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All Journal Jurnal Keuangan dan Perbankan Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business MABIS: Manajemen dan Bisnis Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Jurnal Manajemen Universitas Bung Hatta Journal of Indonesian Economy and Business

Eduardus Tandelilin

Faculty Of Economics & Business, Universitas Gadjah Mada

Author-ID : 400942

Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Published : 40 Documents Claim Missing Document

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

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (48.182 KB)

This study examines the IPO trading based on asymmetric information among heterogeneousinvestors. An underwriter plays an active role in the process of the IPO where underpricing is acentral issue. The underwriter(s) manages the IPO trading by determining the offered pricerange and a discriminatory treatment between institutional and individual investors. Theunderwriter prioritizes institutional investors, especially when they show strong buying interestsat the time of book building. The results prove that underpricing is higher when the IPO pricingis closer to the upper limit of the price range. We find that underpricing is higher when the allocationof shares to institutional investors is larger.Keywords: asymmetric information, underpricing, IPO allocation, IPO pricing, price stabilization,excess return

OPAQUE FINANCIAL REPORTS AND STOCK PRICE CRASH RISK IN INDONESIA Purwoto, Lukas; Tandelilin, Eduardus
Journal of Management and Business Vol 13, No 1 (2014): MARCH 2014
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Stock price crash risk is explained in perspective of corporate governance which refers to the lack of information disclosure. This research investigates the effects of opaque financial reports on stock price crash risk of Indonesia-listed firms from 2005 to 2008.The results show that the degree of crash risk is high. Analyses of binary outcome models, which are controlled by company characteristics, show that crash risk is higher in firms with more opaque financial reports. These results of analysis validate the findings of Hutton et al. (2009) so consistent that insiders or managers hide bad news or negative information when submitting poor financial reports.

KONFLIK KEAGENAN: HUBUNGAN SIMULTAN KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, DAN KEBIJAKAN DIVIDEN Fitri Susilowati; Eduardus Tandelilin
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

The main purpose of this research was to determine the agency theory in Indonesia capital market. The variableof agency conflict was represented by asset utility variable, while controlling the agency conflicts mechanismwas represented by the managerial ownership, leverage, and dividend. The secondary data used in this researchwas drawn from the Indonesia Capital Market Directory (ICMD) and Blommberg. The sample datawere limited at the manufacture companies and non-financial services, and they were listed on the IndonesiaStock Exchange (BEI). The research method approach used was quantitative method. The time period of thedata was year to year from 2000 to 2011. The instrument of analysis was seemingly unrelated regression(SUR), with panel data and simultaneous model regression techniques. The result of this research was that themanagerial ownership had a positive and significant effect on performance. Debt policy had a positive effectbut not significant to performance, so 1b hypothesis was not accepted. Dividend policy had a positive andsignificant effect on performance. Simultaneously there was a substitution and interdependence relationshipbetween the managerial ownership and debt policy. The relationship between two variables namely the managerialownership and dividend policy could not be concluded.

PENGARUH KEBISINGAN BANDAR UDARA TERHADAP NILAI RUMAH Studi Kasus Bandar Udara Adi Sutjipto Yogyakarta Budi Asmarawati; Eduardus Tandelilin
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 15, No 2 (2012)
Publisher : Akademi Akuntansi YKPN Yogyakarta

Airport is one of the most important transportation facilities to increase the economy and development, however the negative impact of aircrafts operation is noise. Noise is an unwanted sound from certain activities on certain time which could disturb human health and unconvenience environment. The objective of this research is to analyze the noise of aircraft to residential value surrounding Adi Sutjipto Airport Yogyakarta. Based on economical criteria, statistical criteria and econometrical criteria shows there are five independent variables which influence significantly toward residential value. Variable building’s width, land’s width, distance to airport, and dummy variable building’s structure influence significantly positive to residential value. Toward residential value, distance to CBD influences significantly negative. Airport noise has negative effect toward residential value but not significant.Keywords: aircarft noise, human health, unconvenience environment, residential value

Detecting the Existence of Herding Behavior in Intraday Data: Evidence from the Indonesia Stock Exchange Setiyono Setiyono; Eduardus Tandelilin; Jogiyanto Hartono; Mamduh M. Hanafi
Gadjah Mada International Journal of Business Vol 15, No 1 (2013): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study attempts to investigate the issue of the existence of institutional herding in the stock market. The existence is detected in the intraday trade data from the Indonesia Stock Exchange (IDX) during up, down, and stable market condition over the period 2003-2005. By using the model of Lakonishok et al. (1992), it is found that the intensity of the existence of institutional herding at the IDX, on average, is 8.4 percent. Institutional investors do not seem to lead their transactions ina certain characteristic of stock. Most of them follow positive-feedback trading strategy while others follow negative-feedback trading strategy. This study also found that the existence of herd behavior at the IDX did not destabilize the market price in a subsequent period.

The Impact of the Tick Size Reduction on Liquidity: Empirical Evidence from the Jakarta Stock Exchange Lukas Purwoto; Eduardus Tandelilin
Gadjah Mada International Journal of Business Vol 6, No 2 (2004): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

On July 3, 2000, the Jakarta Stock Exchange (JSX) reduced its tick size from Rp25.00 to Rp5.00. This study examines the impact of the tick size reduction on the JSX bid-ask spread, market depth, and trading activity. Using daily data, this study finds that the rupiah spread, percentage spread, and depth decreased significantly. All of these findings are not surprising since they are consistent with previous studies conducted in several different markets.In contrast to previous studies, this study finds that the key variable in determining the difference in performance of JSX stocks following the tick size reduction is the price of the stock. Specifically, all the trading activity measures e.g. in the number of trades, share volume, and rupiah volume, increased for low-priced stocks. Conversely, trading activity decreased for high-priced stocks. The possible explanation is that absolute tick size Rp5.00 is too small in economic terms for JSX high-priced stocks, so those decrease the investors’ willingness to trade.

