Expected Returns and Expected Dividend Growth

We investigate a consumption-based present value relation that is a function of future dividend growth. Using data on aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend growth are an important feature of the post-war U.S. stock market, despite the failure of the dividend-price ratio to uncover such variation....

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Year of publication:	2004-05-24
Authors:	Lettau, Martin ; Ludvigson, Sydney C.
Publisher:	Salomon Center <New York, NY>
Subject:	Kapitalmarktforschung \| capital market research \| Dividende \| dividend \| Erwartungsbildung \| Risikoprämie

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Extent:	324608 bytes 49 p. application/pdf
Series:	NYU Salomon Center for the Study of Financial Institutions - Publications Arbeitspapier - NYU Salomon Center for the Study of Financial Institutions - Macro-Finance; S-MF-04-06 Journal of Financial Economics ; 76 (2005) 583-626
Type of publication:	Book / Working Paper
Language:	English
Classification:	G10 - General Financial Markets. General ; G12 - Asset Pricing ; Financial theory ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005846982