Year: 2001
Author: Kotkamp, Stefan, Otte, Max
Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 3 : pp. 393–417
Abstract
Long-term Performance of DAX Dividend Strategies
This study analyses the German stock market success of trading rules governing securities selected for reasons of high net dividend yields. After adjustment for risks, transportation costs and tax effects, returns have been observed to be 2.50% to 4.69% up on the net average DAX returns. Less clear is the resultant picture where comparisons are related to a market index. Here, the net dividend exceeds the average by between 0.43% and 2.58%. The study discusses these findings on the basis of the market efficiency hypothesis. A behavioural finance-related approach seems to be appropriate for explaining this anomaly, whereas the data mining hypothesis proposed by the technical literature ought to be rejected.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/ccm.34.3.393
Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 3 : pp. 393–417
Published online: 2001-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 25
Author Details
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