Evidence of dividend yield return predictability has been presented so widely and consistently that the result has tended to be generally accepted. This paper shows that return predictability of the dividend yield is a spurious result that is due to dividend persistence and finds that standard...

Evidence of dividend yield return predictability has been presented so widely and consistently that the result has tended to be generally accepted. This paper shows that return predictability of the dividend yield is a spurious result that is due to dividend persistence and finds that standard...

This paper analyses the time-series behaviour of the new issue market in the context of an equilibrium model of demand and supply for IPOs. The model produces testable equations examining the relationship between the number of new issues and the average level of under-pricing, and also...