Jurnal Manajemen Maranatha
Vol. 7 No. 1 (2007)

Fenomena Underpricing pada Penawaran Umum Perdana di Bursa Efek Jakarta Periode 1998-2005

Sri Isworo Ediningsih (Unknown)
C. Ambar Pujiharjanto (Unknown)

Article Info

Publish Date
14 Dec 2010

Abstract

It is now widely accepted that initial public offerings (IPOs) of common stocks offer large abnormal return on their first day of trading. As reported in Lougran et.al. (1994), this phenomenon of short-run underpricing has been experienced in every country with a stock market. In this paper, we empirically investigate Indonesian initial public offerings (IPOs) to provide one case of the international evidence on underpricing phenomenon. Using a sample of 84 IPOs listed on Jakarta Stock Exchange during 1998-2005 period and market adjusted return approach, this studies can be proved underpricing at firstly traded in the Stock Exchange. We also find, based on holding period (1 day – 1 month trading) the Jakarta Stock Exchange is not semistrong-form efficiency categorized.

Copyrights © 2007




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Journal Info
Jurnal Manajemen Maranatha
Website

Abbrev

jmm

Publisher

Universitas Kristen Maranatha

Subject

Decision Sciences, Operations Research & Management

Description

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