Sautma Ronni Basana
Faculty of Economics, Petra Christian University Jl. Siwalankerto 121-131Surabaya 60263

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PROBLEMA ANOMALI DALAM INITIAL PUBLIC OFFERING (IPO) Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 5, No 2 (2003): SEPTEMBER 2003
Publisher : Institute of Research and Community Outreach - Petra Christian University

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Abstract

This study on Initial Public Offerings (IPO) showed that IPO stocks on average were underpriced, underperformed in the long run aftermarket and the Hot and Cold market cycle was present. These phenomenom can be explained by among others, the following: Asymetric Information, Winner´s Curse, Traditional-Ibbotson, and Signalling Equilibrium Phenomenom. However, all of these can´t give a satisfactory explanation because they were based on the price which existed on the secondary market (Underpriced Theory). The Withdrawn IPO (WIPO) theory tried to explain the IPO anomaly differently so that the IPO anomaly could be explained clearly. Abstract in Bahasa Indonesia : Studi tentang Penawaran Saham Perdana (IPO) menunjukkan saham-saham IPO secara rata-rata mengalami Underpriced, kinerja jangka panjang yang jelek dan adanya siklus pasar "Hot" dan "Cold". Ada beberapa penjelasan terhadap fenomena tersebut, antara lain: Informasi Asimetri, WinnerCurse, Tradisional-Ibbotson, Signaling Equilibrium Phenomenom tetapi semuanya belum memuaskan karena berdasarkan pada basis harga yang ada di pasar sekunder (Teori Underpriced). Teori Withdrawn IPO (WIPO) mencoba menjelaskan fenomena anomali IPO dengan cara yang berbeda sehingga fenomena anomali IPO dapat dijelaskan secara tuntas. Kata kunci: Penawaran Saham Perdana (IPO), Underpriced, Withdrawn IPO (WIPO).
APLIKASI WIPO (WITHDRAWN INITIAL PUBLIC OFFERING) MODEL TERHADAP ANOMALI PADA PASAR PERDANA Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 6, No 2 (2004): SEPTEMBER 2004
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Study on Initial Public Offering (IPO) showed anomaly that IPO stocks averagely were underpriced, underperformed in the long-run aftermarket and "Hot" and "Cold" market cycle.These paper explained IPO anomaly by using theoretical model (the Withdrawn IPO or WIPO Model) and an empirical investigation of the WIPO Model in Indonesia and United States. The results of the empirical research revealed that the Withdrawn IPO (WIPO) can explain the observe positive average Initial Return (IR) and the model can explain the long term underperfomance and "Hot" and "Cold" market. Abstract in Bahasa Indonesia : Penelitian pada pasar perdana atau Initial Public Offering (IPO) menunjukan adanya anomali yakni Saham IPO secara rata-rata underpriced, kinerja jangka panjang yang jelek dan adanya siklus pasar "Hot" dan "Cold". Tulisan ini mencoba menjelaskan anomali IPO tersebut dengan menggunakan model teoritikal (Withdrawn IPO atau WIPO Model) dan melakukan investigasi empiris dari WIPO Model tersebut pada pasar IPO di Indonesia dan Amerika Serikat. Hasil dari penelitian empiris menunjukkan bahwa Withdrawn IPO (WIPO) dapat menjelaskan rata-rata positif Initial Return (IR) dan kinerja jangka panjang yang jelek dan siklus pasar "Hot" dan "Cold". Kata kunci : Anomali, Initial Public Offering (IPO), Withdrawn IPO (WIPO), Underpriced, Kinerja Jangka Panjang , Pasar "Hot" dan "Cold".
Price Earnings Ratio and Stock Return Analysis (Evidence from Liquidity 45 Stocks Listed in Indonesia Stock Exchange) Liem, Pei Fun; Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 14, No 1 (2012): MARCH 2012
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (269.686 KB) | DOI: 10.9744/jmk.14.1.7-12

Abstract

Price to Earnings Ratio (PE Ratio) has been broadly used by analysts and investors for stock selection. Stocks with low PE ratio are perceived as having cheaper current price hence expected to generate higher return in subsequent period. This paper aims to examine predictability of stock return using PE Ratio based on historical relationship between PE Ratio and subsequent stock return. Particularly, it seeks to find whether stocks with high PE Ratio followed by low stocks return and on the contrary, stocks with low PE Ratio followed by high stocks return. Using stocks which are included as member of Liquidity 45 and observation period 2005-2010 as samples, results show that there is significance difference between low PE and high PE portfolio stock return in short term (holding period of 6 months) but there is no significance difference between both portfolio stock return if they are hold for one, two, three, and four years. This research also finds that there is no significant relationship between stock return and (trailing) PE Ratio which suggests that (trailing) PE Ratio is not useful in estimating both short term and long term stock returns
Karakteristik Emas sebagai Safe Haven dan Hedge Asset terhadap Saham dan Dolar di Indonesia Vesiania, Juli; Basana, Sautma Ronni; Ottemoesoe, Ridhotama Shanti Darsih
Finesta Vol 2, No 1 (2014)
Publisher : Petra Christian University

