search query: @indexterm ASSET VALUATION / total: 357
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| Author: | Christie, W. G. |
| Title: | Dividend yield and expected returns / the zero-dividend puzzle |
| Journal: | Journal of Financial Economics
1990 : NOV-DEC, VOL. 28:1-2, p.95-125 |
| Index terms: | FINANCIAL REPORTING RATE OF RETURN DIVIDENDS ASSET VALUATION CAPITAL ASSET PRICING FINANCIAL FORECASTING |
| Language: | eng |
| Abstract: | It is reported that zero-dividend firms earn negative average excess returns relative to firms of similar size. Despite the apparent conformity of these results to the predictions of after-tax asset pricing models, the negative-adjusted excess returns cannot be driven solely by tax effects. These excess returns, which are concentrated in the initial zero-dividend years and approach -1 percent per month, are attributed to possible dividend-expectation effects rather than taxes. |
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