Underpricing and long-term market performance of initial public offerings in Indonesia: A quantile regression approach

Business and Economic Horizons Pub Date : 2018-01-01 DOI:10.15208/BEH.2018.13

N. Sasikirono, S. Sumiati, N. K. Indrawati

引用次数: 4

Abstract

This study aims to identify the relationship between underpricing and long-term market performance of IPOs in the Indonesian Stock Exchange (IDX), as well as determinants of IPOs' market performance. We based our paper on the idea that it is more meaningful and relevant to investigate underpricing and long-term market performance determinants at different distribution points. OLS and quantile regression analysis isapplied to 105 samples of IPOs during 2009-2013. The results of OLS and quantile regressions indicate that assets value, age, proceeds, and underwriters’ reputation are determinants of long-term market performance; while assets, age and proceeds also become underpricing determinants. Among these factors, proceeds become the most important determinant of underpricing and long-term market performance.

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定价过低与印尼首次公开募股的长期市场表现:分位数回归方法

本研究旨在确定印尼证券交易所(IDX) ipo定价过低与长期市场表现之间的关系，以及ipo市场表现的决定因素。我们的论文基于这样一种观点，即在不同的分销点调查定价过低和长期市场表现决定因素更有意义和相关。运用OLS和分位数回归分析方法对2009-2013年105个ipo样本进行了分析。OLS和分位数回归的结果表明，资产价值、年龄、收益和承销商声誉是长期市场表现的决定因素;而资产、年龄和收益也成为定价过低的决定因素。在这些因素中，收益成为定价过低和长期市场表现的最重要决定因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Business and Economic Horizons ECONOMICS-

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