TY - JOUR T1 - Enhancing the Investment Performance<br/>of Yield-Based Strategies JF - The Journal of Investing SP - 44 LP - 50 DO - 10.3905/joi.2014.23.2.044 VL - 23 IS - 2 AU - Wesley R. Gray AU - Jack Vogel Y1 - 2014/05/31 UR - https://pm-research.com/content/23/2/44.abstract N2 - 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 ER -