This study aims to determine the effect of dividend policy on investment decisions of a sample of individual investors settled at Western Mediterranean Region (Antalya, Burdur and Isparta) in Turkey. The survey method was employed within the study. Initially, the demographic features of the...

Presentation Slides for "Overconfidence, Arbitrage, and Equilibrium Asset Pricing" This paper offers a model in which asset prices reflect both covariance risk and misperceptions of firmsapos prospects, and in which arbitrageurs trade against mispricing. In equilibrium, expected returns are...

This paper examines whether high dividend stocks portfolio (represented by CNX dividend opportunity index of NSE) outperforms blue chip stocks portfolios and market portfolio in Indian stock market, using absolute rate of return as well as risk adjusted measures viz Sharpe ratio and Treynor...

We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of index inclusion has disappeared and the long-run impact of index inclusion has become negative. Inclusion worsens stock price informativeness and...

We compare the stock return forecasting performance of alternative payout yields. The net payout yield produces more accurate forecasts relative to alternatives, including the traditional dividend yield. This remains true even after excluding several years during the Great Depression when...

Recent research documents the superiority of dividend-yield based trading rules over a buy-and-hold strategy in the U.S. and Finland. We extend the international evidence on the superiority of dividend-yield based trading rules by examining whether the trading rules outperform a buy-and-hold...

This paper examines whether high dividend stocks portfolio (represented by CNX dividend opportunity index of NSE) outperforms blue chip stocks portfolios and market portfolio in Indian stock market, using absolute rate of return as well as risk adjusted measures viz Sharpe ratio and Treynor...

Modigliani and Miller (M&M) proposed that investors forgo dividends, leaving the money available for reinvestment as retained earnings. This recommendation takes two parts: Proposition III, i.e., a dividend has no impact on market value, and Proposition IV, i.e., that financial policy is of no...

We show that log-dividends (d) and log-prices (p) are cointegrated, but, instead of de facto assuming the stationarity of the classical log dividend–price ratio, we allow the data to reveal the cointegration vector between d and p. We define the modified dividend–price ratio (mdp), as the...

Given their unique characteristics, insurers that adjust their dividends may create a unique signal. An event study methodology is used to measure the share price response of insurers to dividend increases, and matched control samples of banks and industrial firms are similarly assessed. The...