van Binsbergen, Jules; Hueskes, Wouter; Koijen, Ralph; … - In: Journal of Financial Economics 110 (2013) 3, pp. 503-519
We study a new data set of dividend futures with maturities up to ten years across three world regions: the US, Europe, and Japan. We use these asset prices to construct equity yields, analogous to bond yields. We decompose the equity yields to obtain a term structure of expected dividend growth...