During the 1980s and 1990s, economists investigated a set of phenomena called market anomalies. One of the strategies based on market anomalies was a high-yield investment strategy where the main criterion for share selection is their high dividend yield. This paper tests the hypothesis that the anomaly associated with high dividend stocks, which was detected in the American market until the beginning of the 21st century, has ceased to exist at present, and also examines the possibility of improving the results of highly dividend strategies by modifying them.
Photoemission cells with high sensitivity to photons in the ultraviolet (UV) range of the spectrum have a wide range of practical applications in accelerator technology and generators of ultrashort electromagnetic pulses in the microwave range. The potential benefits of using UV photocathodes in these areas of technology are determined by such a combination of their properties as high electrical strength and high quantum efficiency. The report presents the results of experimental studies of the characteristics of photocathodes based on magnesium-barium (Mg-Ba) alloys and cesium iodide (CsJ). Photocathodes were fabricated by thermal vacuum sputtering on polished stainless steel substrates. It is shown that the dielectric strength of vacuum gaps with UV cathodes is significantly higher than with antimony-cesium cathodes in the visible range of the spectrum (for CsJ cathodes – 2.5 times, for Mg-Ba cathodes – more than three times). The quantum efficiency of Mg-Ba cathodes is ~1% at a wavelength of 247 nm, and that of CsJ cathodes is 7.5% at a wavelength of 196 nm. The results of studies of the dynamics of a decrease in the quantum efficiency of photocathodes under repetitively pulsed irradiation with laser pulses with a fluence 6 μJ/cm2. The characteristics of photocathodes are compared from the point of view of their practical applications.
Investment strategies related to the use of high-dividend shares have been known for more than 30 years. Despite this, they remain relevant today. A large number of studies on this topic are devoted to studying the effectiveness of high-dividend strategies within one market, and cross-country studies evaluate a small number of markets. The aim of this paper is to evaluate the effectiveness of high-dividend strategies in the markets of all APEC economies, with the exception of Brunei and Papua New Guinea. The time horizon of the study is from 2002 to the present. We applied well-known modifications of the classic high-dividend strategy and modifications developed by the authors. We test hypotheses regarding the influence of various factors, such as the number of shares in a portfolio, the month of portfolio formation,classifying the economy as developed or developing, and the return on high-dividend portfolios. We also test the hypothesis that the significance of the high-dividend anomaly exists in various markets, but decreases over time. The results show different levels of effectiveness of high-dividend strategies and the different impact of the factors on the markets of developed and developing APEC economies. We found that high-dividend strategies are generally more effective in emerging markets, but in case of market growth, high-dividend strategies increase their abnormal returns only in developed markets. At the same time, the authors conclude that the number of shares in a high-dividend portfolio directly affects the result of its work. The results have theoretical and practical value, and can be applied in compiling a real investment portfolio.
В конце прошлого столетия был выявлен новый вид аномалии на американском рынке акций — аномалия, связанная с более высокой доходностью бумаг, имеющих высокую дивидендную доходность. С тех пор эффективность высокодивидендных стратегий исследовалась многими авторами не только на американском, но и на других рынках. При этом результаты проведенных исследований оказались противоречивыми. В этой связи было бы интересно провести тестирование изучаемой стратегии на длинном горизонте с привлечением максимально возможного числа национальных индексов. В работе проведен сравнительный анализ эффективности высокодивидендных стратегий на основе 38 индексов из 32 стран и экономик, а также выявлены новые факторы, влияющие на доходность высокодивидендных портфелей.
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