The calendar anomalies in IPO returns: Evidence from Turkey

YALAMA A., Unlu U.

IKTISAT ISLETME VE FINANS, cilt.25, sa.286, ss.89-109, 2010 (SSCI) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 25 Sayı: 286
  • Basım Tarihi: 2010
  • Doi Numarası: 10.3848/iif.2010.286.2414
  • Dergi Adı: IKTISAT ISLETME VE FINANS
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI)
  • Sayfa Sayıları: ss.89-109
  • Anahtar Kelimeler: Calendar anomalies, initial public offerings, event studies, ISE, INITIAL PUBLIC OFFERINGS, STOCK RETURNS, ISSUES, MARKET, PRICE, PERFORMANCE, ALLOCATION
  • Akdeniz Üniversitesi Adresli: Hayır

Özet

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 stud), 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