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Analisis valuasi harga saham perdana dengan metode "free cash flow to firm" dan "real option" pada bursa efek indonesia
Get PDFInitial public offering (IPO) or going public is an alternative source of funding through an increase in the company's equity by way of offering shares to the public. Law. 8 of 1995 on Capital Markets defines public offering as offers securities activities conducted by issuers to sell securities to the public by the procedures set forth in the statute and its implementing regulations. The intended effect is that securities promissory notes, commercial paper, stocks, bonds, evidence of debt, fund units of collective investment contracts, futures contracts on securities and derivatives of any securities.
IPO pricing is a major concern by financial analysts because it is correlated with the success or failure of an IPO or initial public offering (IPO). Initial public offering (IPO) oversubscribed experiencing the initial public offering (IPO) could be said to be successful, the number of shares that investors demand greater than the number of shares offered. However, the owner of the company wants to minimize undervalued due to the undervaluation would lead to transfer wealth (wealth) from the owner to the investors. (Daljono, 2000)
The method commonly used by issuers and financial analysts in assessing IPO price / IPO and predict price trends after listing on the stock exchange is the traditional method of the discounted cash flow method (DCF) and the method of relative valuation (RV). This method is commonly used by all issuers who want to list their shares on the Indonesia Stock Exchange. It can be seen from the description of the determination of the offer price contained in the prospectus where the issuer or the information prospectus is an important document in the public bidding process, both stocks and bonds. Both of these methods are still not able to predict the IPO price offered is reasonable. This is due largely empirically shares after the public offering or an initial public offering (IPO) at the Indonesian Stock Exchange (BEI) which uses discounted cash flow and relative valuation is likely to lead undervalued. Based on the above, there are problems in determining where the IPO price and the discounted cash flow method of valuation used relative issuer deemed not able to precisely determine the stock prices. In this case, the method of real option and free cash flow to the firm should be able to determine the IPO price is fair.
This study uses secondary data obtained from companies that have gone public and listed on the Indonesian stock exchange period 2008-2012. For the period 2008 - 2012 there were 102 companies doing IPOs on the Stock Exchange. Based on the restrictions that have been mentioned acquired 54 companies that will be the object of research. Secondary data in this study of the prospectus and the issuer's financial statements that do an IPO on the specified period, and other official publications. Valuation method used in this study, the Free Cash Flow to Firm and Real Option to analyze the value of initial stock price. The analytical method used to predict the stock price will be undervalued or overvalued is by using logistic regression analysis.
PT. Tiphone Mobile Indonesia, Tbk is used as one of the companies that represent the company being analyzed. The company's IPO in 2011. With the price of Rp. 310 per share. The method used in determining the method of valuation of free cash flow to firm and real option. Based on the use of both methods, calculations obtained using free cash flow to firm (FCFF), giving a value of Rp. 372 per share, while the method of real option (RO) provide an assessment of Rp. 637 per share. The price offered by PT. Tiphone Mobile Indonesia, Tbk is Rp. 310 per share. The offer price is below the stock price of the two methods above. Therefore, the initial public offering price of PT. Tiphone Mobile Indonesia, Tbk is offered at a price of Rp. 310 per share at the IPO can be said to be below the fair price (undervalued). FCFF method of calculation results obtained through 39 listed companies had undervalued, overvalued and 13 issuers had 2 issuers fairly price on pre-listing price prediction using free cash flow to firm. In the Real Option method obtained 47 issuers who have experienced undervalued and overvalued issuers 7.
Results of the logistic regression model of free cash flow to firm and Real Option, eighth overall independent variable equity, assets, debts, tenor, JIBOR, sheet stock, the implied volatility and dummy have a significant effect in explaining the IPO price at the Indonesia Stock Exchange period 2008-2012. Partially on FCFF method, there is one variable has a positive and significant influence ie equities. Then there are two variables have a negative and significant effect of the tenor and dummy variables. In the real option models can be partially seen that there is one variable has a positive and significant influence is implied volatility. Then there are two variables have a negative and significant effect of variable tenor and shares. Predictive power of the model of the method of free cash flow to the firm is able to predict at 83.30 percent and the real option method is able to predict the model was 90.7 percent. Based on the models predictions, we can conclude that the prediction model can be used to predict the stock price of the IPO is the model prediction with the real option method because it has a high degree of precision higher price compared with the method of free cash flow to firm
THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE
No full textThe purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effec
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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