Price Stabilization and Ipo Underpricing: an Empirical Study in the Indonesian Stock Exchange

We attempt to investigate IPO underpricing and stabilization activities. We find IPOunderpricing of around 25% in the Indonesia market. Return distribution for the first 30-tradingdays shows a positive skew, the distribution becomes closer to normality as the periodlengthens. We then develop and test five algorithms to detect IPO intervention. An importantgoal of this paper is to develop an algorithm that will be able to detect IPO intervention usingpublic data. We find that the number of closing prices that are equal to the offer prices and theskewness of the IPO return in the first 30-trading days are the ‘best' stabilization measures.Having found “the best measures”, then we investigate under what conditions IPO interventionis more intensive. We find that underwriters tend to stabilize more on more expensive IPOs

Bank Risk and Market Discipline

This paper investigates the issue of bank risk taking. Specifically we investigate two main issues: (1) determinants of bank risk, and (2) market discipline to the banks either in implicit, explicit guarantee systems, and all periods. Using Indonesian data, we find that domestic, foreign, and ownership concentration have positive impact on bank risk. Bank shareholders engage in entrenchment behaviour, rather than convergence behaviour. We further find that charter value and compliance to regulation have negative impact on bank risk. Next, we find that market disciplines the banks. Market disciplines the banks at thesame degree in implicit and explicit deposit guarantee systems. Our findings highlight the importance of paying close attention to banks ownership, charter value, and compliance to regulation. Furthermore, since we find that market disciplines the Banks at the same degree in explicit and implicit guarantee systems, we need to investigate this issue further.This finding highlights research potential in the future: to investigate disciplining behaviour from various types of depositors

PENGARUH DIVERSIFIKASI PENDAPATAN TERHADAP RISIKO DAN KINERJA BANK

Portfolio theory suggests that by diversification investors can obtain benefits of decreasing risk and increasing return. This theory motivates banks managers to shift their activities from lending activities to non-interest activities, such as fee generating and trading activities. These activities not only affect the performance but also the risk of the bank. The strategy of diversification is implemented by large banks and small banks. Large banks gain more benefits of decreasing risk compared with small banks because they have more proportions of non-interest income and better resources. This study examines the effect of bank revenue diversification on risk and performance of listed banks in Indonesia Stock Exchange over the period 2004-2012. Using panel data with measures of risk based on market data and accounting data, this study finds diversification decreases bank unsystematic and total risk. Banks gain benefits of decreasing unsystematic and total risk by increasing their fee income. This study finds no evidence of increasing market value from non-interest income although non-interest income affects banks profitability positively and cost inefficiency negatively. There is no difference of diversification effect on risk between large banks and small banks. Large banks only enjoy lower market beta compared to small banks when the proportion of non-interest income is high. Higher proportion of trading income leads to lower market beta

Panti Asuhan Berkonsep Islami. Arsitektur Kontemporer

Panti Asuhan atau Lembaga Kesejahteraan Sosial Anak selama ini hanya berfungsi sebagai tempat untuk menampung atau memelihara anak-anak yatim, piatu, dan anak terlantar. Di sisi lain pembangunan Panti Asuhan yang bernuansa pendidikan masih jarang ditemukan. Meskipun ada beberapa Panti Asuhan yang sudah menerapkan sifat-sifat keagamaan, hal itu hanya sekedar didikan sehari-hari tanpa ada wadah untuk mengajarkannya dengan lebih spesifik lagi.Rancangan Panti Asuhan yang ada selama ini terkesan monoton, pemilihan Tema Kontemporer dapat menjadi sebuah hal yang bisa merubah persepsi tersebut sehingga terciptanya sebuah Panti Asuhan yang tidak hanya berguna, melainkan juga nyaman. Dengan hadirnya Panti Asuhan berkonsep Islami, anak-anak tersebut selain dibekali pendidikan formal, mereka juga dapat dibentuk kepribadiannya dan menerima pendidikan non-formal dalam suatu lingkup yang sama sehingga pengawasannya pun dapat lebih efektif.Hasil perancangan dibagi atas beberapa jenis, yakni Fasilitas Private, Fasilitas Semi Private, Fasilitas Publik, Fasilitas Service dan Halaman Terbuka dengan luas total 5029 m2