PENGUJIAN MODEL WIPO TERHADAP EMISI SAHAM PERDANA (IPO) DI PASAR MODAL INDONESIA (STUDI EMPIRIS DI BEJ 2000-2002)

Wibawaningsih, Nugroho (2006) PENGUJIAN MODEL WIPO TERHADAP EMISI SAHAM PERDANA (IPO) DI PASAR MODAL INDONESIA (STUDI EMPIRIS DI BEJ 2000-2002). S2 thesis, UAJY.

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Abstract

The study on Initial Public Offering (IPO) showed that IPO stocks average were under priced, underperformed in the long-run after market. These phenomena can be explained, among others, by the following: asymmetric information, winner curse, traditional-Ibbotson, etc. Howeve, those phenomenona could not give satisfactory explanation. This paper explains IPO anomaly by using theoretical model (the Withdrawn IPO), In the WIPO Model, the observed positive average initial return is caused by the withdrawn of IPO's with negative potential initial return. The model proposes that if there is no possibility of with drawn, the unconditional mean of initial return is zero. The results of the empirical research in Jakarta Stock Exchange (2000-2002) revealed that the Withdrawn IPO can explain the observed positive average initial return , 2.76%.

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