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A Study of Financial Performance and Stock Return in IPO Underpricing Phenomenon on the Indonesia Stock Exchange (IDX) 印尼证券交易所(IDX) IPO抑价现象中的财务绩效与股票收益研究
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V4I2.3618
Agus S. Irfani
{"title":"A Study of Financial Performance and Stock Return in IPO Underpricing Phenomenon on the Indonesia Stock Exchange (IDX)","authors":"Agus S. Irfani","doi":"10.21002/ICMR.V4I2.3618","DOIUrl":"https://doi.org/10.21002/ICMR.V4I2.3618","url":null,"abstract":"It is widely believed that financial performance of listed companies on stock exchange might potentially affect long-term stock return. However, the impact of financial performance on underpric-ing is still in debate. The purpose of this study is to examine the effect of financial performance on underpricing at the same period and the effect of both financial performance and underpricing on the long-term stock return on the Indonesia stock exchange (IDX). By employing judgemental sampling method, the sample of this reseach includes 43 underpriced stocks taken from the population of 51 initially public offered stocks on the IDX during 2008-2010. This research uses multiple regression technique to test the hypothesis. This study concludes that not all financial performance ratios affect the underpricing and the long-term stock return in 2011. In addition, this study does not find any em-pirical evidence about the effect of underpricing on the long-term stock return. \");} \u0000// --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"4 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68239465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
An Evaluation of Indonesian Capital Market Co-integration with ASEAN 4 to Enter the ASEAN Capital Market Integration in Accordance to ASEAN Economic Community (AEC) 2020 Scheme: Should Indonesia Enter or Postpone? 根据东盟经济共同体(AEC) 2020计划，印尼资本市场与东盟四国协同整合进入东盟资本市场整合的评估:印尼应该加入还是推迟?
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V3I1.3621
Barli Suryanta
{"title":"An Evaluation of Indonesian Capital Market Co-integration with ASEAN 4 to Enter the ASEAN Capital Market Integration in Accordance to ASEAN Economic Community (AEC) 2020 Scheme: Should Indonesia Enter or Postpone?","authors":"Barli Suryanta","doi":"10.21002/ICMR.V3I1.3621","DOIUrl":"https://doi.org/10.21002/ICMR.V3I1.3621","url":null,"abstract":"Association of South East Asian Nations (ASEAN) Economic Community (AEC) 2020 has already been declared on 7 October 2003 by ASEAN Concord II in Bali, Indonesia. In general, AEC was designed to prepare ASEAN countries for ASEAN economic integration within the next 10-15 year. ASEAN Free Trade  Area (AFTA)  had  actually  been  launched since 1992 though was not comprehensive enough and kept ASEAN only partially integrated. To overcome it, ASEAN proposed  inancial  integration  through  capital market  integration based on AEC commitment in order to reach comprehensive ASEAN economic integration. Indonesia is one of the  ASEAN  members  that  is  linked  by AEC  2020.  The  purpose  of  this paper is to evaluate Indonesian capital market co-integration in entering the ASEAN capital market integration compared to those of ASEAN 4. To examine the notion of the Indonesian capital  market  integration  within ASEAN  region, cointegration model  is  utilised  to  igure out co-integration between Indonesian stock market indices and ASEAN 4, i.e., Singapore, Malaysia, Philippines and Thailand. In addition, Vector Auto-regression (VAR) model is also utilised to examine Indonesian market returns co-movement and dynamic link with ASEAN 4.  The  conclusions  of  this  research,  i.e.  co-integration  between  Indonesian  capital  market with  Singaporean,  Malaysian,  Philippines,  and  Thailand  does  not  exist;  there  is  neither co-movement  nor  strong  dynamic  link  between  Indonesian  capital  market  with  those  of Singaporean, Malaysian, Philippines, and Thailand. This paper also recommends Indonesia to postpone the integration of its capital market into the integrated ASEAN capital market. \");} \u0000// --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"3 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68238774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
The Formation of Rational and Irrational Behaviors in Risky Investment Decision Making: Laboratory Experiment of Coping Theory Implication in Investors’ Adaptation Model 风险投资决策中理性与非理性行为的形成:应对理论对投资者适应模型影响的实验室实验
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V4I2.3615
