Transaction imbalance pada underpricing lelang surat utang negara = Transaction imbalance on underpricing of government debt securities auction / Norman Febianto
Norman Febianto;
Irwan Adi Ekaputra, supervisor; Ruslan Prijadi, examiner; Buddi Wibowo, examiner
([Publisher not identified]
, 2015)
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ABSTRAK Penelitian ini bertujuan untuk meneliti tentang potensi underpricing padalelang Surat Utang Negara serta faktor-faktor yang mempengaruhi levelunderpricing, khususnya transaction imbalance pada masing-masing kelompokinvestor. Dengan menggunakan data lelang periode tahun 2010 sampai dengan2014, secara empiris ditemukan adanya underpricing pada lelang SUN denganrata-rata level sebesar 47 bps. Underpricing sebagai selisih antara harga lelangSUN pada saat setelmen dengan harga rata-rata tertimbang (WAP) hasil lelangsetelah disesuaikan dengan holding cost, dipengaruhi oleh faktor-faktor persentasekemenangan asing dalam lelang, sebaran opini (tail), tingkat risiko kredit (CDS),serta net beli investor asing dan Dana Pensiun di pasar sekunder. ABSTRACT This study analyzes underpricing on Government Debt Securities auctionand its factors which affect underpricing level, especially transaction imbalancefrom each investor group. Using auction data from 2010 to 2014, the results showan average of 47 bps underpricing on Governement Debt Securities auction.Underpricing defined as spread between bond prices on settlement day andweighted average prices of auction result adjusted by holding cost. This studyshows that total volume won by foreign investors, opinion dispersion (tail), creditrisk (CDS) and net buy of foreign investors and Pension Funds in secondarymarket have significantly impact on underpricing on Government Debt Securitiesauction. |
 T47066-Norman Febianto.pdf :: Unduh
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| No. Panggil : | T47066 |
| Entri utama-Nama orang : | |
| Entri tambahan-Nama orang : | |
| Entri tambahan-Nama badan : | |
| Subjek : | |
| Penerbitan : | [Place of publication not identified]: [Publisher not identified], 2015 |
| Program Studi : |
| Bahasa : | ind |
| Sumber Pengatalogan : | LibUI ind rda |
| Tipe Konten : | text |
| Tipe Media : | unmediated ; computer |
| Tipe Carrier : | volume ; online resource |
| Deskripsi Fisik : | x, 72 pages : illustration ; 28 cm + appendix |
| Naskah Ringkas : | |
| Lembaga Pemilik : | Universitas Indonesia |
| Lokasi : | Perpustakaan UI, Lantai 3 |
| No. Panggil | No. Barkod | Ketersediaan |
|---|---|---|
| T47066 | 15-19-473216291 | TERSEDIA |
| Ulasan: |
| Tidak ada ulasan pada koleksi ini: 20449520 |
