Detail Penjualan Saham BUMN : Apakah Terjadi Kemakmuran ?   Oleh:  Husnan, Suad Jenis: Article from Bulletin/Magazine Dalam koleksi: KELOLA Gadjah Mada University Business Review vol. V no. 13 (1996), page 62-74. Topik: Saham; BUMN disposal; saham; kemakmuran Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: KK11.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Initial public offerings of the shares of both private and state - owned firms are usually underpriced, particularly in the latter case. Two explanations are put forward to expalin this puzzle : first, the cause is a disparity between information held by underwriters and information held by the firms, and second it is simply because old and new shareholders are sharing NPV. If a market is efficient, then NPV of the funds raised from the IPO will fall entirely to old shareholders. If old shareholders agree to accept less, the IPO will be underpriced. Maximum underpricing occurs when new shareholders receive the entire NPV. If this is true, then a firm will issue new shares only if it intends to use the funds raised for new investment, and not for diversmtnet of old shareholders. So, in this case, funds raised from the IPO of state - owned firms should be directed to new investment. To yield better prices, IPOs should be conducted on the international market, especially if funds raised are substantial : international markets can overcome the problems of liquidity and market segmentation. However, since most international markets set more stringent requirements than domestic markets, cost and benefit analysis of meeting such requirements should be carried out. Empirical evidence shows that IPOs of indonesian state - owned firms did not generate consistently abnormal returns to investors. This could be mean that the pricing of IPOs for state - owned firms were not consistently underpriced. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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