15 Eylül 2021 Dergi makalesi Açık Erişim

Kadıoğlu, Eyüp; Kırbaş, Ayhan

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  "@id": 228199, 
  "@type": "ScholarlyArticle", 
  "creator": [
    {
      "@id": "https://orcid.org/0000-0001-7836-868X", 
      "@type": "Person", 
      "affiliation": "Sermaye Piyasas\u0131 Kurulu", 
      "name": "Kad\u0131o\u011flu, Ey\u00fcp"
    }, 
    {
      "@type": "Person", 
      "name": "K\u0131rba\u015f, Ayhan"
    }
  ], 
  "datePublished": "2021-09-15", 
  "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>", 
  "headline": "Stock Dividend Ex-Day Abnormal Return: Evidence from Turkish Stock Market", 
  "identifier": 228199, 
  "image": "https://aperta.ulakbim.gov.tr/static/img/logo/aperta_logo_with_icon.svg", 
  "inLanguage": {
    "@type": "Language", 
    "alternateName": "eng", 
    "name": "English"
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  "keywords": [
    "stock dividend", 
    "ex-day effect", 
    "market anomaly", 
    "market microstructure", 
    "investment strategy"
  ], 
  "license": "http://www.opendefinition.org/licenses/cc-by-sa", 
  "name": "Stock Dividend Ex-Day Abnormal Return: Evidence from Turkish Stock Market", 
  "url": "https://aperta.ulakbim.gov.tr/record/228199"
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