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Buyback Derangement Syndrome

Journal of portfolio management, 2018-04, Vol.44 (5), p.50-57 [Peer Reviewed Journal]

Copyright Euromoney Institutional Investor PLC Spring 2018 ;ISSN: 0095-4918 ;EISSN: 2168-8656 ;DOI: 10.3905/jpm.2018.44.5.050

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Title:
Buyback Derangement Syndrome
Author: Asness, Clifford ; Hazelkorn, Todd ; Richardson, Scott
Subjects: American dollar ; Book value ; Capital expenditures ; Cash flow statements ; Debt financing ; Earnings per share ; Economic crisis ; Equity financing ; Investments ; Long term debt ; Preferred stock ; Recapitalization ; Securities buybacks ; Stock exchanges ; Stock prices ; Stockholders
Is Part Of: Journal of portfolio management, 2018-04, Vol.44 (5), p.50-57
Description: Over the last few years, a lot of press, pundit, and political attention has been paid to share repurchases, much of it critical. Most repurchase critics assert that share repurchases are at historical highs and that dollars spent repurchasing shares would otherwise be directed toward profitable investment. Some also credit recent stock market gains to the "sugar high" of share repurchases. The authors show that most of these criticisms are without merit (at least, merit that can be demonstrated), sometimes glaringly so. Aggregate share repurchase activity has not been at historical highs when measured properly, and when netted against debt issuance it is almost a non-event: It does not mechanically create earnings growth, does not stifle aggregate investment activity, and has not been the primary cause for recent stock market strength. These myths should be discarded.
Publisher: London: Pageant Media
Language: English
Identifier: ISSN: 0095-4918
EISSN: 2168-8656
DOI: 10.3905/jpm.2018.44.5.050
Source: ProQuest Central

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Buyback Derangement Syndrome

Copyright Euromoney Institutional Investor PLC Spring 2018 ;ISSN: 0095-4918 ;EISSN: 2168-8656 ;DOI: 10.3905/jpm.2018.44.5.050

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