What difference do dividends make?

• Autores: C.M. Conover, Gerald R. Jensen, Marc W. Simpson
• Localización: Financial analysts journal, ISSN-e 0015-198X, Vol. 72, Nº. 6, 2016, págs. 28-40
• Idioma: inglés
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• Resumen

  • We evaluate the investment benefits of dividend-paying stocks and identify three major findings. First, high-dividend payers have the least risk yet return over 1.5% more per year than do nondividend payers. Second, the benefit of targeting dividend payers is conditional on investment style. Surprisingly, the benefit is largest for growth and small-cap stocks, the stocks of companies usually thought to benefit the most from reinvesting their cash flows. Third, long?short managers exploiting the value premium should focus on non-dividend-paying stocks as non-dividend-paying small-cap value stocks return 1% more per month than do non-dividend-paying small-cap growth stocks.