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What Difference Do Dividends Make?
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DOI：10.2469/faj.v72.n6.1.png)
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We evaluate the investment benefits of dividend-paying stocks and identify three major findings. First, high-dividend payers have the least risk yet return over 1.5% more per year than do nondividend payers. Second, the benefit of targeting dividend payers is conditional on investment style. Surprisingly, the benefit is largest for growth and small-cap stocks, the stocks of companies usually thought to benefit the most from reinvesting their cash flows. Third, long short managers exploiting the value premium should focus on non dividend -paying stocks as non-dividend -paying small-cap value stocks return 1% more per month than do non-dividend-paying small-cap growth stocks.
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