predictability, leaving dividend growth predictability at its essentially zero sample value. If neither returns nor dividend growth … are predictable, then the dividend-price ratio is a constant. If the null turns off return predictability, it must turn on … the predictability of dividend growth, and then confront the evidence against such predictability in the data. I find that …

. Financial constraint returns help explain returnsquot; following initial public offerings and dividend omissions. We find only …

to dividend yields as predictors of stock returns. Monte Carlo analysis indicates that the Hansen and Hodrick (1980 …

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

dividend growth rates between 1975 and 2016. Further, when learning about dividend dynamics is incorporated into a long …

dividend yield is typically viewed as a reflection of either changing risk, related to the business cycle, or irrational … mispricing. Extending the work on asset allocation and dividend yield by Kandel and Stambaugh (1996) to accommodate variation in …

The aggregate dividend payout ratio forecasts aggregate excess returns on both stocks and corporate bonds in post …

This paper examines the empirical relation between stock returns and dividend yields. Several equilibrium pricing …

to obtain a term structure of expected dividend growth rates and a term structure of risk premia, which allows us to … decompose the equity risk premium by maturity. We find that both expected dividend growth rates and risk premia exhibit … substantial variation over time, particularly for short maturities. In addition to predicting dividend growth, equity yields help …