15 Eylül 2021 Dergi makalesi Açık Erişim

Kadıoğlu, Eyüp; Kırbaş, Ayhan

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    <subfield code="a">&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;</subfield>
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    <subfield code="a">Stock Dividend Ex-Day Abnormal Return: Evidence from Turkish Stock Market</subfield>
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