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regression tables report Newey-West t-statistics in parentheses with winsorized variables.",164 "units_stated_in_notes": true,165 "standard_errors_description": "mixed"166 },167 "figures": {168 "uncertainty_shown": "unclear"169 },170 "conclusion": {171 "bounded_claims": true,172 "policy_implications": false,173 "open_questions": false,174 "restates_contribution": true175 },176 "hedging": {177 "level": "moderate",178 "typical_devices": [179 "'do not have substantially higher'",180 "'suggest'",181 "'unlikely to explain'",182 "'help explain'",183 "'appear to grow faster'"184 ]185 },186 "claim_evidence": [187 {188 "claim": "In buy-and-hold portfolios, growth stocks' dividends do not grow substantially faster than value stocks'",189 "evidence_type": "table",190 "evidence_ref": "Table I, Figure 1"191 },192 {193 "claim": "In rebalanced portfolios, value stocks' dividends grow faster than growth stocks'",194 "evidence_type": "table",195 "evidence_ref": "Table II, Table VI"196 },197 {198 "claim": "After survivorship adjustment, book-to-market no longer predicts lower firm-level dividend growth",199 "evidence_type": "table",200 "evidence_ref": "Tables VIII-IX"201 },202 {203 "claim": "Fama-French ROE persistence implies lower initial earnings growth for growth stocks via efficiency growth",204 "evidence_type": "figure",205 "evidence_ref": "Figure 2"206 },207 {208 "claim": "Rebalancing raises value stocks' growth and lowers growth stocks' growth relative to buy-and-hold",209 "evidence_type": "equation_or_proof",210 "evidence_ref": "Section IV"211 }212 ],213 "structural_summary": "The paper opens by contrasting conventional wisdom with a puzzle tied to duration-based explanations of the value premium. It lists four reasons for the conventional view and previews rebuttals of each, then positions itself against prior growth-rate studies. Data are followed by portfolio evidence on dividend growth in buy-and-hold and rebalanced portfolios. A section then reconciles the findings with the conventional view through efficiency growth, survivorship bias and look-back bias. An analytical section derives the rebalancing effect, followed by additional tests and a short conclusion.",214 "writing_profile_keywords": [215 "challenging conventional wisdom",216 "portfolio sorts",217 "descriptive evidence",218 "reconciliation",219 "survivorship bias",220 "first-person singular"221 ],222 "confidence": 0.8,223 "notes": "Single-author paper. Statistical significance conventions for the portfolio tables are not visible in the excerpts. 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