This report updates and expands earlier studies to look at the profitability of $349.7 billion of buybacks executed from 2000 through early 2010 by a sample of 275 corporations. The sample companies, drawn mainly from the technology sector, enjoy total equity market value today of $945.6...

National Semiconductor states that its stock repurchase program's goal is to contribute to increasing the firm's return on invested capital for the benefit of shareholders and employees. Which measure of return on capital is National watching? A review of four return on capital ratios suggest...

This report expands through early 2011 studies of the raw performance (profitability) of $383.5 billion of buybacks executed since 2000 by a sample of 252 corporations. The sample companies, drawn mainly from the technology sector, enjoy total equity market value today of $1.240 trillion. 69.8%...

This report expands into early 2013 studies of the raw performance (profitability) of $457.6 billion of buybacks executed since 2000 by a sample of 232 corporations. The sample companies, drawn mainly from the technology sector, enjoy total equity market value today of $1.221 trillion. 75.0% of...

Columbia University's Center for Excellence in Accounting and Security Analysis (CEASA) recently distributed Stephen Penman's June 2009 paper, “Accounting for Intangible Assets: There is Also an Income Statement”. Penman acclaims accounting's “brilliance” and provides a reasoned argument...

Few purely financial decisions rival stock repurchase programs in their bearing on the well-being of shareholders. Absent better financial reports on buybacks, an occasional tally of results seems appropriate. The current “Monitor” extends an earlier study back to 2000 to look at...

Shareholder interests diverge from management (and employee) option holders' on use of corporate cash for reinvestment, dividends, and buybacks. If options equal 25% of shares, shareholders/option holders in theory quot;contractquot; to split future stock profits 80/20. Dividends, however,...

In 2013-2017, Apple entered into 12 accelerated stock repurchase agreements (“ASR's”) through which it repurchased, split adjusted, 693.3 million shares at $102.41 apiece for a total of $71.0 billion. Apple paid $4.023 billion (6.01%) more than if it had just made open market repurchases in...

The case of Evergreen Solar (ESLR) suggests counterparty risk exposure be added to the litany of misgivings on the economic efficiency, absolute performance, and governance conflicts of ASRs. Evergreen Solar in July 2008 issues a convertible, enters into an offsetting, broker-backed long...