Examining The Day Of The Week Effect In Istanbul Stock Exchange (ISE)

Abstract

The existence of day of the week effect for Istanbul Stock Exchange (ISE) was analyzed on the basis of ISE-100 index returns, the returns of all stocks traded in ISE and market capitalization based portfolio returns during 1995-2008. In line with the previous findings, the results of the study presented that the ISE-100 index, ISE traded stocks and market capitalization based portfolios had significant negative Monday and significant positive Thursday and Friday returns.