The relation between dividend yields and stock returns in different market conditions is still questionable and vague among financial scholars, managers, academicians, and shareholders. The significance of this book is to help investor’s forecasting by giving them clarification information about the dividend yields and stock returns relationship based on the general market condition. This can help them in their decision-making about portfolio generating. Although many works have been done up to now, but more studies are needed to be conducted to ascertain this relation in various time horizons and markets. The main purpose of this book is to identify the moderation effect of market condition on the relationship between dividend yield and stock return in Malaysian stock market and checking the possibility of providing another evidence for proposition of time variation in the relation between dividend yields and stock return during bull and bear markets.