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Zero-Dividend Firms by HO TOU is a document available to read on EtoBox.

What is Zero-Dividend Firms about?

1) The document examines the relationship between dividend yield and expected stock returns. Specifically, it analyzes the returns of zero-dividend firms. 2) Previous research found that zero-dividend firms earned significantly higher returns than predicted by the CAPM. However, this study finds that zero-dividend firms actually earn negative excess returns compared to similar sized firms. 3) The negative excess returns for zero-dividend firms are concentrated in the initial years after being designated

Author

HO TOU

Language

EN