predict stock returns. I construct a new economy-wide dividend price ratio that takes into account dividends and market … in-sample and out-of-sample annual adjusted R2 of 15.35% and 16.28%, compared to the standard dividend price ratio values … that the economy-wide dividend price ratio subsumes the standard dividend price ratio …

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 …

accurate forecasts relative to alternatives, including the traditional dividend yield. This remains true even after excluding …

not fundamentally different from the dividend yield. These results suggest that the practice of analyzing long-run return …

. The predictive ability of the dividend-price ratio for dividend growth is slightly stronger for stock returns, but the … dividend payout ratios. Surprisingly, dividend smoothing matters for cash flow predictability at the low frequency only …

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 …

Even in large equity markets, the dividend-price ratio is significantly related with the growth of future dividends. In … with within-year seasonality. We reduce the effect of price volatility on the dividend-price ratio by applying a simple … smoothing technique, and we identify the component of the smoothed dividend-price ratio that offers predictive power. An …

/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 …

-the dividend and earnings yields-on the South African market, at both aggregated and sectoral level. Unlike most studies in South …

This paper explores the implications of a dividend yield model for predicting aggregate Japanese stock returns using … dividend growth forecasts and long-horizon return forecasts implied by one-year regressions to provide significant evidence for … the role of dividend yield in predicting returns. However, we find that direct long-horizon regressions are not a powerful …