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The real effects of primary and secondary equity markets on firm performance
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Purpose
The purpose of this paper is to investigate the real effects of primary and secondary equity markets on the post-issue operating performance of initial public offering (IPO) firms.
Design/methodology/approach
The author utilizes the intended use of proceeds as a proxy variable for the primary market and the investment-to-price sensitivity and the informativeness of stock prices as alternative proxy variables for the secondary market. The compositional data, and non-parametric quantile regressions which are more robust to outliers than standard least square regressions, are employed for Indonesian equity market over the period of 1999-2013.
Findings
While confirming that firm operating performance can be explained by the firm’s motivation to go public, the author also shows that the operating performance is positively affected by investment-to-price sensitivity and negatively affected by stock price informativeness. The stock prices affect investment decisions by the way that the more liquid a stock is, the more informative its price is, and the more relevant stock prices are in investment decisions. These findings still hold after controlling for ownership structure.
Originality/value
Departing from the existing literature, the author investigates the role of primary and secondary equity markets for firm performance in an integrated framework because both markets interact closely in reality. The author shows that public listed firms can benefit both from the capital-raising function of the primary market and from the informational role of the stock prices of the secondary market. A measure of stock price informativeness, 1−R2, however, must be understood in the context of thin trading in the sense that the level of liquidity affects the level of stock price informativeness.
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TINJAUAN YURIDIS MENGENAI PERKAWINAN ANTAR WARGA NEGARA INDONESIA YANG BERBEDA AGAMA (Studi Kasus : Penetapan No.161/PDT.P/2001/PN.JKT.PST dan Penetapan No. 111/PDT.P/2007/PN.BGR)
Get PDFSemakin banyaknya penduduk yang berasal dari berbagai suku
bangsa dan agama yang berbeda-beda pula yang menyebabkan semakin
besar kemungkinan terjadi perkawinan antar Warga Negara Indonesia yang
berbeda agamanya. Undang-Undang Perkawinan sendiri hanya mengakui
perkawinan yang dilangsungkan berdasarkan agama dan kepercayaan yang
sama. Dengan mengetahui sejauh mana kekuatan atau pengaruh pengaturan
perundang-undangan mengenai perkawinan antar agama sesudah tahun
1974 dimana lahirnya unifikasi peraturan perundangan tentang perkawinan.
Permasalahan yang timbul adalah pertimbangan hukum dari Hakim dalam
pemberian penetapan perkawinan beda Agama dalam Penetapan No.
161/PDT.P/2001/PN.JKT.PST dan Penetapan No. 111/PDT.P/2007/PN.BGR
dan akibat hukum terhadap perkawinan setelah adanya kedua penetapan
tersebut. Tujuan penelitian adalah mengetahui pertimbangan hukum dari
Hakim dalam pemberian penetapan perkawinan beda Agama dalam
Penetapan No. 161/PDT.P/2001/PN.JKT.PST dan Penetapan No.
111/PDT.P/2007/PN.BGR dan mengetahui akibat hukum terhadap perkawinan
setelah adanya kedua penetapan tersebut.
Metode penelitian dalam penulisan ini menggunakan metode yuridis
normatif, dengan spesifikasi penulisan deskriptif analitis. Sumber data yang
digunakan dalam penelitian ini menggunakan data primer dan data sekunder,
dengan Metode analisa data yang digunakan adalah analisis kualitatif.
Pengadilan Negeri Jakarta Pusat dalam mengabulkan permohonan
menggunakan kembali Peraturan Perkawinan yang lama yaitu Staatblad 1898
No. 158 dan Pengadilan Negeri Bogor menggunakan dasar Pasal 35 huruf a
Undang-undang Nomor 23 Tahun 2006 Tentang Administrasi Kependudukan,
akibat
hukum
yang
ditimbulkan
pada
Penetapan
No.
161/PDT.P/2001/PN.JKT.PST tidak dapat digunakan dan diterapkan di kantor
Catatan Sipil DKI Jakarta, sehingga tidak ada perlindungan hukum bagi
mereka dan Penetapan No. 111/PDT.P/2007/PN.BGR para pemohon diberi
ijin untuk menikah dan dicatatkan di Kantor Catatan Sipil Bogor, sehingga
perkawinan mereka memperoleh perlindungan hukum dengan sendirinya.
