Day of the Week Effect, Initial Returns, and Long-term Market Performance of Initial Public Offerings in the Indonesian Capital Market

Nugroho Sasikirono, Sumiati Sumiati, Nur Khusniyah Indrawati


This study aims to find the seasonality on initial returns and the long-term market performance of IPOs with different first trading day in Indonesia. There is no difference in initial returns of IPOs with the different first trading day. This study identifies differences in long-term market performance of IPOs with the different first trading day. Long-term market performance of IPO with Tuesday as the first trading day tends to be positive and Wednesday as the first trading day negative. The results of this study show important implications regarding market efficiency in emerging capital market.


Market anomaly; initial returns; long-term market performance; IPOs.

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