W. Wendy, Marwan Asri, Jogiyanto Hartono
{"title":"The Formation of Rational and Irrational Behaviors in Risky Investment Decision Making: Laboratory Experiment of Coping Theory Implication in Investors’ Adaptation Model","authors":"W. Wendy, Marwan Asri, Jogiyanto Hartono","doi":"10.21002/ICMR.V4I2.3615","DOIUrl":"https://doi.org/10.21002/ICMR.V4I2.3615","url":null,"abstract":"This study analyzes the stock investor's rational and irrational behavior formation through Investor's Adaptation model. Hypotheses testings were conducted by manipulating four market conditions using between-subject experimental design. The results supported the hypotheses proposed in this study. When given treatment one (opportunity-high control), investors tended to adapt the profit maximizing strategy (rational). Meanwhile, when given treatment two (opportunity-low control), three (threat-high control) and four (threat-low control), they tended to adapt the profit satisfying strategy (rational-emotional), bad news handling strategy (emotional-rational), and self-preserving strategy (irrational) respectively. The application of rational strategies are intended to obtain personal benefits and profit, while adapting irrational strategy is intended to recover emotional stability and reduce some other tensions. Another finding showed that for the investors, the relatively irrational decision formation was \"harder\" than that of rational.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"4 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68239298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Moon Effect on Paciic Basin Stock Markets 月球效应对太平洋盆地股市的影响
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V3I2.3627
Rayenda Khresna Brahman, C. Hooy, Zamri Ahmad
{"title":"Moon Effect on Paciic Basin Stock Markets","authors":"Rayenda Khresna Brahman, C. Hooy, Zamri Ahmad","doi":"10.21002/ICMR.V3I2.3627","DOIUrl":"https://doi.org/10.21002/ICMR.V3I2.3627","url":null,"abstract":"This is an empirical study on the inluences of moon on seven stock markets, which are Indonesia, Malaysia, United Kingdom, United States, Philippines, Japan, and Thailand. The period is from January 1999 until December 2009 in daily basis. This study investigates the relationship  between  moon  phase  and  market  returns.  We  divided  moon  phases  into  new moon  and  full  moon.  While  literature  mention  the  relationship  between  moon  phase  and market returns, our research reject the null hypothesis in regression analysis. However, the descriptive  catches  the  indication  and  conirmed  previous  research.  It  also  proposes  that the market is still rational and not moon-mood inluenced. This result is not contending the EMH theorem. Further research is needed in term of investigating the relationship between psychology  factors  (heuristic  bias,  information  ignorance,  and  other  factors)  and  investor behavior. The effect of moon on certain anomalies has to examine speciically. \");} \u0000// --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"3 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68239551","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Risk and Real Estate Investment Trust (REITs) Return: Evidence from Listed Public Trust 风险与房地产投资信托(REITs)收益:来自上市公共信托的证据
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V3I1.3620
N. Mohamad, N. M. Saad, S. Bakar
{"title":"Risk and Real Estate Investment Trust (REITs) Return: Evidence from Listed Public Trust","authors":"N. Mohamad, N. M. Saad, S. Bakar","doi":"10.21002/ICMR.V3I1.3620","DOIUrl":"https://doi.org/10.21002/ICMR.V3I1.3620","url":null,"abstract":"This study examines an association of risk and returns of REITs from Malaysian REITs listed companies. The secondary data for analysis is retrieved from Bloomberg's Database of all 13 listed REITs in the Bursa Malaysia main market for three year period, from 2007 to 2009 with quarterly observation. The dependent variables are average return, expected return using Capital Asset Pricing Model, Sharpe Index, and Jensen Alpha Index. The independent variables represented by standard deviation, beta, trading volume, gross domestic product, inlation rate, and share price. The control variable for this study is type of REITs, whether it  was  categorized  as  Islamic  or  conventional  REITs.  Applying  correlations  and  multiple regression  analysis,  the  results  provide  evidence  on  the  association  between  return  and risk  on  REITs.  This  study  is  also  hoped  to  bring  beneits  to  the  public  listed  company  and shareholders in obtaining the key factors in determining the REITs yield. \");} \u0000// --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"3 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68239205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Investors’ Behavior Placing Orders in Indonesia Stock Exchange 投资者在印尼证券交易所的下单行为
