The calendar anomalies in IPO returns: Evidence from Turkey

Abdullah Yalama () and Ulaş Ünlü
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Ulaş Ünlü: Nevşehir Üniversitesi

Iktisat Isletme ve Finans, 2010, vol. 25, issue 286, 89-109

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.

Keywords: Calendar Anomalies; Initial Public Offerings; Event Studies; ISE (search for similar items in EconPapers)
JEL-codes: G14 G39 (search for similar items in EconPapers)
Date: 2010
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