Dividend Yield and Stock Return in Different Economic Environment: Evidence from Malaysia
This study investigates the relationship between dividend yields and stock returns in bull and bear markets. Evidences from developed countries show that there should be a positive correlation between dividend yields and stock return in bear markets and a negative correlation between dividend yields and stock return during the bull markets. Findings of this study, in emerging market content, show that there is a positive relation between dividend yield and stock returns in both bull and bear markets which are not consistent with previous works.
|Date of creation:||01 Nov 2009|
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- Owain ap Gwilym & Gareth Morgan & Stephen Thomas, 2000.
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Wiley Blackwell, vol. 27(3-4), pages 261-281.
- Owain ap Gwilym & Gareth Morgan & Stephen Thomas, 2000. "Dividend Stability, Dividend Yield and Stock Returns: UK Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(3&4), pages 261-281.
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- Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
- Fabozzi, Frank J & Francis, Jack Clark, 1977. "Stability Tests for Alphas and Betas over Bull and Bear Market Conditions," Journal of Finance, American Finance Association, vol. 32(4), pages 1093-99, September.
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