RT Journal Article
SR Electronic
T1 Enhancing the Investment Performance<br/>of Yield-Based Strategies
JF The Journal of Investing
FD Institutional Investor Journals
SP 44
OP 50
DO 10.3905/joi.2014.23.2.044
VO 23
IS 2
A1 Wesley R. Gray
A1 Jack Vogel
YR 2014
UL https://pm-research.com/content/23/2/44.abstract
AB High-dividend-yield stocks do not reliably earn above-average risk-adjusted returns. More complete measures of shareholder yield, which account for net share repurchases, perform better. This article explores the use of net-debt paydown as a way to further enhance shareholder yield. The addition of net-debt paydown enhances risk-adjusted returns and creates a shareholder yield metric that is more robust across time and to the inclusion or exclusion of financials.TOPICS: Fundamental equity analysis, performance measurement