The Role of Payout Ratio in the Relationship Between Stock Returns and Dividend Yield
研究英国股市中股息率与股票收益的关系，引入派息率作为额外信号，发现派息率显著影响对股息率-收益关系的推断，是解释收益的重要辅助变量。
Abstract: This paper examines the relationship between returns and dividend yield in the UK stock market, and introduces earnings‐related data to the asset pricing model in the form of payout ratio. The latter has a considerable effect upon the inferences which would otherwise be drawn from a study of the dividend yield‐returns relationship in the absence of such earnings information. Payout ratio conveys additional signalling information and is an important adjunct to dividend yield in explaining returns.