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

Authors

  • Nugroho Sasikirono Department of Management, Faculty of Economics and Business, Brawijaya University, Indonesia
  • Sumiati Sumiati Department of Management, Faculty of Economics and Business, Brawijaya University, Indonesia
  • Nur Khusniyah Indrawati Department of Management, Faculty of Economics and Business, Brawijaya University, Indonesia

Keywords:

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

Abstract

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.

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Published

2018-05-27

How to Cite

Sasikirono, N., Sumiati, S., & Indrawati, N. K. (2018). Day of the Week Effect, Initial Returns, and Long-term Market Performance of Initial Public Offerings in the Indonesian Capital Market. International Journal of Sciences: Basic and Applied Research (IJSBAR), 39(1), 96–113. Retrieved from https://gssrr.org/index.php/JournalOfBasicAndApplied/article/view/9006

Issue

Vol. 39 No. 1 (2018)

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