Abstract:

Traditional finance and economics theories define the individual as a rational decision maker, but the anomalies occurring in the value markets indicate that the individual can show behaviors far from the rationality. These anomalies that cannot be observed in all the world’s exchanges are explained for a number of different reasons, calendar, cutting, and in literature, calendar anomalies are mostly studied through stock returns. However, as anomalies arise due to human behavior, it is clear that the variables that will help directly observe the behavior of the individual investor will be the volume and volume of the transaction. Therefore, in this study, the daily volume of transactions and quantities of transactions between 2008 and 2015 were examined by the anomalies of the days of the week, the weekends anomalies, the months related and the seasonal anomalies. The study was conducted through Kruskal Wallis and Dunn's post-hoc analysis through the SPSS 22.0 program. The study used 1,887 data on the volume and quantity of national market transactions in BIST100 between May 2008 and November 2015. To identify different calendar anomalies, the processing days have been treated in different ways. On Monday and Friday, the specific days between the dates specified in order to determine the week end anomaly, the other days are defined as the normal processing day. In the analysis of the anomaly of the days of the week, all processing days have been treated separately. Daily data are also classified on the basis of the month and on the basis of seasons to determine whether the volume and quantities of the transactions differ on the basis of the month.

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