Latest Breaking News On - Josef lakonishok - Page 3 : comparemela.com

How Companies Pay Shareholders: Are Buybacks Good For Shareholders In The Long Run?  Share   Share Trending Given the dynamics we ve discussed earlier regarding buybacks, it should be no surprise to see that they tend to be additive to performance. Of course, critics acknowledge that buybacks tend to boost short-term prices. How could anyone deny that an increase of buying any asset, ceteris paribus, increases its price? But what critics miss is that gains are not limited to the short run. Buybacks do increase the short-term stock price – but they increase the long-term stock return even more. A seminal paper by David Ikenberry, Josef Lakonishok and Theo Vermaelen found that firms that bought back stock beat their peers by 12.1% over the next four years. While this study was published in 1995 and analyses US firms, a 2018 investigation of 31 countries by Alberto Manconi, Urs Peyer, and Theo Vermaelen finds that this result generally holds worldwide.

Mike weisbachAngelo moziloRodney dangerfieldAlberto manconiMurali jagannathanVivian fangAllen huangJosef lakonishokUrs peyerKatharina lewellenClifford stephensErik lieDavid ikenberryGeorge gilderRobert jacksonTheo vermaelen