Kesimpulan dari penelitian ini adalah kedua Pengadilan yaitu Pengadilan
Negeri Jakarta Pusat dan Pengadilan negeri Bogor mengabulkan permohonan
dan memberikan izin perkawinan beda agama dan akibat hukum Penetapan
No. 161/PDT.P/2001/PN.JKT.PST tidak dapat digunakan dan diterapkan di
kantor
Catatan
Sipil
DKI
Jakarta,
dan
Penetapan
No.
111/PDT.P/2007/PN.BGR para pemohon diberi ijin untuk menikah dan
dicatatkan di Kantor Catatan Sipil Bogor
The Static Trade-Off against the Pecking Order Hypotheses of Firms’ Capital Structure: A Survey of Testing Methodology and Proxy Variable
Get PDFThis paper presents a literature
review on some proxy variables and
methodologies that can be used to test
two competing hypotheses on capital
structure, namely the static trade-off and
the pecking order hypotheses. The
choice of proxy variables and methodology
of research are very important
in testing the hypotheses: the empirical
results heavily depend on the choice.
Some discussions will be presented on
the choice of several important variables
and their corresponding proxies.
Meanwhile, some methodologies and
statistical models such as sampling
survey, multiple regressions, two-step
regressions, co-integration, logit, probit
and latent variable approach are also
discussed. A mean reversion model
may be used to test the static trade-off
hypothesis, while co-integration analysis
may be utilised to test the pecking order
hypothesis
Metode Bimbingan Karir sebagai Persiapan Perencanaan Karir di Rumah Singgah PKBM Bina Anak Nusantara Pinang Baris Medan Sunggal
Get PDFAnak binaan yang ada di PKBM Bina Anak Nusantara adalah anak
pengangguran, anak jalanan dan berbagai aktivitas dijalanan. Bina Anak
Nusantara adalah salah satu lembaga Pendidikan Luar Sekolah yang mendidik
anak bermasalah melalui Paket C. Dalam hal perencanaan persiapan karir bagi
anak PKBM tentunya perlu suatu metode tersendiri dalam bimbingan karir
mereka, sehingga tamat sekolah mereka tidak lagi kembali ke jalanan namun
memiliki cara pandang yang lebih baik dalam meniti dan merencanakan karir.
Tujuan penelitian ini adalah (1) untuk mengetahui metode bimbingan karir (2)
Untuk mengetahui persiapan perencanaan karir anak (3) Untuk mengetahui
indikator keberhasilan dan hambatan individu dalam persiapan perencanaan karir
anak di PKBM Bina Anak Nusantara Pinang Baris Medan Sunggal.
Jenis penelitian adalah kualitatif deskriptif. Teknik analisis data dilakukan
dengan mengikuti langkah-langkah mengumpulkan dan mengelompokkan
permasalahan, kemudian menjabarkan dan menguraikan atau mendeskripsikan
sesuai dengan permasalahannya, selanjutnya diambil kesimpulan. Teknik
pengumpulan data menggunakan pedoman wawancara dan hasil observasi.
Hasil penelitian menunjukkan bahwa Metode bimbingan karir di rumah
singgah PKBM Bina Anak Nusantara Pinang Baris Medan Sunggal dilaksanakan
dengan dua metode yaitu metode teori di dalam kelas dan metode praktek di
lapangan secara langsung dengan waktu yang sudah ditentukan. Persiapan
perencanaan karir anak dilakukan melalui pendataan anak yang mengikuti
bimbingan karir dan mengelompokkannya untuk mengikuti seluruh proses
pembinaan dan pelatihan karir. Indikator keberhasilan metode bimbingan karir
adalah kemampuan anak membuka usaha di bidang sablon dan mampu bekerja di
berbagai tempat sesuai dengan bidang keterampilan yang sudah dipelajari.
Hambatannya adalah kurang serius dalam mengikuti pelatihan dari sebagian
kecil anak , disamping hambatan biaya dalam membuka usaha sendiri setelah
selesai pelatihan
Implementation of Social Community Development in Indonesia and Malaysia Borders (Case Study in Kecamatan Sajingan Besar Sambas District West Kalimantan Province Kalimantan Barat)
No full textTHE ANALYTICAL SOLUTIONS OF EUROPEAN OPTIONS ON SHARES PRICING MODELS
No full textThe Black-Scholes options formula is the breakthrough in valuating options prices. However, the formula is heavily based on several assumptions that are not realistic in practice. The extensions of the assumptions are needed to make options pricing model more realistic. This paper has reviewed the relaxation of the formula to European options on shares with the focus on its analytical solutions. The assumptions that are relaxed are non-dividends assumption, constant interest rate, constant volatility, and continuous time.
