15 Eylül 2021 Dergi makalesi Açık Erişim

Kadıoğlu, Eyüp; Kırbaş, Ayhan

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  <identifier identifierType="URL">https://aperta.ulakbim.gov.tr/record/228199</identifier>
  <creators>
    <creator>
      <creatorName>Kadıoğlu, Eyüp</creatorName>
      <givenName>Eyüp</givenName>
      <familyName>Kadıoğlu</familyName>
      <nameIdentifier nameIdentifierScheme="ORCID" schemeURI="http://orcid.org/">0000-0001-7836-868X</nameIdentifier>
      <affiliation>Sermaye Piyasası Kurulu</affiliation>
    </creator>
    <creator>
      <creatorName>Kırbaş, Ayhan</creatorName>
      <givenName>Ayhan</givenName>
      <familyName>Kırbaş</familyName>
    </creator>
  </creators>
  <titles>
    <title>Stock Dividend Ex-Day Abnormal Return: Evidence From Turkish Stock Market</title>
  </titles>
  <publisher>Aperta</publisher>
  <publicationYear>2021</publicationYear>
  <subjects>
    <subject>stock dividend</subject>
    <subject>ex-day effect</subject>
    <subject>market anomaly</subject>
    <subject>market microstructure</subject>
    <subject>investment strategy</subject>
  </subjects>
  <dates>
    <date dateType="Issued">2021-09-15</date>
  </dates>
  <language>en</language>
  <resourceType resourceTypeGeneral="Text">Journal article</resourceType>
  <alternateIdentifiers>
    <alternateIdentifier alternateIdentifierType="url">https://aperta.ulakbim.gov.tr/record/228199</alternateIdentifier>
  </alternateIdentifiers>
  <relatedIdentifiers>
    <relatedIdentifier relatedIdentifierType="DOI" relationType="IsIdenticalTo">10.32910/ep.72.5.2</relatedIdentifier>
  </relatedIdentifiers>
  <rightsList>
    <rights rightsURI="http://www.opendefinition.org/licenses/cc-by-sa">Creative Commons Attribution Share-Alike</rights>
    <rights rightsURI="info:eu-repo/semantics/openAccess">Open Access</rights>
  </rightsList>
  <descriptions>
    <description descriptionType="Abstract">&lt;p&gt;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&amp;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.&lt;/p&gt;</description>
  </descriptions>
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