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The Fairness Assessment Of Stock Prices For Investment Decision Making During Initial Public Offerings
[Full Text]
AUTHOR(S)
Isti Fadah, Bayu Satrio, Marmono Singgih
KEYWORDS
IPO Price, Closing Price, Initial Public Offering, Intrinsic Value, Stock Assessment
ABSTRACT
This research aims to analyze the differences of intrinsic value of stocks, IPO prices, and closing stock prices on the first day of trading of secondary markets. This study is an example of quantitative descriptive research. The population in this research was all the companies who performed Initial Public Offerings and samples were obtained through purposive sampling. 182 companies were the samples for this study. The fairness assessment of stock prices was conducted through the PER (Price Earning Ratio) approach and the independent samples t-test was used as the analysis method. Research results show that there was a significant difference between the intrinsic value of stocks that was calculated through the PER approach and stock prices that was determined during IPO. After the stocks were traded on the secondary market, there was no significant difference between the IPO price and the closing price. The novelty of this research is to study the differences in stock prices during two conditions, namely the primary and secondary markets. The differences in intrinsic value and the price during IPO was studied for the primary market; while for the secondary market it was the differences between the IPO prices and first day closing price.
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