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This study examines the predictive power of positive and negative market returns that occurred in January and the other months of the year in Borsa Istanbul equity market for the subsequent 1, 3, 6, and 11 (k) months’ market returns. For this reason, the monthly positive and negative raw and excess returns and the k-month buy and hold returns following those positive and negative returns of BIST100 Index for the period of January 1989 – December 2016 are calculated. In order to test the mean difference between the k-month buy and hold returns following the positive and negative returns, two independent sample t test is used. The study contributes to the literature in the context of the calendar anomalies seen in the equity markets. The findings indicate that there is no the other January effect in the Borsa Istanbul equity market. However, it can be said that there are the other February and August effects.
this study examines the forecastive power of positive and negative market in january and the other months of the year in exchange istanbul equity market for the subsequent 1 3 6 and 11 k months’ market for this reason the monthly positive and negative raw and excess mail and the kmonthbuy and hold _ following those positive and negative mail of büst100 ındex for the period of january 1989 – december 2016 are calculated ın order to test the mean difference between the kmonth buy calendar and see the positive results of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation of the translation
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