This study examines whether a high dividend yield is equivalent to a high return. For constructing a proposed portfolio, we use the panel data of listed companies’ dividends in six consecutive quarters, and other financial data to estimate expected current yields, which more conform to...

Purpose: This research examines how macroeconomic variables can precisely predict bull/bear stock markets in China and Taiwan. Design/methodology/approach: This paper adopts a two-state Markov switching model to characterize...