S&P500 dividends not reinvested

Hi all, I’m looking for a research paper that examines historical S&P500 returns without assuming reinvesting the dividends. But from the other hand including dividends as part of the total returns (meaning, the investor receives the cash dividends and keeps them without reinvesting them back in the market). I.e. total historical returns = capital gains + dividends.

I’d like to compare that to the returns of s&p500 when dividend reinvestment is assumes and to returns excluding dividends completely.

Thanks

 
 

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