Download or read book Relationship Between Dividend Yield and Stock Return written by Reza Tahmoores Pour and published by LAP Lambert Academic Publishing. This book was released on 2011-12 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relation between dividend yields and stock returns in different market conditions is still questionable and vague among financial scholars, managers, academicians, and shareholders. The significance of this book is to help investor's forecasting by giving them clarification information about the dividend yields and stock returns relationship based on the general market condition. This can help them in their decision-making about portfolio generating. Although many works have been done up to now, but more studies are needed to be conducted to ascertain this relation in various time horizons and markets. The main purpose of this book is to identify the moderation effect of market condition on the relationship between dividend yield and stock return in Malaysian stock market and checking the possibility of providing another evidence for proposition of time variation in the relation between dividend yields and stock return during bull and bear markets.
Download or read book International Evidence on the Relationship Between Dividend Yield and Common Stock Returns written by Atul Sheel and published by . This book was released on 1995 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stock Market Equilibrium and the Dividend Yield written by Mr.Charles Frederick Kramer and published by International Monetary Fund. This book was released on 1996-08-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclude that stock prices are above their fundamental levels. This paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal explanatory power.
Download or read book The Interrelation Between Dividend Yields Equity Values and Stock Returns written by Donald Bruce Keim and published by . This book was released on 1985 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dividend Yields and Stock Returns Under a Tax Free Environment written by Kienpin Tee and published by . This book was released on 2017 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between dividend yield and stock returns for firms in the United Arab Emirates, where there are no taxes on dividend incomes and capital gains. Following methods of Black and Scholes (1974) and Litzenberger and Ramaswamy (1979), we find that yield coefficients using monthly data are insignificant under both BS and LR models, and yield coefficients using weekly data are significant under LR model. The results suggest that some other non-tax factor drives the yield effect and that return variation associated with dividends is caused by the time series variation. Our results are robust after we exclude periods with dividend omission and control for Fama-French factors.
Download or read book A Robust Estimation of the Relation between Stock Returns Size Dividend Yield and Payout Ratio written by Ian D. McManus and published by . This book was released on 2002 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between Returns and Dividends in the context of the UK Stock Market, using data from the LBS London Share Price Database (LSPD) and using robust estimation (GMM). We also introduce earnings-related data into our analysis, using Payout Ratio as a carrier of this additional information. We find that the introduction of the additional variable has a considerable effect upon the inferences which would otherwise have been drawn from a study of Dividend Yield in the absence of such earnings information.Our methodology allows for the establishment of a distinct category for Zero-Dividend stocks (as distinct from those stocks which are merely low-yielding). This allows us to examine in more detail the particular returns characteristics of this class of stocks, which has more in common (in terms of Returns performance) with the high-yielding, rather than the low-yielding subdivision of dividend-paying stocks.Because of the implicit relationship (in terms of a joint distribution) between the dividend payment characteristics of firms and their size, we use an improved measure of Market Capitalisation (relative to that posted explicitly in the LSPD) in order to convey size information into our regressions. This allows for improved resolution, both in terms of the magnitude of the firm size variable, and also of its sampling frequency. Our analysis also accounts for the more complex seasonal behaviour apparent in UK returns characteristics.Our study proceeds from an initial survey of 'raw' (non risk-adjusted) returns for our system of 30 portfolios (6 Dividend Yield subdivisions x 5 Size subdivisions), followed by the introduction of risk adjustment on both an individual (portfolio) and category (Dividend Yields; Market Capitalisations) basis. This leads to a more complete model specification which allows for both categorical and interaction variables in order to separate and identify the various influences at play in determining returns behaviour.We conclude that the inclusion of Payout Ratio is an important adjunct to Dividend Yield in explaining Returns; indeed, our subperiod analysis revealed that, in many instances, the former seems to dominate the latter. Because of this, we deduce that Payout Ratio may convey additional signalling information, over and above that of Dividend Yield alone, for investors.
