ANALISIS PENENTUAN HARGA RIGHT MANUFAKTUR YANG DIPERDAGANGKAN DI BURSA EFEK INDONESIA

DyanDwi, Ariani (2009) ANALISIS PENENTUAN HARGA RIGHT MANUFAKTUR YANG DIPERDAGANGKAN DI BURSA EFEK INDONESIA. Other thesis, University of Muhammadiyah Malang.

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Abstract

It is case study in Indonesia Stock Exchange under the title, “Analysis of Right Pricing on Manufactures Traded in Indonesia Stock Exchange”. Purpose of this research is to know the condition of right price on manufactures sector that trade in Indonesia Stock Exchange from 2004 up to 2007. The suggested hypothesis is that the right price of manufactures listed in Indonesia Stock Exchange from 2004 up to 2007 are in overpriced condition. The calculation used in this research is calculating right fair price using purchase option value table,stock price percentages and following every step. Multiply standart deviation of stock price changes with the root ot time period of option to be mature. Count the ratio of stock value to present value (PV) of exercise prices of the option. Consider the option presentation table, vertical axis shows the multiples of standard deviation of stock price change with the roof of mature period. Horizontal axis shows the ratio of stock price divided by PV of exercise price. Ratio value as the intersection result of vertical and horizontal axis multiplies with current stock price, it is obtained purchase option (right) fair price. Hypothesis tests if intrinsic value(right fair price) > market price, right is in overpriced condition. If intrinsic value(right fair price) = market price, right is in break-even condition. While, if intrinsic value (right fair price) < market price, right is in underpriced condition. From the calculation result, it is obtained that most of manufactures are in overpriced price. Right fair price is affected by stock prices. While stock price fluctuation is also affected by government policy. Fluctuation of interest rate of SBI, exchabge movement. The blown of negative sentiment influences market and investor rationality in connecting company fundamental performances emiten with the expected return of its stock exchange has also effected on stock price. From the final result of this calculation, it can be drawn a conclusion that manufactures sector in period april 2004 up to December 2007 is in overpriced condition. Based on data analysis, it can be known that right fair price is in overprice condition.

Item Type: Thesis (Other)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Economic > Department of Management
Depositing User: Anwar Jasin
Date Deposited: 05 Apr 2012 04:52
Last Modified: 05 Apr 2012 04:52
URI: http://eprints.umm.ac.id/id/eprint/1919

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