2020
DOI: 10.1590/1808-057x202009690
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International evidence on stock returns and dividend growth predictability using dividend yields

Abstract: This paper examines stock returns and dividend growth predictability using dividend yields in seven developed markets: United States of America (US), United Kingdom (UK), Japan, France, Germany, Italy, and Spain. Altogether, these countries account for around 85% of the Morgan Stanley Capital International (MSCI) World Index. The use of the long time series with up-to-date data allows the comparison not only between countries, but also across periods, putting into perspective the existence or not of noticeable… Show more

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Cited by 2 publications
(2 citation statements)
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References 37 publications
(40 reference statements)
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“…The approach to measure the pay-out of a company is to calculate its dividend yield. According to Monteiro, Sebastião and Silva (2020), stock returns can be strongly forecasted by dividend yield, which is verified by previous studies [11]. In addition, dividend yield precisely indicates the dividend that investors will benefit from per unit of asset since dividend yield is obtained by dividend per share of a stock divided by its one share price.…”
Section: 𝑆 𝐴 ∑𝑊 * 𝑆mentioning
confidence: 64%
“…The approach to measure the pay-out of a company is to calculate its dividend yield. According to Monteiro, Sebastião and Silva (2020), stock returns can be strongly forecasted by dividend yield, which is verified by previous studies [11]. In addition, dividend yield precisely indicates the dividend that investors will benefit from per unit of asset since dividend yield is obtained by dividend per share of a stock divided by its one share price.…”
Section: 𝑆 𝐴 ∑𝑊 * 𝑆mentioning
confidence: 64%
“…We can divide this group of indicators into two subgroups: the first one includes the yield related indicators (earning yield, dividend yield, dividend plus buybacks yield, and implied cost of capital [ICC]) and the second includes the non-yield related indicators (price earnings ratio [PE] and book to market). The most popular among the first subgroup is the dividend yield (Fama & French 1988;Monteiro et al, 2020;Rozeff, 1984), while the most popular indicators among the second subgroup are the price-earnings ratio (Campbell & Shiller, 1988), the earnings-price ratio (Campbell & Shiller, 1998;Fama & French, 1989), the book-to-market ratio (BM) (Pontiff & Schall, 1998), and dividends and buybacks (Straehl & Ibbotson, 2017).…”
Section: Wrotementioning
confidence: 99%