Open AccessUnderpricing, Faktor Robust Ipo Pada Bursa Efek Indonesia
Author(s) -
Arni Utamaningsih
Publication year - 2016
Publication title -
jurnal manajemen teori dan terapan/jurnal manajemen teori dan terapan
Language(s) - English
Resource type - Journals
eISSN - 2548-2149
pISSN - 1979-3650
DOI - 10.20473/jmtt.v6i3.2671
Subject(s) - initial public offering , underwriting , reputation , monetary economics , business , institutional investor , stock exchange , affect (linguistics) , stock (firearms) , economics , financial economics , finance , corporate governance , psychology , sociology , mechanical engineering , communication , engineering , social science
This study proves that underpricing is a robust factor on the Indonesia Stock Exchange. This research examines the pricing of IPO, the allocation of shares to groups of institutional investors, the underwriter reputation toward underpricing, price stabilization and excess returns in three regression models and some sub models. Regression results provide evidence that the IPO pricing and allocation of shares to groups of institutional investors affect the underpricing. This evidence supports book building models that developed by Benveniste and Spindt (1989). This study provides evidence that underpricing has a positive effect on price stabilization. Underpricing is also a positive effect on excess returns. Expected proceeds are strong support factor explains underpricing as a central factor. Age and expected proceeds are the support factors, together with underpricing explain price stabilization. Partial price adjustement is support factor together with underpricing explain excess returns.