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| Subject: Stock Buybacks In some countries, including the United States and the United Kingdom, corporations can buy back their own stock in a share repurchase, also known as a stock repurchase or share buyback. There has been a meteoric rise in the use of share repurchases in the U.S. in the past twenty years, from $5b in 1980 to $349b in 2005. A share repurchase distributes cash to existing shareholders in exchange for a fraction of the firm’s outstanding equity. That is, cash is exchanged for a reduction in the number of shares outstanding. The firm either retires the shares or keeps them as treasury stock, available for re-issuance. Under U.S. corporate law there are five primary methods of stock repurchase: open market, private negotiations, repurchase put rights, and two variants of self-tender repurchase, a fixed price tender offer and a Dutch auction. (Wikipedia Feb 2010) Post Modern Security Analysis By John Schroy, on July 7th, 2009 |  Leave a comment  Post Modern Security Analysis calls for facts, not opinions. Collaborative research, not the crowdsourcing of opinion, is required. A tsunami of raw, unanalyzed open source information now overwhelms the market, calling for new tools and new ways to motivate researchers. To this end, Capital Market Wiki has tweaked the Wikipedia model, added a semantic structure and built-in incentives, and has created a system for collaborative investment research. July 7th, 2009 | Print Article |  Email Article |  Topics: Capital Market Wiki, collaborative research, crowdsourcing, efficient market hypothesis, opinion, Post Modern Security Analysis, Standard & Poor's, Stock Buybacks, wiki, Wikipedia | Category: Security Analysis | Leave a comment |  Short urlUS equities: By John Schroy, on June 15th, 2009 | Leave a comment  In Q1 2009, stock buybacks came back, driving up equity prices and sparking a rally by dominating a thin market. These equity repurchases were financed from depreciation reserves and bond issues. The return of financed buybacks in a recession indicates the lack of fiduciary responsibility of US corporate directors. June 15th, 2009 | Print Article | Email Article | Topics: Corporate Governance, SEC Rule 10b-18, Stock Buybacks | Category: Stock Buybacks, featured | Leave a comment | Short urlPost Modern Security Analysis By John Schroy, on May 11th, 2009 | Leave a comment  Security market observes have long noted that investors seem to jump hither and yon, like the synchronized swimming of schools of fish. This phenomenon is given the mathematical term ‘covariance’ and a numerical measure called ‘beta’. Covariance is a central concept in Modern Portfolio Theory, and also in Technical Analysis with the saying ‘the trend is your friend’. May 11th, 2009 | Print Article | Email Article | Topics: beta, covariance, Modern Portfolio Theory, OSINT, Stock Buybacks, systemic risk, Technical Analysis | Category: New Economic Theory | Leave a comment | Short urlFeatured articles on inside pages
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