Abstract The aim of this study is to examine the relationship between public ownership (public float), share warrants and the market performance of IPOs on the Indonesia Stock Exchange (IDX). The public ownership is measured as the percentage of shares held by the public after the IPO, share warrants are measured as dummy variables, and market performance is measured by both initial returns and 36 months cumulative abnormal returns. The test is conducted by OLS and Quantile Regression to find out whether the percentage of shares held by the public after the IPOs and warrants offering have relationships with both the initial and the long-term shares market performance. The sample consists of 124 IPOs companies during 2009-2014. OLS shows not only that public float and warrant offerings are related to initial returns, but also warrants mediate the relationships between public float and initial performance. The analysis with quantile regression shows that the positive relationship between public float and short-term market performance occurs in the IPO with middle-level initial returns (i.e. between 40th to 60th quantiles). The effect of warrant offerings on initial returns simply does not appear on the lower quantiles (10th through 30th quantiles). We find no relationships between public float and warrant offerings with the long-term market performance, which gives an indication that warrant offerings in Indonesia are a form of staged financing policy.

中文翻译：

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公有股权和认股权证对IPO市场表现的影响：印尼证券交易所（IDX）的证据

摘要这项研究的目的是研究公有权（公众持股量），认股权证和印度尼西亚证券交易所（IDX）IPO的市场表现之间的关系。公有制以首次公开募股后公众持有的股份的百分比来衡量，认股权证以虚拟变量来衡量，市场表现通过初始回报和36个月的累积异常回报来度量。该测试由OLS和Quantile Regression进行，以查明IPO和认股权证发行后公众所持股份的百分比是否与初始和长期股票市场表现相关。该样本包括2009-2014年间的124家IPO公司。OLS不仅表明公众持股量和认股权证的发行与初始收益有关，而且还保证调解公众持股量与初始表现之间的关系。分位数回归分析表明，公开募股与短期市场表现之间存在正相关关系，而首次公开募股的中间收益为中间水平（即第40至60分位数）。认股权证发行对初始收益的影响根本不会出现在较低的分位数（第10到30分位数）上。我们发现长期市场表现与公众持股量和认股权证发行之间没有关系，这表明印尼的认股权证发行是分阶段融资政策的一种形式。分位数回归分析表明，公开募股与短期市场表现之间存在正相关关系，而首次公开募股的中间收益为中间水平（即第40至60分位数）。认股权证发行对初始收益的影响根本不会出现在较低的分位数（第10到30分位数）上。我们发现长期市场表现与公众持股量和认股权证发行之间没有关系，这表明印尼的认股权证发行是分阶段融资政策的一种形式。分位数回归分析表明，公开募股与短期市场表现之间存在正相关关系，而首次公开募股的中间收益为中间水平（即第40至60分位数）。认股权证发行对初始收益的影响根本不会出现在较低的分位数（第10到30分位数）上。我们发现长期市场表现与公众持股量和认股权证发行之间没有关系，这表明印尼的认股权证发行是分阶段融资政策的一种形式。