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Net payout yields and the cross-section of international stock returns

Walkshäusl, Christian



Abstract

return predictabilitThe positive relation between the firm’s net payout yield (NPY) and subsequent stock returns, previously found in the United States, is similarly present in foreign international equity markets. That is, firms with high net payout yields significantly outperform firms with low net payout yields. The observed return effect is robust to common controls, such as firm size, ...

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