HCBE Faculty Articles

Title

Do Stocks with Dividends Outperform the Market during Recessions?

Document Type

Article

Date

2013

Publication Title

Journal of Accounting and Finance

ISSN or ISBN

2249-3964

Volume

13

Issue

1

First Page

58

Last Page

69

Description

This study compared the returns of stocks with dividends with the returns of the market. It compared the S&P 500 Dividend Aristocrat Index with the S&P 500 Index. Results showed that over the recovery and recessionary phases of the last two business cycles, the S&P 500 Dividend Aristocrat Index outperformed the S&P 500 Index by 6.45 percent per annum. This implies that stocks with dividends outperformed the market in recessions.

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