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Is a sign of ownership of shares in a limited liability company as it has been known
that investors buy the stock for the purpose of income from these shares. Public
investors was categorized as an investors and speculator. Investors here are the people
who buy the companys shares to have a hope of getting dividends and capital gains in
the long term, while speculators are the people who buy the shares for resale
immediately if the situation is considered the most favourable exchange rate as it has
been known that the stock provides two kinds of income that is dividends and capital
There are various definitions of stocks that have been raised by experts and various
text books, among others :
a) According to Gitman :
Shares is the most pure and simple form of ownership of the company.
(Gitman: 2000, 7)
b) According to Bernstein :
Stock is a piece of paper stating ownership of most firms.
(Bernstein: 1995, 197)
c) According to Mishkin :
Stock is a security that has a claim against the income and assets of a
company. Securities them selves can be interpreted as a claim on future
income of a borrower being sold bye the borrower to the landing, often
called financial instrument. (Mishkin: 2001, 4)
Types or share :
In the transaction on the stock exchange, shares or stock is often called the most
dominant instrument traded. The shares may be issued by way of or on behalf on the
bearer. Further shares can be distinguished between ordinary shares (common stocks)
and preferred stock (preferred stock)
A. Common Stock (common stock)
Common stock is the effect of the inclusion of ownership (equity security) of
the business entity Limited Liability Company. Common stock gives
assurance to participate in the distribution of income in the form of dividens, if
the company makes profit.
According to Dahlan Siamat (1995:385), traits-traits of common stock are as
follows :
1) Dividens paid during the company makes profit.
2) Has the voting rights (one share one vote).
3) The right to receive dividends if insolvent companys assets after all
liabilities of the company repaid.
B. Preferred Stock (preferred stock)
Is a stock that has the nature of a combination of bonds and common stock.
The traits-traits of preferred stock according to Dahlan Siamat (1995:385) are :
1) Have the right to obtain prior dividend.
2) Does not have voting rights.

3) It can affect the companys management, especially in the nomination

4) Have the right maximum payment or par value shares advance after the
creditors if the company is liquidated.
Shares price :
Stocks is a sign of ownership or possession of any person or entity in a company, a
share is a piece of paper stating that the owner of the paper is the owner (whatever
portion/number) of a company that published the paper (stock) is. A share has a
Value or price. According Sawidji Widioatmojo (1996;46) stock prices can be
dividend into 3 (three) :
A. Nominal Prices
The price listed in the stock certificates set by issuers to access each share
issued. Nominal price of importance on the stock because dividends are
usually determined by a minimum of nominal value.
B. Price Premium
This price is at the time the shares price recorded on the stock exchange.
Shares on the primary market prices are usually set by underwriters and issuer.
Thus it would be known how the stock price will be sold to the public
generally to determine the issue price.
C. Market Price
If the initial price is selling price of the emissions trading to investors, the
market price is the selling price of a single investors to another investors. This
happened after the price of the shares listed on the exchange. Transaction is no
longer here involve issuers and underwriters price is called the price in the
secondary market and the price is what truly represent the price the issuer
company, because the transactions in the secondary market, small investors
price negotiations take place with publisher. Price published daily in
newspapers or other media is the market price.
Factors Affecting the Stock Price :
Factors that could affect the stock price by Weston and Brigham (1993:26-27) was
projected earnings per share, when earned income, the level of risk from projectes
earning, proportion of corporate debt to equity, and dividend policy. Other factors that
can affects stock price movement are external constraints such as economics activity
in general, and the state of the stock market tax. Investment should really be aware
that in addition will benefit not rule out the possibility they will lose. Gains or losses
are largely influenced by the ability of investors to analyze the state of momentary
assessment applying the stock price is influenced by many factors including the
condition (performance) of the company, external constraints, the forces of supply and
demand in the stock market, as well as the ability of investors to analyse stock
investments. According Sawidji (1996:81) : The main factor that caused the stock
price is a different perception of each investor in accordance with the information