Market Information and Bidder Heterogeneity in Secondary Market Online B2B Auctions

2017 ◽  
Vol 63 (5) ◽  
pp. 1493-1518 ◽  
Author(s):  
Ali Pilehvar ◽  
Wedad J. Elmaghraby ◽  
Anandasivam Gopal
Keyword(s):  
Secondary Market ◽  
Market Information ◽  
B2b Auctions ◽  
Bidder Heterogeneity

Exploring Bidder Heterogeneity in Multichannel Sequential B2B Auctions

MIS Quarterly ◽  
2016 ◽  
Vol 40 (3) ◽  
pp. 645-662 ◽  
Author(s):  
Yixin Lu ◽  
◽  
Alok Gupta ◽  
Wolfgang Ketter ◽  
Eric van Heck ◽  
...  
Keyword(s):  
B2b Auctions ◽  
Bidder Heterogeneity

Strategi Pengelolaan Risiko dan Peningkatan Kualitas Pengelolaan Kas Negara

2017 ◽  
Vol 2 (2) ◽  
pp. 43-54
Author(s):  
Agung Mulyono
Keyword(s):  
Interest Rates ◽  
Financial Risk ◽  
Vector Autoregression ◽  
Secondary Market ◽  
Key Factors ◽  
Bond Price ◽  
Hedging Strategy ◽  
Foreign Loan ◽  
Term Operation ◽  
Loan Interest Rates

Cash management is  one of treasury’s main functions in which has a potential financial risk. A potential financial risk emerges when State Treasurer manages cash surplus and or/ shortages in order to maintain optimum liquidity. By applying Vector Autoregression (VAR) system on empirical data provided by Bank Indonesia and the Ministry of Finance of Indonesia, we found that currency value  flunctuation is a significant factor for repayment value of foreign loan. Interest rates and amount of government’s bond held by foreign investors are also variables impacted on government’s bond price movement in secondary market. Currency value  flunctuation and price of government’s bond in secondary market are the key factors that have to be considered by State Treasurer (BUN) in managing state’s money. Hedging strategy by using derivatif product is possible to be utilized by State Treasurer (BUN) due to it’s flexibility for short-term operation.   Abstrak Pengelolaan kas negara merupakan salah satu fungsi pokok perbendaharaan yang dalam proses pelaksanaannya menyimpan potensi berbagai risiko keuangan. Risiko keuangan, khususnya dalam investasi berpotensi muncul ketika Bendahara Umum Negara (BUN) melakukan kegiatan pengelolaan kelebihan dan/ kekurangan kas dalam rangka menjamin ketersediaan dan optimalisasi kas. Dengan menggunakan analisis Vector Autoregression (VAR) atas data empiris yang diperoleh dari Bank Indonesia dan Kementerian Keuangan Indonesia, penulis menemukan bahwa fluktuasi nilai tukar mata uang merupakan faktor yang signifikan terhadap besaran pembayaran utang luar negeri pemerintah. Tingkat suku bunga acuan dan pergerakan besaran kepemilikan SUN oleh investor asing juga merupakan variabel yang berpengaruh terhadap pergerakan harga SUN di pasar sekunder. Fluktuasi nilai tukar mata uang dan pergerakan harga SUN di pasar sekunder menjadi faktor penting dalam pelaksanaan investasi yang dilakukan BUN dalam rangka pengelolaan kelebihan dan/ kekurangan kas. Berdasarkan hasil tersebut, strategi pengelolaan risiko atau hedging dengan menggunakan produk-produk derivatif dalam pengelolaan kelebihan dan/ kekurangan kas jangka pendek – menengah sangat dimungkinkan karena sifat instrumen derivatif yang fleksibel.

Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing

2016 ◽  
Vol 8 (1) ◽  
pp. 53-74
Author(s):  
Maria Jeanne ◽  
Chermian Eforis
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Statement ◽  
Data Set ◽  
Multiple Regression Method ◽  
Underwriter Reputation ◽  
Public Offering

The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing. Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.

PEMASARAN SELEDRI DI DESA OEPAHA KECAMATAN NEKAMESE KABUPATEN KUPANG

2020 ◽  
Vol 21 (2) ◽  
pp. 122-129
Author(s):  
Maria C K Nadjib ◽  
Alfetri N.P Lango ◽  
Paulus Un
Keyword(s):  
Sampling Methods ◽  
Descriptive Analysis ◽  
Marketing Channel ◽  
Simple Random Sampling ◽  
Market Information ◽  
Snowball Sampling ◽  
Zero Level ◽  
Farming Community ◽  
Profit Analysis ◽  
The Village

The research, which was conducted in the village of Oepaha, Nekamese District, Kupang Regency, from June to July 2019, aims to identify marketing channels, capabilities and margins, and the share and benefits of celery marketing for farmers. The location of the research was determined using purposive sampling methods, considering that the location was the most important supplier area for celery in Kupang Regency. The population in this study was the farming community in Oepaha Village, Nekamese district, Kupang Regency,in the amount of 96 celery farmers. The sampling methods is carried out by simple random sampling according to the Slovenian formula, so that a sample of 49 celery farmers is obtained. Sampling for marketing institutions was determined by selecting the marketing institutions which directly involved in celery marketing using snowball sampling methods. In the end, respondents selected marketing institutes consisting of village collectors amounted to 4 people and retailers amounted to 4 people. The analysis of the data used in this study includes descriptive analysis, marketing margin analysis, farmer's share analysis and marketing profit analysis. The results showed that the marketing channel for celery carried out by farmers consisted of two channels, namely farmers directly to consumers and farmers to consumers through intermediaries, namely village collectors and retailers. Celery marketing functions that arise are the functions of sales, purchases, transport, standardization and financing and market information on the zero level channel,while sales, purchasing, transportation, storage, standardization, and financing, as well as market information, run on the second level channel. The marketing margin at zero level is Rp. 51.000,-, while the second level marketing channel is Rp. 17,000 at the collector and Rp. 34,000 at the retailer. The percentage of farmer’s share received by farmers is 25% at zero level and 25% at second level channel. The profit from celery marketing in the zero level marketing channel is Rp. 8.261 (farmers), the second level marketing channel is Rp. 16,688 (farmers), Rp. 15.267 (collectors' traders), Rp. 28,029 (retailers).

APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Saefudin Saefudin ◽  
Tri Gunarsih
Keyword(s):  
Interest Rates ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Secondary Market ◽  
Company Size ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Public Offering

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.

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