We compute D/P (in
percent) breakpoints at the end of each June. The dividend yield in June of
year t is the total dividends paid from July of t-1 to June of t per dollar
of equity in June of t.
Stocks:
The breakpoints for year
t use NYSE stocks for which we have at least seven months (to compute the
dividend yield) from July of t-1 to June of t. (Only six monthly returns
are required in June 1926.) We do not include stocks that pay no dividends
from July of t-1 to June of t.
Percentiles:
The file contains every
fifth percentile of D/P, from 5% to 100%.
