In the present examine, the addition of control variables was allowed to deal with endogeneity considerations, but this technique could not have been effective. Companies with poor progress alternatives might therefore cut back funding and direct resources in direction of share repurchases. Despite being recognized as a much less sturdy measure of growth opportunities when in comparability with market-based measures, the capital funding to property, plant and tools (CAPEX/PPE) ratio is used as a control variable (Adam & Goyal 2008). The reason for its inclusion is its independence from other management variables proposed because the CAPEX/PPE ratio is based purely on monetary information. Dividends -- periodic money funds to shareholders -- are a well-accepted means to do that, however they're not the only means. For companies that raise dividends 12 months after year, one needs to look no further than the S&P 500 Dividend Aristocrats, which includes companies in the index that have boosted dividends yearly for at least 25 consecutive years. For share repurchases, the S&P 500 Buyback Index is an effective place to begin to identify companies which have been aggressively buying again their shares. Another difference has to do with taxation, particularly in jurisdictions where dividends are taxed much less favorably than long-term capital gains. All else holding constant, on the ex-dividend date the share value may be expected to drop by the amount of the dividend. In contrast to the cost of curiosity and principal on a bond by its issuer, the cost of dividends is discretionary quite than a authorized obligation and may be limited in quantity by authorized statutes and debt contract provisions. Dividend funds and interest funds in plenty of jurisdictions are subject to totally different tax treatment at both the corporate and personal ranges.

ul> <li>Companies ought to contemplate disclosure points on a case-by-case foundation, considering materiality, dimension and any prior disclosure of the authorization for the share repurchase.</li> <li>Buybacks profit all shareholders to the extent that, when inventory is repurchased, shareholders get market worth plus a premium from the corporate.</li> <li>But as their frequency has elevated lately, the actual value of inventory buybacks has come into question.</li> <li>Once you could have considered this piece of content material, to ensure you can access the content material most related to you, please affirm your territory.</li> <li>The amount recorded associated to the ASR contract after the money fee and initial share delivery is $500,000 [$10 million ? (76,000 shares x $125)].</li></ul> ASR programs are additionally typically structured as 10b5-1 plans, which give the benefits of these plans, but also limit the company’s flexibility in controlling the repurchases. For functions of the only dealer and volume necessities, the activities of affiliated purchasers will be aggregated with these of the company. It is subsequently in a company’s best curiosity to concentrate to its affiliated purchasers’ activities. The disclosure may be made in a Form 10-Q or 10-K, or by means of a press release or Form 8-K, depending upon timing of the approval and graduation of the program. The firm additionally ought to issue a public announcement disclosing any materials modifications to a share repurchase program . The repurchases cycle experienced during the pandemic era is a very putting instance of this flexibility in motion, in each instructions.

h2>Share Repurchase: Why Do Firms Do Share Buybacks?</h2> Suppose the company then buys back a hundred,000 of those shares, lowering its total excellent shares to 900,000. If the surplus money is a windfall, the corporate could not want to commit to paying a dividend (if it doesn't already) or to growing its present dividend on an ongoing basis . An ongoing dividend can burden an organization during lean occasions if it is maintained, and go away buyers upset if it's reduce. Though most blue chips purchase back shares on a regular basis?primarily to offset dilution attributable to holders exercising their employee stock options?investors ought to look ahead to firms that announce special or expanded buybacks. Further, corporations that generate the free cash circulate required to steadily buy again their shares typically have the dominant market share and pricing energy required to boost the underside line. The inventory price of a company is prone to be excessive at such instances, and the worth might drop after a buyback. https://buybackanalytics.com is a former highschool math instructor, technical author, writer, and programmer. She stays on prime of worldwide news about science, government policies, finance, infrastructure, and medical issues. She is at all times "sniffing the wind" for the latest developments and directions, and preserving her readers abreast of those developments. Get inventory recommendations, portfolio guidance, and more from The Motley Fool's premium providers. Full BioAmy? is an ACA and the CEO and founding father of OnPoint? Learning, a monetary coaching company delivering coaching to financial professionals. She has practically two decades of expertise in the monetary business and as a monetary teacher for business professionals and individuals. Improved firm efficiency interprets to the financial system as a complete and usually permits corporations to increase employment numbers and to reward workers in a monetary sense , in addition to in a non-monetary sense . Increased capital funding normally leads to a rise in financial development (Bradford De Long & Summers 1991; Kodongo & Ojah 2016). Share repurchases are a means that an organization returns cash to its shareholders by buying again its own shares. These simplifications understate the magnified effect that constant repurchases have on shareholder worth. This fast EPS progress is often recognized by traders, who may be willing to pay a premium for such stocks?which in turn ends in their P/E multiple expanding over time. A company will purchase back shares when it has plenty of cash or throughout a interval of monetary well being for the corporate and the stock market.

div style="text-align:center"> <iframe width="565" height="315" src="https://www.youtube.com/embed/-ZrzNoIRpIc" frameborder="0" alt="Profit from Share Repurchases" allowfullscreen></iframe></div> And if the inventory worth rises earlier than the repurchase, those who sell their shares within the open market will see a tangible profit. By repurchasing its stock, an organization decreases the number of excellent shares. A stock buyback thus enables an organization to increase this metric with out actually rising its earnings or doing anything to help the idea that it is changing into financially stronger. While repurchases could additionally be controversial from time to time, they’re simply another way for a company to speculate shareholders’ cash. So what typically drives whether or not a buyback is sweet or dangerous is the potential of the management and its curiosity in being an excellent steward of the money entrusted to it by shareholders. And it's returning most of it to shareholders, primarily by way of inventory repurchases.

