Payout Yields and Stock Return Predictability: How Important Is the Measure of Cash Flow?
比较不同派息收益率预测股票收益的能力，发现净派息收益率优于传统股息收益率，且现金流衡量指标对长期投资者的对冲需求有显著经济影响。
We compare the stock return forecasting performance of alternative payout yields. The net payout yield produces more accurate forecasts relative to alternatives, including the traditional dividend yield. This remains true even after excluding several years during the Great Depression when issuance was unusually high. The measure of cash flow used to form the yield matters economically. Long-term investors’ hedging demand for stock is considerably reduced when net payout, rather than dividends, serves as the cash-flow measure. An agent relying on an incorrect payout measure is willing to pay an economically significant “management fee” to switch to the optimal policy.