Evaluating the Effectiveness of Highly Individual Strategies in High-tech Markets (USA, Japan, Germany)

This paper presents a study related to the analysis and evaluation of the effectiveness of high-end strategies in the markets of three developed countries, namely the United States, Germany and Japan for 15 years. To test these hypotheses, data on the index and stocks for 2006-2020 were taken for each country. Based on these data, three portfolios were formed in each market, namely the original one, which includes ten shares with the highest dividend yield, a portfolio reduced to five shares, as well as a modified one, in which the increase in the dividend yield was used as a criterion for selecting shares. For each portfolio, as well as the selected indices, performance indicators were calculated for subsequent comparative analysis. In total, there are five hypotheses that affect various aspects of highly individual strategies. By means of these hypotheses, the question of the existence of a high-dividend anomaly in the markets presented in the study is investigated, the question of the influence of the number of shares, as well as the economic cycle on the effectiveness of a high-dividend strategy in the financial markets of developed countries is addressed. In addition, the study attempts to modify the "Dow Dogs" and analyzes the trend towards leveling this anomaly in the markets of the countries represented in the study. The article analyzes the trend towards leveling this anomaly in the markets of the countries represented in the study.