Some food for thought. Paper is not brand new, so it may have already made the rounds...

 
"The Monte Carlo model suggests that there is no free lunch to be had simply by buying
stocks based on high dividend yields. This should not be too surprising. An interesting
feature of human behavior is that people will often focus on simple decision rules
(heuristics) in making decisions rather than analyzing all facets. If people assume that
high dividend yields are a measure of the desirability of an investment, companies will
ramp up their dividend yields. Ultimately, it does not make sense for dividends to be a
preferred form of return—as opposed to price gains in the underlying stock. There will
be people who have a real preference for dividends vs. capital appreciation because of the structure of trusts or tax reasons, but even these investors must be careful to account for the fact that many companies that are currently paying high dividends (that exceed earnings per share) have a high level of risk / volatility.

In summary, simply choosing a portfolio to maximize dividends can lead to a portfolio that may be too risky because many firms are achieving high dividends with leverage."

Good paper, but is a PDF file!
http://www.quantext.com/HighDividend.pdf