fully-franked dividend. This is a problem because a sample of security prices, unfranked dividends and franked dividends … necessarily leads to the simultaneous estimation of the value of a cash dividend and an imputation credit. We measure the value of …

Dividend yields have been widely used in previous research to relate stock market valuations to cash flow fundamentals …. However, this approach relies on the assumption that dividend yields are stationary. Due to the failure to reject the … hypothesis of a unit root in the classical dividend-price ratio for the US stock market, Polimenis and Neokosmidis (2016 …

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 …

retained earnings. This recommendation takes two parts: Proposition III, i.e., a dividend has no impact on market value, and ….The purpose of this paper is to analyze non-dividend-distributing companies for positive NPV. I picked companies from the Standard … the null hypothesis should therefore be rejected.The paper also tabulates the assumptions needed for the Dividend …

dividend stream is modeled as a random walk with innovations drawn from the family of stable distributions. We derive an exact …

For dividend discount models, the intrinsic value of stock is estimated by discounting all the future dividends of the … stock. In the simplest assumption where growth is constant forever, the Constant Dividend Growth Model formula is expressed … as P = D1 / (k-g). The premise is that the firm will pay future dividend that will grow at a constant rate.In this paper …

for serial correlation in dividend growth rates. We derive an exact analytical expression for both the present value stock … price and an intrinsic bubble component when dividend growth rates evolve as a Gaussian first-order autoregressive process … series, over the last century. Hypotheses tests reject an AR(0) process for dividend growth rates in favor of an AR(1 …

We find evidence of antipersistence in returns and dividend growth, while the price-dividend ratio appears to exhibit … aggregation of antipersistent expected dividend growth and expected returns gives the price-dividend ratio non-standard properties … antipersistent expected dividend growth and expected returns series; b) the spectral density at the zero frequency is finite and …