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 OLS, our restricted informative prior leads to …

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 …

We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax …-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our … empirical results indicate that ex-date prices decline, on average, by the amount of the dividend. We do not find a significant …

between the price dividend ratio, expected stock returns and expected dividend growth in the US since 1880. We find a … significant increase in the long-run equilibrium value of the price dividend ratio over time, associated with a fall in the long …

The predictive ability of the dividend-price ratio for future stock returns does not necessarily imply that dividend …-price ratios predict future stock prices. Stock returns consist of both a capital gain and a dividend yield component, and we show … that predictability of stock returns by lagged dividend-price ratios mainly reflects predictability of future dividend …

stock return volatilities, and without a stable cash dividend policy, stock return volatilities may unrelated to the …