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Do IPO Hot and Cold Markets Exist at the Indonesia Stock Exchange? Warganegara, Doni S.; Warganegara, Dezie L.
Binus Business Review Vol 5, No 2 (2014): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v5i2.1007

This study focuses on IPO Initial Returns in Hot and Cold IPO Markets at the Indonesia Stock Exchange (IDX) between the period of 2001 and 2005. This study uses a regression analysis where the first day IPO stock return is the dependent variable and a dummy variable that represents Hot and Cold IPO Markets is the main independent variabel. It is found that Hot and Cold Markets do exist at the IDX. More importantly, it is found that the difference in IPO Initial Returns between Hot and Cold Markets while controlling for other factors is 36.8%. The Investment Sentiment Hypothesis has been found to explain the existence of Hot and Cold Markets. The hypothesis implies that jumps in IPO Initial Returns during Hot Markets are due to the increase in the first day closing prices which are higher than the increase in the offering prices. The Monopsony Power Hypothesis and information spillovers across IPOs respectively may also provide alternative explanations to the phenomenon. Investment banker community in a small economy learns information from each other and, thus, has full information on the number of firms that will go public in the following period. Consequently, investment bankers have a high bargaining power of investment bankers in lowering the offering prices.Â

Identification of Firm Multiplier of Comparable Firm Valuation Method on Indonesian IPO Andrew Handaya; Dezie L. Warganegara; Doni S. Warganegara
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.128

The aim of this research is to find the relevant valuation measurement, firm multiplier, which is utilized by issuers or underwriters during IPO. This research uses companies that conducted IPO, in the Indonesia Stock Exchange (IDX), within year 2001 to 2007, as the research sample. The hypotheses are developed to find the relevant valuation multiplier. The data are analyzed using One-Sample T Test, Kolmogorov-Smirnov (K-S) Test, and Binomial Test. The empirical results suggest that there are similarities and differences in valuation results when comparable firm valuation is utilizing different firm multiplier. Among the five methods, i.e. arithmetic mean, median, harmonic mean, closest ROA, and closest TA, the closest TA method performs the worst in Indonesia capital market during 2001-2007. There is no statistical difference between selecting arithmetic mean, median, and harmonic mean methods. The closest ROA method outperforms the arithmetic mean and closest TA methods; however it has similar performance to median and harmonic mean methods.

EMPIRICAL INVESTIGATION OF THE UNDERPRICING PHENOMENON ON IPOs IN PRIVATIZATION OF SOEs: EVIDENCE FROM INDONESIA Monika Setiobudi; Dezie L. Warganegara; Doni S. Warganegara
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.166

The Objective this empirical research is conducted with the main purpose to assess whether the short-run underpricing level of IPOs on privatization is lower or not compared to the privately owned enterprises in Indonesia. The aim is intended to identify whether the presence of excessive underpricing is occurred among the Privatization IPOs in Indonesia. Method are used to fullfil the objective, the samples are derived from both SOEs and Non-SOEs that conducted the Initial Public Offerings (IPO) during period 2000-2009. The total final samples used are 147 samples. Moreover, this research focuses on the initial return of the first trading day to determine the underpricing level. The data is also analyzed by using descriptive statistics, Kolmogorov Smirnov test, parametric tests, Non-parametric tests and Multiple Regression Analysis. Result of the research shows the evidence that the extent of underpricing is significantly lower in IPOs conducted by the SOEs compared to the privately owned in Indonesia. Furthermore, the result also clarifies that there is no occurrence of excessive underpricing within the Privatization IPOs in Indonesia.Conclusion is the degree of underpricing within the SOEs is proven to be lower than the Non-SOEs. This fact is supported by the reasons of tight standardize legislation, underwriter’s reputation, budget deficit in Indonesia, and well-established industry within the SOEs.

Do IPO Hot and Cold Markets Exist at the Indonesia Stock Exchange? Doni S. Warganegara; Dezie L. Warganegara
Binus Business Review Vol. 5 No. 2 (2014): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v5i2.1007

This study focuses on IPO Initial Returns in Hot and Cold IPO Markets at the Indonesia Stock Exchange (IDX) between the period of 2001 and 2005. This study uses a regression analysis where the first day IPO stock return is the dependent variable and a dummy variable that represents Hot and Cold IPO Markets is the main independent variabel. It is found that Hot and Cold Markets do exist at the IDX. More importantly, it is found that the difference in IPO Initial Returns between Hot and Cold Markets while controlling for other factors is 36.8%. The Investment Sentiment Hypothesis has been found to explain the existence of Hot and Cold Markets. The hypothesis implies that jumps in IPO Initial Returns during Hot Markets are due to the increase in the first day closing prices which are higher than the increase in the offering prices. The Monopsony Power Hypothesis and information spillovers across IPOs respectively may also provide alternative explanations to the phenomenon. Investment banker community in a small economy learns information from each other and, thus, has full information on the number of firms that will go public in the following period. Consequently, investment bankers have a high bargaining power of investment bankers in lowering the offering prices.

Pemberdayaan Masyarakat melalui SIPALON sebagai Inovasi Urban Farming di Kawasan Padat Penduduk Doni Sagitarian Warganegara; Hani Fatonah; Rakha Ghoffur Azmi; Citha Padila; Artika Putri Melani; Syakira Zera Harmonisa; Afifah Nur Khoirunnisa; Adhetia Selando; Kartika Nur Rosyida; Chesario Dwi Nugroho; Muhammad Zaky Alfaraby; M. Qahvy Algifarri
Jurnal Pengabdian Cendekia Vol. 2 No. 1 (2026): Jurnal Pengabdian Cendekia
Publisher : PT Pustaka Cendekia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71417/jpc.v2i1.163

Kelurahan Tanjung Karang merupakan kawasan padat penduduk di Kota Bandar Lampung dengan luas wilayah 28 hektar dan jumlah penduduk 2.950 jiwa. Keterbatasan lahan terbuka menjadi kendala utama bagi masyarakat dalam melakukan budidaya tanaman pangan secara mandiri. Kegiatan Kuliah Kerja Nyata (KKN) ini bertujuan memberikan solusi urban farming melalui pemanfaatan galon bekas sebagai media aquaponik sederhana yang disebut SIPALON (Solusiistem Pemanfaatan Galon Bekas). Metode pelaksanaan meliputi sosialisasi konsep aquaponik, penjelasan peluang bisnis, dan praktik pembuatan 15 unit SIPALON yang melibatkan 20 warga. Hasil kegiatan menunjukkan bahwa masyarakat memperoleh pengetahuan baru mengenai sistem aquaponik dan keterampilan membuat media tanam dari galon bekas. Seluruh unit SIPALON yang dibuat dibawa pulang oleh masyarakat untuk dirawat secara mandiri. Antusiasme peserta terlihat dari keikutsertaan aktif selama sesi sosialisasi dan praktik. Kegiatan ini mendukung pemanfaatan barang bekas, ketahanan pangan rumah tangga, serta membuka wawasan masyarakat terhadap potensi ekonomi mikro dari urban farming.

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