FENOMENA UNDERPRICING PADA PENAWARAN UMUM PERDANA DI BURSA EFEK JAKARTA PERIODE 1998-2005
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.
Key words: underpricing, semi
strong efficient
Kode Jurnal: jpmanajemendd070030
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