STUDI TENTANG KINERJA KEUANGAN DAN TINGKAT PENGEMBALIAN SAHAM DALAM FENOMENA UNDERPRICING INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA
Keywords:
KINERJA KEUANGAN, SAHAM, INITIAL PUBLIC OFFERING
Abstract
Sudah menjadi keyakinan umum bagi investor pasar modal, bahwa kinerja keuangan perusahaan terbuka akan mempengaruhi tingkat return saham di masa yang akan datang. Namun demikian terdapat satu hal yang masih diperdebatkan yaitu pengaruh kinerja keuangan terhadap underpricing. Tujuan penelitian ini adalah untuk menguji pengaruh kinerja keuangan pada underpricing dan return saham jangka panjang di bursa efek indonesia (BEI). Sampel penelitian ini terdiri dari 19 saham underpricing yang diambil dari populasi 31 perusahaan yang melakukan penawaran saham perdana (IPO) pada kurun waktu 2015 s.d. 2016. Penelitian ini menggunakan teknik regresi berganda untuk menguji hipotesa. Penelitian ini menyimpulkan bahwa tidak terdapat pengaruh kinerja keuangan terhadap underpricing dan return saham jangka panjang. Selain itu, penelitian ini tidak menemukan bukti empiris tentang pengaruh underpricing terhadap return saham jangka panjang.
References
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Aggarwal, R.L. and Hernandez, F. (1993), The Aftermarket Performance of Initial Public Offerings in Latin America, Financial Management, 20, 42-53.
________, Liu, C., and Rhee, S.G. (2002), Investor Demand for IPOs and Aftermarket Performance: Evidence from Hongkong Stock Market, Working Paper.
Aydoğan, K. and Gürsoy, G. (2000), P/E and Price-to-Book Ratios as Predictors of Stock Returns in Emerging Equity Markets, Bilkent University.
Beatty, R.P. and Ritter, J.R. (1986), Investment Banking, Reputation, and the Underpricing of Initial Public Offerings, Journal of Financial Economics, 15, 213-232.
Bekaert, G., Erb, C.B., Harvey, C.R., and Viskanta, T.E. (1997), The Cross-Sectional Determinants of Emerging Market Equity Returns, in Carman, P. (Ed.), Quantitative Investing for the Global Markets, Glenlake.
________ (2000), Foreign Speculators and Emerging Equity Markets, Journal of Finance, 55, 565-614.
Beneish, M. (2001), Earnings Management: A Perspective, Working Paper.
Benveniste, L.M. and Spindt, P.A. (1989), How Investment Bankers Determine the Offer Price and Allocation of New Issues, Journal of Financial Economics, 24, 343-361.
Bhabra, H.S. and Pettway, R.H. (2000), IPO Prospectus Information and Subsequent Performance, October 12.
Brav, A. and Gompers, P.A. (1997), Myth or Reality? The Long-Run Under-performance of Initial Public Offerings: Evidence from Venture Capital and Nonventure Capital-backed Companies, Journal of Finance, 52, 1791-1822.
__________ and Gompers, P.A. (1998), Is the Abnormal Return Following Equity Issuances Anomalous?, Harvard University Working Paper, December.
Bundoo, S.K. (2007), An Analysis Of IPOs Underpricing in Mauritius, African Journal of Accounting, Economics, Finance and Banking Research, 1(1).
Carter, R.B. and Manaster, S. (1990), Initial Public Offerings and Underwriter Reputation, Journal of Finance, 45, 1045-1067.
Catherine, Dalton, Certo, Poengfitya (2003), A Meta Analysis & Research Synthesis, ET & F, University of Baylor.
Chambers, D.J. (1999), Earnings Management and Capital Market Misallocation, Working Paper, December.
Chambers, D. and Dimson, E. (2008), IPO Underpricing Over the Very Long Run, Working Paper, December.
Claessens, S., Dasgupta, S., and Glen, J. (1995), Return Behaviour in Emerging Stock Markets, The World Bank Economic Review, 9(1), 131-151.
_______________________________ (1998), The Cross-section of Stock Returns: Evidence from the Emerging Markets, Emerging Markets Review, Winter, 4-13.
Dewi, Puspita & Rahyuda (2016), Pengaruh DER, ROA, PER, & EVA terhadap return saham perusahaan food and baverage di bursa efek Indonesia. – E- Journal Universitas Udayana – Denpasar Bali.
