Dividends and Capital Asset Prices
指出基于税收的股息模型假设股息在定价时已知，但实际中股息公告和取消会干扰预期股息收益率对收益影响的实证检验，因此使用历史数据预测股息收益率来避免这些问题。
Tax based dividend models of capital asset pricing assume that dividends are known at the time prices are set. Dividends which are announced and paid in the same month, and dividends which were expected but cancelled in the month constitute surprises which interfere with many empirical tests of the effects of expected dividend yield on returns. This paper avoids these problems by relating returns to forecasts of dividend yield obtained from past data.