h3>What's A Share Repurchase?</h3> Until the 2017 tax modifications, such a repatriation typically triggered a major US tax obligation. Assuming a potential repatriation tax fee of 35% and estimated 17% credit for international taxes paid, IBM might have reduced their tax invoice by approximately $2 billion, calculated by making use of the 18% differential to the abroad borrowing of $11.5 billion. When a reporting entity writes a put possibility on its own shares, it agrees to purchase the shares from a counterparty, usually in exchange for money, when its share value falls under a specified worth. In return, the counterparty pays the reporting entity a premium for getting into into the written put option. Generally, a put possibility has a strike price under the share worth at inception (i.e., it is out-of-the-money). A reporting entity may select to execute a share repurchase by acquiring its common shares in the open market . Programs that don't take advantage of the safe harbor will have to be constructed carefully and monitored to avoid triggering any tender supply issues. During the peak of the COVID-19 pandemic, the Federal Reserve positioned restrictions on massive banks’ dividends and share repurchases. These restrictions had been intended to reinforce banks’ resiliency by bolstering their capital in gentle of the very uncertain economic environment and issues that banks might face very massive losses should bad-case scenarios come to cross. When it became clear that the outlook had improved and that the losses banks experienced had been unlikely to threaten their stability, the Federal Reserve removed these restrictions.

img class="aligncenter" style="display: block;margin-left:auto;margin-right:auto;" src="data:image/jpeg;base64,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?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?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?/aaoW+oD0+XmpCoTVLNzQeJd5L4pXNcVBXkr7ijLEAAkkgBQMkk9AAB3mvipHhzVGtbqKdQGaCVXVW9klTnB8vpHdVRE3UXEgEtz2KcXs9vAAZI4bckAqlze21rKQfHlSyh1+sCoHW9Le2mMbmMsFBzFNHcRkHuw8TMufdnNWK506zvJC8WotbSSEk2+oKzKGJyQL2PcHGT0aRVPmfGq?/r2kyWsxilj2MACOoZHRhlJY3UlZI2HUMpINXqjQBYdsz8FiYaq9zoe4THs6pae8mR1SFhvAwUMUYK+7Y5UhX243hTjDYyM47siuqrfx4uyz01AMD7mGT3F5rmcyH6fUH2Cqjirb26phZFCrzjNbpPcSEFZV7YtEsZbGJoeYmPk73Tr5HdGaxRV3utAkvBYRxgD/ovfNM52w28QurnfNK56IijxPf0A6kUazWmFGtWFMguMC89glUepLhexW4vYImJCzXMMblfaCvIqsRnuOD3138XSwG5K2y/ExRpGkhXa9wUGHuWX8ku+Wx4DArN7K4w2t2QIyDfwZH/aCpMb?/iBvSo1qpFB1S49UnpynisrUE07nPEYr62McroJlmivEOxioZo2jjbw/JaoriDQeREksdxHcwSuyJOgaNlkUBmhlicBopArA+IIPQmpu64cRpri4uLxLWAajcxrhHnuZnR9zpFEox3OPWdlHWoniXWUmVILe3MNvExMUZIknnkYBWuJ3A9eVgoG1eigYHmZvAgyB0b/JY9B5LgGEkfem4Ft5vM7ASBthV+ldtvAzuFVGZmYBUVSzsx6BQoGSc+AqT1bhq5t498tnNEmQC7xkKpPcGP5BPkcVYDSRKzy9oIBIk5KHpXOKk9F4fuboMYLOecJ7bRQvIqHGcEqMA+6gBNgjntaJcYHSoupTTdMEltcSliPRo4ioA9t5ZljCnyG0sfqFdNvpU0hcJbTOYQTOEhdzCFJDGQBfiwMHOcd1TnDy?