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V3I2.3628
G. Syamni
{"title":"Investors’ Behavior Placing Orders in Indonesia Stock Exchange","authors":"G. Syamni","doi":"10.21002/ICMR.V3I2.3628","DOIUrl":"https://doi.org/10.21002/ICMR.V3I2.3628","url":null,"abstract":"The  objective  of  this  research  is  to  analyze  the  behavior  pattern  of  trading  volume at  opening  and  closing  of  market  in  Indonesia  Stock  Exchange.  The  behaviors  pattern  is structured by investors' decision in placing buy and sell orders. This research used intraday data transaction history-corporate edition demand and order history stock which included in pre-opening and LQ-45 in Indonesia Stock Exchange on March, April, and Mei 2005. The result of this research is investor place bigger order on the opening and closing markets than period trading. This shows that they are more carefully and more conservative in doing trades on  the  opening  session.  This  can  occur  because  of  the  large  orders  at  the  market  opening is not necessarily for investors to execute the transaction order status match. Research has found that the pattern of investors in making orders morning session has a reverse J pattern and a pattern of J at afternoon session. Reverse J pattern in the morning session subject to lunch time and most of these patterns of behavior are driven by more dominant sell orders in comparison to buy orders, while the afternoon session or the closing of the market is caused by of investors who want to realize higher transaction match. Other implication is investors must  be  more  active  in  observing  all  of  the  information  in  doing  trading  on  pre  opening, during, and closing of market. \");} \u0000// --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"3 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68239662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Development and Economic Growth Nexus: The Moroccan Case 金融发展与经济增长的关系:摩洛哥案例
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V3I1.3622
Mohamed Abouch, E. Ezzahid
{"title":"Financial Development and Economic Growth Nexus: The Moroccan Case","authors":"Mohamed Abouch, E. Ezzahid","doi":"10.21002/ICMR.V3I1.3622","DOIUrl":"https://doi.org/10.21002/ICMR.V3I1.3622","url":null,"abstract":"The issues of the existence and the direction of causality between inance and growth are not yet settled. Even if theoretical and historical evidences suggest an important contribution of inance to foster economic growth, empirical studies provide conlicting results depending upon  analytical  approaches,  econometric  techniques,  and  used  data  sets.  The  empirical exploration of the links between the development of the Moroccan inancial sector (MFS) and the economic performance of the country shed some light on the proile of this relationship. It appears that even if the indicators measuring the degree of development of the MFS have steadily evolved, they are not systematically and signiicantly linked with economic growth. This situation may be explained by the characteristics of the MFS and the existence of other factors, not related to this sector, that hinder economic growth. \");} // --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"3 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68238837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Causal Nexus between Stock Price, Demand for Money, Interest Rate, Foreign Institutional Investment, and Exchange Rates in India: A Post Subprime Crisis Analysis 印度股票价格、货币需求、利率、外国机构投资和汇率之间的因果关系:次贷危机后的分析
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V3I2.3625
Iti Vyas, Narayan Prasad, A. Mishra
