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The calendar anomalies in IPO returns: Evidence from Turkey

Author

Listed:
  • Abdullah YALAMA

    (Eskişehir Osmangazi Üniversitesi)

  • Ulaş ÜNLÜ

    (Nevşehir Üniversitesi)

Abstract

The purpose of this study is to determine the calendar effects on both short and long run performance of IPOs (Initial Public Offerings) in Turkey for the period between 1990 and 2005. The study indicates that many calendar anomalies are robust to IPO returns in Turkey: the day of the week effect, the month of the year effect, the week of the month effect, the weekday of the month effect, the semi-year effect, the semi-month effect, the turn of the month effect. Moreover, short run underpricing and long run underperformance survive for IPO returns in Turkey.

Suggested Citation

  • Abdullah YALAMA & Ulaş ÜNLÜ, 2010. "The calendar anomalies in IPO returns: Evidence from Turkey," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 25(286), pages 89-109.
    • Handle: RePEc:iif:iifjrn:v:25:y:2010:i:286:p:89-109
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    More about this item

    Keywords

    Calendar Anomalies; Initial Public Offerings; Event Studies; ISE;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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