The Dog That Did Not Bark: A Defense of Return Predictability
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چکیده
منابع مشابه
The Dog That Did Not Bark: A Defense of Return Predictability
If returns are not predictable, dividend growth must be predictable, to generate the observed variation in divided yields. I find that the absence of dividend growth predictability gives stronger evidence than does the presence of return predictability. Long-horizon return forecasts give the same strong evidence. These tests exploit the negative correlation of return forecasts with dividend-yie...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2007
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhm046