Purpose: The aim of our paper is twofold. First, we examine the predictive ability of log bookmarket, dividend …-price, earnings-price and dividend-earnings ratios on the most recent data set of the strongest securities in the UK economy; unlike … the majority of the studies in this data set, our analysis is not limited on returns but further investigates dividend and …

/U.K. (1629-1812), U.K. (1813-1870) and U.S. (1871-2015). We show that dividend yields are stationary and consistently forecast … business cycle, with expected returns increasing in recessions. We also find that, except for the period after 1945, dividend … yields predict dividend growth rates …

of the classical log dividend–price ratio, we allow the data to reveal the cointegration vector between d and p. We … define the modified dividend–price ratio (mdp), as the long run trend deviation between d and p. Using S&P 500 data for the … correlation with the risk free return component, and can discern if a low dividend state coincides with a low yield state …