PT - JOURNAL ARTICLE AU - Wesley R. Gray AU - Jack Vogel TI - Enhancing the Investment Performance<br/>of Yield-Based Strategies AID - 10.3905/joi.2014.23.2.044 DP - 2014 May 31 TA - The Journal of Investing PG - 44--50 VI - 23 IP - 2 4099 - https://pm-research.com/content/23/2/44.short 4100 - https://pm-research.com/content/23/2/44.full 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