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 …

testing method, which does not rely on distributional assumptions to aggregate the information from the time series of price-dividend … ratios and dividend growth. We find evidence of return predictability, but no apparent evidence of dividend growth …

We show that dividend growth predictability by the dividend yield is the rule rather than the exception in global … equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more …, the typical firm is large, and volatility is lower. Our findings suggest that the apparent lack of dividend predictability …

We show that dividend growth predictability by the dividend yield is the rule rather than the exception in global … equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more …, the typical firm is large, and volatility is lower. Our findings suggest that the apparent lack of dividend predictability …