Hwang, Min; Quigley, John; Son, Jae-young - In: The Journal of Real Estate Finance and Economics 32 (2006) 3, pp. 205-228
It is generally conceded that dividend pricing models are poor predictors of asset prices. This finding is sometimes attributed to excess volatility or to a dividend process manipulated by firm managers. In this paper, we present rather powerful panel tests of the dividend pricing relation using...