Dimitrov, V. and Jain, P.C. (2005), The Value Relevance of Changes in Financial Leverage, http://ssrn.com/abstract= 708281.
DuCharme, L.L., Malatesta, P.H., and Sefeik, S.E. (2004), Earning Management, Stock Issues, and Shareholder Lawsuit, Journal of Accounting and Economics, 71, 27-49.
Eldomiaty, T.I. and Kamel, H. (2009), Shareholder Value and the Articulation of P/B and Stock Return in Egypt’s CASE50 Index, International Research Journal of Finance and Economics, 23.
Fama, E.F. (1991), Efficient Capital Markets II, Journal of Finance, 46(5), 1575-1617.
Fama, E.F. and French, K.R. (1992), The Cross-section of Expected Stock Returns, Journal of Finance, 47(2), 427–465.
_______________ and French, K.R. (1998), Value versus Growth: The International Evidence, Journal of Finance, 53, 1975-1979.
_______________ and Kenneth R. French (2003), New Lists: Fundamentals and Survival Rates,CRSP Working Paper, 530, 03-15.
Ferson, W.E. and Harvey, C.R. (1997), Fundamental Determinants of National Equity Market Returns: A Perspective on Conditional Asset Pricing, Journal of Banking & Finance, 21(11-12), 1625-1665.
Grinblatt, M. and Hwang, C.Y. (1989), Signaling and the Pricing of Unseasoned New Issues, Journal of Finance, 44, 393-420.
Hakiman (2005), Model Penentuan Harga IPO di Bursa Efek Jakarta dengan Menggunakan Metode Real Option, Dissertation, Universitas Padjadjaran, Bandung.
Ibbotson, R.G. (1975), Price Performance of Common Stock New Issues, Journal of Financial Economics, 2(3), 235-272.
Indonesia Stock Exchange (2009, 2010, 2011, 2012), IDX-Activity, Data Center, www.idx.co.id.
Irfani, A.S. (2009a), Pengujian Asymmetric Information pada Saham-saham IPO 2003-2008 di Bursa Efek Indonesia, Jurnal Ekonomi Perusahaan, 16(1).
_____________ (2009b), Pengaruh Kurs IDR/USD terhadap Indeks Harga Saham Gabungan, Indeks Harga Saham Individual, dan Return Saham di Bursa Efek Indonesia, Jurnal Ekonomi Perusahaan, 16(2).
_____________ (2011a), Kajian Kepemilikan Investor Asing dan Return Saham dalam Fenomena Asymmetric Information dan Fenomena Underpricing di Bursa Efek Indonesia, Dissertation, Universitas Pancasila.
_____________ (2011b), Pengaruh Kepemilikan Asing dan Kinerja Fundamental terhadap Imbal Hasil Saham dalam Fenomena Underpricing di Bursa Efek Indonesia, Pusat Penelitian dan Pengembangan Ekonomi, FE, Universitas Pancasila.
_____________ (2011c), Pengaruh Imbal Hasil Pasar dan Nilai Tukar Mata Uang Asing terhadap Kepemilikan Asing dan Implikasinya pada Imbal Hasil Saham di Bursa Efek Indonesia, Pusat Penelitian dan Pengembangan Ekonomi, FE, Universitas Pancasila.
______________ (2011d), Initial Public Offering (IPO), Harian Ekonomi NERACA, 2, Jakarta: 25th October.
______________ (2011e), Bursa dan Informasi, Harian Ekonomi NERACA, 2, Jakarta: 3rd November.
______________ (2012a), Investment Grade dan Potensi Bubble, Harian Ekonomi NERACA, 1, Jakarta: 25th January.
_____________ (2012b), Implikasi Kurs dan Indeks Saham pada Return Saham Tahun 2011 di Bursa Efek Indonesia, Pusat Penelitian dan Pengembangan Ekonomi, FE, Universitas Pancasila.
Ismail, K., Abidin, Z., and Zainuddin, N. (1993), Performance of New Stock Issues on the KLSE, Capital Market Review, 1(1), 81-95.
Jain, B.A. and Kini, O. (1994), The Post-issue Operating Performance of IPO Firms, Journal of Finance, December.
Jarrell, G.A. and Darkey, F.C. (1992), The Longer-Term Relation Between Accounting Performance and Stock Returns, Bradley Policy Research Center, University of Rochester, New York, 14627.
Jegadeesh, N., Weinstein, M. and Welch, I. (1993), An Empirical Investigation of IPO Returns and Subsequent Equity Offerings, Journal of Financial Economics, 34(2), 153-175.
