Fu, Yufen; Blazenko, George W. - In: The International Journal of Business and Finance Research 9 (2015) 2, pp. 1-20
In this paper, we compare the equity returns of dividend-paying and non-dividend paying firms. We find no unconditional … return difference even though non-dividend paying firms have many characteristics that suggest high risk. Equivalently …, because non-dividend paying firms have high risk-metrics, their returns are abnormally low compared with dividend-paying firms …