Penelitian ini bertujuan untuk meneinukan bukti empiris akan pengamh informasi prospektus perusahaan dalam penibuatan keputusan investasi di pasar modal Indonesia. Keputusan investasi diukur dalam 2 proksi yaitu ini/iuI rc/urn sebagai proksi keputusan investasi di pasar saham perdana dan uhnortriul return 30 hari setelah PO sebagai proksi keputusan investasi di pasat saham sekunder. Tnformasi prospektus yang digunakan meliputi: informasi akuntansi dan non-akuntansi. Variabel informasi akuntansi terdiri dari ukuran perusahaan, profitabilitas dan finuncid Ieveruge sedangkan variabel informasi non-akuntansi terdiri dari reputasi auditor, reputasi penjamin emisi, umur perusahaan, persentase penawaran saham dan periode bullish dari indeks harga saham gabungan di Bursa Efek Jakarta. Metode statistik yang &gunakan adalah metode analisis regesi linier berganda dengan 2 variabel dependen dan 8 variabel independen. Berdasarkan hasil observasi terhadap 76 perusahaan yang rnelakukan PO pada peiode tahun 1997-2001, diketahui bahwa informasi akuntansi dan nonakuntansi dalam prospektus perusahaan berpengaruh terhadap keputusan investasi di pasar saham perdana. Sementara itu, hanya informasi non-akuntansi yang berpengaruh terhadap keputusan investasi di pasar saham sekunder. Hasil analisis diatas, juga menunjukkan bahwa terjadi underpricing saham perdana di Bursa Efek Jakarta sebesar 30,73% di pasar perdana dan 30,68% pada hari pertama perdagangan di pasar sekunder

The empirical investigation on the effectiveness of company prospectus for investment decisions is researched in this report. The investment decisions are measured in term of initial returns for the investment decision in the primary stock market and abnormal return 30 days after initial public offering fix the investment decision in secondary stock market. The data of the prospectus used are accounting and non-accounting information. Accounting information variabels are the sike of company assets, profitability and financial leverage. Non-accounting information variabels are the reputation of auditors, the reputation of underwriters, the time of the company operation, the percentage of the offered shares and the bullish periode of the composite stock price index (MSG) in the stock market. Linier regression analysis is used as the statistical method with 2 dependent variabels dan 8 independent variabels. Based on the sample of 76 companies year-observations which are PO in the periode of 1497-2001, the result shows that accounting information and non-accounting information of the prospectus are relevant for the investment decision in the primary stock market. As well, non-accounting information is useful for the investment decision in the secondary stock market. The result of the investigation also reports that underpricing in the primary stock market about 30,73% and 30,68% at the tkt'day after IYO in the secondary stock market. Key Words : Underpricing, initial return, abnormal return, underwriter, auditor, bullish period, company age, percentage of offerred stock value, profitability, financial leverage, and investment decision

Kata Kunci : Saham,Prospektus Perusahaan dan Keputusan Investasi