From the Anomalies of the Days of the Week Point of View Testing of the Validity of Efficient Market Hypothesis: Evidence from Istanbul Stock Exchange.

Autor:	KARACAER, Semra, KAPUSUZOĞLU, Ayhan, BOZKURT, Fatma Gamze
Předmět:	EFFICIENT market theory STOCK exchanges INVESTMENT analysis
Zdroj:	Banking & Finance Letters; 2010, Vol. 2 Issue 1, p215-221, 7p
Abstrakt:	The present study aims to examine the validity in the Istanbul Stock Exchange (ISE) of the day-of-the-week anomaly, one of the anomalies that invalidate the Efficient Markets Hypothesis proposed by Fama. Furthermore, the study also makes inferences about whether the features of the selected data period exert any influence on the presence of the anomaly. To this end, we use the index closing values of the ISE National 100 index for the period between 30.05.2005 and 30.05.2008, basic statistical values and mean daily returns both on the basis of entire period and sub-periods. As a result of the study, significant differences were found among the mean returns are obtained with regard to the days of the week. [ABSTRACT FROM AUTHOR]
Databáze:	Complementary Index
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