The yield on shares is still before the dividend yield the crucial size for the evaluation of the plant success of a share commitment.

While the dividend yield describes the relationship of the dividend to the present course, the yield on shares a yardstick for it is developed, like the value of a share commitment over one period away and considered themselves both the dividends resulted in the period and the possibly occurred Kurssteigerungen. The dividend yield of a share can be only by definition a positive net yield. Since the yield on shares illustrates also Kursverluste, the yield on shares can be also negative against it.

The probability of a negative yield on shares is however the smaller according to experience, the longer a share commitment exists. The citizen of Berlin financial professor Richard steals this connection by the example of the shares DAX examined and the period of 1948 to 2005 regarded. For this plant period of 57 years it examined, which average annual net yield would have thrown a share commitment off, if one had bought to 31.12. a regarded yearly (purchase year) the shares, which are contained in the DAX - and this to 31.12. another yearly (sales year) again would have sold. Professor steals subordinated thereby, in agreement with the definition of the yield on shares that the resulted dividends would have been put on after departure of the corporation tax again in shares of the paying society. Possibly it (there individually differently) does not consider resulting income tax.

For the regarded period (1948-2005) there are 1512 possible plant periods. Into 84 of these possible plant periods it came to negative average annual yields on shares. At expiration of a plant time of 10 years there was only in 7 cases a negative yield on shares and at plant periods of 15 years and more gave it in only one case (plant period of 1960 - 1974) a negative average annual yield on shares. At one plant duration of more than 16 years there was a negative plant net yield in no more case.

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