This paper examines the use of the payout ratio as a predictor of a firm's future earnings growth. Recent evidence rejects the hypothesis that firm which retain a large portion of their earnings have strong future earnings growth. Higher dividend payout ratios instead correspond to higher future...

Using a new Granger no-causality testing procedure, developed by Toda and Yamamoto (1995), this study contributes to recent debate on immigration and unemployment in Australia by investigating the causal linkage between immigration and unemployment in a six-variable vector autoregresion (VAR)...