/wDQ+oH8+w/76SpsbJvuPgrVapqtsdrRxIHgVVjXFds0DLjcjLuGV3KV3Ke5hkdR767tMsJJ5BHFE8rtnaiKXY46k4HgB41CCrxcAJ2LEpWZqmmyW8hSWF4nABKSKVbB7m694PnXZfaPNFFHJJBJHHNnkyMhVZMAE7fqYH3g5pBVNdtri+XSo+uRUtLw7Otqtw0GyJxmN3eONpVyRvjjZg8i5HtKCOlRNC0jNGva72TPUrPw?/wAIG6sjMtwiObnk2ts4I9KkEfMaNZM7Ucr0UMMMemRkVC6Xp5luo4eqtJOkZyMFCzhDkHuIJ7vdVpa3f737flpIzPqtzIOWrMy8qGBA3qjI9Z++sqa1Y8Q2j8pla4fT55Y9hBWSQRmdiuMrmQMxz51kGmLdnete3Eu9eT70dGrZRnFGgQCJ5rV5SsN36PcW82GlWQ7+VNG6gCSOQRn1cblPTqCDWNq/DCwRuDfRNcQqGuLJUfMeSodBNjlySJuG5R3YbvxWVFZzjUkVoZxE2qhwpidY3In2mTuwxCnGfAE+dY2u6NPNqs8aW8rvJdXDRpsYF15r5cZxlff3VRwBvHQpU3uBDS+wGtsytYnjfPp31o13m0YRCTadhkKB+mC6qrMvnkK4P11lW+iTvBJMttK0ULATTBCY4yfBm8O8fRkZ76vCcHSSaFAfSLKMenTyNJLfwIirJBb7FY7yRJ6hymNw8RUGUXOmBslXa?+Mp0tXWcLujunita0rvvoOXIy70k2sRzIyWjfH5SEgEr78V0VaWWF777VeOW0pYStos/PMg3NMYhGY9hwQI235D+Y9mtY33bXet7ENrEPDEUkrD63kwf0auvwkbTdpcT/6K9TP+zJHIp/tba0JYWjzSrHHE8skjhYoo0MkkjHuVEUEsfcK8/wCRWgtG4vRza9Wi1z5cCTJyNrExlGxbvS+NxFKuWNcQIEQrPe9pWpS5zqMig+EUcMOPcDHGG+01AX+szzfjLu4lz3iS4lkH2MxFbS0T4N+sTxhmjtLXIzy7i7JlHlkW8cqj6N2RnqAc1Xe0vsiv9FgWa5W3aJ5hGs1vOZQJGV3VWV0R1ysbdduOmM9RnvqGAwdG1KmxvU0DwC0j69V/tOJ6yVr8KPKuak+GNBmv7kQ28RkkMcj7c4CxxIXlkZj0VQBjr3llA6kCowHNZyspShOK+5IyoBKsoPssVKhvoJGDVUXxShra?/APYDqepQLNths4pFDRNdu6yyoRlZEhjRmVT4czYT3gEEE0JAzQBa84Q0xbvUba3eUxLdXlvA0yqHMfPlWJX2kgHDOPEdM1sr4QnZHFoMVo8N1PcC5edJ2mEYCNGsTRCMRoNuQ0mdxb2RjHXMX2mdmV1w1Ja3Es8E6m5DRNAZNySWxSYB1kQYzjpgn2TnHjvj4aFmJeHIpgRi31GCQt4GOWGaHv8AXmQ/VUC64hVixXj2tu/BlusXV1Hn8ZbwuB/Qu6n/wARWxeBuy7TtJ4aOoatZLPNyjO0MzOBEJAq2lgsW4I0rkqDvBIklYZwoxqPsS1TdxDu5ccPpSXQ5MKCKCHcPSFhiRRhY15IUDyAzmtByqpfWNFYho2Nn9PrfBZ2jXamJYemONvivRlKUr5vXfpSlKIledfhr8O77W1vVXrDK9vOQMnZMOZAxPgqvG4+mUV6Kqqdr3Dv3R0O7twu5pLZmgGcfHw4mtxnwzJGoPuJrd8nMf8AUtI0qpy1oPU6x4TPYsPH0OeoOb0W6xdfnya4rk1xX0WuDSticKLB97d1zzOE+69p1gWN5N3In29JGAx3+PlWu6nLXXymly2nKUia8hnMxJ3oYkkQIB3EHmZz7qu0nhpJO4rExlF1VrQ33mnsBur12SpYDVojCb95FS4ZOclvFCmy2lZmblu7P0HcNvXxqocKaJA8D3F3PLFAsyQoIFV55ZnG5tofoqRxjexPmAOpqK4e1uWzn5sLBXEciBioYBZY2ik6HpnY561m6FxCIrdoJbOK6iMwlWOR5YmjlCbC6vC6nBToVOQcDuq4KjSACMp6rx27Fjvw1Vj3uYSZDRmNaAXTE2GfjtWZfcHOjXG2QSLDDby28iIzelpdyRpaBV6FHdZM7SMgow99RsmnGyvuVd2zNyZALm2WUJIcqDtEibgrYYHx69KkI+PLpLiaWN0iM8cabUiUpAkKhbdYN+TCY1GFYHd3nOTmu6Pjc7xK2n2ctyoXbeyRzPIWRQqSvFzuTJIAoO4p3gEg1QikcjF+xTacULOAIjYYMwOoATNxJygKO490VbK/khR2ZFEbIXAEqrNEkqxyAdOYok2nHiPDuqJsYOZIi70j3uF5khKxx5ON7kAkKO8kA9KahePNK0kjl3kdmkkY5Z2Y5Zj7yTXRmrLiNYkZLMptcGAOMmLnp3q43nZnqCN6ti9yhGUuLTF1byr4MkkZIwfI4PurK43jls7XTo5CY7u3juS8ZZWmt4mmDWiOOuw+2Qp6gH31TLe+kQYWWRB5LIyj6cA10vISck5JPUkkk/ST31cL2AHVBv09u5YzaFZz2mq5pA3AgmxF5cRF8lum6v5Lx9MhuJjLFPpBme2Z0gW9uY5LkwQtJgGPmPGidCP31Da7oUt1Hbm7sotNkOpRWyBLVbMTQTZJZU/LMJGN5z0YZJPfre+1GSVY1eRnEEQjgVjkRRhmYRr5DcxP110vOzHJYtjuJYkj6MnpV52JDvaE/IWLS0Y6mRqOAichlJOVwLyJkbB0K6cc3coeSzi00WtvDOVjiFpuuZDGxVZpbh0Mskj4ycEL16Cpq/gM9hY2fpD28k2mq8UbMEtbuRbq55dvMcAo570ZiVycEDO6qX9+d9y+X90rvZt27PSpdu3u2+13YqLv9SkmCCSVpBDEI4dxzy4lJKxr5KCxOPfUTWbfO9t1uxXG4J8NBgapmRJkxEmczOd?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?