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