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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Nilmawati_abstract_1332009

UNDER PRICING PENGARUHNYA TERHADAP IPO
AFTERMARKET LIQUIDITY

Nilmawati
Jurusan Manajemen Fakultas Ekonomi UPN ”Veteran” Yogyakarta
Jl. SWK (Ringroad Utara) Condong Catur Yogyakarta, 55283

Korespondensi dengan Penulis:
Nilmawati: Telp. +62 274 486 733 Ext.260
E-mail: nilmaoke@yahoo.com 
 
Abstract:

The purpose of the research was to analyze and find empirical evidence of under pricing on IPO aftermarket liquidity in the listed companies in Indonesian Stock Exchange.  Independent sample t-test and multiple linier regressions were used for instrument analysis. Results showed that IPO aftermarket liquidity between firm with high under pricing and low under pricing were not different. The results also indicated that initial return was positively related to turnover ratio and negatively related to percentage spread (weak effect) by controlling variables such as: size, volume, and risk in short time.

 Key words: IPO, under pricing, aftermarket liquidity