Informasi Asimetri dalam Proses Penjaminan Saham IPO di Pasar Modal Indonesia: Penetapan Harga, Alokasi Saham Perdana, Underpricing, dan Stabilisasi Harga
| Main Authors: | , ARNI UTAMANINGSIH, , Prof. Dr. Eduardus Tandelilin, M.B.A. |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2013
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/119874/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59879 |
Daftar Isi:
- This study discusses the IPO trading based on asymmetry information among investors heterogeneity. Underwriters play an active role in the process of trading stocks and underpricing is a central issue. Underwriters manage the IPO trading through the pricing process of the offering price range and give discriminatory treatment between institutional investors and individual investors. This study assumes that institutional investors have more information and are better than individual investors. Underwriters treat the institutional investors as the priority investors, especially when they show strong interest in buying at the time of bookbuilding. By using path analysis, this study examines the process of IPO trading that goes during the periods of premarket, issue date, and aftermarket. The results prove that underpricing is getting higher when the IPO pricing is closer to the upper limit of the price range offer. The study also proves that the underpricing is getting higher when the allocation of shares to groups of institutional investors is increasingly large. This study provides evidence that the greater the allocation of IPO shares to institutional investors, the lower the decline of the share price below the offering price will be, so it does not require price stabilizations. The study is not able to prove that the more the IPO shares get underpriced, the trading in aftermarket does not require price stabilizations. However, this study proves that the more the IPO shares get underpriced, the higher the excess returns on the 30th day post-IPO will be. The research also proves that price stabilization has positive effect on excess returns on the 30th day after the IPO. These findings reveal a phenomenon in Indonesia Capital Market that the stability of IPO price in the aftermarket period is determined more by the presence of institutional investors in the trading process than by the stock price underpriced.