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- W157919038 abstract "Discounted cash flow analysis suggests that high cash-flow-to-price ratios should predict high future stock return, low future cash flow growth, or both. Existing studies on the predictive power of the dividend-price ratio, however, produce evidence largely inconsistent with this prediction. In this paper, we address this issue by focusing on the total cash distributions that include both dividends and share repurchases net of seasoned equity offerings. Utilizing a long time series of the total-cash-distributions-to-price (tp) ratio constructed from CRSP data since 1927, we establish strong and persistent evidence of stock return predictability at the annual horizon. Based on a wide variety of evaluation methods, the tp ratio is both statistically and economically significant in predicting future stock market returns, and serves as a pervasive state proxy." @default.
- W157919038 created "2016-06-24" @default.
- W157919038 creator A5025002165 @default.
- W157919038 date "2006-01-01" @default.
- W157919038 modified "2023-10-05" @default.
- W157919038 title "Cash Distributions and Returns" @default.
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- W157919038 doi "https://doi.org/10.2139/ssrn.687276" @default.
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