We empirically tests the effect of corporate dividend policy on market returns and systematic risk of corporations that tend to have different dividend payout ratios. We find that corporations that tend to pay higher dividends, despite the fact that dividends are subject to higher tax rate then capital gains, have higher risk-adjusted returns and lower systematic risk.
Dividend Policy and Capital Market Theory - Reply,' The Review of Economics and Statistics, Vol. 60, No. 3 (1978), pp. 477-478.
BAR-YOSEF, SASSON;
1978
Abstract
We empirically tests the effect of corporate dividend policy on market returns and systematic risk of corporations that tend to have different dividend payout ratios. We find that corporations that tend to pay higher dividends, despite the fact that dividends are subject to higher tax rate then capital gains, have higher risk-adjusted returns and lower systematic risk.
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