Harvard Corporate Governance

MAY 5, 2023

The release points out that share repurchases could be “conducted to increase management compensation or to affect various accounting metrics,” rather than to increase firm value. [1] To the contrary, they enable companies to return excess cash to shareholders with greater tax-efficiency than dividends. [2]

Dividends 261

Dividends Firm Value Equity 261

Musings on Markets

MAY 20, 2022

Inflation and Value When in doubt about how any action or information plays out in value, I find it useful to go back to value basics, and trace out the effects of that action/information on value drivers.

Price to Book 96

Price to Book Dividends Beta Equity 96

Musings on Markets

JANUARY 5, 2024

I have also developed a practice in the last decade of spending much of January exploring what the data tells us, and does not tell us, about the investing, financing and dividend choices that companies made during the most recent year. Dividends and Potential Dividends (FCFE) 1. Dividend yield & payout 3. Buybacks 2.

Dividends 98

Dividends Risk Premium Equity Book Value 98

Musings on Markets

JANUARY 6, 2023

At the company-level, I provide data on risk, profitability, leverage and dividends, broken down by industry-groups, to be used in both corporate finance and valuation. Standard deviations in equity and firm value 4. Financing Flows Accounting Returns Dividends & Ownership Risk Premiums 1. Cost of Debt 2.

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52