Taxes, dividend yields and returns in the UK equity market

Article Abstract:

An analysis of the tax-based explanation for differences in stock return versus dividend yields between US and UK firms reveals that the tax-based explanation is inadequate to explain differences. UK data was used and results show that high-yielding stocks earn positive risk adjusted returns with the opposite true for low yielding stocks and that there is evidence of non-linearity in the performance of zero-dividend stocks. The study also finds a significant positive relation between dividend yields and returns after controlling for firm size, seasonality and market risk.

Research and Development in the Social Sciences and Humanities, Management Science, Taxation, Return on investment, Rate of return

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The role of payout ratio in the relationship between stock returns and dividend yield

Article Abstract:

A study examining the relationship between returns and dividends of the stocks in the United Kingdom market, is presented. An introduction of earnings related data in the form of payout ratio, to the asset pricing model, is also presented.

United Kingdom, Commodity & service prices, Dividends, Dividend Policy, Prices and rates, Company pricing policy, Company dividends

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Dividend stability, dividend yield and stock returns: UK evidence

Article Abstract:

The relationship between stock returns and a range of indicators is analysed. The research, based on a sample of listed UK firms, shows an inverse correlation between past systematic risk and past dividend policy.

Models, Evaluation, Investment analysis, Securities analysis

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