Abstract in Bahasa Indonesia :
Rumus opsi saham Black-Scholes merupakan terobosan dalam penentuan nilai suatu wahana keuangan derivatif opsi saham. Namun demikian, rumus ini didasari beberapa asumsi yang dalam praktiknya tidak realistis. Pengembangan asumsi tersebut diperlukan agar model penilaian harga opsi saham lebih realistis. Tulisan ini membahas relaksasi asumsi dalam rumus Black-Scholes terhadap opsi Eropa pada saham yang berfokus pada solusi analitis. Relaksasi asumsi yang dibahas merupakan asumsi tanpa dividen, suku bunga konstan, volatilitas tetap, dan waktu yang kontinu.
Kata kunci: Opsi, penilaian opsi saham, solusi analitis, rumus Black-Scholes
Pengaruh Lokasi, Harga dan Fasilitas terhadap Loyalitas Konsumen Doorsmeer Anugrah Jaya Motor
No full textThis study aims to identify and analyze the influence of the location, price
and amenities to customer loyalty Doorsmeer Anugrah Jaya Motor. This type of
research in this thesis is a quantitative descriptive method is a form of research that is
based on data collected during the study systematically the facts and the properties of
the object studied by combining the relationship between the variables involved in it,
then interpreted based on the theories and literature related to the factors location,
price and amenities.
The type of data used consist of primary data obtained directly from survey
respondents through questionnaires in the field and secondary data, ie data obtained
in the form of ready-made, have been collected and processed by other parties.
Usually in the form of publications such as data obtained from situations internet and
other data that are directly related to the object under study. Method of data
collection with a list of questions (questionnaire).
The population in this study are those who use the services Doorsmeer
Anugrah Jaya Motor, amounting to 8665 people in 2013, the number of samples is
calculated based on the formula Slovin, Umar (2004: 76) that as many as 99
respondents sampling technique using purposive sampling method, the sample
selected with certain criteria.
The results showed that (1) simultaneously the location, price and amenities
significant effect on customer loyalty Doorsmeer Anugrah Jaya Motor. (2) partially
location, price and amenities significant effect on customer loyalty Doorsmeer
Anugrah Jaya Motor. (3) The price has the most dominant influence on consumer
loyalty Doorsmeer Anugrah Jaya Motor.104 HalamanSkripsi Sarjan
Transformative Learning: Teaching Vocabulary To Disadvantaged Non-Native Language Learners
Get PDFTeaching English as a foreign language to students from disadvantaged situations requires focus on vocabulary building through contextualization, development of student-teacher relationships, and building the curriculum around collaborative activities
Savings and Investment in Indonesia
Get PDFThe main objective of this paper is to understand domestic savings and investment in Indonesia. The level of savings in Indonesia is relatively high by international standard. However, the savings through banking sector are more dominant than non-banking savings. This leads to the scarcity of long-term savings which are essential for long-term investment, especially in infrastructure, that ultimately benefit growth and development. One of the keys to promote long-term savings is through mandatory savings. At the same time, institutional investors such as insurance companies and pension funds must be encouraged to invest in long-term instruments. The role of financial sector plays a crucial role in providing such instruments. Therefore, policy recommendations must be directed to fiscal policy through tax incentives for stimulating long-term saving and investment; social welfare policy for encouraging contractual saving and developing long-term domestic institutional investors; financial market deregulation for increasing access to financial services and increasing competition among financial service providers; and coordination among sectors
BUDAYA BERTANI DAN PERILAKU PETANI DI THAILAND SELATAN ( Studi Kasus di Provinsi Pattani dan Provinsi Yala di Thailand Selatan)
Get PDFResearch in Pattani and Yala Provinces was conducted to find out how the agricultural products produced by the world were mostly produced by Thailand. This shows that Thailand can be the center of modern agriculture, Southern Thailand is one of the regions with agricultural commodities as the main pillar of its economy. The research objectives in Pattani and Yala Provinces were conducted to find out how the culture of farming behavior of farmers in the two provinces. The method used in this study is a qualitative method with survey research techniques. The results of the study showed that the culture of farming in Pattani Province and Yala Province included language, beliefs, community organizations, commodities that were cultivated, and the use of Alsintan. Whereas farmer behavior is identified in terms of land processing, rubber planting, maintenance and harvesting. The conclusions obtained were that the culture of farming in Pattani Province and Yala Province had not been touched by technology and was still simple. While the behavior of farmers in rubber farming is the same as rubber farming in general
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