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Dividend Yield and Stock Return in Different Economic Environment: Evidence from Malaysia

Meysam Safari ()

MPRA Paper from University Library of Munich, Germany

Abstract: This study investigates the relationship between dividend yields and stock returns in bull and bear markets. Evidences from developed countries show that there should be a positive correlation between dividend yields and stock return in bear markets and a negative correlation between dividend yields and stock return during the bull markets. Findings of this study, in emerging market content, show that there is a positive relation between dividend yield and stock returns in both bull and bear markets which are not consistent with previous works.

Keywords: Dividend Yield; Stock Return; Economic Environment; Bull/Bear Market; Malaysia (search for similar items in EconPapers)
JEL-codes: D53 E32 G35 C23 E44 G01 (search for similar items in EconPapers)
Date: 2009-11-01
New Economics Papers: this item is included in nep-fmk and nep-sea
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