Arni Utamaningsih_Abstract_1822014

PERINGKAT PENJAMIN EMISI, UNDERPRICING, DAN KINERJA PASAR SEKUNDER SAHAM IPO DI BURSA EFEK INDONESIA

Arni Utamaningsih

Prodi Administrasi Bisnis Politeknik Negeri Padang

Kampus Limau Manis Pauh-Padang, 25166, Indonesia.

  • Korespondensi dengan Penulis:
  • Arni Utamaningsih: Telp.+62 751 72590; Faks.+62 751 72576
  • E-mail: Arni6965@gmail.com

 Abstract

This study discussed about the underwriters ranking, underpricing, and secondary market performance of IPO in Indonesia Stock Exchange. This study used the IPO prices, market prices, and data of underwriters ranking based on the total value of transactions per year. The data were elaborated with standard deviation approach. These studies provided weak support on finding of Carter and Manaster (1990) that the higher the reputation of underwriter was, the lower the initial return was. This study elaborated the weak support. This study also proved that underpricing had positive and significant effect on the excess returns of 30 days. The evidence of abnormal returns was elaborated for 30 days after the IPO.

Key words: IPO, secondary market, underpricing, underwriters ranking.

(Full Text) 

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