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?/6Na2vgq1Hc8H9Q/8AlbvlAyKzXbxHA/uvWHb/AB8R+lhtMY+iCFfUtfR/S+b15hlFwN7ju2iIkY7xmvPHH/HmsTWpstSabaZEkWO8sFtLlWiPR0YQxsy+tgkhgQffW3+GvhWLgC70hwcDdLZTpIGPiRDcbNn0c1vprcc0NjxPoYO3nW91G/Jd49k9vKjNGZE3DMU0UiEZHT1T3qevooOrmFoc8lQvgjcH29tpTXImguLq9jjNyI5UlaygdeZb2ThSTDIysJHUgHcwBzywa1Z2madwvaWV1b2jXD38QaOJ29PdYZ4ZQskbGQLB/m2QkA4yceFWT4EF0YrrUrZnBIW2dQPZLQyXENw6+474/wB1UTtc7MtQk4nvEt9LupluLx5oJkgb0V1uMSuxuGxFHiSRlO5hgg+6qj2jJTYtn9jHBNpo/DR1m5tUurk2LXcQkVW5ERQvawwbwRFJIpUtLjcOYR3Dr29i3ba+uai1hf2Fny7qKU2wjjdoyY1LvbTxzu6zBog53Db7GNp3dJrsQ1u317hH7nGYJNFphs7mI45scYiMNtdqhILoU2Nu+WrKeoqk9hnYhqGna9Fd3Yghhsee3MS4WX0hmhkhUoAMpHiUuWkCEBQMdelLXnNN0LB4w7LLay4406FYwLLUJhMts3WON4N7zWgDZ3QtIkfqnwmK9wFXL4Z3FF3aWtpDbzy28d1JObqeF2ikcwiExW/NQhkVuYzEAjcEx1G4HWPwl+0pbzXrd7KYFdJ/ye8TDJJdGRJZJIz3SRKYY1z3MVfvUgnY1t246LrGn8jVrVoSdplieCa4tzIo/HW01sDLCepwTscZIyR1NYNiUsvLN5qUsqbHuZpF3bljknkkQPgguEZiA+0kZxnFe2bnU4p+B4Lqe29LSDTLC7uLbcAZmsTBcSrkjBIa3bo3Q4wehNaP4+4x4eg0q4s9K0p3kuowpv3SQGLbIkg?+PvWa5cbkB2ABTjvHSozh7txe14cGl/c1JwbW6ge6kumXMdy8xCiFYfyI5wnV+uzwzUnDW2Kgst+9pWhxcXcPo1lqG3bKJrfJIhedFKta3kYG6NgJCPNGIbDDofKHCtpNp3EFvHcQvBLDfxRzROMMnNYRM3k6FJdwYEqykEEgg109n/Ht7o7u1ndGLnJtmjZFmhcj2JDG4K8xfB8ZwSOoOK6eLOOLzULiOe7uvSZLfHJkMFvAyqHEgT4iJNyhlyN2cZOMZObGJw/OUX0jk5pHEEKdOpqvDtxB4L1jSvmKQMoYdzAEfQwyP3GvqvllwgwV6QEpSlUVUpSlEXgPtz4c+5/EF5CFKobgywerheVcATRhemCq8wx9PFCPA1Sa9L/Da4dw1peqo6h7WdveN01t+4zdfzRXmivo3k9j/ruj6VbbqwfzNse8SuCx1Hmq7m9Nuo3SlKVuViJSlKIlKUoiV9xJuIAxkkAZIAyTjqT0H0mvisrS2xPGe/EqdCMg+sOhHjVCYEqTBJAU9DwLdN+TbgfKN9agfbzax9W4We3iLtc2TbcZjivoZpupx0RGJb6q6+OrcR6ncqAAFu5sAdwBckAY7h1qFqzT5x0O1hGeX7rKq8y0loYZFp1t3+0Lg1xXOKYq+sNcUrtEY2Z3DO4DZ13EEE7h0xgYx356iuvFEXFK5xXebKTZu5T7cZ37G2Y892MYobKoBK+9HsGuJ0iTG6WQKmThcscAk?+AqXPD8bkrDepPKoJ5PJkh5u0EuImf8YwAyFIUnHTr0rH4H3fdK22gswu4iFHecOCf3CrTfcMmx1SSaQmG3trrekkmFe6KneIbdO+Xc3q5HQDqT0rErV9WpqzB1ZA3347sln4fDa9PX1ZGtBN7CJndvzWvTTNSWs6ZJHskeMILnc8ShgxAyDtIHVThwQD4MK+LjRJ0i5jW0qR5A5jxtGpJ6ADcBu?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?+S8lGfqhjQVP2PYnbxY26dp+R3F05zD37pY2Oa0uI5RVGf08JWd2AD/unuWWzAtPtVGjj5LxbEpY4UFj8lQWP2Cpuw4QvZvY066b8427xr+lIAv769q23AksYwi26DyQlB9ixiuw8GT/Kh/WN/w60tflPpg/0cAR+Yz4AeKy2aPwn3q3AfyvIlh2TalJ32qQjzmuYv7omdh9Yqesuw24b8ZfW8efCOOScj9LlivTv3mT/Kh/WN/wAOn3mT/Kh/WN/w60tfTnKmp7NDV6m/+xKy2YPRrc3z1nyAVR0e1MNtFGX5higjjMm3bzDGgTftyduducZPfWXVj+8yf5UP6xv+HT7zJ/lQ/rG/4dcO/k1pZ7i40HSTJtvW5GkcMBAeFXKVY/vMn+VD+sb/AIdPvMn?+VD+sb/h1D7L6U/AdwVfSWG98KuUqx?/eZP8qH9Y3/AA6feZP8qH9Y3/Dp9l9KfgO4J6Sw3vhai7e+Hfuhw9dxBcukPPgAGW5lueaFX3sisn9evA9fqqeC5/OE+YLsQfcRy?+teTda+BhqrXMpgu9KWEzym2WS6u+asJdjCr4sWG8JgH1j1z1PfXpvIXDYzC0alDE03NEhzZ6RBHcFz2malKq9r6bgbQfgvLlK9L/gWa18+0f8Aa7z/AO30/As1r59o/wC13n/2+u8WmXmilel?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?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?