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All Journal Jurnal Keuangan dan Perbankan Binus Business Review
Dezie L. Warganegara
Bina Nusantara University
Economics, Econometrics & Finance

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Do IPO Hot and Cold Markets Exist at the Indonesia Stock Exchange? Warganegara, Doni S.; Warganegara, Dezie L.
Binus Business Review Vol 5, No 2 (2014): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v5i2.1007

Abstract

This study focuses on IPO Initial Returns in Hot and Cold IPO Markets at the Indonesia Stock Exchange (IDX) between the period of 2001 and 2005. This study uses a regression analysis where the first day IPO stock return is the dependent variable and a dummy variable that represents Hot and Cold IPO Markets is the main independent variabel. It is found that Hot and Cold Markets do exist at the IDX. More importantly, it is found that the difference in IPO Initial Returns between Hot and Cold Markets while controlling for other factors is 36.8%. The Investment Sentiment Hypothesis has been found to explain the existence of Hot and Cold Markets. The hypothesis implies that jumps in IPO Initial Returns during Hot Markets are due to the increase in the first day closing prices which are higher than the increase in the offering prices. The Monopsony Power Hypothesis and information spillovers across IPOs respectively may also provide alternative explanations to the phenomenon. Investment banker community in a small economy learns information from each other and, thus, has full information on the number of firms that will go public in the following period. Consequently, investment bankers have a high bargaining power of investment bankers in lowering the offering prices. 
THE ACCURACY OF EARNINGS FORECAST AND POST-IPO EARNINGS MANAGEMENT Hutagaol, Yanthi; Warganegara, Dezie L.; Wibisono, Christofer
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (167.351 KB) | DOI: 10.26905/jkdp.v16i3.1073

Abstract

Prior studies showed that before IPO, many companies conducted earnings management in order to attract potential investors through impressive earnings figures. This study aimed to investigate the tendency of earningsmanagement practice post - IPO. This practice of earnings management was motivated to preserve managers’reputation in achieving their earnings forecasts. Using a total of 165 IPOs in IDX during year 2000-2010, thisstudy employed descriptive analyses to identify the earnings management differences within the sample. A crosssectionanalysis was conducted to test the difference of earnings management indicator among the forecasters.Then, controlling for audit quality, ownership, firm size, and firm leverage, a regression analysis was performedto test the impact of earnings forecasts accuracy on the earnings management. The result of this research showedthat there was an indication that the forecasters conducted more earnings management than the non-forecasters.The study found that forecast accuracy was significantly related to managers’ behavior to manage post-IPOearnings. Further analysis showed that optimistic forecasters tended to engage more in more earning managementthan conservative forecasters. The cross section analysis confirmed that optimistic earnings forecast strengthenedthe relationship of forecast accuracy and post-IPO earnings management, while high audit quality failed toweaken it.
Co-Authors Doni S. Warganegara Hutagaol-Martowidjojo, Yanthi Wibisono, Christofer