PT  - JOURNAL ARTICLE
AU  - Owain AP Gwilym
AU  - James Seaton
AU  - Stephen H Thomas
TI  - Dividend Yield Investment Strategies, the Payout Ratio and Zero-Dividend Stocks
AID  - 10.3905/joi.2005.605284
DP  - 2005 Nov 30
TA  - The Journal of Investing
PG  - 69--74
VI  - 14
IP  - 4
4099  - https://pm-research.com/content/14/4/69.short
4100  - https://pm-research.com/content/14/4/69.full
AB  - 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.