Investment Horizon to Investment Decision and Mean Reversion: Indonesian Perspective Eddy Junarsin; Eduardus Tandelilin
Gadjah Mada International Journal of Business Vol 10, No 1 (2008): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study has two research objectives: (1) to find evidence whether investment decisions (allocation of funds in each asset in a portfolio) of Indonesian investors in the short investment horizon diverge with their investment decisions in the long investment horizon, and (2) to examine the belief of Indonesian investors in the mean reversion. This study analyzes the investment horizon from a behavioral point of view by examining the influence of investment horizon on investment decision and mean reversion in Indonesia. We employed the students of Master of Science, Master of Management, and Doctorate Programs at the Faculty of Economics and Business, Universitas Gadjah Mada, Indonesia as the sample in this research. Of the 217 questionnaires delivered, 172 questionnaires were completely filled and utilized in this study.The main findings of this study are as follows: (1) it is significantly proved that Indonesian investors are inclined to assume higher portfolio risk in the longer investment horizon than that in the shorter investment horizon; (2) it is very interesting to see that on average, the investors are inclined to increase their allocation in the risk-free asset in the longer investment horizon although the difference between the risk-free asset holding in the short investment horizon and that in the long investment horizon is not significant; (3) the framing effect significantly influences the investment decisions, both in short investment horizon and in long investment horizon; (4) there is a tendency for the respondents to show a willingness to assume higher portfolio risk when they received the questionnaires that provided the historical five-year returns on the first page; (5) investors predict an asset gaining 50 percent in the first year to continuously gain in the next four years while expecting an asset losing 25 percent in the first year to continuously loss in the next four years.

Do We Need a Regulation on Dividends for Indonesia Stock Exchange? Leo Indra Wardhana; Eduardus Tandelilin
Gadjah Mada International Journal of Business Vol 20, No 1 (2018): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study examines the dividend life-cycle hypothesis and the propensity of non-financial firms listed on the Indonesia Stock Exchange (IDX) to pay dividends, in light of a recent idea by the IDX to regulate dividend payments. Using several proxies of the life cycle, the results consistently show that Indonesian listed firms follow the dividend life-cycle hypothesis. Our results recommend that if the authority insists on regulating dividend payments, the regulation should take into account the firms’ life cycles. Firms should only be required to pay dividends when they reach a certain stage and/or meet defined characteristics, according to their stage or characteristics.

GAINS FROM INTERNATIONAL DIVERSIFICATION AND DOMESTIC PORTFOLIO IN EMERGING STOCKS MARKETS: PHILIPPINE AND INDONESIAN PERSPECTIVES Eduardus Tandelilin
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

The study was organized into two major concerns: first, identifying the gains from international diversification in emerging stock markets from the Philippine and the Indonesian perspectives and determining which perspective yields the greater gains; and second, determining how many securities must be included to obtain an optimal investment portfolio from the Philippine and Indonesia perspectives.The empirical results indicate that there are gains from international diversification, both from the Philippine and Indonesian perspectives, in two to eight emerging stock markets. Generally the gains are greater from the Indonesian perspective than the Philippine perspective in all countrycombinations.Further, this study found that the number of stocks needed to form an optimum domestic investment portfolio was bigger for the Indonesian investor‘s perspective (at 15 stocks) than for the Filipino investor (14).

EARNINGS ANNOUNCEMENTS AND COMPETING INFORMATION: THE INDONESIAN EVIDENCE Dedhy Sulistiawan; Jogiyanto Hartono; Eduardus Tandelilin; Supriyadi Supriyadi
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 1 (2014): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The main purpose of this study is to provide empirical evidence of the relationship between investors’ responses to two events, which are, (1) earnings anouncements, and (2) technical analysis signals, as competing information. This study is motivated by Francis, et al. (2002), whose study used stock analyst’s recommendations as competing information in the U.S stock market. To extend that idea, this study uses technical analysis signals as competing information in the Indonesian stock market. Using Indonesian data from 2007-2012, this study shows that there are price reactions on the day of a technical analysis signal’s release, which is prior to earnings announcements. It means that investors react to the emergence of competing information. Reactions on earnings announcements also produce a negative relationship with the reaction to a technical analysis signal before an earnings announcement. This study gives evidence about the importance of technical analysis as competing information to earnings announcements.

Co-Authors - Algifari Algifari Algifari Arni Utamaningsih Arni Utamaningsih Berto Usman Berto Usman, Berto Budi Asmarawati Dedhy Sulistiawan Eddy Junarsin Edwin Karambe Erni Ekawati Fitri Susilowati Hasan Hasan Hasan, Hasan I Wayan Nuka Lantara Jogiyanto Hartono Johannes Maysan Damanik Leo Indra Wardhana Leo Indra Wardhana Leo Indra Wardhana Lukas Purwoto Lukas Purwoto Mamduh M. Hanafi Mamduh M. Hanafi Mamduh M. Hanafi Maria Rio Rita Muizzuddin Muizzuddin R. Agus Sartono R. Agus Sartono Rachmat Sudarsono Setiyono Setiyono Setiyono Setiyono Setiyono, Bowo Suad Husnan Suad Husnan Supriyadi . Supriyadi Supriyadi Taswan, Taswan

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