/NjF1M8kcYSZVwwQkgnb3E64+CRx3ZaVPfC8uvRxdR2Xo7tHI6Mbc3nNVmjRuWcXKY3YB6+VBkYQ7JXynFmqcI64ILu+mvrciN5o5J5riK4tZCQbi35zF7edCjeqCAWQg7gQ1Xj4ZvEFxbnTjbX91bCVL0ubW8ntRKB6IYy/JkXmYDnGc43HHea1n27cQDibiOKKwRpQYY7S0coyc9t8kstwVK744V5pyWAwsTNjBrYPw2NIZLTTHVSYrf0iB5MdFd47cwhvIsts/6NVi4lU2Fbb4PvZG4Mt5WmlaU8NxSNcNK73DSmxDGZpWYu0hb1t5Oc9c5rT/AMC/iC6ur+7FxqF5dBbGEot1e3F0qMZSCyiaRgjEdCR1NSeg9sunw8HRWwmeS8TSFs109IZec86wejqd2zYIiRv3gn1e4FvVqtfAa?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?+0R5KapHZVeafqlzcXXEOsSTG3EbW1tc3Mkcc27eZWRIsbtpRQLeAKPWOVYEAUAgkhJVu+CLx/ezaq9lcXkt3C1nLLGbiZrmWGWKSIfFzOS7RMkjDYSR0UrjrnC+EDx/dS8StYPqlxpVlbywJJLbc0SFZIY5pLuQQMslwMy7QgbaAoOCc1S/g6cV2uma+1zcziC3FldhZNjvjc0bxqFjVmJKxnAx34HjW6+2W94d1G/kt7+aSyvLaOJVvljkjcpLClxEBIiSRTIFuPZmXIO/bjOTU2dkqZhZfY1wdcwX8V1bcWtrGnOJVuYXuJJCjcp+VhWmmTmLLt3Y5TDuIOMVTe3ftQvLvXPuVZXvoESXKQXF6s/o7yTNt57vcKQ1vBDuKkIVLFHySCBVK7CpGs?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?/AH8L83b9Yv8ADT7+V+bt+sH8NPtjon8ccHf+qei8T7nh5qT4t4Os9SULd2EFztzy2ljBkjz38uQYePP5pFQPDvZ1o9jdKYNNtI51bdE7AzzxsOu6NpmZo2A8VwQK69U7T4YPbQKT3KZlyenTpitZavxEbiymEEmJjJI/P5hbG8b9424ZSxHRlIKEZBBAxm09P4SozXpvlu?+HAd4UPqFQGHCD2Lcut8A6fd3XpE+m28845f8AziSPdKOV+K6+G3HSpDifTrW7hNvdRwzRyshNvMVKyFHDx+qT62HUEe8CtOdn?/aSLeDDae+FB5rxXAudhA3GQM3x0kZU7vWDN172rE7TOLobyEyRIomjUNFfM6n0dUOeUCACS7DBj9zEjOKuu0vhw4M1r9R8YgdqiMG/dbsW6uGuGrSwgeG2tILeKSQyTQxIFSR2RI2kdfyiY4lXr4IBVR0/sy0tLkzW+h2LNHJnc5Yosgw3xMDB4oip7iAuCOmMZrVmv9rnNuIFQvC00MDXRSXllSclYwy4ZBtcnowJ9XrgMGv8AwZxxHFGwDSzKMEcy45rjoxY72BZt2c4JPXOAM1XEaWoUG69RxA3wfgFVuCe72RKmLTs/0aS5a6OkWonadjMsyZ2XGdzkwsxhEhY7t6r624MCdwJl?+KOzjTNSfmXOmW87sAGuNhinYKMKrSxFXYADABPTuqD0rjSMPLLyGPM2AkyKclS/Qer3fGBcfm1Jafxoqxgejt0HX4xe/wAc9O+te7lbo1ntVo2ZO8lc9GYg5M8PNSvB/Atjpm42mnwWzOAJJUXdM6g5CNK5Lsueu0tjNSPEOg297CYrm1huYyQeVPEsqBh3OAwO1h4MOoqB+/hfm7frB/DWjNf?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?/nWww9WkXkNqNJOwEccz85rV4unV5sa1NwA2unsGQ756IUNSlKzVrUpSlESlKURKUpREpSlESlKURKUpREpSlESlKURKUpRF+mVKUr5ZXpCUpSiKD464iXT7CS4Zd5QARR5xzJHO2NCcHauTknwANa84a4Kk1iD0zULmR2njY2NsrGOC2VgRFNsU9B3MFHeMFixYgXHtc4fe/wBKkiiGZFdJYkyBzGjJzGCegZkZgM4Gcd1UThHtcisrSO2u7S6SW1jWIiNI+qxgLHvSaWNon2AZGCD35GcV3Wg6Ff0aamjhNfnIeRGu1kW1ZyBOZF9mS0uMez6wG4g+pq23E7Z6hkpfsF1jlwyafMOVcWk8pEbHBdGbdLt?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?+acq2GT8krjqFFW3ifSFvbKe2f2bm3liY/JEiFQ30qSG+qqv2LzB9PJwC3NYO4A+Mz6wbp+cxP11ea8H5QVDS0k8ssWEX3lsX7bLq8G3WoCdvx2L81dQtGhleN12PFIySocZR0Yq6nHiGBH1Vj1tf4VPDvofEczBcJexpcx4GBufKXAz3FjNE7H/bFaor3vAYtuKw9Ou3JzQeI+GS4mvSNKoWHYYSpyPi69UADUrsAABQLqUAAdAB63QVB0rIfTa?/2gD1qlOs+n7DiOox4Kd+/C9/1nd/tUv8dcffde/wCsrv8Aapf46g6yLCyeaQJHG0jucJGgLMx+gfbnwqHMUh90cArhxtYXL3cT5qUPFl5/rK8/apv46634nuz36hdn/wDlzfx1ly8NBFYNewGcIzLaQrLdOxVdzRmSJDGr4B/KIGOpFV0iqNp0jk0cP2VtmOqVBZ7uJ+SpX747r5/dftU38dcffFdfPrr9ql/jqKpU+Zp+6OAVefqe8eJUr98Nz8+uf2qX+Ovk6/c/Pbn9pl/jqMpTmme6OCc/U948SpL7u3Hz24/aZf4qfdy4+eXH7RJ/FUbSq80zcOCc/U948Ss9tYnPfdTn?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?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?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?