/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 …

values of returns, dividend growth, the dividend-price ratio, and all Campbell-Shiller-style regression results involving …

This study examines the relationship between dividend yield and stock returns for firms in the United Arab Emirates …, where there are no taxes on dividend incomes and capital gains. Following methods of Black and Scholes (1974) and …. Our results are robust after we exclude periods with dividend omission and control for Fama-French factors …

empirical practice of omitting dividend growth from the system amounts to imposing the extra restriction that dividend growth is … not persistent. We highlight that persistence in dividend growth induces a previously overlooked channel for return … predictability, which we label "dividend momentum." Compared to estimation based on ordinary least squares, our restricted …

) "terminal value" calculations. This paper contrasts dividend discount techniques, discounted cash flow analysis, and techniques … earnings techniques dominate free cash flow and dividend discounting approaches. Further, the relevant accounting features of …

We find strong international evidence favoring dividend payout as a salient stock characteristic affecting expected … stock returns. We find that dividend-paying stocks outperform non-payers by 0.54% per month in 44 countries, adjusting for … exposures to global and regional risk factors. The majority of the dividend premium is earned during the ex-dividend months. The …

We examine the return information conveyed by a firm’s dividend surprise, defined as the difference between a firm …’s actual dividend per share (DPS) and investors’ expected DPS. We find that negative-surprise stocks (i.e., stocks in the … lowest dividend surprise quintile) provide 5.64% more in annualized return than positive-surprise stocks (i.e., stocks in the …

redistribute to investors. How do the funds manage these dividend flows, and does such management have spillover effects on other … financial markets? In this paper, we document a new stylized fact of the "ETF dividend cycle:" ETFs gradually invest in money … market funds (MMFs) when they accumulate dividend receipts and periodically withdraw from MMFs when they distribute dividends …