NET INITIAL RETURN PADA PENAWARAN PERDANA SAHAM DI BEJ
| Main Author: | Rini Tri Hastuti |
|---|---|
| Format: | Article application/octet-stream eJournal |
| Bahasa: | eng |
| Terbitan: |
Jurnal Akuntansi.
, 2010
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| Subjects: | |
| Online Access: |
http://journal.tarumanagara.ac.id/index.php/ea/article/view/728 |
Daftar Isi:
- Some research found that there phenomenon in the average of return IPO of underprice. The last proof showed that underpricing happening in the short range will possible happen overpricing in the long range and gives negative return for the investors. Some research in Indonesia found the underpricing, where the initial return is positive. Formerly, the research do not use net return as initial return to predict underpricing. These researches use net initial return for analysis. Net return is initial return, which adjusted to the cost of capital. If net return is used for the basic of analysis, it was estimated the supply of principal share uncertainly underpricing. This will proofed by looking at the fluctuation of price or return during the effective time and a month after. From the calculation of initial return, which is adjusted by COC give the average negative net initial return. It gives conclusion that in the effective range, return has been negative. This result indicates that principal price is uncertainly underprice. It is supported by the fluctuation of share price, shown that since the first day till the last day effective range increased, but a month after that it decreased. This result showed that the principal price is uncertainly underprice. The fluctuation is return during the effective range a month after it, shown that only in the first and second day the return is high, but after that it go down drastic till this effective time and a month after it. The average of return during the effective time has negative value. It means the high return, which is estimated is not true. From the t test for each variable many regression analysis. The variable that affect the net initial return is offsize variable and STD return.