Kim, Ryumi - In: Journal of derivatives and quantitative studies 29 (2021) 1, pp. 73-99
three or five years, they may establish a dividend reputation, which could affect this relationship. The author found firms … reputation. The evidence shows that when firms with higher yields have dividend reputations, they produce higher future returns …, whereas there is no significant relationship between yields and returns for firms with no reputation. These results are …