Control-Ownership Disparity and Stock Market Predictability: Evidence from Korean Chaebols

Cited 0 time in webofscience Cited 0 time in scopus
  • Hit : 222
  • Download : 0
We use Korean firm-level data to examine whether the predictive ability of log dividend yields depends on the disparity between control and ownership rights. We find that dividend growth predictability via the log dividend yield grows as the disparity between control and ownership rights increases. However, we find that log dividend yields have no significant predictive power for stock returns. Our results are generally consistent with the US firm-level results in Vuolteenaho (2002) and provide a further explanation of why the predictability of log dividend yields for dividend growth differs across firms.
Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
Issue Date
2018-12
Language
English
Article Type
Article
Citation

FINANCE RESEARCH LETTERS, v.27, no.C, pp.6 - 11

ISSN
1544-6123
DOI
10.1016/j.frl.2018.01.003
URI
http://hdl.handle.net/10203/248245
Appears in Collection
MT-Journal Papers(저널논문)
Files in This Item
There are no files associated with this item.

qr_code

  • mendeley

    citeulike


rss_1.0 rss_2.0 atom_1.0