Curriculum Vitae

Working Papers

Data Library




U.S. Research Returns


U.S. Research Breakpoints


U.S. Book Equity Data


International Research Returns

Consulting Relationship

Fama / French Forum



Contact Information




Detail for D/P Breakpoints

Annual Breakpoints:








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.






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.






The file contains every fifth percentile of D/P, from 5% to 100%.





Copyright Kenneth R. French