TY - JOUR
T1 - Dividend-driven trading strategies
T2 - Evidence from the Warsaw stock exchange
AU - Brzeszczyński, Janusz
AU - Gajdka, Jerzy
N1 - Copyright:
Copyright 2007 Elsevier B.V., All rights reserved.
PY - 2007/7/9
Y1 - 2007/7/9
N2 - This study presents an analysis of dividend-driven trading strategies based on dividend yield growth effects in the Polish stock market in the years 1994-2004. Results indicate that the dividend yield growth portfolios were capable of beating the market in the entire sample period. Their performance, however, was not consistent over time and the highest returns were obtained during final years. Empirical findings based on the analysis of different types of portfolios demonstrate the importance of dividends as a source of significant fundamental information items from stock market companies. At the same time, they show that a dividend investment strategy for the Polish stock market is most successful when the selection of stocks for the dividend yield growth portfolios is subject to further restrictions, most notably concerning company size.
AB - This study presents an analysis of dividend-driven trading strategies based on dividend yield growth effects in the Polish stock market in the years 1994-2004. Results indicate that the dividend yield growth portfolios were capable of beating the market in the entire sample period. Their performance, however, was not consistent over time and the highest returns were obtained during final years. Empirical findings based on the analysis of different types of portfolios demonstrate the importance of dividends as a source of significant fundamental information items from stock market companies. At the same time, they show that a dividend investment strategy for the Polish stock market is most successful when the selection of stocks for the dividend yield growth portfolios is subject to further restrictions, most notably concerning company size.
KW - Dividend yield growth
KW - Emerging market
KW - Investment strategy
KW - Portfolio analysis
KW - Stock market
UR - http://www.scopus.com/inward/record.url?scp=34547114982&partnerID=8YFLogxK
U2 - 10.1007/s11294-007-9077-z
DO - 10.1007/s11294-007-9077-z
M3 - Article
AN - SCOPUS:34547114982
SN - 1083-0898
VL - 13
SP - 285
EP - 300
JO - International Advances in Economic Research
JF - International Advances in Economic Research
IS - 3
ER -