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The Role of Payout Ratio in the Relationship Between Stock Returns and Dividend Yield

Listed author(s):
  • Ian McManus
  • Owain ap Gwilym
  • Stephen Thomas

Abstract: This paper examines the relationship between returns and dividend yield in the UK stock market, and introduces earnings-related data to the asset pricing model in the form of payout ratio. The latter has a considerable effect upon the inferences which would otherwise be drawn from a study of the dividend yield-returns relationship in the absence of such earnings information. Payout ratio conveys additional signalling information and is an important adjunct to dividend yield in explaining returns. Copyright Blackwell Publishers Ltd, 2004.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.0306-686X.2004.00577.x
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Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

Volume (Year): 31 (2004-11)
Issue (Month): 9-10 ()
Pages: 1355-1387

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Handle: RePEc:bla:jbfnac:v:31:y:2004-11:i:9-10:p:1355-1387
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