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Abstract

Penelitian ini bertujuan untuk menguji karakter emas sebagai hedge asset dan safe haven asset di Indonesia. Banyaknya penelitian sebelumnya dan masih belum adanya penelitian serupa di Indonesia mendorong peneliti melakukan penelitian ini. Safe haven asset adalah aset yang memiliki korelasi negatif atau nol pada kondisi ekstrim. Sedangkan hedge asset adalah aset yang memiliki korelasi negatif atau nol pada kondisi rata-rata. Penelitian akan dilakukan dengan menggunakan variabel saham yang diwakili oleh IHSG dan nilai tukar Rupiah terhadap Dolar. Hasil penelitian menunjukkan bahwa emas merupakan safe haven asset baik untuk nilai tukar Rupiah terhadap Dolar atuapun untuk IHSG.
Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Pada Perusahaan Keuangan Di Indonesia Periode 2009-2014 Wijaya, Vina; Basana, Sautma Ronni
Finesta Vol 3, No 2 (2015)
Publisher : Petra Christian University

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Abstract

Abstrak— Penelitian ini bertujuan untuk menganalisis pengaruh intellectual capital terhadap kinerja keuangan perusahaan sektor keuangan di Indonesia. Variabel independen yang digunakan dalam penelitian ini adalah intellectual capital yang diproksikan dengan Value Added Intellectual Coefficient (VAIC) sebagai alat ukur efisiensi tiga komponen Intellectual Capital; Capital Employed Coefficient (CEE), Human Capital Coefficient (HCE), dan Structural Capital Coefficient (SCE). Variabel dependen yang digunakan dalam penelitian ini adalah kinerja keuangan. Kinerja keuangan di proksikan dengan profitabilitas (return on equity), produktivitas (asset turnover), dan market value (market-to-book value). Sampel penelitian adalah perusahaan sektor keuangan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode penelitian tahun 2009-2014. Sampel dipilih menggunakan metode purposive sampling dan diperoleh 44 emiten yang menjadi sampel. Penelitian ini menggunakan regresi linear untuk menganalisis data. Hasil penelitian menunjukkan bahwa Intellectual Capital berpengaruh signifikan terhadap profitabilitas (return on asset), produktivitas (asset turnover), dan market value (market-to-book) perusahaan sektor keuangan di Indonesia.
APLIKASI WIPO (WITHDRAWN INITIAL PUBLIC OFFERING) MODEL TERHADAP ANOMALI PADA PASAR PERDANA Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 6, No 2 (2004): SEPTEMBER 2004
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (133.781 KB) | DOI: 10.9744/jmk.6.2.pp. 148-170

Abstract

Study on Initial Public Offering (IPO) showed anomaly that IPO stocks averagely were underpriced, underperformed in the long-run aftermarket and "Hot" and "Cold" market cycle.These paper explained IPO anomaly by using theoretical model (the Withdrawn IPO or WIPO Model) and an empirical investigation of the WIPO Model in Indonesia and United States. The results of the empirical research revealed that the Withdrawn IPO (WIPO) can explain the observe positive average Initial Return (IR) and the model can explain the long term underperfomance and "Hot" and "Cold" market. Abstract in Bahasa Indonesia : Penelitian pada pasar perdana atau Initial Public Offering (IPO) menunjukan adanya anomali yakni Saham IPO secara rata-rata underpriced, kinerja jangka panjang yang jelek dan adanya siklus pasar "Hot" dan "Cold". Tulisan ini mencoba menjelaskan anomali IPO tersebut dengan menggunakan model teoritikal (Withdrawn IPO atau WIPO Model) dan melakukan investigasi empiris dari WIPO Model tersebut pada pasar IPO di Indonesia dan Amerika Serikat. Hasil dari penelitian empiris menunjukkan bahwa Withdrawn IPO (WIPO) dapat menjelaskan rata-rata positif Initial Return (IR) dan kinerja jangka panjang yang jelek dan siklus pasar "Hot" dan "Cold". Kata kunci : Anomali, Initial Public Offering (IPO), Withdrawn IPO (WIPO), Underpriced, Kinerja Jangka Panjang , Pasar "Hot" dan "Cold".
EFFECT OF 2008 AND 2016 U.S. PRESIDENTIAL ELECTION IN THE INDONESIAN STOCK MARKET Evelyn, Evelyn; Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 20, No 1 (2018): MARCH 2018
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (511.299 KB) | DOI: 10.9744/jmk.20.1.16-22

