RT Journal Article SR Electronic T1 Market Risk, Size, Style, Momentum, and Dividends: Europe Developed Equities JF ETFs and Indexing FD Institutional Investor Journals SP 40 OP 52 VO 2012 IS 1 A1 Francis Gupta YR 2012 UL http://guides.pm-research.com/content/2012/1/40.abstract AB Given the recent popularity of dividend-focused investment products, this article seeks an understanding of the performance of the dividend-paying equity universe for developed countries within Europe. The time period covered is the most recent decade ending 2011. To isolate the impact on total performance of the dividend-paying factor, the analysis controls for the following factors that are empirically known to affect stock performance: market risk (beta), size (large or small market capitalization), style (book value),momentum (short-run performance), and sector (line of business). The article also includes an analysis by country. Even after correcting for the standard risk factors one at a time, the companies that make up the dividend-paying universe have a significantly different return profile from companies that do not pay dividends. This characteristic of the dividend-paying universe makes it very attractive to investors and consequently to asset managers. The article also illustrates how the findings from this article can be used to implement some simple investment strategies and products.