Dividends And Stock Valuation: A Study From The Nineteenth To The Twenty-First Century Page 40
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45Figure 1a: Graph of the prices versus dividends for the S&P Composite Index.
$1,000
P
Dividends
$100
$10
$1
$0
Figure 1b: Graph of the dividend yield for the S&P Composite Index.
Dividend Yield
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00
38
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