In the 2003 publication the authors stated, «The historical evidence strongly suggests that expected earnings growth is fastest when current payout ratios (of dividends) are high and slowest when payout ratios are low.» (aaii.com)
He adds that while current payout ratios might look unbalanced, that's only because of a buoyant housing market. (canadianbusiness.com)
While some investments are yielding higher than typical high single digit current payouts, some investors fear these will be the first to experience major capital outflows and price declines when markets panic. (etfbase.com)