Knopf, J.D. and Teall, J.L. (1999), The IPO Effect and Measurement Of Risk, Journal of Financial and Strategic Decisions, 12(2).
Korteweg, A. (2004), Financial Leverage and Expected Stock Returns: Evidence from Pure Exchange Offers, http://ssrn.com/abstract=597922.
Lewellen, J. (2004), Predicting Returns with Financial Ratios, Journal of Financial Economics, 74, 209–235.
Loughran, T., Ritter, J.R., and Rydqvist, K. (1994), Initial Public Offerings: International Insights,Pacific-Basin Finance Journal, 2, 165-199.
_______________________ (1995), The New Issues Puzzle, Journal of Finance, 50(1), 23-51.
_______________________ (2004), Why has IPO Underpricing Changed Over Time?, Financial Management, 33, 5-37.
Lowry, M. and Schwert, G.W. (2002), IPO Market Cycles: Bubbles or Sequential Learning?, Journal of Finance, 57.
_____________, Officer, M.S., and Schwert, G.W. (2006), The Variability of IPO Initial Returns, Working Paper, California Los Angeles.
Make (2017), An Explanatory Study of Investment Behaviour of Investor, Internasional Journal of Engineering Business Management.
McDonald, J. and Fisher, A.K. (1972), New Issue Stock Price Behavior, Journal of Finance, 27(1), 97-102.
McGuiness, P. (1992), An Examination of the Underpricing of Initial Public Offerings in Hong Kong: 1980-1990, Journal of Business Finance and Accounting, 19(2), 165-186.
Michaely, R. and Shaw, W.H. (1994), The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories, Review of Financial Studies, 7(2), 279-319.
Muscarella, C.J. and Vetsuypens, M.R. (1989a), A Simple Test of Baron’s Model of IPO Pricing,Journal of Financial Economics, 24(1), 125-135.
Patel, S.A. (1998), Cross-sectional Variation in Emerging Markets Equity Returns; January 1988-March 1997, Emerging Markets Quarterly, 2, 57-70.
Pearl, J. (2000), Causality: Models, Reasoning, and Inference, Cambridge: Cambridge University Press.
Penman S.H., Richardson, S.A., and Tuna I. (2007), The Book-to-Price Effect in Stock Returns: Accounting for Leverage, Journal of Accounting Research, 45(2), 427-468.
Phylaktis, K. and Ravazzolo, F. (2001), Stock Prices and Exchange Rate Dynamics.
Portes, R. and Rey, H. (1999), The Determinants of Cross-border Equity Flows, NBER Working Papers, 7336.
Purnanandam, A.K. and Swaminathan, B. (2002), Are IPOs Underpriced?, Johnson Graduate School of Management Working Paper.
Ritter, J.R. (1984), Signaling and the Valuation of Unseasoned New Issues: A Comment, Journal of Finance, 39(4), 1231-1237.
____________ (1998), Initial Public Offerings, in Logue, D. and Seward, J. (Eds.), Contemporary Finance Digest, 2(1), 5-30.
Rock, K. (1986), Why New Issues are Underpriced, Journal of Financial Economics, 15, 187-212.
Rouwenhorst, K.G. (1999), Local Return Factors and Turnover in Emerging Stock Markets, Journal of Finance, 54, 1439-1464.
Sivaprasad, S. and Muradoglu, Y.G. (2010), Using Leverage as a Risk Factor in Explaining the Cross Section of Stock Returns, University of Westminster, Working Paper.
Sufar, S.B. (1987), Performance of New Issues - The Malaysian Case, Understanding the Behavioral Patterns of Stock Prices, Leeds Publications, 164-171.
Taufil, M.K.N. (2007), The Long Run Performance of Initial Public Offerings in Malaysia, Paper presented in the MFA 9th Conference, 12th-13th June, KL.
Teoh, S.H., Wong, T.J., and Rao, G.R. (1997), Are Accruals During an Initial Public Offering Opportunististic?, Working Paper.
______________, Welch, I., and Wong, T.J. (1998), Earnings Management and the Long-Run Market Performance of Initial Public Offerings, The Journal of Finance, 53(6).
Thomadakis, S., Nounis, C.P., and Gounopoulos, D. (2010), Long Term Performance of Greek IPOs, European Financial Management Journal.
Tinic, S.M. (1988), Anatomy of Initial Public Offerings of Common Stock, Journal of Finance, 43(4), 789-822.
