Dividend ratio’s shift over time

Financial Times – Letters , 14th March 2009 Sir, Your editorial “The double edge of dividend cuts” (March 7) claims that “dividend cuts hit long-term returns”. The standard view (Miller-Modigliani theorem) is that returns are unaffected by payout ratios. The...

The Two Steps still needed for World Recovery

Nikkei Veritas – Market Eye column, 26th February 2009 Two changes are needed before the world economy will recover. Banks must be refinanced so that they can afford to lend more, and demand must be stabilised. At the moment banks can’t expand their loans as...

Why Japan’s Economy Persistently Disappoints.

Nikkei Veritas – Market Eye column, 28th September 2008 Japan’s economy is disappointing the optimists yet again. The recent fall in GDP was treated as a surprise by much of the financial press. According to a Financial Times article of 14th August by Michiyo...