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All Journal Journal of Indonesian Economy and Business MABIS: Manajemen dan Bisnis
Suad Husnan
Universitas Gadjah Mada
Economics, Econometrics & Finance Social Sciences

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Journal : Journal of Indonesian Economy and Business

 1 
PRICE STABILIZATION AND IPO UNDERPRICING: AN EMPIRICAL STUDY IN THE INDONESIAN STOCK EXCHANGE Suad Husnan; Mamduh M. Hanafi; Muhammad Munandar
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 2 (2014): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (84.079 KB) | DOI: 10.22146/jieb.6205

Abstract

We attempt to investigate IPO underpricing and stabilization activities. We find IPO underpricing of around 25% in the Indonesia market. Return distribution for the first 30-trading days shows a positive skew, the distribution becomes closer to normality as the period lengthens. We then develop and test five algorithms to detect IPO intervention. An important goal of this paper is to develop an algorithm that will be able to detect IPO intervention using public data. We find that the number of closing prices that are equal to the offer prices and the skewness of the IPO return in the first 30-trading days are the ‘best’ stabilization measures. Having found “the best measures”, then we investigate under what conditions IPO intervention is more intensive. We find that underwriters tend to stabilize more on more expensive IPOs.
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.
BANK RISK AND MARKET DISCIPLINE Taswan Taswan; Eduardus Tandelilin; Suad Husnan; Mamduh M. Hanafi
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (77.461 KB) | DOI: 10.22146/jieb.6236

Abstract

This paper investigates the issue of bank risk taking. Specifically we investigate two main issues: (1) determinants of bank risk, and (2) market discipline to the banks either in implicit, explicit guarantee systems, and all periods. Using Indonesian data, we find that domestic, foreign, and ownership concentration have positive impact on bank risk. Bank shareholders engage in entrenchment behaviour, rather than convergence behaviour. We further find that charter value and compliance to regulation have negative impact on bank risk. Next, we find that market disciplines the banks. Market disciplines the banks at thesame degree in implicit and explicit deposit guarantee systems. Our findings highlight the importance of paying close attention to banks ownership, charter value, and compliance to regulation. Furthermore, since we find that market disciplines the Banks at the same degree in explicit and implicit guarantee systems, we need to investigate this issue further.This finding highlights research potential in the future: to investigate disciplining behaviour from various types of depositors.Keywords: bank ownership, market discipline, risk, entrenchment, convergence, and deposit insurance
PENGUJIAN CAPM DI BEJ PERIODE 1994-1997: Standard CAPM ataukah Zero Beta? Suad Husnan
Journal of Indonesian Economy and Business (JIEB) Vol 13, No 4 (1998): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (105.86 KB)

Abstract

Dengan menghindari analisis cross seclional, pengujian unluk saham-saham yang relatif aktip diperdagangkan di BEJ, periods 1994-1997, menunjukkan bahwa hubungan sebagaimani diharapkan dalam standard CAPM berlaku. Penggunaan cara ini akan menghindarkan analisis dari kemungkinan terjadinya bias karena dipergunakannya estimated beta dalam analisis cross seclional. Kelemahan cara ini adalah tidak dapat menaksir harga risiko. Analisis lebih lanjut ieniang kemungkinan berlakunya zero Beta CAPM ternyata tidak mendukung, karena tanda a, tidak selalu sesuai dengan nilai p,, dan tidak terdapat korelasi yang negatip antara ft dengan ay. Hasil analisis lebih mendukung standard CAPM karena secara keseluruhan, a,, tidaklah bsrbeda secara nyata dari not.
ANALISIS SEKURITAS DI PASAR MODAL KECIL: PENGAMATAN DI BURSA EFEK JAKARTA Suad Husnan
Journal of Indonesian Economy and Business (JIEB) Vol 9, No 1 (1994): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (120.946 KB)

Abstract

Efisiensi informasi nampaknya mengalami peningkatan di Bursa Efek Jakarta (BEJ). Proses belajar untuk melakukan analisis rasional nampak terlihat pada pasar perdana. Gejala thin trading, sebagai gejala yang umum terjadi di bursa kecil, juga dijumpai di BEJ. Meskipun standard CAPM nampaknya tidak berlaku di BEJ banyak saham yang mempunyai beta yang stabll. Akhirnya perkembangan pasar modal selama akhir 1993 menunjukkan bahwa hubungan antara money dan capital market menjadi makin erat. Peningkatan harga saham selama semester dua 1993 leblh banyak disebabkan karena penurunan tingkat bunga dari pada kenaikan profitabilitas perusahaan.
Co-Authors Arni Utamaningsih Eduardus Tandelilin Erni Ekawati Mamduh M. Hanafi Muhammad Munandar R. Agus Sartono Rachmat Sudarsono Taswan, Taswan