UNDERPRICING, FAKTOR ROBUST IPO PADA BURSA EFEK INDONESIA
ABSTRACT: This study proves
that underpricing is a robust factor on the Indonesia Stock Exchange. This
research examines the pricing of IPO, the allocation of shares to groups of
institutional investors, the underwriter reputation toward underpricing, price
stabilization and excess returns in three regression models and some sub
models. Regression results provide evidence that the IPO pricing and allocation
of shares to groups of institutional investors affect the underpricing. This
evidence supports book building models that developed by Benveniste and Spindt
(1989). This study provides evidence that underpricing has a positive effect on
price stabilization. Underpricing is also a positive effect on excess returns.
Expected proceeds are strong support factor explains underpricing as a central
factor. Age and expected proceeds are the support factors, together with
underpricing explain price stabilization. Partial price adjustement is support
factor together with underpricing explain excess returns.
Keywords: Underpricing,
Penetapan Harga Saham IPO, Alokasi saham, Reputasi Penjamin Emisi, Stabilisasi
Harga, Excess Returns
Penulis: Arni Utamaningsih
Kode Jurnal: jpmanajemendd131226