Welch, I. (1989), Seasoned Offerings, Imitation Costs, and the Under pricing of Initial Public Offerings Journal of Finance, 44.
Wicaksono, Reza Bagus (2016), Pengaruh EPS, DER, ROE, & MVA terhadap harga saham – Universitas Dian Wahyudi Semarang.
Aga, M. and Kocaman, B. (2006), An Empirical Investigation of the Relationship between Inflation, P/E Ratios and Stock Price Behaviors using a New Series Called Index-20 for Istanbul Stock Exchange, International Research Journal of Finance and Economics, 6.
Aggarwal, R.L. and Hernandez, F. (1993), The Aftermarket Performance of Initial Public Offerings in Latin America, Financial Management, 20, 42-53.
________, Liu, C., and Rhee, S.G. (2002), Investor Demand for IPOs and Aftermarket Performance: Evidence from Hongkong Stock Market, Working Paper.
Aydoğan, K. and Gürsoy, G. (2000), P/E and Price-to-Book Ratios as Predictors of Stock Returns in Emerging Equity Markets, Bilkent University.
Beatty, R.P. and Ritter, J.R. (1986), Investment Banking, Reputation, and the Underpricing of Initial Public Offerings, Journal of Financial Economics, 15, 213-232.
Bekaert, G., Erb, C.B., Harvey, C.R., and Viskanta, T.E. (1997), The Cross-Sectional Determinants of Emerging Market Equity Returns, in Carman, P. (Ed.), Quantitative Investing for the Global Markets, Glenlake.
________ (2000), Foreign Speculators and Emerging Equity Markets, Journal of Finance, 55, 565-614.
Beneish, M. (2001), Earnings Management: A Perspective, Working Paper.
Benveniste, L.M. and Spindt, P.A. (1989), How Investment Bankers Determine the Offer Price and Allocation of New Issues, Journal of Financial Economics, 24, 343-361.
Bhabra, H.S. and Pettway, R.H. (2000), IPO Prospectus Information and Subsequent Performance, October 12.
Brav, A. and Gompers, P.A. (1997), Myth or Reality? The Long-Run Under-performance of Initial Public Offerings: Evidence from Venture Capital and Nonventure Capital-backed Companies, Journal of Finance, 52, 1791-1822.
__________ and Gompers, P.A. (1998), Is the Abnormal Return Following Equity Issuances Anomalous?, Harvard University Working Paper, December.
Bundoo, S.K. (2007), An Analysis Of IPOs Underpricing in Mauritius, African Journal of Accounting, Economics, Finance and Banking Research, 1(1).
Carter, R.B. and Manaster, S. (1990), Initial Public Offerings and Underwriter Reputation, Journal of Finance, 45, 1045-1067.
Catherine, Dalton, Certo, Poengfitya (2003), A Meta Analysis & Research Synthesis, ET & F, University of Baylor.
Chambers, D.J. (1999), Earnings Management and Capital Market Misallocation, Working Paper, December.
Chambers, D. and Dimson, E. (2008), IPO Underpricing Over the Very Long Run, Working Paper, December.
Claessens, S., Dasgupta, S., and Glen, J. (1995), Return Behaviour in Emerging Stock Markets, The World Bank Economic Review, 9(1), 131-151.
_______________________________ (1998), The Cross-section of Stock Returns: Evidence from the Emerging Markets, Emerging Markets Review, Winter, 4-13.
Dewi, Puspita & Rahyuda (2016), Pengaruh DER, ROA, PER, & EVA terhadap return saham perusahaan food and baverage di bursa efek Indonesia. – E- Journal Universitas Udayana – Denpasar Bali.
Dimitrov, V. and Jain, P.C. (2005), The Value Relevance of Changes in Financial Leverage, http://ssrn.com/abstract= 708281.
DuCharme, L.L., Malatesta, P.H., and Sefeik, S.E. (2004), Earning Management, Stock Issues, and Shareholder Lawsuit, Journal of Accounting and Economics, 71, 27-49.
Eldomiaty, T.I. and Kamel, H. (2009), Shareholder Value and the Articulation of P/B and Stock Return in Egypt’s CASE50 Index, International Research Journal of Finance and Economics, 23.
Fama, E.F. (1991), Efficient Capital Markets II, Journal of Finance, 46(5), 1575-1617.
Fama, E.F. and French, K.R. (1992), The Cross-section of Expected Stock Returns, Journal of Finance, 47(2), 427–465.
