RT Journal Article
SR Electronic
T1 Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks
JF The Journal of Investing
FD Institutional Investor Journals
SP 69
OP 74
DO 10.3905/joi.2005.605284
VO 14
IS 4
A1 Owain AP Gwilym
A1 James Seaton
A1 Stephen H Thomas
YR 2005
UL https://pm-research.com/content/14/4/69.abstract
AB 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.