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Dividend yield investment strategies, the payout ratio and zero dividend stocks

Gwilym, Owain Ap, Seaton, James and Thomas, Stephen (2005) Dividend yield investment strategies, the payout ratio and zero dividend stocks Journal of Investing, 14, (4), pp. 69-74.

Record type: Article


This study considers the application of both high- and zero-dividend strategies to the U.K. market. Following recent academic studies we conjecture that the payout ratio may provide a useful additional filter for portfolio construction and that zero-dividend stocks may also offer higher returns. These strategies do indeed outperform both the high-yield and index returns on an absolute basis but not when adjusted for risk and transaction costs.

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Published date: 2005


Local EPrints ID: 37356
ISSN: 1068-0896
PURE UUID: 8c5dfaf4-8fd2-4dd9-8e34-5a9ac971829a

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Date deposited: 23 May 2006
Last modified: 17 Jul 2017 15:42

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Author: Owain Ap Gwilym
Author: James Seaton
Author: Stephen Thomas

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