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

Dividend yield investment strategies, the payout ratio and zero dividend stocks
Dividend yield investment strategies, the payout ratio and zero dividend stocks
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.
1068-0896
69-74
Gwilym, Owain Ap
9639163d-b537-42e2-ab28-7aaf56d61185
Seaton, James
b6f37ca8-95a5-4d2b-8f85-33061f2afc7b
Thomas, Stephen
3ebf2346-25f1-4f19-b854-7a7da0cee9ca
Gwilym, Owain Ap
9639163d-b537-42e2-ab28-7aaf56d61185
Seaton, James
b6f37ca8-95a5-4d2b-8f85-33061f2afc7b
Thomas, Stephen
3ebf2346-25f1-4f19-b854-7a7da0cee9ca

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), 69-74.

Record type: Article

Abstract

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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More information

Published date: 2005

Identifiers

Local EPrints ID: 37356
URI: http://eprints.soton.ac.uk/id/eprint/37356
ISSN: 1068-0896
PURE UUID: 8c5dfaf4-8fd2-4dd9-8e34-5a9ac971829a

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Date deposited: 23 May 2006
Last modified: 11 Dec 2021 15:36

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Contributors

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

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