{"title":"Causal Nexus between Stock Price, Demand for Money, Interest Rate, Foreign Institutional Investment, and Exchange Rates in India: A Post Subprime Crisis Analysis","authors":"Iti Vyas, Narayan Prasad, A. Mishra","doi":"10.21002/ICMR.V3I2.3625","DOIUrl":"https://doi.org/10.21002/ICMR.V3I2.3625","url":null,"abstract":"This  paper  makes  an  attempt  to  empirically  examine  the  causal  nexus  between  stock price, demand for money, interest rates, foreign institutional investment and exchange rates in India in the post subprime mortgage crisis period. The study employed Granger causality test, Vector Auto Regression and Johansen Maximum Likelihood procedure to examine the short  run  and  long  run  dynamic  interaction  among  the  above  mentioned  variables  for  the period January 1993 to May 2009. The major indings of the study are: stock return affects exchange rate return, net foreign institutional investment and growth of demand for money. Growth  of  demand  for  money,  in  turn,  affects  interest  rate.  Interest  rate  is  more  affected by exchange rate return. Foreign institutional investment also affects interest rate. The co-integration  test  conirms  that  there  does  not  exist  any  long  run  equilibrium  relationship between stock return and exchange rate return \");} \u0000// --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"3 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68239495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Does Moving Average Technical Trading Rule Provide Value for Intraday Stock Trading?: Evidence from the Indonesia Stock Exchange 移动平均技术交易规则为股票交易提供价值吗?:来自印尼证券交易所的证据
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-25 DOI: 10.21002/ICMR.V4I2.3619
Ario Harsanto, I. A. Ekaputra
{"title":"Does Moving Average Technical Trading Rule Provide Value for Intraday Stock Trading?: Evidence from the Indonesia Stock Exchange","authors":"Ario Harsanto, I. A. Ekaputra","doi":"10.21002/ICMR.V4I2.3619","DOIUrl":"https://doi.org/10.21002/ICMR.V4I2.3619","url":null,"abstract":"This paper analyzes the value of employing simple moving average (SMA) and moving average (MA) technical trading rules for intraday stock trading in the Indonesia Stock Exchange. We test independently SMA[5], SMA[10], SMA[15], MA[5,50], MA[5,150], and MA[5,200] trading rules. We find all three SMAs and MA[5,200] tend to deliver returns greater than the unconditional basic return (UBR), while MA[5,50] and MA[5,150] generate returns less than UBR. We conclude that SMAs are more valuable than MAs as intraday technical trading rules. \");} \u0000// --> activate javascript","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"67 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68239573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analysis the Efficiency and Productivity of Indonesian Pharmaceutical Public Companies Using Data Envelopment Analysis 用数据包络分析法分析印尼制药上市公司的效率和生产力
IF 0.4
Indonesian Capital Market Review Pub Date : 2014-08-13 DOI: 10.21002/ICMR.V6I2.3592
D. Hanggraeni
{"title":"Analysis the Efficiency and Productivity of Indonesian Pharmaceutical Public Companies Using Data Envelopment Analysis","authors":"D. Hanggraeni","doi":"10.21002/ICMR.V6I2.3592","DOIUrl":"https://doi.org/10.21002/ICMR.V6I2.3592","url":null,"abstract":"As one of the biggest medicines market in the South East Asia, the pharmaceutical industry in Indonesia has a huge potential market. However, the majority supply of raw materials has been imported. Besides, regulations of the Health Ministry and the Trade Ministry have still hampered most players in Indonesia pharmaceutical industry. Therefore, this study used Data Envelopment Analysis (DEA) models to analyze efficiency and productivity change in the Indonesian pharmaceutical industry between 2006 and 2011, listed in the Indonesia Stock Exchange and also supported by applying efficiency financial ratio. This study finds that the decision for the most relatively efficient company is different using DEA compared to efficiency financial ratios, yet DEA has better measurement of efficiency. It is proven by one of State-owned Enterprises has been evaluated underperformed by the financial ratio analysis, unexpectedly is efficient using the DEA approach. This study has also proposed and tested a hypothesis on the average efficiency to check if the domestic and foreign pharmaceutical companies differ in their efficiency but the result implies that there is no significant statistical difference among them. This study indicates that firms having dominant contribution in selling overthe- counter medicines are more efficient than selling ethical medicines. Lastly, technological change contribution has more influence to productivity change instead of pure technical efficiency change in Indonesia pharmaceutical companies.","PeriodicalId":40640,"journal":{"name":"Indonesian Capital Market Review","volume":"6 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2014-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68240280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
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