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Back to Buybacks: Is It More About Dilution Than Concentration?

Posted by Vident Financial on 4/6/21 10:00 AM

We mentioned previously in this series that buybacks may not capture everything (or even the most important things) when it comes to the question of whether companies should be concentrating (by taking shares off the market) shareholder ownership or diluting (putting new shares on the market).

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Topics: Stock Selection Research

How Companies Pay Shareholders: Total Shareholder Payout A Better Approach?

Posted by Vident Financial on 3/30/21 10:00 AM

Is there a metric or series of metrics which captures the best of what we learn from looking at the buybacks factor, but avoids some of its shortcomings?

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Topics: Stock Selection Research

How Companies Pay Shareholders: What Do the Data Say?

Posted by Vident Financial on 3/22/21 11:00 AM

We took an independent look at the data to see whether buybacks were additive to return or not. The answer seems to be “sometimes.” Which then raises the question, “When?”

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Topics: Stock Selection Research

How Companies Pay Shareholders: Are Buybacks Good for Shareholders in the Long Run?

Posted by Vident Financial on 3/15/21 10:00 AM

Given the dynamics we've discussed earlier regarding buybacks, it should be no surprise to see that they tend to be additive to performance. Of course, critics acknowledge that buybacks tend to boost short-term prices. How could anyone deny that an increase of buying any asset, ceteris paribus, increases its price? But what critics miss is that gains are not limited to the short run.

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Topics: Stock Selection Research

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