scholarly journals Factors from Underwriter That Influence Initial Return of the Companies Doing Initial Public Offerings in Indonesia Stock Exchange in the Period of 2004-2011

2016 ◽  
Vol 4 (12) ◽  
pp. 641-650
Author(s):  
Ferry Sugianto ◽  
Liliana Inggrit Wijaya
Keyword(s):  
Initial Public Offerings ◽  
Stock Exchange ◽  
Public Offerings ◽  
Initial Return

scholarly journals Size of Offer, Over-subscription Ratio and Performance of Malaysian IPOs

2020 ◽  
Author(s):  
Othman Yong ◽  
Puan Yatim ◽  
Ros Zam Zam Sapian
Keyword(s):  
Initial Public Offerings ◽  
Significant Positive Correlation ◽  
Stock Exchange ◽  
Kuala Lumpur ◽  
Public Issue ◽  
Positive Correlation ◽  
Public Offerings ◽  
Long Run ◽  
Initial Return ◽  
And Performance

This paper examines the initial and the long-run performance of initial public offerings (IP0s) stocks listed on the Main Board of the Kuala Lumpur Stock Exchange. This study finds a significant mean initial return and mean over-subscription ratio, even-though not as high as reported in earlier studies. Size of offer is not correlated with the over-subscription ratio. In general, initial returns. are significantly higher than returns for subsequent longer-term holding periods. Mean initial returns among the three types of issue compared are not significantly different from each other Only in the case of offer for sale that we find a significant positive correlation between its over-subscription ratio and its initial return. Offer for sale also shows a positive correlation between its over-subscription ratio and its raw let11111 far day-365, but turns significantly negative for day-910 and day-] 095. In the case of combination of public issue and offer for sale, over-subscription ratio is not significantly correlated with longer- term returns, for either raw or adjusted return. Finally, in the case of public issue, its over-subscription ratio is significantly correlated with its raw return only for day-180 and day-540, and for its adjusted return, the correlation is significant only for day-180 and day-365.  

scholarly journals Factors from Underwriter That Influence Initial Return of The Companies Doing Initial Public Offerings in Indonesia Stock Exchange in The Period Of 2004-2011

2014 ◽  
Vol 2 (1) ◽  
pp. 90-103
Author(s):  
Ferry Sugianto ◽  
Liliana Inggrit Wijaya
Keyword(s):  
Least Squares ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Ordinary Least Squares ◽  
Quantitative Approach ◽  
Wealth Transfer ◽  
Public Offerings ◽  
Independent Variables ◽  
Initial Return

The objective of this study is to examine whether the underwriter’s factors affect the initial return of the companies that were going to do Initial Public Offerings (IPO). This study uses the quantitative approach using Ordinary Least Squares (OLS) method to examine whether the underwriter’s factors affect the initial return. The samples of this study are companies which are doing the IPO in Indonesia Stock Exchange in the period of 2004- 2011. This study finds that the underwriter’s factors have significant effect for the companies which do IPO, such as prestige, number of syndicate, experience, and oversubscription. But other independent variables like reputation, total assets, age, and price revision have no significant impact to initial return. The paper provides useful information for emitens how to choose good underwriters to avoid underpricing which causes wealth transfer to investors, the underwriters with good prestige, big syndicates, a lot of experiences, and less of doing oversubscription are recommended. Keywords: stock, initial return, underwriter, emiten, Initial Public Offerings.

INITIAL RETURN DAN RETURN 7 HARI SAHAM-SAHAM IPO DI BURSA EFEK INDONESIA

2019 ◽  
Vol 4 (3) ◽  
pp. 339-350
Author(s):  
Basuki Toto Rahmanto ◽  
Iman Sofian Suriawinata
Keyword(s):  
Initial Public Offerings ◽  
Stock Exchange ◽  
Financial Information ◽  
Government Ownership ◽  
Return On Assets ◽  
Positive Direction ◽  
Public Offerings ◽  
Initial Return ◽  
Equity Ratio ◽  
Auditor Reputation

The purpose of the study is to determine whether financial information that is proxied by the current ratio, return on assets, and debt to equity ratio and non-financial information proxied by auditor reputation, percentage of stock offerings, company age, and government ownership affect initial return and stock return 7 days. The sample used in this study are companies that conduct initial public offerings on the Indonesia Stock Exchange for the period of 2012 to 2016. The sampling method used was purposive sampling and the statistical method used is linear regression. The results of the study obtained the debt equity ratio, auditor reputation and company age negatively affected the initial return. The return of 7 days after the IPO is not influenced by financial and non-financial information, but the initial return affects the return of 7 days after the IPO in a positive direction. Keywords: initial return, return  7 day post IPO

FAKTOR FUNDAMENTAL SEBAGAI PENENTU INITIAL RETURN

2017 ◽  
Vol 2 (3) ◽  
pp. 299
Author(s):  
Muhammad Rivandi
Keyword(s):  
Initial Public Offerings ◽  
Sampling Method ◽  
Stock Exchange ◽  
Multiple Linear Regression Model ◽  
Current Ratio ◽  
Return On Equity ◽  
Public Offerings ◽  
Initial Return ◽  
Equity Ratio ◽  
Corporate Fund

