@article {Gray44, author = {Wesley R. Gray and Jack Vogel}, title = {Enhancing the Investment Performanceof Yield-Based Strategies}, volume = {23}, number = {2}, pages = {44--50}, year = {2014}, doi = {10.3905/joi.2014.23.2.044}, publisher = {Institutional Investor Journals Umbrella}, abstract = {High-dividend-yield stocks do not reliably earn above-average risk-adjusted returns. More complete measures of shareholder yield, which account for net share repurchases, perform better. This article explores the use of net-debt paydown as a way to further enhance shareholder yield. The addition of net-debt paydown enhances risk-adjusted returns and creates a shareholder yield metric that is more robust across time and to the inclusion or exclusion of financials.TOPICS: Fundamental equity analysis, performance measurement}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/23/2/44}, eprint = {https://joi.pm-research.com/content/23/2/44.full.pdf}, journal = {The Journal of Investing} }