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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Dogs of the SPI – Dividend Investing in the Swiss Stock Market |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Date | 2023 |
| Abstract Text | The Dog of the Dow strategy is the most famous approach to dividend investing, originally found in the American stock market in the 1990s. I analyse the Swiss market during the Covid-19 crisis to find evidence of this strategy’s success. In addition, I adapt the strategy by focusing on the difference between financial and non-financial institutions. Furthermore, I implement a dividend stability criterion and analyse the effect of different firm sizes. I find no general success of the DoD strategy in Switzerland when analyzing the whole investable market. However, I find positive effects for the dividend strategy when focusing on big firms and when implementing a dividend strategy. Furthermore, the effect of dividend policy differs between non-financial and financial firms. Although the results show the direction of the effects, I find no statistically significant outperformance of the Swiss market by the DoD strategies during Covid-19. I discuss the results in the face of the dividend restriction policy in the European and Swiss market and find that such interventions may lead to market instability. |
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