_______________ and French, K.R. (1998), Value versus Growth: The International Evidence, Journal of Finance, 53, 1975-1979.
_______________ and Kenneth R. French (2003), New Lists: Fundamentals and Survival Rates,CRSP Working Paper, 530, 03-15.
Ferson, W.E. and Harvey, C.R. (1997), Fundamental Determinants of National Equity Market Returns: A Perspective on Conditional Asset Pricing, Journal of Banking & Finance, 21(11-12), 1625-1665.
Grinblatt, M. and Hwang, C.Y. (1989), Signaling and the Pricing of Unseasoned New Issues, Journal of Finance, 44, 393-420.
Hakiman (2005), Model Penentuan Harga IPO di Bursa Efek Jakarta dengan Menggunakan Metode Real Option, Dissertation, Universitas Padjadjaran, Bandung.
Ibbotson, R.G. (1975), Price Performance of Common Stock New Issues, Journal of Financial Economics, 2(3), 235-272.
Indonesia Stock Exchange (2009, 2010, 2011, 2012), IDX-Activity, Data Center, www.idx.co.id.
Irfani, A.S. (2009a), Pengujian Asymmetric Information pada Saham-saham IPO 2003-2008 di Bursa Efek Indonesia, Jurnal Ekonomi Perusahaan, 16(1).
_____________ (2009b), Pengaruh Kurs IDR/USD terhadap Indeks Harga Saham Gabungan, Indeks Harga Saham Individual, dan Return Saham di Bursa Efek Indonesia, Jurnal Ekonomi Perusahaan, 16(2).
_____________ (2011a), Kajian Kepemilikan Investor Asing dan Return Saham dalam Fenomena Asymmetric Information dan Fenomena Underpricing di Bursa Efek Indonesia, Dissertation, Universitas Pancasila.
_____________ (2011b), Pengaruh Kepemilikan Asing dan Kinerja Fundamental terhadap Imbal Hasil Saham dalam Fenomena Underpricing di Bursa Efek Indonesia, Pusat Penelitian dan Pengembangan Ekonomi, FE, Universitas Pancasila.
_____________ (2011c), Pengaruh Imbal Hasil Pasar dan Nilai Tukar Mata Uang Asing terhadap Kepemilikan Asing dan Implikasinya pada Imbal Hasil Saham di Bursa Efek Indonesia, Pusat Penelitian dan Pengembangan Ekonomi, FE, Universitas Pancasila.
______________ (2011d), Initial Public Offering (IPO), Harian Ekonomi NERACA, 2, Jakarta: 25th October.
______________ (2011e), Bursa dan Informasi, Harian Ekonomi NERACA, 2, Jakarta: 3rd November.
______________ (2012a), Investment Grade dan Potensi Bubble, Harian Ekonomi NERACA, 1, Jakarta: 25th January.
_____________ (2012b), Implikasi Kurs dan Indeks Saham pada Return Saham Tahun 2011 di Bursa Efek Indonesia, Pusat Penelitian dan Pengembangan Ekonomi, FE, Universitas Pancasila.
Ismail, K., Abidin, Z., and Zainuddin, N. (1993), Performance of New Stock Issues on the KLSE, Capital Market Review, 1(1), 81-95.
Jain, B.A. and Kini, O. (1994), The Post-issue Operating Performance of IPO Firms, Journal of Finance, December.
Jarrell, G.A. and Darkey, F.C. (1992), The Longer-Term Relation Between Accounting Performance and Stock Returns, Bradley Policy Research Center, University of Rochester, New York, 14627.
Jegadeesh, N., Weinstein, M. and Welch, I. (1993), An Empirical Investigation of IPO Returns and Subsequent Equity Offerings, Journal of Financial Economics, 34(2), 153-175.
Knopf, J.D. and Teall, J.L. (1999), The IPO Effect and Measurement Of Risk, Journal of Financial and Strategic Decisions, 12(2).
Korteweg, A. (2004), Financial Leverage and Expected Stock Returns: Evidence from Pure Exchange Offers, http://ssrn.com/abstract=597922.
Lewellen, J. (2004), Predicting Returns with Financial Ratios, Journal of Financial Economics, 74, 209–235.
Loughran, T., Ritter, J.R., and Rydqvist, K. (1994), Initial Public Offerings: International Insights,Pacific-Basin Finance Journal, 2, 165-199.
