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Dividend yield is an important source of total return from an investment in equities. The other source is capital gains. While capital gains tend to be volatile and depend on the stock price movement in the market, dividend income tends to remain stable and depends on the dividend distribution policy of the company. The dividend…
The godfathers of value investing, Graham and Dodd, pioneered the approach back in the 1930s. Since then, academics and practitioners have documented the value effect. However, given its widespread adoption and implementation, there is still no single consensus as to why value stocks provide above-market returns. Explanations broadly fall into two camps: the rational and…
