Journal article
CONSIDERING DIVIDEND STABILITY IN THE RELATION BETWEEN DIVIDEND YIELDS AND STOCK RETURNS
The Journal of financial research, v 16(2), pp 139-150
1993
Abstract
Previous studies show that firms with long records of paying stable dividends are unique. However, research on the relation between dividend yields and stock returns focuses on shorter‐term dividend yield measures without considering long‐term dividend stability. This article shows that high‐yield stocks are not in fact homogeneous, but that stocks with high yields and stable dividends behave differently from stocks with only a high yield. These differences persist even after controlling for firm size, the January effect, and systematic risk, suggesting distinctive risk characteristics for stocks with both high yields and stable dividends.
Metrics
Details
- Title
- CONSIDERING DIVIDEND STABILITY IN THE RELATION BETWEEN DIVIDEND YIELDS AND STOCK RETURNS
- Creators
- Michael J. Gombola - Drexel UniversityFeng‐Ying Liu - Rider College
- Publication Details
- The Journal of financial research, v 16(2), pp 139-150
- Publisher
- Wiley
- Number of pages
- 12
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- [Retired Faculty]
- Web of Science ID
- WOS:A1993LL09900004
- Scopus ID
- 2-s2.0-84986468128
- Other Identifier
- 991019173728204721
InCites Highlights
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- Collaboration types
- Domestic collaboration
- Web of Science research areas
- Business, Finance