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Comments Posted On-Line to “The Dividend Puzzle: The Relationship Between Payout Rates and Growth,” by Stanley Block, May 2009:

Dividend yield is a ratio. There are two components in it: the dividend and the stock price. Higher dividend yield might not be caused by higher dividend but lower stock price. “The Dividend Puzzle” might not be a puzzle caused by a high dividend but a puzzle caused by a lower stock price when the dividend yield is calculated. If it is a lower stock price puzzle, then it is not a puzzle anymore because the initial lower valuation of the stock by investors may not have been justified by the

Ganghuai Wang From USA

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