The purpose of this study is to segment Turkish wine customers based on generational cohorts. It also explores the characteristics of the customers in each group based on wine attributes, information sources, wine consumption, purchase behaviour and socio-economic characteristics. The study’s data were collected from the listed mail addresses in some universities, institutes and company websites through a structured online questionnaire. The sample includes 708 respondents. After splitting consumers into three different generational cohorts based on the birth year (Baby Boomers, Generation X and Generation Y), the study clearly profiles the groups by employing principal component analysis, ANOVA and chi-square analyses. After splitting consumers into three groups based on generational cohorts, the study clearly identifies the differences between groups regarding wine attributes, information sources, purchasing and consumption and socio-demographic characteristics. Although there are many studies examining wine consumers in the literature from diverse countries, this is the first study investigating wine consumers based on generational cohorts in Turkey.

Announcing dividend pay-out policy by a company will signals market firm's future prospects and changes its stock prices according to dividend signalling theory. By analysis the effect of special dividend announcements for 5 companies listed in NASDAQ for the period of 2014-2018, this study investigates the stock price reactions to special dividend announcement for 40 days around the event and challenges dividend signalling theory. The empirical results calculated both in discrete and logarithmic forms. Only few disordered significant abnormal returns and average abnormal returns occurred according to the t-test. The results show that shareholders do not gain value from announcement of special dividend in NASDAQ stock exchange market. That Results indicated from adjusted market model in this research do not support dividend-signalling theory Hence do not confirm that the announcement of dividend has significant effect on price of shares. In general the results consistent with the Miller and Modigliani (1961) dividend irrelevance hypothesis.