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Behavioral trading patterns (e.g., the disposition effect) are driven by price changes instead of total returns. Investors rarely reinvest dividends, and trade as if dividends are a separate, stable income stream. Analysts fail to account for the effect of dividends on price, leading to optimistic price forecasts for dividend\u2010paying stocks. Demand for dividends is systematically higher in periods of low interest rates and poor market performance, leading to lower returns for dividend\u2010paying\u00a0stocks.<\/jats:p>","DOI":"10.1111\/jofi.12785","type":"journal-article","created":{"date-parts":[[2019,5,13]],"date-time":"2019-05-13T12:26:16Z","timestamp":1557750376000},"page":"2153-2199","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":118,"title":["The Dividend Disconnect"],"prefix":"10.1111","volume":"74","author":[{"given":"SAMUEL M.","family":"HARTZMARK","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"DAVID H.","family":"SOLOMON","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2019,6,10]]},"reference":[{"key":"e_1_2_10_2_1","unstructured":"An LiandBronsonArgyle 2018 Overselling Winners and Losers: How Mutual Funds 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