A widely replicated result, using U.S. data, is that dividend-price ratios predict future returns, not future dividend … economy. To further investigate this question, this paper examines the relation between dividend yields, future returns and … dividend growth using current international data. It is found that in some countries, dividend-price ratios predict future …

We re-examine dividend growth and return predictability evidence using 165 years of data from the Brussels Stock … Exchange. The conventional wisdom holds that time-varying dividend yield is predominately explained by changes in expected … returns and that expected dividend growth is only weakly forecastable. However, we find robust dividend growth predictability …