<p><em>Initial public offerings (</em><em>IPO) are a strategy that can be implemented in meeting the needs of corporate fund. This study aims to examine the effect of Current Ratio, Debt Equity Ratio and Return On Equity on the initial Return. The samples of this study are thirty-three companies listed in Indonesia Stock Exchange (IDX) selected by using purposive sampling method. Data analysis method used is multiple linear regression model. Based on the hypothesis tested proves that the Current Ratio, and Debt Equity Ratio significantly no effect on Initial Return, meanwhile Return On Equity have had </em><em>The <em>positive significant effect</em>  </em><em>on Initial Return</em></p><p>Initial public offerings (IPO) merupakan strategi yang dapat diimplementasikan dalam memenuhi kebutuhan dana. Penelitian ini bertujuan untuk menguji pengaruh Current Ratio, Debt Equity Ratio dan Return On Equity terhadap Initial Return. Sampel dalam penelitian ini adalah 33 perusahaan yang terdaftar di Bursa Efek Indonesia yang dipilih dengan menggunakan metode regresi linear Berganda. Berdasarkan hipotesis yang telah diuji bahwa Current Ratio, dan Debt Equity Ratio tidak berpengaruh terhadap Initial Return, sedangkan Return On Equity berpengaruh positif signifikan terhadap Initial Return</p>

scholarly journals Short-run price performance of IPOs and corporate governance practices: Evidence from a frontier market

2018 ◽  
Vol 2 (1) ◽  
pp. 34-42 ◽  
Author(s):  
SMRK Samarakoon ◽  
KLW Perera
Keyword(s):  
Corporate Governance ◽  
Initial Public Offerings ◽  
Negative Impact ◽  
Stock Exchange ◽  
Sri Lankan ◽  
Governance System ◽  
Public Offerings ◽  
Price Performance ◽  
Governance Practices ◽  
Short Run

The short-run price performance of Initial Public Offerings (IPOs) indicates that the prices are often underpriced which is widely documented as a universal phenomenon. Corporate governance refers to the set of systems, principles and processes by which a company is governed. Establishing good corporate governance system in an IPO company makes good decisions which attract more outside investors. Therefore, this study examines whether there is any impact of corporate governance practices on short-run price performance of Sri Lankan IPOs. Study examined 44 fixed price IPOs which were listed on the Colombo Stock Exchange (CSE) during the period of 2003 – January to 2015- December. The study found that Sri Lankan IPOs underprice by 30% on AR, which is statistically significant at 5% level. Further, it found that block holder ownership (ownership concentration), CEO duality and existence of the non-executive directors in the board are positively related to the short-run underpricing, which are statistically significant at 5%. But, the board size has a significant negative impact on underpricing. These relationships are in line with the international literature which confirms that the corporate governance practices have significant impact on short-run price performance of IPOs in Sri Lanka. These findings also support the agency and signaling theories.

scholarly journals Review of short-run performance of initial public offerings in Australia

2021 ◽  
Vol 18 (2) ◽  
pp. 188-200
Author(s):  
Lutfa Tilat Ferdous ◽  
Niroshani Parahara Withanalage ◽  
Abyan Amirah Qamaruz Zaman
Keyword(s):  
Regression Analysis ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Secondary Market ◽  
Publicly Traded ◽  
Ipo Underpricing ◽  
Secondary Markets ◽  
Public Offerings ◽  
Short Run ◽  
Total Market

This study investigates the short-run performance of initial public offerings in Australia. Based on sources from the Morningstar DatAnalysis database, we analyzed 211 Australian publicly traded initial public offerings (IPO) listed on the Australian stock exchange between January 2011 and December 2015 using multiple regression analysis with dummies to represent industry and listing year. According to our analysis, total market return indicates an IPO underpricing phenomenon whereas secondary market shows an overpricing scenario. Moreover, this analysis supports the contention that short-run performance fluctuations were based on the listing year and industry settings. This study contributes to the literature by analysing the short-run performance of both the primary and secondary markets

scholarly journals The two-tier board system and underpricing of initial public offerings: Evidence from Austria

2014 ◽  
Vol 12 (1) ◽  
pp. 352-362
Author(s):  
Lalith P. Samarakoon ◽  
Palani-Rajan Kadapakkam
Keyword(s):  
Corporate Governance ◽  
Agency Theory ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Supervisory Board ◽  
Board Structure ◽  
Ipo Underpricing ◽  
Public Offerings ◽  
Management Board ◽  
Board System

We study the relation between initial IPO underpricing and two-tier board structure in the Vienna Stock Exchange of Austria, where a two-tier board is mandatory for listed companies. The board ratio, defined as the size of the supervisory board to the management board, is used to capture the effect of two-tiered board on underpricing. The results show that the board ratio is negatively related with underpricing, consistent with the agency theory which predicts that more effective monitoring implied in a relatively larger supervisory board will lead to lower agency costs, and thus lower underpricing. The results are robust to the inclusion of control variables and suggest that firms seeking to raise external capital will be helped by adopting strong corporate governance standards.

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