APLIKASI WIPO (WITHDRAWN INITIAL PUBLIC OFFERING) MODEL TERHADAP ANOMALI PADA PASAR PERDANA

Abstract

Study on Initial Public Offering (IPO) showed anomaly that IPO stocks averagely were underpriced, underperformed in the long-run aftermarket and "Hot" and "Cold" market cycle.These paper explained IPO anomaly by using theoretical model (the Withdrawn IPO or WIPO Model) and an empirical investigation of the WIPO Model in Indonesia and United States. The results of the empirical research revealed that the Withdrawn IPO (WIPO) can explain the observe positive average Initial Return (IR) and the model can explain the long term underperfomance and "Hot" and "Cold" market. Abstract in Bahasa Indonesia : Penelitian pada pasar perdana atau Initial Public Offering (IPO) menunjukan adanya anomali yakni Saham IPO secara rata-rata underpriced, kinerja jangka panjang yang jelek dan adanya siklus pasar "Hot" dan "Cold". Tulisan ini mencoba menjelaskan anomali IPO tersebut dengan menggunakan model teoritikal (Withdrawn IPO atau WIPO Model) dan melakukan investigasi empiris dari WIPO Model tersebut pada pasar IPO di Indonesia dan Amerika Serikat. Hasil dari penelitian empiris menunjukkan bahwa Withdrawn IPO (WIPO) dapat menjelaskan rata-rata positif Initial Return (IR) dan kinerja jangka panjang yang jelek dan siklus pasar "Hot" dan "Cold". Kata kunci : Anomali, Initial Public Offering (IPO), Withdrawn IPO (WIPO), Underpriced, Kinerja Jangka Panjang , Pasar "Hot" dan "Cold".