@article {Gwilym69, author = {Owain AP Gwilym and James Seaton and Stephen H Thomas}, title = {Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks}, volume = {14}, number = {4}, pages = {69--74}, year = {2005}, doi = {10.3905/joi.2005.605284}, publisher = {Institutional Investor Journals Umbrella}, 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.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/14/4/69}, eprint = {https://joi.pm-research.com/content/14/4/69.full.pdf}, journal = {The Journal of Investing} }