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Article

The Changing Nature of Dividend Policy and Its Implications for the Investor

Stanley B Block
The Journal of Investing Winter 2008, 17 (4) 21-28; DOI: https://doi.org/10.3905/JOI.2008.17.4.021
Stanley B Block
is endowed chairholder in finance at the M.J. Neeley School of Business at Texas Christian University in Fort Worth, TX.
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  • For correspondence: s.block@tcu.edu
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Abstract

Dividend yields are at an all-time low in the current decade, and the dividend payout ratio is down to 30%. This article examines the reasons why these changes have taken place, whether they are likely to continue in the future, and the implications for the investor. Empirical investigation of high-yield stock performance after the passage of the 2003 Tax Act indicates, at best, a neutral performance. The author’s survey of 1,207 practicing financial analysts portends a continuation of less emphasis on dividend payout and a great emphasis on stock buybacks and internal reinvestment of profits. The total return concept will continue to take on greater meaning for the investor.

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The Journal of Investing
Vol. 17, Issue 4
Winter 2008
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The Changing Nature of Dividend Policy and Its Implications for the Investor
Stanley B Block
The Journal of Investing Nov 2008, 17 (4) 21-28; DOI: 10.3905/JOI.2008.17.4.021

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The Changing Nature of Dividend Policy and Its Implications for the Investor
Stanley B Block
The Journal of Investing Nov 2008, 17 (4) 21-28; DOI: 10.3905/JOI.2008.17.4.021
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  • Article
    • Abstract
    • ARE DIVIDENDS RELEVANT?
    • DECLINING IMPORTANCE OF DIVIDENDS IN TOTAL RETURNS
    • THE REPURCHASE ALTERNATIVE
    • THE TAX EFFECT OF DIVIDENDS
    • THE IMPACT OF THE ACT ON STOCK PERFORMANCE
    • SURVEY OF FINANCIAL ANALYSTS
    • RESPONSE TO THE SHARE BUYBACK ISSUE
    • RESPONSE TO CHANGE IN TAX RATES
    • THE LONG-TERM OUTLOOK FOR DIVIDENDS
    • SUMMARY AND CONCLUSION
    • REFERENCES
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  • PDF (Subscribers Only)

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