TY - JOUR T1 - Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks JF - The Journal of Investing SP - 69 LP - 74 DO - 10.3905/joi.2005.605284 VL - 14 IS - 4 AU - Owain AP Gwilym AU - James Seaton AU - Stephen H Thomas Y1 - 2005/11/30 UR - https://pm-research.com/content/14/4/69.abstract N2 - 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. ER -