SHAREHOLDER YIELD

SHAREHOLDER YIELD

A Better Approach to Dividend Investing

Mebane T. Faber

Acknowledgements

Most financial writing owes a major debt of gratitude to the research that has come before it. In this case there have been many analysts and researchers that have examined the effects of selecting stocks based on various measures of cash flows and their distributions. While we mention a number of these pioneers in this piece, we would especially like to acknowledge William Priest, James O'Shaughnessy, Patrick O'Shaughnessy, Jacob Boudoukh, Roni Michaely, Matthew Richardson, Eugene Fama, Kenneth French, Michael Roberts, Michael Maubossin, Richard Tortoriello, Rob Arnott, Jason Hsu, Robert Haugen, Jeremy Schwartz, Wes Gray, Jack Vogel, and Daniel Peris for their fine work.

To Mom, Dad, and my big brothers.

Contents

Chapter 1 Dividend Investing Works Well Over Time Chapter 2 Dividend Yields on Stocks Chapter 3 Dividends are Only Part of the Picture Chapter 4 Shareholder Yield Chapter 5 Portfolio Characteristics Chapter 6 Future Extensions Chapter 7 Practical Implementation Chapter 8 Summary Appendix A Literature Review Appendix B Tax Rates Appendix C Stock Factors

Introduction

"The Blind Men and the Elephant"

It was six men of Indostan To learning much inclined, Who went to see the Elephant (Though all of them were blind), That each by observation

Might satisfy his mind.

The First approach'd the Elephant, And happening to fall

Against his broad and sturdy side, At once began to bawl:

"God bless me! but the Elephant Is very like a wall!"

The Second, feeling of the tusk, Cried, -"Ho! what have we here So very round and smooth and sharp?

To me 'tis mighty clear This wonder of an Elephant

Is very like a spear!"

The Third approached the animal,

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download