Dividend Predictability Around the World

Jesper Rangvid, Maik Schmeling, Andreas Schrimpf

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

240 Downloads (Pure)

Resumé

We show that dividend-growth predictability by the dividend yield is the rule rather than the exception in global equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more, the typical firm is large, and volatility is lower. Our findings suggest that the apparent lack of dividend predictability in the United States does not uniformly extend to other countries. Rather, cross-country patterns in dividend predictability are driven by differences in firm characteristics and the extent to which dividends are smoothed.
OriginalsprogEngelsk
TidsskriftJournal of Financial and Quantitative Analysis
Vol/bind49
Udgave nummer5-6
Sider (fra-til)1255-1277
Antal sider23
ISSN0022-1090
DOI
StatusUdgivet - 2014

Citer dette

Rangvid, Jesper ; Schmeling, Maik ; Schrimpf, Andreas. / Dividend Predictability Around the World. I: Journal of Financial and Quantitative Analysis. 2014 ; Bind 49, Nr. 5-6. s. 1255-1277.
@article{3c9aa19cd970424fb04787327e5a4c64,
title = "Dividend Predictability Around the World",
abstract = "We show that dividend-growth predictability by the dividend yield is the rule rather than the exception in global equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more, the typical firm is large, and volatility is lower. Our findings suggest that the apparent lack of dividend predictability in the United States does not uniformly extend to other countries. Rather, cross-country patterns in dividend predictability are driven by differences in firm characteristics and the extent to which dividends are smoothed.",
author = "Jesper Rangvid and Maik Schmeling and Andreas Schrimpf",
year = "2014",
doi = "10.1017/S0022109014000477",
language = "English",
volume = "49",
pages = "1255--1277",
journal = "Journal of Financial and Quantitative Analysis",
issn = "0022-1090",
publisher = "Cambridge University Press",
number = "5-6",

}

Dividend Predictability Around the World. / Rangvid, Jesper; Schmeling, Maik; Schrimpf, Andreas.

I: Journal of Financial and Quantitative Analysis, Bind 49, Nr. 5-6, 2014, s. 1255-1277.

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

TY - JOUR

T1 - Dividend Predictability Around the World

AU - Rangvid, Jesper

AU - Schmeling, Maik

AU - Schrimpf, Andreas

PY - 2014

Y1 - 2014

N2 - We show that dividend-growth predictability by the dividend yield is the rule rather than the exception in global equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more, the typical firm is large, and volatility is lower. Our findings suggest that the apparent lack of dividend predictability in the United States does not uniformly extend to other countries. Rather, cross-country patterns in dividend predictability are driven by differences in firm characteristics and the extent to which dividends are smoothed.

AB - We show that dividend-growth predictability by the dividend yield is the rule rather than the exception in global equity markets. Dividend predictability is weaker, however, in large and developed markets where dividends are smoothed more, the typical firm is large, and volatility is lower. Our findings suggest that the apparent lack of dividend predictability in the United States does not uniformly extend to other countries. Rather, cross-country patterns in dividend predictability are driven by differences in firm characteristics and the extent to which dividends are smoothed.

UR - http://sfx-45cbs.hosted.exlibrisgroup.com/45cbs?url_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&ctx_enc=info:ofi/enc:UTF-8&ctx_ver=Z39.88-2004&rfr_id=info:sid/sfxit.com:azlist&sfx.ignore_date_threshold=1&rft.object_id=954921349269&rft.object_portfolio_id=&svc.holdings=yes&svc.fulltext=yes

U2 - 10.1017/S0022109014000477

DO - 10.1017/S0022109014000477

M3 - Journal article

VL - 49

SP - 1255

EP - 1277

JO - Journal of Financial and Quantitative Analysis

JF - Journal of Financial and Quantitative Analysis

SN - 0022-1090

IS - 5-6

ER -