Resources Archives - Page 3 of 4

Share Repurchases on Trial: Large-Sample Evidence on Share Price Performance, Executive Compensation, and Corporate Investment, 2022

Meer January 3, 2024 No Comments

Academic paper published on SSRN. Summary: “Using a large sample of US stocks covering more than three decades, we empirically examine common criticisms of and rationales for stock repurchases.” The…

Standard & Poors: Examining Share Repurchasing and the S&P Buyback Indices in the U.S. Market, 2020

Ryan May 10, 2024 No Comments

Since 1997, share repurchases have surpassed cash dividends and become the dominant form of corporate payout in the U.S. This paper gives an overview of share repurchases in U.S., including…

OSAM: The Factor Archives: Shareholder Yield, 2019

Ryan May 15, 2024 No Comments

In an O’Shaughnessy Asset Management research piece, Jamie Catherwood discusses the empirical evidence for, and history of buybacks. Summary: The article “The Factor Archives: Shareholder Yield” from O’Shaughnessy Asset Management…

Ed Yardeni, Stock Buybacks: The True Story, 2019

Ryan January 25, 2024 No Comments

Book available from Amazon from strategist Ed Yardeni. Summary from Amazon: “Several Progressive politicians have pounced on corporate share buybacks lately. They see buybacks as a major source of income…

OSAM: Shareholder Yield: A Differentiated Approach to an ‘Efficient’ Market–US Large Cap Value, 2019

Ryan May 15, 2019 No Comments

O’Shaughnessy Asset Management paper discusses how shareholder yield can be used in an efficient market like large cap stocks. Summary: The whitepaper “Shareholder Yield: A Differentiated Approach to an ‘Efficient’…

Jason Zweig: The Fireworks Over Share Buybacks Are Duds, 2019

Ryan January 25, 2024 No Comments

Article from Jason Zweig of The Wall Street Journal discussing buybacks and how politicians are wrong to demonize them. (Possible paywall) Summary: In his article “The Fireworks Over Share Buybacks…

Man GLG-Stock Buybacks: Freeing the Invisible Hand, or Legitimising the Fat Finger, 2019

Ryan January 25, 2024 No Comments

Research report from hedge fund bank MAN GLG. Summary: “Do criticisms of buybacks – manipulate stock prices higher, crowd out investment, de-equitise public capital markets – have merit?” Disclosure: Certain…

Goldman Sachs: Top of Mind: Buyback Realities, 2019

Ryan January 24, 2024 No Comments

Research report from investment bank Goldman Sachs. Summary: “The surge in US corporate buybacks to all-time highs in 2018 has generated public debate about the effects of buybacks on workers,…

Two Sigma: Share Buybacks: A Brief Investigation, 2019

Ryan January 25, 2024 No Comments

Two Sigma examines whether the rise in stock buybacks has artificially propped up equity prices, suppressed market volatility and weakened corporate balance sheets. Summary: The article “Share Buybacks: A Brief…

AQR: Buyback Derangement Syndrome, 2018

Meer January 3, 2024 No Comments

Academic paper in The Journal of Portfolio Management, written by Cliff Adness, Todd Hazelkorn, and Scott Richardson of AQR. Summary: “A seemingly large amount of stock buybacks in recent years…

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