• Corpus ID: 54913043

Do Stocks with Dividends Outperform the Market during Recessions

  title={Do Stocks with Dividends Outperform the Market during Recessions},
  author={Albert A. Williams and Mitchell Miller},
  journal={Journal of Accounting and Finance},
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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