Stock dividend ex-day abnormal return
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...
| Permalink: | http://skupnikatalog.nsk.hr/Record/nsk.NSK01001137720/Details |
|---|---|
| Matična publikacija: |
Ekonomski pregled (Online) 72 (2021), 5 ; str. 670-696 |
| Glavni autori: | Kadioglu, Eyup (Author), Kirbas, Ayhan |
| Vrsta građe: | e-članak |
| Jezik: | eng |
| Predmet: | |
| Online pristup: |
https://doi.org/10.32910/ep.72.5.2 Ekonomski pregled (Online) Hrčak |
| LEADER | 03120naa a22003974i 4500 | ||
|---|---|---|---|
| 001 | NSK01001137720 | ||
| 003 | HR-ZaNSK | ||
| 005 | 20220705095623.0 | ||
| 006 | m d | ||
| 007 | cr|||||||||||| | ||
| 008 | 220511s2021 ci d |o |0|| ||eng | ||
| 024 | 7 | |2 doi |a 10.32910/ep.72.5.2 | |
| 035 | |a (HR-ZaNSK)001137720 | ||
| 040 | |a HR-ZaNSK |b hrv |c HR-ZaNSK |e ppiak | ||
| 041 | 0 | |a eng |b hrv | |
| 042 | |a croatica | ||
| 044 | |a ci |c hr | ||
| 080 | 1 | |a 336 |2 2011 | |
| 100 | 1 | |a Kadioglu, Eyup |4 aut |9 HR-ZaNSK | |
| 245 | 1 | 0 | |a Stock dividend ex-day abnormal return |h [Elektronička građa] : |b evidence from Turkish stock market / |c Eyup Kadioglu, Ayhan Kirbas. |
| 300 | |b Graf. prikazi. | ||
| 500 | |a Bilješke uz tekst. | ||
| 504 | |a Bibliografija: 53 jed. | ||
| 504 | |a Summary ; Sažetak. | ||
| 520 | |a 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. The share of listed companies with higher stock dividend pay-out ratio or lower asset size or lower market capitalization, can generate respectively 5.97%, 6.08% and 5.88% abnormal return over market index return. | ||
| 520 | |a Ovaj rad ispituje utjecaj "ex-day" dividende na prinos i volumen dionica na burzi Borsa Istanbul. Podaci obuhvaćaju 1.220 dioničkih dividendi povezanih s 305 poduzeća u razdoblju od 1997. do 2018. godine. Pozitivan abnormalan prinos i volumen primjećuju se oko dana kada dionica gubi pravo na dividendu (ex-day). Kumulativni prosječni višak povrata nad tržišnim prinosom počinje značajno rasti deset dana prije ex-day-a i dostiže svoju najveću razinu na ex-day prije nego što se smanji u danima koji slijede. Rezultati pokazuju da je abnormalan prinos oko ex-day-a snažno povezan s omjerom isplate dividendi dionica, veličinom imovine i tržišnom vrijednošću poduzeća. Dionice Borsa Istanbul poduzeća koje kotiraju na burzi s većim omjerom isplate dividendi dionica i one sa skromnom imovinom ili niskom tržišnom kapitalizacijom mogu generirati 5,97%, 6,08% i 5,88% abnormalan povrat u odnosu na tržišni indeks. | ||
| 653 | 0 | |a Dionice |a Dioničke dividende |a Tržište |a Ulaganja | |
| 653 | 5 | |a Turska | |
| 700 | 1 | |a Kirbas, Ayhan |4 aut |9 HR-ZaNSK | |
| 773 | 0 | |t Ekonomski pregled (Online) |x 1848-9494 |g 72 (2021), 5 ; str. 670-696 |w nsk.(HR-ZaNSK)000534041 | |
| 981 | |b Be2021 |b B02/21 | ||
| 998 | |b dalo2207 | ||
| 856 | 4 | 0 | |u https://doi.org/10.32910/ep.72.5.2 |
| 856 | 4 | 0 | |u http://www.hde.hr/sadrzaj.aspx?Podrucje=1774 |y Ekonomski pregled (Online) |
| 856 | 4 | 1 | |y Digitalna.nsk.hr |
| 856 | 4 | 0 | |u https://hrcak.srce.hr/262982 |y Hrčak |