Even in large equity markets, the dividend-price ratio is significantly related with the growth of future dividends. In … with within-year seasonality. We reduce the effect of price volatility on the dividend-price ratio by applying a simple … smoothing technique, and we identify the component of the smoothed dividend-price ratio that offers predictive power. An …

Using a comprehensive dataset covering 34 countries from Datastream, we find that dividend-price ratio has a broad … spectrum of forecasting abilities internationally. In some countries, such as the US, the dividend-price ratio is a powerful … many countries, however, the dividend-price ratio has some predictive power for both stock returns and dividend growth …

-run mean of the aggregate dividend-price ratio, most notably since the 1970s. Adjusting the dividend-price ratio for such … changes resolves several issues with respect to the predictability of stock market returns: The adjusted dividend-price ratio …

-run mean of the aggregate dividend-price ratio, most notably since the 1970s. Adjusting the dividend-price ratio for such … changes resolves several issues with respect to the predictability of stock market returns: The adjusted dividend-price ratio …