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Brav, Graham, Harvey, and Michaely (2005): “Payout Policy In the 21st Century”
Journal of Financial Economics
Department for Business, Energy & Industrial Strategy (2019): “Share Repurchases, Executive Pay and Investment”
Why Many People Misunderstand Dividends, and the Damage This Does (Alex Edmans)
- Responsible businesses have a duty to shareholders, but paying dividends does not increase shareholder returns as doing so reduces capital gainsProfits Without Prosperity (William Lazonick)
- 91% of net income has gone to buybacks and dividends, rather than being used to increase wages or finance investmentAre Buybacks Really Shortchanging Investment? (Jesse Fried and Charles Wang)
- The Lazonick article makes basic errors. For example, net income is already after subtracting wages and many investmentsThe Case For Stock Buybacks (Alex Edmans)
- Stock buybacks can improve long-term value, not just short-term value, and reallocate capital to more productive sectors of the economyShould the US Rein in Share Buybacks? (Lenore Palladino and Alex Edmans)
- The case for and against buybacks