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All Journal Jurnal Minds: Manajemen Ide dan Inspirasi Journal of Indonesian Economy and Business
Sukmawati Sukamulja
Atma Jaya Yogyakarta University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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WHAT BLINKS STOCK MARKET PRICES? AN EMPIRICAL STUDY FROM JAKARTA STOCK EXCHANGE Sukmawati Sukamulja
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 4 (2002): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (228.126 KB) | DOI: 10.22146/jieb.6822

Abstract

Banyak orang sering bertanya-tanya bagaimana harga saham terbentuk di pasar. Volatilitas harga berdasarkan pada Wall Street Adage (kata-kata klasik yang bijak dari para pemain di Wall Street) adalah volume trading yang mengerakkan harga. Volume trading dalam kenyataannya dapat dikelompokkan ke dalam jumlah perdagangan dan rata-rata jumlah transaksi setiap perdagangan. Penelitian ini dengan menggunakan kapitalisasi pasar dalam pembentukan portofolionya akan melihat manakah yang mendorong volatilitas harga, jumlah/banyaknya transaksi atau rata-rata besarnya volume saham per transaksi. Penelitian ini juga melihat jenis informasi yang mempengaruhi perusahan. Informasi yang bersifat umum dan informasi yang bersifat spesifik. Hasil penelitian ini menyimpulkan bahwa jumlah transaksi secara signifikan positip mempengaruhi volatilitas harga saham di Bursa Efek Jakarta. Perusahaan dengan kapitalisasi besar secara signifikan berhubungan dengan informasi yang bersifat umum. Untuk informasi spesifik secara signifikan berhubungan baik untuk perusahaan berkapitalisasi kecil maupun perusahaan berkapitalisasi besar.Kata kunci: number of trades, trade size, marketwide information, firm specific information, dan volatility.
The Ramification of Prestigious Underwriters, IPO Pricing Method, and Institutional Allocation on Indonesia IPO Underpricing during 2010-2021 Jossmelkr Sembiring; Sukmawati Sukamulja
Jurnal Minds: Manajemen Ide dan Inspirasi Vol 10 No 1 (2023): June
Publisher : Management Department, Universitas Islam Negeri Alauddin Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/minds.v10i1.35256

Abstract

This research analyses how prestigious underwriters, IPO pricing, and share allocations shape IPO underpricing in Indonesia. 359 out of 406 Indonesian companies in the period 2010-2021 were underpriced on the first day of trading, noting the importance of investigating the rationale behind the underpricing phenomenon, which proliferates in the finance literature. This study examines the degree of IPO underpricing after the period post-Global Financial Crisis and the outbreak of COVID-19. This research found that the mean of underpricing amounted to 36,77% in 2010-2021. Prestigious underwriters have been proven significantly squeeze the level of underpricing vis-à-vis non-prestigious underwriters. Moreover, the research found that most institutional investors get disproportionately higher shares of the issuing companies. The finding signifies the lucrative capital gain for investors to pursue on the first day of trading.
Co-Authors Jossmelkr Sembiring