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Primary Article

Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks

Owain AP Gwilym, James Seaton and Stephen H Thomas
The Journal of Investing Winter 2005, 14 (4) 69-74; DOI: https://doi.org/10.3905/joi.2005.605284
Owain AP Gwilym
A Professor of Finance,School of Management & Business, University of Wales, Aberystwyth, SY23 3DD, UK.
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  • For correspondence: oma@aber.ac.uk
James Seaton
School of Management, University of Southampton, Southampton, UK.
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Stephen H Thomas
A Professor of Financial Markets, School of Management, University of Southampton, Southampton, UK.
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Abstract

This study considers the application of both high-and zero-dividend strategies to the U.K. market. Following recent academic studies we conjecture that the payout ratio may provide a useful additional filter for portfolio construction and that zero-dividend stocks may also offer higher returns. These strategies do indeed outperform both the high-yield and index returns on an absolute basis but not when adjusted for risk and transaction costs.

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Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks
Owain AP Gwilym, James Seaton, Stephen H Thomas
The Journal of Investing Nov 2005, 14 (4) 69-74; DOI: 10.3905/joi.2005.605284

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Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks
Owain AP Gwilym, James Seaton, Stephen H Thomas
The Journal of Investing Nov 2005, 14 (4) 69-74; DOI: 10.3905/joi.2005.605284
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