The Causes and Consequences of Repurchasing Shares
Reynolds Holding
MAY 16, 2022
firms have more than tripled inflation-adjusted dividends, while real share repurchase values have ballooned from $5 billion in 1971 to almost $1 trillion in 2018 and become the dominant form of payout. New research shows that firms do not directly substitute repurchases for dividends; often these payouts complement one another.
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