NET INITAL RETURN PENAWARAN PERDANA SAHAM DI BEJ
RINI, TRI HASTUTI (pembibing: DR. JOGIYANTO HM, MBA.), DR. JOGIYANTO HM, MBA.
Some researches foind that there is phenomenons in the average of return IPO of underprice. The last proof shown that underpricing happening in the short range will be possible happen overpricing in the long range and gives negative return for the investors. Some researches in Indonesia found the underpricing where the initial return is positive. Formerly, the researches do not use net return as initial return to predict underpricing These researches use net initial return for anaIyzing. Net return is initial return, which has adjusted with the cost of capital. If net return is used for the basic of analyzing. it was estimated the suply of principal share uncertainly underpricing. this will proofed by looking at the fluctuation of price or return during the effective time and a month after. From the calculation initial return, which is adjusted by COC give the average negative net initial return. It gives conclusion that in the effective range return has been negative. this result indicates that principal price uncertainly underprice. It's supported by the fluctuation of share price. shown that since the first day till last day effective range increased. but a month after it decreased. This result shown that the principal price uncertainly underprice. the fluctuation is reurn during the effective range a month after it. shown that only in the first and second day the return high. but after that go down drastic till effective time and a month after it The average of return during the effective time has negative valuable. It means the ligh return, which estimated is not true. From the t test for each variable in a regression type, variable that effect to the net initial return is offsize variable and STD return,
Kata Kunci : Underpricing, IPO, net return, initial return, Penawaran perdana, Pasar Modal
