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INITIAL RETURN

June 3, 2010

Initial return adalah selisih antara harga penawaran dan harga saat saham listing di bursa. Initial return telah dibuktikan oleh banyak peneliti baik di Indonesia maupun di luar negeri memiliki nilai rata-rata positif. (Roy 1996, Basana 1998, Aruna 2003). Arosio (2000) mencoba untuk menghitung initial return bulan berdasarkan harga penutupan tetapi harga transaksi pembukaan.Tapi berdasarkan data di bursa Australia, tidak terdapat perbedaan antara initial return dengan harga penutupan maupun harga pembukaan Arosio R.; Giancarlo Giudici dan Stefan Paleari, 2000, “What Drives the Initial Market Performance of Italian IPOs? An Empirical Invetigation on Underpricing and Price Support’, http://www.ssrn.com

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