Even researchers who disagree with the Arnott Asness and Nissim Ziv findings on future earnings agree that dividend increases lead to higher future stock returns; see Shlomo Benartzi, Roni Michaely, and Richard Thaler, “Do Changes in Dividends Signal the Future or the Past?” The Journal of Finance, vol. 52, no. 3, July, 1997, pp. 1007
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