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Lavista, Eka
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Economics, Econometrics & Finance Social Sciences

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STOCK PRICE BEHAVIOR AROUND CUM-DIVIDEND DATE OF INDONESIA BLUE CHIPS STOCKS Lavista, Eka
Review of Management and Entrepreneurship Vol. 2 No. 1 (2018): Review of Management and Entrepreneurship
Publisher : International Business Management - Universitas Ciputra

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (98.833 KB) | DOI: 10.37715/rme.v2i1.952

Abstract

This study tests whether there are significant stock prices changes around the cum-dividend date. In particular, it examines the stock price movement of two days before and two days after the cum-dividend date. It uses an event study methodology. The population of this study are all companies in the LQ45 listed at Indonesia stock exchange for the year 2017 and the sample consists of 38 companies. Abnormal return is measured using the single index model. Results show that there are no significant abnormal returns around the cum-dividend date. In addition, there is no significant abnormal return difference between two days before and two days after the cum-dividend date. The implication of the reported findings is that investors may not obtain significant positive abnormal returns using a cum-dividend date as the trading strategy.
MARKET TO BOOK VALUE, FIRM SIZE, AND THE UNDERPRICING OF INDONESIAN INITIAL PUBLIC OFFERINGS Singgih, Marmono; Pricilia, Veryantika Putri; Lavista, Eka
Review of Management and Entrepreneurship Vol. 2 No. 2 (2018): Review of Management and Entrepreneurship
Publisher : International Business Management - Universitas Ciputra

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (109.689 KB) | DOI: 10.37715/rme.v2i2.964

Abstract

The focus of this study is to analyse whether market to book value ratio and firm size determine the extent of initial returnrate of firms making initial public offering (IPO). The subject of the study is all IPO from the period of 2007-2016. There are 173 IPOs used as sample. It uses two measurements of initial retuns, the raw return and the market adjusted return. As documented in many studies, there is evidence that on average the Indonesian IPO experience underpricing. Results using regression analysis show that market to bookvalue ratio and firm size have negative and significant effect on both of the measures for initial return. This finding asserts the importance of understanding the market to book value ratio in the valuation of Indonesia IPOs.
Co-Authors Marmono Singgih Pricilia, Veryantika Putri