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?+EjrNrPtubGzQ5ybaayurSXGeu3fcbh5ZKmtK6/f+kXc83LEfpF1PNyg29YudK8pjDEAsq78Akdwr3bwtx9pPECtBHNDdHllpbG5tmVynQM3KuIwJVG8Asm4DcOteX/AIT/AGeQ6PqcZtgUt72KSSKAksLeSJlWeJCSTyvjUYA5xvYdwAFWOExEKhCv3YPd8zQ4RnrFJPGfdiVnUfoyCr1WpvgzXWbK5jz7F2r48hLEi/325rbNfOXKmhzGla7f7yf1et8V32jX6+GYeiOFlr3hLRDb61dNhQJLXKr+SCZQev01W+JEuZdQ5UM9xNMYmcuX5MMCJ1bLdenkqqT3VstrXbfs3XEtqc9DjdHJHkA93syA/VXZd6HgiSL1H8JF7xnvB8x7q9kwGKbUo0qhuCxp7gtTVomXAWuVpLhHi?/U4nLK0k0atGHBfnL8b+L7wCD4d/f07+lb54Q1SS7g3sChHtDr0I7x51GadoQDneI2y25o1hRUZ/wDSONoDN18quHCMCqkg82yff3VkVix7vVso0Gvpt9YytD9quoz3V16NGCfjhHvLMsKM3i/nheuOnj9FQnCnDd1AbgekXEMtvGzRhoI1tpJFYYhbA6h1Jw4wfVJwwwx3Tb6SDNNjILuxbBwe?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?+mGUn+6cVJfBH4ut9O1S59JuorWKewHxs0ixIZYZk5cYLHqxSaQgDr6p8q+kuTVfn9E0Hf2Afp9X4Lz/SDNTFPHT43+K2L249vF7pOrTWcNjaERJE0dxOZpTIssSSbuWjxhcMzL7R9mtEdo3atfa3GkV1JAUhl5scUFusWxwjx79xZpMbZWGC2Oo8QK9HcWdpXCz3RnmW2vp9ipzfuXJdvtTOxRJJBswNx7j41UOOu33TJ9LurO20m6QXNnNAr8m0tYVMsbIkgEczMQpYNgqD0rdNtsWIetWz4FGoGTQZoif8n1SUIP/ZywwSg?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?+qKkuHNQlRIGmjMZubSGeMHqOXMgZDnz69R3juNdjoDRelcLgQMbSLALMmAYjIjMR0gG6x/SeEr1y2i8OO2Muw5HsW05GUKeg7u+sjh1RgnIyw69fPw+mq9b3YIGT0qE1Yzxs8lsHO8ewxYxkjpuVT7P0r06da27CZlX3NmwU7qt0kF4vxg9c4MeRnrkh?/twPrqSur4AZrWOg6VcG6a4uYzuIHQMG2Dw9UHp3/vqfvtSDIwDez7+o+kfVUHgjJXGxtWDxVrG58bs47/8Az9FS3BunqkIkwd8oLMdzEYJO3APQeqB1xWv3DTXSQrktM4VfEjJA3fQAcn3CrFoXaDbx3MljcgWVxaSGGRGObZ9nRJIpfBHXDDeF6MO+uf5T4DHYjBRhGOcJl?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?+rieT/wCSo+rnwtp4ttXto2kDNIdlxHtwIDcxtGsRYnDuEmBbHRSSOuKi7rhG4SJXKLl5IkFuJAblTPu9HZ4+9Fk5Z256nywRUubMZfNlD6yzXgm0AjtJ8lAVzU2NCVLxYZbyCNSuXuF3yxx9D6nsrubIxn2TkHdg5rM0jhN5r8Qb8RlWkFyArh4EOOagRyrEnAChuhOCRg1EU3Gw6lJ2JptEk2iez49WarFMVlajAI5pEVxIqSuqSDukVWKq4we5gM/XU5p9hbQwRSXQnc3OWiit5EiMUCuYzO5dG3szqwVBjohJPUCqNbKm?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?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?/VDhf3V6lyZ5aYPRujm4esHFwLrNAiCZFyRvK5vSOiKuIrl7Igxn/C8yk13Wdo8pxHFJKfKONpT9iA16y0/hSzhOY9OtEPyhbRb?/wBMruP21MoMDAGB5DoPsFZmI+k+mP6VAn8zgO4A+KtM5On7z+A/heUrHgPUJfZ0y46/6RBb/wDfFanrDsd1B8bkt4fMSXIYj9Srg/bXpClaWv8ASVpB/wDTYxvYSe8x3LLZyfoD2iTw8lo6x7CpD+M1KNfMRW7SfYzyJ/hqesOxC0U5e6u5fzQ0USH6QIi32NW06Vpa/LXS9XOsR+UNHgJ71ls0RhW/c4yVTLDsu02L/wBREh85Zppc/wBVpNp?+ys69g0/TYt7W9pbAeyVt4lkY+S4Xc5qK7V+O/ubGqIoaeVGKZ9iJQccxh+Uc5wPzTn3+dNf1ya6kLyzPIxPezE49wHco9wru+SPIfSWn6bcZj8Q9tE5DWJc8DdJho2SZO4bVzOm?+UVDAONDC02moMzHqt?+JPRxOxbR407aHIKWqCNe4TN68uO7IHsp+/6a1DqusyTuXkkaRmPrO5LMfrNYrV0SCvdtE8nsBomnqYOkG7zm49bj6x4wuAxONr4x2tiHl3gOoCw4L4lcnxr25Hof3R4asJIxmWLSrSS3/PHo8fNgP07en5wHvrxA7V7s+DJqPpHC1kfGKKWFvdyJ5I1/sBaxdPUw6kJ3+IWy0Q/UqGNyoJvGa3BT209lW+UPBvoPQitMahe65LeSYRH6/FD15H8jtKSI3eCMAYA8PGvQvahoJstRSdARb3khEwUYSC5PUk+CrLkt4esGHiKrWt6JNGxkihWdW9qMqrAn5QJPQ9P764AjmHlruxehYWo2u2ZI6lowQa2LlG2rbn8obGjBHeZHDyGRiR3dQDW2oZHitsyurOyjmOMqCfE95wMmvuy0a7uHCm1ECAjecBd2PMjvrniaxaa5jtIiC7H41+9Yo1xzJSPd4DxJAqFRwquDWqdbVotJknpKlexOw597LdsMrADHAe8GV/xrL71Tpn88itK/CUl28WXZXoStru95NpB/ur1xwho0dtapDGmFjXA82J6s7ebMxJJ8zXjjt+l5nFGoHvC3Kxj3cmCKIj6jGa6vQtItfA3LjNLVNdslfXBfH91ZY5cx256xN68R8/VPd9I61ubg/tkgmwtwvo7H/OLloSc?