Download or read book Relative Dividend Yield written by Anthony E. Spare and published by . This book was released on 1992-02-27 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every corporate manager knows earnings can be inaccurate and unreliable as a statement of company well-being. And every investor knows that quarterly earnings are volatile and unpredictable. Yet most investment strategies are based on earnings and P/E multiples. Thankfully there is a market-tested alternative with steadily growing billions behind it that you can put your trust in. The Relative Dividend Yield (RDY) buy-sell discipline set out in this volume enables you to base you or your institution's investment decisions on the much more stable and reliable principle of historic relative yields. For over 15 years, this approach has outperformed the market with less than market risk. Moreover, you'll find that RDY helps you... Analyze stocks so that you can buy only the ones that are at the upper end of their historical yield range, and sell those at the lower end. Lower turnover and save on transaction costs through RDY's more conservative, stable investment approach. Manage the largest portfolios with confidence because RDY works best with large, long-established companies where sound management and liquidity are assured. Avoid anxiety about market fluctuations because RDY's buy-sell mechanism doesn't have a short-term trading orientation. Steel yourself against the emotionalism that makes investors panic and sell at bottoms...and get swept up by euphoria and buy at tops. The best-kept secret in investing today, RDY is an intelligent, unique, and proven formula for superior returns with less risk.
Download or read book Dividend Yields and Stock Returns written by Michael L. Lemmon and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The positive relation between dividend yields and stock returns in the US market is well documented in recent research. However, the cause(s) of the dividend yield effect is still unknown. On the one hand, the effect can be attributed to tax as predicted in the Brennan CAPM (Brennan (1970)). On the other hand, dividend yield can proxy for omitted risk factors or variables. We document a robust dividend yield effect in the Hong Kong market where neither dividend income nor capital gains are taxed. The effect is persistent in different sub-samples by time period or by market capitalization. The yield effect is economically significant. A one percent difference in dividend yields is associated with about a two percent difference in risk-adjusted returns. While not ruling out the tax explanation, our results show there are non-tax (unknown) factors that cause the dividend yield effect.
Download or read book The Effect of Dividend Yields on Stock Returns written by Sharon Wai Man Wong and published by . This book was released on 1997 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Magazine of Wall Street written by and published by . This book was released on 1909 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dividend Stocks For Dummies written by Lawrence Carrel and published by John Wiley & Sons. This book was released on 2010-04-01 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expert advice on a mature, reliable way to invest money According to Fortune magazine, investing in dividends is one of the top five ways to survive market instability. Dividend Stocks For Dummies gives you the expert information and advice you need to successfully add dividends to your investment portfolio, revealing how to make the most out of dividend stock investing-no matter the type of market. Explains the nuts and bolts of dividends, values, and returns Shows you how to effectively research companies, gauge growth and return, and the best way to manage a dividend portfolio Provides strategies for increasing dividend investments Weather a down market-reach for Dividend Stocks for Dummies!
Download or read book Strategies for Winning the Dividend Game written by Gerald Appel and published by Pearson Education. This book was released on 2010-08-31 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Use dividend-paying stocks to increase both income and capital--and avoid the pitfalls that can trap the unwary! Dividend payers! Think of income returns potentially greater than bonds...stocks that hold their prices better during market declines and have outperformed the universe of equities over decades...companies that can compound your assets by paying you in shares. Think of more favorable tax consequences.... There are, however, traps for the unwary. This article will deal with them....
Download or read book Scientific Stock Speculation written by Charles Henry Dow and published by . This book was released on 1920 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stock Return and Dividend Yield written by Feng-Ying Liu Shih and published by . This book was released on 1987 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dividend Yields and Expected Stock Returns written by Robert J. Hodrick and published by . This book was released on 1991 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alternative ways of conducting inference and measurement for long-horizon forecasting are explored with an application to dividend yields as predictors of stock returns. Monte Carlo analysis indicates that the Hansen and Hodrick (1980) procedure is biased at long horizons, but the alternatives perform better. These include an estimator derived under the null hypothesis as in Richardson and Smith (1989), a reformulation of the regression as in Jegadeesh (1990), and a vector autoregression (VAR) as in Campbell and Shiller (1988), Kandel and Stambaugh (1988), and Campbell (1991). The statistical properties of long-horizon statistics generated from the VAR indicate interesting patterns in expected stock returns.
Download or read book An Empirical Investigation of Dividend Reinvestment Plans written by Janet Marie Todd and published by . This book was released on 1992 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dividend Yields are Equity Risk Premiums written by Michael S. Rozeff and published by . This book was released on 2005 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article presents evidence that dividend yields are directly related to and predict future stock returns: The higher the yield, the higher the stock return. The paper uses the constant dividend growth model and the subsidiary Golden Rule of Accumulation view that real long-term growth equals the real rate of interest in order to show that the dividend yield is directly related to the risk premium. A predictive test shows that dividend yields provide superior predictions of equity risk premiums in terms of lower bias, lower mean square error and lower mean absolute error as compared with the method of using historical realized returns.
