Leder investerares höga efterfrågan på direktavkastning till lägre avkastning på sikt?
(2017) NEKH01 20171Department of Economics
- Abstract (Swedish)
- Syfte: Studien syftar till att undersöka ifall företag delar ut för mycket av sina vinster.
Metod: Data har hämtats från Thomson Reuters Datastream, Multipl och Crunchbase för att sedan sammanställas i Microsoft Excel. Regressioner på den sammanställda datan har sedan körts i STATA.
Teoretiska perspektiv: Den bakomliggande teorin utgörs av den effektiva marknadshypotesen, utdelningar och aktieåterköp, utdelningspolitik, signaleringshypotesen samt tidigare studier om utdelningar.
Resultat: Studiens regressionsmodell består av direktavkastning som beroende variabel och sex förklarande variabler; likviditet, avkastning på eget kapital, PE-kvot, ålder, börsvärde samt en dummyvariabel. Flera tester har körts med andra variabler i... (More) - Syfte: Studien syftar till att undersöka ifall företag delar ut för mycket av sina vinster.
Metod: Data har hämtats från Thomson Reuters Datastream, Multipl och Crunchbase för att sedan sammanställas i Microsoft Excel. Regressioner på den sammanställda datan har sedan körts i STATA.
Teoretiska perspektiv: Den bakomliggande teorin utgörs av den effektiva marknadshypotesen, utdelningar och aktieåterköp, utdelningspolitik, signaleringshypotesen samt tidigare studier om utdelningar.
Resultat: Studiens regressionsmodell består av direktavkastning som beroende variabel och sex förklarande variabler; likviditet, avkastning på eget kapital, PE-kvot, ålder, börsvärde samt en dummyvariabel. Flera tester har körts med andra variabler i åtanke, den slutgiltiga modellen gav tydligast resultat.
Slutsats: Regressionens resultat visar att det inte går att observera ett signifikant samband mellan direktavkastning och avkastning på eget kapital/PE/dummyvariablen. (Less) - Abstract
- Purpose: The study aims to investigate if companies are paying too much in dividends to their shareholders.
Methodology: Data was collected from Thomson Reuters Datastream, Multipl and Crunchbase and then compiled with Microsoft Excel. Regressions of the compiled data were carried out in STATA.
Theoretical perspectives: The underlying theory consists of the efficient market hypothesis, dividends and buybacks, dividend policy, dividend signaling and previous research about dividends.
Empirical foundation: The regression model consists of one dependent variable (dividend yield) and six explaining variables (Liquidity, Return on Equity, PE, Age, Market Value and a Dummy variable). Several regressions were made with different... (More) - Purpose: The study aims to investigate if companies are paying too much in dividends to their shareholders.
Methodology: Data was collected from Thomson Reuters Datastream, Multipl and Crunchbase and then compiled with Microsoft Excel. Regressions of the compiled data were carried out in STATA.
Theoretical perspectives: The underlying theory consists of the efficient market hypothesis, dividends and buybacks, dividend policy, dividend signaling and previous research about dividends.
Empirical foundation: The regression model consists of one dependent variable (dividend yield) and six explaining variables (Liquidity, Return on Equity, PE, Age, Market Value and a Dummy variable). Several regressions were made with different variables, the final regression being the most accurate.
Conclusions: The results from the regression shows that there is no significant relationship between dividend yield and return on equity/PE/the dummy variable. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/8911377
- author
- Åström, Dag LU
- supervisor
-
- Erik Norrman LU
- organization
- alternative title
- Does investor’s high demand for dividend yield lead to lower returns in the long run?
- course
- NEKH01 20171
- year
- 2017
- type
- M2 - Bachelor Degree
- subject
- keywords
- Direktavkastning, aktieutdelning, tvärsnittsanalys, avkastning, regressionsanalys.
- language
- Swedish
- id
- 8911377
- date added to LUP
- 2017-07-11 11:13:42
- date last changed
- 2017-07-11 11:13:42
@misc{8911377, abstract = {{Purpose: The study aims to investigate if companies are paying too much in dividends to their shareholders. Methodology: Data was collected from Thomson Reuters Datastream, Multipl and Crunchbase and then compiled with Microsoft Excel. Regressions of the compiled data were carried out in STATA. Theoretical perspectives: The underlying theory consists of the efficient market hypothesis, dividends and buybacks, dividend policy, dividend signaling and previous research about dividends. Empirical foundation: The regression model consists of one dependent variable (dividend yield) and six explaining variables (Liquidity, Return on Equity, PE, Age, Market Value and a Dummy variable). Several regressions were made with different variables, the final regression being the most accurate. Conclusions: The results from the regression shows that there is no significant relationship between dividend yield and return on equity/PE/the dummy variable.}}, author = {{Åström, Dag}}, language = {{swe}}, note = {{Student Paper}}, title = {{Leder investerares höga efterfrågan på direktavkastning till lägre avkastning på sikt?}}, year = {{2017}}, }