Stock Buybacks: The True Story (Paperback or Softback)
Language: English
Published by Yri Press 8/20/2019, 2019
- Softcover
- New
Seller: BargainBookStores, Grand Rapids, MI, U.S.A.BargainBookStores
AbeBooks seller since January 23, 2002
Condition: New
£ 8.15
Quantity: 5 available
Add to basketItem description from seller
Stock Buybacks: The True Story.
Seller Inventory # BBS-9781948025041
- Title
- Stock Buybacks: The True Story (Paperback or Softback)
- Author
- Abbott, Joseph
- Publisher
- Yri Press 8/20/2019
- Publication year
- 2019
- Condition
- New
- Book Type
- Book
- Binding
- Paperback or Softback
- Language
- English
- ISBN 10
- 1948025043
- ISBN 13
- 9781948025041
- Item weight
- 0.22 pounds
- Series
- Book 2 of 6: Predicting the Markets Topical Study
Several Progressive politicians have pounced on corporate share buybacks lately. They see buybacks as a major source of income and wealth inequality, subpar capital spending, and lackluster productivity. In their opinion, buybacks have contributed greatly to the stagnation of the standards of living of most Americans in recent years. So they want to limit buybacks or even ban them.
Some of Wall Street’s stock-market bears have been growling about buybacks as well. They’ve been arguing that buybacks have rigged the stock market in favor of the bulls. They claim that companies buy back their stock to boost their share prices, using debt to finance this dubious activity. As a result, corporate balance sheets have become increasingly leveraged, which makes them vulnerable to a recession. Widespread corporate leverage, in turn, would exacerbate any economic downturn. The bears therefore remain bearish and expect to be vindicated with a vengeance, eventually.
In this study, Edward Yardeni and Joseph Abbott show that the facts don’t support either narrative. The most common reason that S&P 500 companies buy back their shares is to offset the dilution in the number of shares outstanding that results when employee compensation takes the form of stock options and stock grants that vest over time, not just for top executives but for many employees. In effect, the ultimate source of funds for most stock buybacks is the employee compensation expense item on corporate income statements, not bond issuance as the bears contend.
The authors explain that the bull market in stocks has boosted buybacks to a greater extent than buybacks have boosted the market, whereas the opposite is more widely believed. Rising stock prices increase the attractiveness of paying some of employees’ compensation with stock grants. Buybacks then are necessary to offset the dilution of earnings per share. While the latest bull market, like previous ones, has been driven by rising earnings, it’s a Wall Street legend that earnings per share have been boosted artificially and significantly by stock buybacks. It may seem that way only because what lift buybacks have provided to stock prices is highly visible, occurring in the open market, whereas companies’ need to offset stock issuance with stock repurchases is less apparent.
The authors also refute Progressives’ pervasive narrative that most Americans’ standards of living have stagnated in recent decades and that buybacks per se have worsened income inequality.
"Synopsis" may belong to another edition of this title.
BargainBookStores
Grand Rapids, MI, U.S.A.
AbeBooks seller since January 23, 2002
Shipping rates within U.S.A.
| Item | 4 to 10 business days | 4 to 9 business days |
|---|---|---|
| First item | £ 0.00 | £ 29.76 |
Payment methods
Store description
Save up to 90% on your favorite items at BargainBookStores.com! Our 20,000 square foot warehouse in Grand Rapids, Michigan is filled with hundreds of thousands of books and consumer goods, all at the lowest prices! We've been serving internet customers with great deals since 2001. All books ship from Grand Rapids, Michigan. 100% Customer Satisfaction Guaranteed We want to ensure your satisfaction. If you are dissatisfied with your purchase or shopping experience, we would like to hear from you. Please contact us by email: cs@bargainbookstores.com. Please be sure to include your contact information and order number. We do not charge a restocking fee for returns. Your Privacy BargainBookStores.com does not provide, sell or market customer information to other businesses or organizations.…
Specialty
Out of Print Books, Specializing in Academic and Professional Books, Bargain Books - Save Up to 90% Off Publisher's List Price!, Remainder Books, Store-Wide Range of New Books in all CategoriesSeller's business information
BargainBookStores
3423 Lousma Dr SE
Grand Rapids, MI U.S.A. 49548
Terms of sale
BargainBookStores guarantees 100% Customer Satisfaction. We ship worldwide and offer a variety of shipping methods to meet your needs. Please place your order directly via ABEBooks.com. We accept payment by MasterCard and Visa. For more information, contact us by email at cs@bargainbookstores.com. Full contact info is below:
BargainBookStores.com LLC
3423 Lousma Dr SE
Grand Rapids, MI 49548
Right of withdrawal
If you are a consumer you can withdraw from the contract in accordance with the following. Consumer means any natural person who is acting for purposes which are outside his trade, business, craft or profession.
Information regarding the right of withdrawal
Statutory right to withdraw
You have the right to withdraw from this contract within 14 days without giving any reason.
The withdrawal period will expire after 14 days from the day on which you acquire, or a third party other than the carrier and indicated by you acquires, physical possession of the last good or the last lot or piece.
To exercise the right of withdrawal, electronically fill in and submit a clear statement on our website, under "My Purchases" in "My Account". We will communicate to you an acknowledgement of receipt of such a withdrawal on a durable medium (e.g. by e-mail) without delay.
To meet the withdrawal deadline, it is sufficient for you to send your communication concerning your exercise of the right of withdrawal before the withdrawal period has expired.
Effects of withdrawal
If you withdraw from this contract, we will reimburse to you all payments received from you, including the costs of delivery (except for the supplementary costs arising if you chose a type of delivery other than the least expensive type of standard delivery offered by us).
We may make a deduction from the reimbursement for loss in value of any goods supplied, if the loss is the result of unnecessary handling by you.
We will make the reimbursement without undue delay, and not later than 14 days after the day on which we are informed about your decision to withdraw from this contract.
We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of such reimbursement.
We may withhold reimbursement until we have received the goods back, or you have supplied evidence of having sent back the goods, whichever is the earliest.
You shall send back the goods or hand them over to BargainBookStores, Grand Rapids, Michigan, U.S.A., without undue delay and in any event not later than 14 days from the day on which you communicate your withdrawal from this contract to us. The deadline is met if you send back the goods before the period of 14 days has expired. You will have to bear the direct cost of returning the goods. You are only liable for any diminished value of the goods resulting from the handling other than what is necessary to establish the nature, characteristics and functioning of the goods.
Exceptions to the right of withdrawal
The right of withdrawal does not apply to:
- The delivery of newspapers, journals or magazines with the exception of subscription contracts; and
- The supply of digital content which is not supplied on a tangible medium (e.g. on a CD or DVD) if you accepted when you placed your order that we could start to deliver it, and that you could not withdraw once delivery had started.
Shipping terms
We will ship to all domestic and most international destinations.
Please note: Shipping times are estimated and are not guaranteed by BargainBookStores.