Do Stocks with Dividends Outperform the Market during Recessions?
Journal of Accounting and Finance
ISSN or ISBN
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.
Williams, Albert A. and Miller, Mitchell, "Do Stocks with Dividends Outperform the Market during Recessions?" (2013). HCBE Faculty Articles. 804.