-funded capital injections. However, on closer inspection the composition of bank capital shifted radically from one based on common … was exacerbated by large scale payments of dividends, in spite of widely anticipated credit losses. Dividend payments … equity. The dwindling pool of common equity in the banking system may have been one reason for the continued reluctance by …

structure of equity dividend risk premia. In the data, a robust finding is that the term structure of dividend risk premia … and expansion regimes. The unconditional population term structure of dividend-risk premia in the regime-switching model … also features a declining average term structure of dividend risk-premia if recessions are over-represented in a short …

price-dividend ratio and risk free rate as predictive variables …The predictability of the market return and dividend growth is addressed in an equilibrium model with two regimes. A … state variable that drives the conditional means of the aggregate consumption and dividend growth rates follows different …

increases with dividend income, controlling for total wealth, total portfolio returns, and other sources of income. In a sample …

. The paper finds an economically and statistically significant relationship between risk-adjusted stock returns and …

imply that both the market risk-premium and expected dividend growth vary considerably more than what can be revealed using …We investigate a consumption-based present value relation that is a function of future dividend growth. Using data on … aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend …

We propose and implement a new test of the dividend signaling hypothesis that is designed to discriminate between … dividend signaling and other theories that would account for the apparent existence of a dividend preference. Our test refines … the use of data on stock price responses to dividend announcements. In particular, we study the effect of dividend …

the sum of the dividend yield on stocks plus some weighted average of expected future growth rates in dividends. We …