Underpricing And Herding Behaviour Ipo Stock In Covid-19 Pandemic At Indonesian Stock Exchange

Suramaya Suci Kewal; Yohanes Andri Putranto B

doi:10.21831/economia.v20i1.47493

Underpricing And Herding Behaviour Ipo Stock In Covid-19 Pandemic At Indonesian Stock Exchange

Suramaya Suci Kewal, Universitas Katolik Musi Charitas, Indonesia
Yohanes Andri Putranto B, Universitas Katolik Musi Charitas, Palembang, Indonesia, Indonesia

10.21831/economia.v20i1.47493

Abstract

Abstract

This study aims to empirically test whether there is underpricing and herding behavior in companies that have just IPO on the Indonesia Stock Exchange in 2020. The selection in 2020 is because the stock exchange experiences high trading volatility due to the crisis impact of the Covid-19 pandemic. This study uses a market adjusted return approach in calculating underpricing, and uses the Chang, Cheng, and Khorana (CCK) method to indicate the occurrence of herding behavior in IPO shares on the Indonesia Stock Exchange. The significance level used in the study was 5%. The results show that there is an underpricing phenomenon in companies whose IPOs are on the IDX and there is no evidence of herding behavior by investors on IPO shares on the IDX. Investors are advised to invest in IPO shares, especially during the pandemic and make rational considerations in making investment decisions in the capital market.

Keywords: Underpricing, Herding Behavior, IPO Shares, Pandemic, Capital Market

Keywords

underpricing; herding behavior; IPO shares

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DOI: https://doi.org/10.21831/economia.v20i1.47493