KINERJA JANGKA PANJANG PADA IPO (INITIAL PUBLIC OFFERING) DI INDONESIA PERIODE 1991-1993
Abstract: The aim of this
research is to compare the performance for three years after going public of 27
manufacture companies in Indonesia stock market from 1991-1993 with the
benchmark. Benchmarks are : 1) return market and 2) return of same size firm. Using
Cumulative Average Benchmark Adjusted Return (CAbAR) as a method to compare the
long term return, the sample display some evidences of significant underperformance
compare to market and to same size firm. This result consistent with other
research in many countries such us Jan Bo Jakobsen in Denmark, and Aggarwal in
Brazil, Meksiko and Chili. It means that as any investor in any country,
investors in Indonesia stock market are over reaction and over optimism to the
firm of going public as Loughran and Ritter in Jan Bo Jakobsen indicates.
Penulis: Harlina Meidiaswati
Kode Jurnal: jpmanajemendd080068
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