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All Journal Journal of Indonesian Economy and Business Jurnal Manajemen Teori dan Terapan
Arni Utamaningsih
Politeknik Negeri Padang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education

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Underpricing, Faktor Robust Ipo Pada Bursa Efek Indonesia Arni Utamaningsih
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 6 No. 3 (2013)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (376.832 KB) | DOI: 10.20473/jmtt.v6i3.2671

Abstract

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.
ASYMMETRIC INFORMATION IN THE IPO UNDERWRITING PROCESS ON THE INDONESIA STOCK EXCHANGE: PRICING, INITIAL ALLOCATION, UNDERPRICING, AND PRICE STABILIZATION Arni Utamaningsih; Eduardus Tandelilin; Suad Husnan; R. Agus Sartono
Journal of Indonesian Economy and Business (JIEB) Vol 28, No 3 (2013): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (107.86 KB) | DOI: 10.22146/jieb.6220

Abstract

This study examines the IPO trading based on asymmetric information among heterogeneous investors. An underwriter plays an active role in the process of the IPO where underpricing is a central issue. The underwriter(s) manages the IPO trading by determining the offered price range and a discriminatory treatment between institutional and individual investors. The underwriter prioritizes institutional investors, especially when they show strong buying interests at the time of book building. The results prove that underpricing is higher when the IPO pricing is closer to the upper limit of the price range. We find that underpricing is higher when the allocation of shares to institutional investors is larger.
Co-Authors Eduardus Tandelilin R. Agus Sartono Suad Husnan