Examination of the existence of market anomalies in Borsa Istanbul

According to Efficient Market Hypothesis, investors are rational and all information generated in the stock market is reflected on stock prices instantly, completely and cost-free. For this reason, stock prices are formed randomly. However, some later studies have observed anomalies where the assumptions of the Efficient Market Hypothesis are not valid. In this study, the existence of the anomaly concept defined in the literature was tested on Borsa Istanbul. Anomalies are basically studied under three headings. These; time-dependent (periodic) anomalies, non-periodic (sectional) anomalies and technical anomalies. These anomalies are also classified under sub-headings within themselves. Time-dependent (periodic) anomalies; related to days anomalies, related to months anomalies and related to holidays anomalies. Related to days anomalies; the intraday anomaly, the day of the week anomaly and the Friday the 13th anomaly. Related to months anomaly; the January anomaly, anniversary anomaly, the turn of the year anomaly, the intra-month anomaly and the turn of the month anomaly. Under the title of non-periodic (sectional) anomalies; firm size anomaly, market value/book value ratio anomaly, price/earnings ratio anomaly, prices/sales ratio anomaly, prices/cash flow ratio anomaly is used to test the FD/EBITDA ratio and the dividend anomaly. has been done. Finally, the technical anomalies were examined and the results interpreted. All anomalies have been tested with companies and indices traded in Borsa Istanbul and the existence of market anomalies in Borsa Istanbul has been examined. As a result of the examinations, the validity of the assumptions of the Efficient Market Hypothesis was tested on Borsa Istanbul.