+I6sn7/AKq812wNZsbVm6Z5GaL0y0/WaQ1vfb6r+Iz6nAhaTB6WxWAd/gPMe6bt4bOyCvadjeJMgeORJFPc6MHU/WDXfXkHhziWezfdDPJEc9dpJRvc6Ho4+kVufgPtdWd1iuo1iZiFW5U4iLE4HMU/igT+UCQPcK8Q5S/RNj9HtdWwZ52mLkZVAOrJ0f23/tXd6L5Z4euRTxA1HG05tPbmO23Std/Da4dw1neqo6h7WdveMzWv05Bm/RFeaK979vfDv3Q4eu4gMukPPt8AFuZb?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?/Etxz1lWblvGCIuSiQJGrEl1VI1C4YsSenXPWoelOcdvUuYp?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?+9L1G6uAci4vriVT5rJM7p/ZIqZ7Ne0u90uwubOJ98F1BIkSOxzYSy5WS4tj127lZspjBYhuhDbqvGMdK3+i8C6kXF3YtNpDFCoAG9q74+lfYeupa53VvgYWnIXcstdiXJ86xN1FNNZR5sFb+7BePDMRZzNuOG9FdjncF9q3bPf6uSM+RHlXljtS4e+52sXdqBhYLlhCMk/EviS2yT1J5Mid9XPhnUHguo5Eba0cisjfnKQRnHeM1ZPhf6YJJbHUo19S+swkhGMCSPEkWT8oxzbf+xryXSujKejNMCtSEMxLTIGXOsvP+5pJ6wSu00Xi3V8IaLzJpwQf7HWj/aY7CFoKuy3hZ3CqrOzsFRFUs7sxwqqoGWYk4AFddW3SH9B030lci4vJJYbOTxtreNVF5cRn8mVzKIVboQBLjqQRk1H6otmbD57yryx73htI/ijfRG6JVTZojPGkjED0d7oHliYE4IGUB6Fxg4idd0ea0mMU0RicBTtJVgysMo6OhKyIw6hlJB86ufZBrbx3CxrJbwqm?+VspbRXOouu3k6f6TcD1A7kLjcoCmQ9TgVjTB7rT7iCaMpcaU7TQJtKtHbPMI76z2nuSKWRJVB9nMuO+sYVqjamq6CLSdt7dFgevPO0KsBUalcmrDo?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?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?/X0rlxWe0eqCsJ3tLnNK+K5FJVIX1tr5K19ClUKL520212AV8mkJKKtfQFfNC1LBUXZmgb310lvfXTI1RNSFUMlZEswHjUUlwZGJHcThfo8TXN6+EJ92Pt6f76+bP1VB8fAVrqtYveBsF1mU6Ya2dqyyeoHl/f4VuD4MF0V1h0Hc9hLu+lZIip/cftrTtuvX+/3k1s34OF+I9ejB/wA/FNED9Cb1+otEPtrQcraJq6GxTYkmm4/pE/BZminBmNpH+4d5hR3wzOHORrEN0qgLfW2HwMZntdsbn9S8P2GtEmva?/wAK/h30vh2SRVy9jKlwuMZ5f4q4H+yI5d5/ohXik1wHIzH/AFrRjJzZ6h7Mv+JC6vS1Hm8Qem/HPvXFKUrqlrUpSlESlKURKUpREpSlESlKURKUpREpSlESlKURKUpREpSlESlKURKUpREpSlESlKURfplSvIH4UGp/M9M/Z7r+dp+FBqfzPTP2e6/na8N+wWlNzf1LsfTeG3ngvX9K8gfhQan8z0z9nuv52n4UGp/M9M/Z7r+dp9gtKbm/qT03ht54L1/SvIH4UGp/M9M/Z7r+dp+FBqfzPTP2e6/nafYLSm5v6k9N4beeC9f0ryB+FBqfzPTP2e6/nafhQan8z0z9nuv52n2C0pub+pPTeG3ngvSfbBdCLQ7sk+3bmNfpmIiH+OvG14/7sVN8advd/qNryJbexRDIjkww3CuSmdoJe5YbcnPd4CtfS6/I35Mf1Bv4q9i+j/B+hdHvpYn23PLrXEQAL9hXG6eLsbihUp?+yGgX3ySVPGsJjj6jj/wClRf3bf5KfY38VdMmpsTnC/UD/APWuzqaTonKVq2YOoM1Y9N1PJ2EHIHf4EHoD9NZ+cmqZBqTK+4KucYwQcd?+flVlLxBIPyY/sb+KrmH0xTDYqE9Ftit1tHuJlgCtgpVW++ST5Ef6Lfx1x98cnyI/0W/jrJ9NYbeeCsejq3QrYDX1mqj98cnyI/wBFv465++OT5Mf6Lfx1X03ht54Kno2t0cVbia+WNVQcSy?/Jj/Rb+OuDxHJ8mP8ARb+Oh03ht54Knoyt0K15rhjVU++KT5Mf2N/HXH3wyfJj+xv46gdNYfp4KXo2r0K0s1db1Wvvhk+TH9jfx18tr0h/JT7G/iqDtL0Dv4KQ0fVG5SGpS5cL4d7f7l+msmE+P2DyFVsX7bt2FJJ8Qcf313fdh/kp9h/irAp6Qp6xc5ZbsI+AArQjdPp7qtvZLdiLW7NicBbuNSfIMdh/xVq77uyZ9lO7yb+Ku604mljYMqxgqwKna3Qg5B9v3VLF43D16D6JJ9ZpblvEfFWqeEqseHiLEHgV+hurWCXFvJDINyTwyRSr5pKhRx?