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- Title
Dividend Stability, Dividend Yield and Stock Returns: UK Evidence.
- Authors
Ap Gwilym, Owain; Morgan, Gareth; Thomas, Stephen
- Abstract
This article examines the relationship between dividend stability, dividend yield and stock returns using all stocks listed on the London Stock Exchange between January 1975 and December 1997. The sample consists of monthly total returns on all stocks which appear on the London Share Price Database, and for which market capitalization data exists. In order to assess the relevance of dividend stability to the relation between dividend yields and returns, researchers M. J. Gombola and F. Y. Liu initially replicate the approach of research D. B. Keim by forming 5 yield-ranked portfolios, in addition to a sixth portfolio containing all stocks with a zero dividend yield. High returns were associated with high yielding portfolios, and low returns were earned by portfolios with a relatively low dividend yield.
- Subjects
LONDON (England); ENGLAND; DIVIDEND yield; STOCKS (Finance); DIVIDENDS; RATE of return
- Publication
Journal of Business Finance & Accounting, 2000, Vol 27, Issue 3/4, p261
- ISSN
0306-686X
- Publication type
Article
- DOI
10.1111/1468-5957.00313