15 Eylül 2021 Dergi makalesi Açık Erişim

Kadıoğlu, Eyüp; Kırbaş, Ayhan

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        "affiliation": "Sermaye Piyasas\u0131 Kurulu", 
        "name": "Kad\u0131o\u011flu, Ey\u00fcp", 
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        "name": "K\u0131rba\u015f, Ayhan"
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    "description": "<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>", 
    "doi": "10.32910/ep.72.5.2", 
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    "journal": {
      "issue": "5", 
      "pages": "670-696", 
      "title": "Economic Review-Ekonomski Pregled", 
      "volume": "72"
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    "keywords": [
      "stock dividend", 
      "ex-day effect", 
      "market anomaly", 
      "market microstructure", 
      "investment strategy"
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    "language": "eng", 
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    "publication_date": "2021-09-15", 
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    "science_branches": [
      "Sosyal ve Be\u015feri Bilimler > Finans Ekonomisi"
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    "title": "Stock Dividend Ex-Day Abnormal Return: Evidence from Turkish Stock Market"
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