Testing January Anomaly on BIST 100 and Corporate Governance Index

The Efficient Market Hypothesis, which was brought by Fama in 1970, accepts that all accessible information is fully reflected the prices of securities, investors make rational decisions, therefore, above-average returns cannot be obtained market, and market an efficient market. aim study to determine whether January anomaly even occurs BIST100 Index investigate there a BIST Corporate Governance Index, expected more unlike other studies. In this report, entity investigated using two methods for 12-year period between 2009-2020. Within compass work, data were analyzed with One-Way Analysis Variance (ANOVA) Power Ratio Method. According ANOVA test results, it resulted no statistically significant discrepancy terms monthly average both indicators. Method, on base 2009-2020 period, “January BIST100” “BIST Index”.