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      Trends in market reactions: stock dividends and rights offerings at Istanbul stock exchange

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      Author(s)
      Muradoğlu, G.
      Aydoğan, K.
      Date
      2003
      Source Title
      The European Journal of Finance
      Print ISSN
      1351-847X
      Electronic ISSN
      1466-4364
      Publisher
      Routledge
      Volume
      9
      Pages
      41 - 60
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      This paper examines the existence of different price reactions to the Implementation of stock dlvldends and rights offerings as the stock market matures over time and the Investor mix changes. For that purpose market reactions at the Istanbul Stock Exchange (lSE) are Investigated during three sub-periods displaying different developmental phases of the market defined In terms of Institutional framework, transactions volumes and related Investor profiles. Differences In price reactions and the accompanying trading volumes are tested as the Investor mix changes and small Investors enter ISE due to the cultivating of awareness about the stock market. Other possible causes of excess returns such as prior knowledge about the stocks being traded or a preferred trading range are also tested. Considering the characteristics of thinly traded emerging markets, non-parametric tests are employed besides traditional event study methodology and results are Immune to the choice of relevant test statistics. The results Indicate that the changing mix of Investors shift the timing of market reaction from announcement to Implementation of stock diVidends and rights offerings. Since Individual Investors, who are attracted by lower relative prices. are not expected to be prompt In timing. excess returns persist over longer event windows and are accompanied by Increasing trading volumes.
      Keywords
      Stock dividends
      Rights offerings
      Event study
      Sign test
      Rank test
      Permalink
      http://hdl.handle.net/11693/48724
      Published Version (Please cite this version)
      https://doi.org/10.1080/13518470110047611
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      • Department of Management 579
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