_______________________ (1995), The New Issues Puzzle, Journal of Finance, 50(1), 23-51.
_______________________ (2004), Why has IPO Underpricing Changed Over Time?, Financial Management, 33, 5-37.
Lowry, M. and Schwert, G.W. (2002), IPO Market Cycles: Bubbles or Sequential Learning?, Journal of Finance, 57.
_____________, Officer, M.S., and Schwert, G.W. (2006), The Variability of IPO Initial Returns, Working Paper, California Los Angeles.
Make (2017), An Explanatory Study of Investment Behaviour of Investor, Internasional Journal of Engineering Business Management.
McDonald, J. and Fisher, A.K. (1972), New Issue Stock Price Behavior, Journal of Finance, 27(1), 97-102.
McGuiness, P. (1992), An Examination of the Underpricing of Initial Public Offerings in Hong Kong: 1980-1990, Journal of Business Finance and Accounting, 19(2), 165-186.
Michaely, R. and Shaw, W.H. (1994), The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories, Review of Financial Studies, 7(2), 279-319.
Muscarella, C.J. and Vetsuypens, M.R. (1989a), A Simple Test of Baron’s Model of IPO Pricing,Journal of Financial Economics, 24(1), 125-135.
Patel, S.A. (1998), Cross-sectional Variation in Emerging Markets Equity Returns; January 1988-March 1997, Emerging Markets Quarterly, 2, 57-70.
Pearl, J. (2000), Causality: Models, Reasoning, and Inference, Cambridge: Cambridge University Press.
Penman S.H., Richardson, S.A., and Tuna I. (2007), The Book-to-Price Effect in Stock Returns: Accounting for Leverage, Journal of Accounting Research, 45(2), 427-468.
Phylaktis, K. and Ravazzolo, F. (2001), Stock Prices and Exchange Rate Dynamics.
Portes, R. and Rey, H. (1999), The Determinants of Cross-border Equity Flows, NBER Working Papers, 7336.
Purnanandam, A.K. and Swaminathan, B. (2002), Are IPOs Underpriced?, Johnson Graduate School of Management Working Paper.
Ritter, J.R. (1984), Signaling and the Valuation of Unseasoned New Issues: A Comment, Journal of Finance, 39(4), 1231-1237.
____________ (1998), Initial Public Offerings, in Logue, D. and Seward, J. (Eds.), Contemporary Finance Digest, 2(1), 5-30.
Rock, K. (1986), Why New Issues are Underpriced, Journal of Financial Economics, 15, 187-212.
Rouwenhorst, K.G. (1999), Local Return Factors and Turnover in Emerging Stock Markets, Journal of Finance, 54, 1439-1464.
Sivaprasad, S. and Muradoglu, Y.G. (2010), Using Leverage as a Risk Factor in Explaining the Cross Section of Stock Returns, University of Westminster, Working Paper.
Sufar, S.B. (1987), Performance of New Issues - The Malaysian Case, Understanding the Behavioral Patterns of Stock Prices, Leeds Publications, 164-171.
Taufil, M.K.N. (2007), The Long Run Performance of Initial Public Offerings in Malaysia, Paper presented in the MFA 9th Conference, 12th-13th June, KL.
Teoh, S.H., Wong, T.J., and Rao, G.R. (1997), Are Accruals During an Initial Public Offering Opportunististic?, Working Paper.
______________, Welch, I., and Wong, T.J. (1998), Earnings Management and the Long-Run Market Performance of Initial Public Offerings, The Journal of Finance, 53(6).
Thomadakis, S., Nounis, C.P., and Gounopoulos, D. (2010), Long Term Performance of Greek IPOs, European Financial Management Journal.
Tinic, S.M. (1988), Anatomy of Initial Public Offerings of Common Stock, Journal of Finance, 43(4), 789-822.
Welch, I. (1989), Seasoned Offerings, Imitation Costs, and the Under pricing of Initial Public Offerings Journal of Finance, 44.
Wicaksono, Reza Bagus (2016), Pengaruh EPS, DER, ROE, & MVA terhadap harga saham – Universitas Dian Wahyudi Semarang.
Published
2018-09-26
How to Cite
Harahap, S. (2018). STUDI TENTANG KINERJA KEUANGAN DAN TINGKAT PENGEMBALIAN SAHAM DALAM FENOMENA UNDERPRICING INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA. ESENSI: Jurnal Manajemen Bisnis, 20(1), 17-34. https://doi.org/10.55886/esensi.v20i1.48
Section
Articles
