A wide array of both high- and zerodividendinvestment strategies were formulated forU.K. portfolios: any outperformance tended todisappear after risk-adjustment and transactioncosts, except for the universe of large stocks, theFT 30, which are considered to be similar to theDJIA. Controlling for the individual stock pricelevel, payout ratio, and payment history also failedto deliver excess returns. It would seem that valueinvestment managers running U.K. high-dividendstrategies are unable to add value when transactioncosts and risk adjustment are taken into consideration