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" width="305px" alt="public"> Given how often we hear executives advocate share repurchases because of their impact on EPS?and make the occasional argument for taking up debt to execute them?it is value exploring the relationship between buybacks, EPS, and shareholder returns. We’ll begin by analyzing the empirical proof and then have a glance at the logic behind so many selections to repurchase shares. Secondly, the South African regulatory surroundings pertaining to the announcement of share repurchases (especially the 3% rule on open market share repurchases) results in the precise date of share repurchase transactions not always being recognized. Hence, the methodology employed in the present study couldn't use quarterly knowledge (as was employed by Almeida et al. 2016), however only annual data.

An accelerated share repurchase is a share buyback technique where a company repurchases a large chunk of its publicly traded equity shares. Companies depend on specialised investment banks to effectuate the transaction. In a typical ASR transaction, the corporate delivers the cash up entrance to the funding bank and enters right into a forward contract to have its shares delivered at specified future date, adhering to laws. Subsequently, the bank, borrows shares of the corporate, and delivers these shares again to the company. Companies usually have interaction in accelerated share repurchase programs, if they've sure convictions concerning the intrinsic valuation of the corporate or if they have commitments of capital return to shareholders. Growth in financial revenue incorporates each complete earnings growth and return on invested capital. It is recommended that future studies on JSE-listed companies tackle an extended share repurchase interval and in addition handle the attainable endogeneity points pertaining to the identification of unobservable growth opportunities. Performing related studies in other growing countries and in non-US developed nations may also indicate whether or not differing regulatory environments affect the outcomes. Contradictory to world proof, South African share repurchases have a optimistic impact on corporate investment policies. A panel regression evaluation was applied to check the relationship between share repurchases and the funding end result variables. Indeed, there are nonetheless many countries where share repurchases are not allowed and tons of other countries, corresponding to Japan and Germany, that have solely recently relaxed the restrictions on repurchases. During this era, the one broker or dealer requirement nonetheless applies, however an organization is permitted to make Rule 10b-18 purchases utilizing a unique broker or supplier from the one used through the major trading session. However, the company’s purchase is in all probability not the opening transaction of the session following the close of the first buying and selling session.


トップ   編集 凍結 差分 バックアップ 添付 複製 名前変更 リロード   新規 一覧 単語検索 最終更新   ヘルプ   最終更新のRSS
Last-modified: 2023-10-08 (日) 22:42:14 (214d)