The role of payout ratio in the relationship between stock returns and dividend yield
McManus, Ian D., Ap Gwilym, Owain and Thomas, Stephen H. (2004) The role of payout ratio in the relationship between stock returns and dividend yield. Journal of Business Finance and Accounting, 31, (9-10), 1355-1387. (doi:10.1111/j.0306-686X.2004.00577.x).
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The paper examines the relationship between returns and dividend yield in the UK stock market, and introduces earnings-related data to the asset pricing model in the form of payout ratio.
The latter has a considerable effect upon the inferences which would otherwise be drawn from a study of the dividend yield-returns relationship in the absence of such earnings information. Payout ratio conveys additional signalling information and is an important adjunct to dividend yield in explaining returns.
|Keywords:||returns, asset pricing, payout ratio, dividend yield, earnings|
|Subjects:||H Social Sciences > HG Finance
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
|Divisions:||University Structure - Pre August 2011 > School of Management
|Date Deposited:||23 May 2006|
|Last Modified:||27 Mar 2014 18:22|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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