ACADEMIC PUBLICATIONS
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Collection of Knowledge Management Research Widyatama University
Bandung, Indonesia
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Browsing ACADEMIC PUBLICATIONS by Subject "abnormal return"
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- ItemANALISIS KINERJA SAHAM PERUSAHAAN-PERUSAHAAN YANG MELAKUKAN INITIAL PUBLIC OFFERING (IPO)(Seminar Nasional Forum Manajemen Indonesia (FMI 6) , Fakultas Ekonomi dan Bisnis Universitas Sumatera Utara, 2014-11-12) Riantani, Suskim; Yuliani, RevaMeasurement of the performance of stock in the companies that make an Initial Public Offering (IPO) is one of the activities for linking the interests of the company in obtaining funding expansion purposes with the interests of investors in acquiring a high value of stock returns. This research investigated to analyze performance of the stock through the measurement of initial returns, abnormal returns, outperformed or underperformed of stock returns in the short-term (3 months) and in the long-term (24 months), and to test of significance differences of the stock performance in the short-term with the long-term. The purposive sampling method is used to obtain the sample and there are 21 companies was conducted to make an Initial Public Offering (IPO) on the Indonesia Stock Exchange (BEI) in the period of 2010. The research method are descriptive and comparative analysis using historical data. Statistical test using a one sample t-test and paired sample t-test. The results showed that the company stocks had under-pricing that investors obtain positive initial returns, the short-term abnormal returns tend to decrease, while the abnormal returns in the long-term is fluctuate. Performance of stock had outperformed in the short-term and in the long-term. The results also showed that performance of stock in the companies that do an IPO in 2010 in both of the short-term and in the long-term are significantly different. There was no significant difference performance of stock in the short-term with in the long-term in the Indonesian IPOs during the period.
- ItemANALYSIS OF ANNOUCEMENT MERGER AND ACQUISITION AND PAYMENT METHOD TO STOCK RETURN: STUDY OF LISTED COMPANIES AT BEI DURING 2005-2011(23rd International Business Research Conference, World Business Institute, 2013-11-18) Dianita, Mirna; Tarmidi, Didi; Hadian, NikiMerger and acquistion are important information for share holders. Merger or acquisiton announcement released by a company will affect share price of target company. This research of merger and acquisition with payment method aims to test the effect due to the event.Their reaction depends on early announcement and how a company fund the merger and acquisition. Hypothesis for this research are whether there is positive abnormal return during the announcement date of merger and acquisition, and whether Average abnormal return Merger and acquisition announcements using cash as a method of payment is greater than the announcement Mergers and acquisitions using stock as a method of payment. The method of research used in this study is a method of verificative and descriptive event study approach. The samples used in this research are companies listed on the Indonesia Stock Exchange that announced their mergers and acquisitions in the year 2005-2011 and acquired 20 companies to 10 companies using cash payments and 10 companies using the stock payments. The method of analysis used in this study is event study method, which is to observe the company's stock price and then calculate the average abnormal return before and after the merger issue. Result shows that there is positive abnormal positive return during the announcement date of merger and acquisition, there is a significant AAR prior to the announcement of mergers and acquisitions. And for the payment method, Average abnormal return on the announcement of the merger and acquisition using cash is not greater than the average abnormal return to the stock as a payment method to undertake mergers and acquisitions.