The study looked at how stock dividends affect stock returns and trading volume on the Borsa Istanbul stock exchange. They analyzed data from 1,220 stock dividends of 305 companies from 1997 to 2018. They found that there is a positive abnormal return and trading volume around the ex-day of the stock dividend. The excess return over market return starts to increase ten days before the ex-day, peaks on the ex-day, and then decreases afterwards. Companies with higher stock dividend pay-out ratios, smaller asset sizes, and lower market capitalizations tend to generate higher abnormal returns compared to the market index.