PENINGKATAN MUTU PEMBELAJARAN MELALUI SUPERVISI AKADEMIK PADA MTS NEGERI 2 BANGGAI

Tujuan penelitian ini adalah untuk mengetahui peningkatan kinerja guru di MTS Negeri 2 Banggai Semester 1 Tahun Pelajaran 2018/2019 setelah mengikuti supervisi akademik. Penelitian ini adalah penelitian tindakan sekolah. Subjek penelitian adalah guru di MTS Negeri 2 Banggai yang berjumlah 8 orang guru. Data kinerja guru pada penelitian ini dikumpulkan menggunakan kuesioner. Teknik analisis data menggunakan analisis deskriptif. Indikator keberhasilan penelitian ini adalah: apabila rata-rata kinerja guru minimal pada kategori Tinggi, dan ketuntasan klasikal sebesar 90%. Berdasarkan penelitian yang telah dilakukan dapat disimpulkan bahwa: penerapan supervisi akademik secara efektif dapat meningkatkan kinerja guru di MTS Negeri 2 Banggai Semester 1 Tahun Pelajaran 2018/2019. Hal ini ditunjukkan dari rerata kinerja guru sebelum penelitian sebesar 130, 50 berada pada kategori sedang, meningkat pada siklus I menjadi 150, 13 berada pada kategori tinggi dan meningkat lagi pada siklus II menjadi 167 berada pada kategori sangat tinggi

Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

Generally, in most traditional markets one can observe a rapid escalation in the trading price of many IPOs on the first day. The closing price on the first day of trading is quite often much high then the offering price six hours earlier.It is a well established fact that initial public offerings of common stock (hereafter IPOs) are mostly underpriced, sometimes astronomically and subsequently underperformed in long-run period. There remains a question as to why this is such a common occurrence. However, virtually all the statistical studies draw their data from large highly liquid markets-traditional or main markets. To test these propositions, we selected various categories of IPOs i.e. local IPOs, cross-listed IPOs and demutualized firms’ offeringthat are listed on AIM during 2001 to 2017. Findings of the study depicts that on average, IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading respectively. We further identified that demutualized IPOs are less underpriced then local IPOs. In addition, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading relative to local and demutualized IPOs. This study also reports that offer price is emerged as a robust determinant of short-run performance of unseasoned issues. In long-run price performance, it is found that investors in the AIM earn significant positive returns if the stock is hold for three years, and the price variation is dependent upon the firm size. As for as the spillover is concerned, the results show that only mean spillover effects from US and Australian market and volatility spillover effects from US, Canada, Australia and Irish market transmit to their respective cross-listed IPOs on an alternative markets. That finding implies that in short-run, a lower offer price leads to greater underpricing. In long-run, Investment in small firms seems more profitable compared to those of large firms in the AIM. These findings suggest that prospective investors can develop and diversify their portfolio in an alternative markets. The findings of the study have also a practical value for those investor who are especially interested in earning abnormal excess returns in an alternative market