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A panel-based investigation into the relationship between stock prices and dividends
- Publication Year :
- 1999
- Publisher :
- Warwick Business School Financial Econometrics Research Centre, 1999.
-
Abstract
- This paper investigates the presence of cointegration between stock prices and dividends for a panel of 56 large UK companies. Using new techniques which account for integrated processes in a panel context we demonstrate that stock prices and dividends are cointegrated, with an implied common discount rate of 5.8%.
- Subjects :
- HG
Subjects
Details
- Language :
- English
- Database :
- OpenAIRE
- Accession number :
- edsair.core.ac.uk....28b6f19bcdf9242ddf8b8b7ee2fa389b