Abstract

The U.S. Presidential election was an event that received widespread attention across the globe. In the 2008 presidential campaign, Barrack Obama nominated to be the first black President. In 2016, Hillary Clinton poten­tially becomes the first woman President in American history, while the other can­di­da­te, Donald Trump, ma­de some unpopular and controversial proposals. The purpose of this paper is to ana­­­lyse whether the 2008 and 2016 election were considered as the rele­vant information in the Indonesian Stock Market (IDX). The daily closing prices of all all share listed in IDX wo­uld be examined used event stu­­­dy method. The results provide insight about the res­pon­si­­­veness of IDX parti­ci­pants to the U.S. Pre­si­den­­tial election event that could be used in decision making.
Price Earnings Ratio and Stock Return Analysis (Evidence from Liquidity 45 Stocks Listed in Indonesia Stock Exchange) Liem, Pei Fun; Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 14, No 1 (2012): MARCH 2012
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (269.686 KB) | DOI: 10.9744/jmk.14.1.7-12

Abstract

Price to Earnings Ratio (PE Ratio) has been broadly used by analysts and investors for stock selection. Stocks with low PE ratio are perceived as having cheaper current price hence expected to generate higher return in subsequent period. This paper aims to examine predictability of stock return using PE Ratio based on historical relationship between PE Ratio and subsequent stock return. Particularly, it seeks to find whether stocks with high PE Ratio followed by low stocks return and on the contrary, stocks with low PE Ratio followed by high stocks return. Using stocks which are included as member of Liquidity 45 and observation period 2005-2010 as samples, results show that there is significance difference between low PE and high PE portfolio stock return in short term (holding period of 6 months) but there is no significance difference between both portfolio stock return if they are hold for one, two, three, and four years. This research also finds that there is no significant relationship between stock return and (trailing) PE Ratio which suggests that (trailing) PE Ratio is not useful in estimating both short term and long term stock returns
EFFECT OF 2008 AND 2016 U.S. PRESIDENTIAL ELECTION IN THE INDONESIAN STOCK MARKET Evelyn, Evelyn; Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 20, No 1 (2018): MARCH 2018
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (511.299 KB) | DOI: 10.9744/jmk.20.1.16-22

Abstract

The U.S. Presidential election was an event that received widespread attention across the globe. In the 2008 presidential campaign, Barrack Obama nominated to be the first black President. In 2016, Hillary Clinton poten­tially becomes the first woman President in American history, while the other can­di­da­te, Donald Trump, ma­de some unpopular and controversial proposals. The purpose of this paper is to ana­­­lyse whether the 2008 and 2016 election were considered as the rele­vant information in the Indonesian Stock Market (IDX). The daily closing prices of all all share listed in IDX wo­uld be examined used event stu­­­dy method. The results provide insight about the res­pon­si­­­veness of IDX parti­ci­pants to the U.S. Pre­si­den­­tial election event that could be used in decision making.
PROBLEMA ANOMALI DALAM INITIAL PUBLIC OFFERING (IPO) Basana, Sautma Ronni
Jurnal Manajemen dan Kewirausahaan Vol 5, No 2 (2003): SEPTEMBER 2003
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (51.75 KB) | DOI: 10.9744/jmk.5.2.pp. 181-192

Abstract

This study on Initial Public Offerings (IPO) showed that IPO stocks on average were underpriced, underperformed in the long run aftermarket and the Hot and Cold market cycle was present. These phenomenom can be explained by among others, the following: Asymetric Information, Winner's Curse, Traditional-Ibbotson, and Signalling Equilibrium Phenomenom. However, all of these can't give a satisfactory explanation because they were based on the price which existed on the secondary market (Underpriced Theory). The Withdrawn IPO (WIPO) theory tried to explain the IPO anomaly differently so that the IPO anomaly could be explained clearly. Abstract in Bahasa Indonesia : Studi tentang Penawaran Saham Perdana (IPO) menunjukkan saham-saham IPO secara rata-rata mengalami Underpriced, kinerja jangka panjang yang jelek dan adanya siklus pasar "Hot" dan "Cold". Ada beberapa penjelasan terhadap fenomena tersebut, antara lain: Informasi Asimetri, WinnerCurse, Tradisional-Ibbotson, Signaling Equilibrium Phenomenom tetapi semuanya belum memuaskan karena berdasarkan pada basis harga yang ada di pasar sekunder (Teori Underpriced). Teori Withdrawn IPO (WIPO) mencoba menjelaskan fenomena anomali IPO dengan cara yang berbeda sehingga fenomena anomali IPO dapat dijelaskan secara tuntas. Kata kunci: Penawaran Saham Perdana (IPO), Underpriced, Withdrawn IPO (WIPO).