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26 Jun, 2019
Quantamental Research
Highlights
Investors have historically been rewarded for investing in higher-yield stocks globally.
Historical test results for yield-oriented strategies were stronger in the Russell 3000 Growth than in the Russell 3000 Value universe.
Cash flow growth and capital efficiency metrics can enhance the performance of a shareholder yield strategy.
Global dividends payouts rose 7.8% to a first-quarter record of $263.3 billion,1 while S&P 500 companies repurchased $227 billion of their own shares. Do such payouts benefit stockholders? In this paper, we examine the relationship between yield-oriented strategies (dividend yield, buyback yield, and combined shareholder yield, or SY) and future stock return, across multiple countries/regions. We also provide insights into two additional topics:
Our research findings include:
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