haku: @author Chen, L. / yhteensä: 5
viite: 2 / 5
| Tekijä: | Chen, L. |
| Otsikko: | On the reversal of return and dividend growth predictability: a tale of two periods |
| Lehti: | Journal of Financial Economics
2009 : APR, VOL 92:1, p. 128-151 |
| Asiasana: | dividends equity capital investments finance |
| Kieli: | eng |
| Tiivistelmä: | The article discusses the difficult task of predicting dividend growth. It is generally known that stock returns can be predicted by dividend yield, but dividend's growth, in turn, is unpredictable. The article explains that this unpredictability originates from the construction of dividend growth. The research reveals historical time periods during 1872-2005 when the predictability of dividend growth has been varying (pre-war vs. post-war years). Finally, the paper also provides evidence on the predictability of long-run returns and dividend growth. |
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