chiang Lee ◽  
Mei-Ping Chen ◽  
Chun-An Li ◽  
Chi-Hung Chang
Keyword(s):  
Emerging Markets ◽  
Stock Returns ◽  
Latin American ◽  
Investor Sentiment ◽  
Seasoned Equity Offerings ◽  
Vital Role ◽  
Equity Offerings ◽  
Significant Information ◽  
Before And After ◽  
Domestic Stock

This paper examines the critical determinants of American depository receipt (ADR) returns before and after domestic stock seasoned equity offerings (SEOs) for Asian and Latin American emerging economies during 1990–2007, which has never been probed in related issues. We employ the Time Series Cross Section Regressions and General Method of Moments methods to document that domestic stock returns play a vital role in explaining Latin American ADR returns, while US investor sentiment is crucial in explaining Asian ADR returns. Local investor sentiment is found to be considerably important than domestic stock returns in Asian ADR returns, while Latin American local investor sentiment (US investor sentiment) is more important before (after) domestic stock SEOs. The results do not support the view that ADR-reconciled earnings per share (EPS) and stock EPS provide significant information to explain ADR returns in Latin American and Asian emerging markets both before and after SEOs. Furthermore, international market differences in a specific geography should be considered when diversifying investments and efficiency accounting communication with accounting convergence does not need to be emphasized. Santrauka Nagrinėjami pagrindiniai Amerikos depozitoriumo pakvitavimų (ADR) grąžinimai, apimantys 1990–2007 metų laikotarpį. Straipsnio autoriai tai traktuoja kaip iki šiol netirtą reiškinį, nes analizuojamos dvi skirtingos rinkos – Azijos ir Lotynų Amerikos. Pasirinktu periodu šiose rinkose buvo jaučiamas ekonominis pakilimas. Straipsnio autoriai taiko laiko eilutės regresijos ir bendrąjį fiksuoto momento metodą. Tyrimo rezultatai parodė, kad yra tam tikrų skirtumųne tik tarp regionų, bet ir tarp atskirų investuotojų bei jų susiformavusių požiūrių į šias rinkas. Pažymima, kad turi būti įvertinami tiek rinkos, tiek geografiniai skirtumai difersifikuojant investicijas.

scholarly journals On the Conditioning of the Financial Market’s Reaction to Seasoned Equity Offerings

2006 ◽  
Vol 11 (2) ◽  
pp. 141-154 ◽  
Author(s):  
Onur Arugaslan ◽  
Louise Miller
Keyword(s):  
Asymmetric Information ◽  
Emerging Markets ◽  
Financial Market ◽  
Prior Information ◽  
Seasoned Equity Offerings ◽  
Common Stock ◽  
Equity Offerings ◽  
Seasoned Equity Offering ◽  
Growth Prospects ◽  
The U.S

Consistent with asymmetric information arguments, prior research has shown that the financial market typically responds negatively to the announcement of a seasoned equity offering (SEO). Korajczyk and Levy (2003), however, suggest that while some firms time the issuance of their common stock to take advantage of outside investor overvaluations, financially constrained firms do not. We examine whether prior information on how financially constrained a firm is along with its growth prospects influences the financial market’s response to the firm’s announcement to sell common stock. We find evidence that the financial market does condition its response upon such information using a sample of SEOs from the U.S. Our results also have implications for the financial market’s reaction to SEOs/rights offerings in emerging markets.

The Effect of Industry-Specialist Auditors on SEO Underpricing Before and After the Global Financial Crisis

2017 ◽  
Vol 37 (1) ◽  
pp. 89-113 ◽  
Author(s):  
Soo Young Kwon ◽  
Jongwon Park ◽  
Jaeyoon Yu
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Seasoned Equity Offerings ◽  
Equity Offerings ◽  
Earnings Response Coefficients ◽  
Negatively Associated ◽  
Before And After ◽  
The Global Financial Crisis ◽  
Industry Expertise ◽  
Industry Specialist

SUMMARY This study examines whether auditors' industry expertise is negatively associated with underpricing of seasoned equity offerings (SEO) and whether the association between auditors' industry expertise and SEO underpricing changes around the global financial crisis (GFC). Using a sample of 2,028 SEO observations from 2001 to 2013, we document that in the pre-GFC period, auditors' industry expertise is negatively associated with SEO underpricing, but not during the post-GFC period. Industry-specialist auditors are also associated with higher earnings response coefficients in the pre-GFC period, but not in the post-GFC period. These results suggest that the GFC affected investor confidence in industry-specialist auditors in the capital markets. JEL Classifications: G01; G14; M42.

scholarly journals ANALISIS KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH SEASONED EQUITY OFFERINGS DI BURSA EFEK JAKARTA

2007 ◽  
Vol 3 (1) ◽  
pp. 45-58
Author(s):  
N Agus Sunarjanto
Keyword(s):  
Foreign Currency ◽  
Stock Exchange ◽  
Seasoned Equity Offerings ◽  
Equity Offerings ◽  
Financial Variables ◽  
Operational Variables ◽  
Significant Difference ◽  
Before And After ◽  
Equity Ratio ◽  
Public Offering

Seasoned Equity Offering (SEO) is an additional public offering of a company’s shares in order to generate extra financing for business expansion or fulfillment of its liability. Based on Jakarta Stock Exchange data, 11 listed companies conducted SEO during year 2001. However, only 8 companies meet the requirements as samples for this research. In order to evaluate financial and operational variables, this research uses financial statement figures published 2 year prior and after SEO’s. Current ratio (CR), debt to equity ratio (DER) are chosen to represent financial variables, while net profit margin (NPM) and return on investment (ROI) represent operational variables. This research reveals that there was no significant difference in financial performance before and after SEO’s. It happened due to several factors, such as: (1) the fund generated from SEO’s were used to settle matured debts; and (2) foreign currency denominated debts which increased in value during the period of economic crisis

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