PROBLEMA ANOMALI DALAM INITIAL PUBLIC OFFERING (IPO)

Authors

  • Sautma Ronni Basana Faculty of Economics, Petra Christian University

:

https://doi.org/10.9744/jmk.5.2.pp.%20181-192

Keywords:

Initial Public Offering (IPO), Underpriced, Withdrawn IPO (WIPO)

Abstract

This study on Initial Public Offerings (IPO) showed that IPO stocks on average were underpriced, underperformed in the long run aftermarket and the Hot and Cold market cycle was present. These phenomenom can be explained by among others, the following: Asymetric Information, Winner's Curse, Traditional-Ibbotson, and Signalling Equilibrium Phenomenom. However, all of these can't give a satisfactory explanation because they were based on the price which existed on the secondary market (Underpriced Theory). The Withdrawn IPO (WIPO) theory tried to explain the IPO anomaly differently so that the IPO anomaly could be explained clearly. Abstract in Bahasa Indonesia : Studi tentang Penawaran Saham Perdana (IPO) menunjukkan saham-saham IPO secara rata-rata mengalami Underpriced, kinerja jangka panjang yang jelek dan adanya siklus pasar "Hot" dan "Cold". Ada beberapa penjelasan terhadap fenomena tersebut, antara lain: Informasi Asimetri, WinnerCurse, Tradisional-Ibbotson, Signaling Equilibrium Phenomenom tetapi semuanya belum memuaskan karena berdasarkan pada basis harga yang ada di pasar sekunder (Teori Underpriced). Teori Withdrawn IPO (WIPO) mencoba menjelaskan fenomena anomali IPO dengan cara yang berbeda sehingga fenomena anomali IPO dapat dijelaskan secara tuntas. Kata kunci: Penawaran Saham Perdana (IPO), Underpriced, Withdrawn IPO (WIPO).

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Published

2004-06-04

How to Cite

Basana, S. R. (2004). PROBLEMA ANOMALI DALAM INITIAL PUBLIC OFFERING (IPO). Jurnal Manajemen Dan Kewirausahaan, 5(2), pp. 181-192. https://doi.org/10.9744/jmk.5.2.pp. 181-192

Issue

Vol. 5 No. 2 (2003): SEPTEMBER 2003

Section

Articles

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