15 Eylül 2021 Dergi makalesi Açık Erişim

Kadıoğlu, Eyüp; Kırbaş, Ayhan

Citation Style Language JSON

{
  "DOI": "10.32910/ep.72.5.2", 
  "abstract": "<p>This study examines the impact of the ex-day of stock dividend on stock return and volume on Borsa Istanbul stock exchange. The data covers 1,220 stock dividends associated with 305 companies over the period 1997-2018. A positive abnormal return and volume is seen around the ex-day of stock dividend. The cumulative average excess return over market return starts to significantly rise ten days before ex-day and reaches its highest level on the ex-day before falling back in the days following. Our findings show that abnormal return around ex-day is strongly associated with stock dividend pay-out ratio, asset size and a company&rsquo;s market value. Shares in Borsa Istanbul listed companies with higher stock dividend pay-out ratios and those with modest assets or low market capitalization, can generate respectively 5.97%, 6.08% and 5.88% abnormal return over market index return.</p>", 
  "author": [
    {
      "family": "Kad\u0131o\u011flu", 
      "given": " Ey\u00fcp"
    }, 
    {
      "family": "K\u0131rba\u015f", 
      "given": " Ayhan"
    }
  ], 
  "container_title": "Economic Review-Ekonomski Pregled", 
  "id": "228199", 
  "issue": "5", 
  "issued": {
    "date-parts": [
      [
        2021, 
        9, 
        15
      ]
    ]
  }, 
  "language": "eng", 
  "page": "670-696", 
  "title": "Stock Dividend Ex-Day Abnormal Return: Evidence from Turkish Stock Market", 
  "type": "article-journal", 
  "volume": "72"
}