References
- Arnott, Robert D., and Peter L. Bernstein. 2002. “What Risk Premium Is ‘Normal’?” Financial Analysts Journal, vol. 58, no. 2 (March/April): 64–85 https://doi.org/10.2469/faj.v58.n2.2524.
- Bernstein, William J., and Robert D. Arnott. 2003. “Earnings Growth: The Two Percent Dilution.” Financial Analysts Journal, vol. 59, no. 5 (September/October): 47–55.
- Boudoukh, Jacob, Roni Michaely, Matthew Richardson, and Michael R. Roberts. 2007. “On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing.” Journal of Finance, vol. 62, no. 2 (April): 877–915 https://doi.org/10.1111/j.1540-6261.2007.01226.x.
- Campbell, John Y., and Robert J. Shiller. 1998. “Valuation Ratios and the Long-Run Stock Market Outlook.” Journal of Portfolio Management, vol. 24, no. 2 (Winter): 11–26 https://doi.org/10.3905/jpm.24.2.11.
- Cochrane, John H.. 1991. “Production-Based Asset Pricing and the Link between Stock Returns and Economic Fluctuations.” Journal of Finance, vol. 46, no. 1 (March): 209–237 https://doi.org/10.1111/j.1540-6261.1991.tb03750.x.
- Cochrane, John H.. 2011. “Presidential Address: Discount Rates.” Journal of Finance, vol. 66, no. 4 (August): 1047–1108 https://doi.org/10.1111/j.1540-6261.2011.01671.x.
- DeAngelo, Harry, and Linda DeAngelo. 2006. “The Irrelevance of the MM Dividend Irrelevance Theorem.” Journal of Financial Economics, vol. 79, no. 2 (February): 293–315 https://doi.org/10.1016/j.jfineco.2005.03.003.
- Diermeier, Jeffrey J., Roger G. Ibbotson, and Laurence B. Siegel. 1984. “The Supply of Capital Market Returns.” Financial Analysts Journal, vol. 40, no. 2 (March/April): 74–80 https://doi.org/10.2469/faj.v40.n2.74.
- Fama, Eugene F., and Kenneth R. French. 2001. “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?” Journal of Financial Economics, vol. 60, no. 1 (April): 3–43 https://doi.org/10.1016/S0304-405X(01)00038-1.
- Fama, Eugene F., and Kenneth R. French. 2007. “The Anatomy of Value and Growth Stock Returns.” Financial Analysts Journal, vol. 63, no. 6 (November/December): 44–54 https://doi.org/10.2469/faj.v63.n6.4926.
- Greenwald, Daniel L., Martin Lettau, and Sydney C. Ludvigson. 2014. “Origins of Stock Market Fluctuations.” NBER Working Paper 19818.
- Grinold, Richard C., Kenneth F. Kroner, and Laurence B. Siegel. 2011. “A Supply Model of the Equity Premium.” In Rethinking the Equity Risk Premium. Edited by P. Brett Hammond, Jr., Martin L. Leibowitz, and Laurence B. Siegel. Charlottesville, VA: Research Foundation of CFA Institute.
- Grullon, Gustavo, and Roni Michaely. 2002. “Dividends, Share Repurchases, and the Substitution Hypothesis.” Journal of Finance, vol. 57, no. 4 (August): 1649–1684 https://doi.org/10.1111/1540-6261.00474.
- Ibbotson, Roger G., and Peng Chen. 2003. “Long-Run Stock Returns: Participating in the Real Economy.” Financial Analysts Journal, vol. 59, no. 1 (January/February): 88–98 https://doi.org/10.2469/faj.v59.n1.2505.
- Miller, Merton H., and Franco Modigliani. 1961. “Dividend Policy, Growth, and the Valuation of Shares.” Journal of Business, vol. 34, no. 4 (October): 411–433 https://doi.org/10.1086/294442.
- Sabbatucci, Riccardo. 2015. “Are Dividends and Stock Returns Predictable? New Evidence Using M&A Cash Flows.” Working paper, University of California.
- Skinner, Douglas. 2008. “The Evolving Relation between Earnings, Dividends, and Stock Repurchases.” Journal of Financial Economics, vol. 87, no. 3 (March): 582–609 https://doi.org/10.1016/j.jfineco.2007.05.003.
- von Eije, Henk, and William L. Megginson. 2008. “Dividends and Share Repurchases in the European Union.” Journal of Financial Economics, vol. 89, no. 2 (August): 347–374 https://doi.org/10.1016/j.jfineco.2007.11.002.
- Vuolteenaho, Tuomo. 1999. “Understanding the Aggregate Book-to-Market Ratio.” SSRN working paper (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=161911).
- Wright, Stephen. 2004. “Measures of Stock Market Value and Returns for the US Nonfinancial Corporate Sector, 1900–2002.” Review of Income and Wealth, vol. 50, no. 4 (December): 561–584.