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1、AppliedEconomicsLetters,2010,17,1173–1175Doesthe‘DogsoftheDow’strategyworkbetterinbluechips?a,bTerenceTai-LeungChong*andKinKeungLukaDepartmentofEconomics,TheChineseUniversityofHongKong,HongKong,ChinabDepartmentofFinance,TheChineseUniversityofHongKong,Hong
2、Kong,ChinaThe‘DogsoftheDow’strategyisadividend-yieldtradingstrategy,whichinvestsinstocksthatgivethehighestdividend.Thisarticleexamineswhetherthe‘DogsoftheDow’strategyisprofitableintheHongKongstockmarket.Usingthedatafrom1992to2007,weshowthataportfolioconsi
3、stingofthetopdividend-yieldingstocksgeneratesanegativereturnforinvestors,whereasaportfoliowithtopdividend-yieldingHangSengIndexconstituentstockscanfetchapositivereturnofabout8%peryear.TheresultisinagreementwiththatofMcQueenetal.(1997).I.Introductionstatis
4、ticallysignificantexceptforthecaseofBrazil.TheaforementionedstudiesfocusontheAmericanThe‘DogsoftheDow’strategy,whichinvestsintheandEuropeanstockmarkets.Fewstudies,however,stocksoftheDowJonesIndustrialAverage(DJIA)thathaveinvestigatedthecaseofHongKong.TheH
5、onggivethehighestdividendwithareadjustmentofport-Kongmarketisofinterestbecauseofitsroleasanfolioonceayear,hasbecomeanincreasinglypopularAsianfinancialcentre.In2006,HongKongbecameinvestmentstrategy.Stockswithhighdividendyieldstheworld’ssecondmostpopularpla
6、ceforIPOafterproviderelativelystablepositivereturnsintheUSmar-London.In2007,theHongKongstockmarketranked1ket.McQueenetal.(1997)showthattheDowDogsfifthwhileitswarrantmarketrankedtopintheworld.strategybeatsthemarketfrom1945to1995.Theycom-Thisarticleexamines
7、theeffectivenessofthe‘Dogsofparethe‘Dow5’strategy(investingintop5dividend-theDow’strategyintheHongKongstockmarketfromyieldstocks)andthe‘Dow15’strategy(investingintop1992to2007.Inparticular,wecomparethe‘Dow10’15dividend-yieldstocks)andfindthatthe‘Dow5’isst
8、rategyforstockslistingontheHongKongStockmoreprofitablethanthe‘Dow15’.VisscherandFilbeckExchange(HKSE)and‘Dow5’strategyfortheconsti-(2003)examinetheprofitabilityoftheDogsstrategyintuentstocksoftheHangSengIndextotestw
