The calendar anomalies in IPO returns: Evidence from Turkey

YALAMA A., Unlu U.

IKTISAT ISLETME VE FINANS, vol.25, no.286, pp.89-109, 2010 (SSCI) identifier

  • Publication Type: Article / Article
  • Volume: 25 Issue: 286
  • Publication Date: 2010
  • Doi Number: 10.3848/iif.2010.286.2414
  • Journal Name: IKTISAT ISLETME VE FINANS
  • Journal Indexes: Social Sciences Citation Index (SSCI)
  • Page Numbers: pp.89-109
  • Keywords: Calendar anomalies, initial public offerings, event studies, ISE, INITIAL PUBLIC OFFERINGS, STOCK RETURNS, ISSUES, MARKET, PRICE, PERFORMANCE, ALLOCATION
  • Akdeniz University Affiliated: No

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 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