15 Eylül 2021 Dergi makalesi Açık Erişim

Kadıoğlu, Eyüp; Kırbaş, Ayhan

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  <dc:creator>Kadıoğlu, Eyüp</dc:creator>
  <dc:creator>Kırbaş, Ayhan</dc:creator>
  <dc:date>2021-09-15</dc:date>
  <dc:description>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’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.</dc:description>
  <dc:identifier>https://aperta.ulakbim.gov.trrecord/228199</dc:identifier>
  <dc:identifier>oai:aperta.ulakbim.gov.tr:228199</dc:identifier>
  <dc:language>eng</dc:language>
  <dc:rights>info:eu-repo/semantics/openAccess</dc:rights>
  <dc:rights>http://www.opendefinition.org/licenses/cc-by-sa</dc:rights>
  <dc:source>Economic Review-Ekonomski Pregled 72(5) 670-696</dc:source>
  <dc:subject>stock dividend</dc:subject>
  <dc:subject>ex-day effect</dc:subject>
  <dc:subject>market anomaly</dc:subject>
  <dc:subject>market microstructure</dc:subject>
  <dc:subject>investment strategy</dc:subject>
  <dc:title>Stock Dividend Ex-Day Abnormal Return: Evidence from Turkish Stock Market</dc:title>
  <dc:type>info:eu-repo/semantics/article</dc:type>
  <dc:type>publication-article</dc:type>
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