{"title":"Share repurchases on trial: Large-sample evidence on share price performance, executive compensation, and corporate investment","authors":"","doi":"10.1111/fima.12440","DOIUrl":null,"url":null,"abstract":"<p>The corresponding author's name is Nicholas Guest, and their e-mail address is nguest@cornell.edu.</p>\n<p>Volume 52, Issue 1, 19–40, article first published online 02 February 2023</p>\n<p>In the article, Figure 1, Figure 2, and Table 1 need to be updated. The correct figures and table should read as follows:</p>\n<figure><picture>\n<source media=\"(min-width: 1650px)\" srcset=\"/cms/asset/a8f5914d-3a97-4792-9871-351dfb83c468/fima12440-fig-0001-m.jpg\"/><img alt=\"Details are in the caption following the image\" data-lg-src=\"/cms/asset/a8f5914d-3a97-4792-9871-351dfb83c468/fima12440-fig-0001-m.jpg\" loading=\"lazy\" src=\"/cms/asset/7d485d0a-7445-48aa-8e90-6d68772c2cde/fima12440-fig-0001-m.png\" title=\"Details are in the caption following the image\"/></picture><figcaption>\n<div><strong>FIGURE 1</strong><div>Open in figure viewer<i aria-hidden=\"true\"></i><span>PowerPoint</span></div>\n</div>\n<div>Aggregate payouts. The top panel of this figure shows aggregate US corporate dividend and repurchase payouts ($ in billions) from 1988 to 2020. The bottom panel is inflation-adjusted using the Consumer Price Index, with 2015 taken as the reference point.</div>\n</figcaption>\n</figure>\n<figure><picture>\n<source media=\"(min-width: 1650px)\" srcset=\"/cms/asset/f2d41421-44a8-4ad2-a079-e137947af74f/fima12440-fig-0002-m.jpg\"/><img alt=\"Details are in the caption following the image\" data-lg-src=\"/cms/asset/f2d41421-44a8-4ad2-a079-e137947af74f/fima12440-fig-0002-m.jpg\" loading=\"lazy\" src=\"/cms/asset/4d5987dc-ee5f-4544-8a34-e913e9d5079f/fima12440-fig-0002-m.png\" title=\"Details are in the caption following the image\"/></picture><figcaption>\n<div><strong>FIGURE 2</strong><div>Open in figure viewer<i aria-hidden=\"true\"></i><span>PowerPoint</span></div>\n</div>\n<div>Payout-to-price ratios. This figure shows average payout-to-price ratios across repurchase portfolios from 1988 to 2020. The “Positive Repurchase” portfolio includes all firms with positive repurchase amounts, and the “All Firms” portfolio includes all firms. The “Small Positive Repurchase” and “Large Positive Repurchase” portfolios are the result of splitting the firms with positive amounts of repurchases based on the median (i.e., below median, and above median) for the year. The “Infrequent Repurchase” and “Frequent Repurchase” portfolios are the result of splitting the firms with positive amounts of repurchases based on whether they repurchase during one or two quarters (i.e., infrequently) or three or four quarters (i.e., frequently) of the year.</div>\n</figcaption>\n</figure>\n<div>\n<header><span>TABLE 1. </span>Aggregate payouts</header>\n<div tabindex=\"0\">\n<table>\n<thead>\n<tr>\n<th colspan=\"7\">Panel A: Nominal values</th>\n</tr>\n<tr>\n<td></td>\n<th colspan=\"2\" style=\"top: 40.5px;\">Dividends</th>\n<th colspan=\"2\" style=\"top: 40.5px;\">Repurchases</th>\n<th colspan=\"2\" style=\"top: 40.5px;\">Market cap</th>\n</tr>\n<tr>\n<th style=\"top: 80.5px;\">Year</th>\n<th style=\"top: 80.5px;\"># of firms</th>\n<th style=\"top: 80.5px;\">Aggregate $ in billions</th>\n<th style=\"top: 80.5px;\"># of firms</th>\n<th style=\"top: 80.5px;\">Aggregate $ in billions</th>\n<th style=\"top: 80.5px;\"># of firms</th>\n<th style=\"top: 80.5px;\">Aggregate $ in billions</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>1988</td>\n<td>1322</td>\n<td>74</td>\n<td>695</td>\n<td>30</td>\n<td>3370</td>\n<td>2122</td>\n</tr>\n<tr>\n<td>1989</td>\n<td>1388</td>\n<td>75</td>\n<td>604</td>\n<td>25</td>\n<td>3437</td>\n<td>2135</td>\n</tr>\n<tr>\n<td>1990</td>\n<td>1356</td>\n<td>77</td>\n<td>687</td>\n<td>26</td>\n<td>3254</td>\n<td>2454</td>\n</tr>\n<tr>\n<td>1991</td>\n<td>1321</td>\n<td>75</td>\n<td>504</td>\n<td>12</td>\n<td>3321</td>\n<td>2460</td>\n</tr>\n<tr>\n<td>1992</td>\n<td>1379</td>\n<td>80</td>\n<td>458</td>\n<td>18</td>\n<td>3672</td>\n<td>2993</td>\n</tr>\n<tr>\n<td>1993</td>\n<td>1423</td>\n<td>84</td>\n<td>493</td>\n<td>18</td>\n<td>4023</td>\n<td>3328</td>\n</tr>\n<tr>\n<td>1994</td>\n<td>1474</td>\n<td>87</td>\n<td>563</td>\n<td>24</td>\n<td>4403</td>\n<td>3703</td>\n</tr>\n<tr>\n<td>1995</td>\n<td>1495</td>\n<td>86</td>\n<td>681</td>\n<td>49</td>\n<td>4592</td>\n<td>4052</td>\n</tr>\n<tr>\n<td>1996</td>\n<td>1466</td>\n<td>92</td>\n<td>736</td>\n<td>45</td>\n<td>4879</td>\n<td>5373</td>\n</tr>\n<tr>\n<td>1997</td>\n<td>1458</td>\n<td>119</td>\n<td>900</td>\n<td>127</td>\n<td>5182</td>\n<td>6384</td>\n</tr>\n<tr>\n<td>1998</td>\n<td>1481</td>\n<td>157</td>\n<td>1110</td>\n<td>154</td>\n<td>5127</td>\n<td>8541</td>\n</tr>\n<tr>\n<td>1999</td>\n<td>1342</td>\n<td>128</td>\n<td>1193</td>\n<td>137</td>\n<td>4790</td>\n<td>10033</td>\n</tr>\n<tr>\n<td>2000</td>\n<td>1216</td>\n<td>124</td>\n<td>1053</td>\n<td>113</td>\n<td>4567</td>\n<td>13562</td>\n</tr>\n<tr>\n<td>2001</td>\n<td>1063</td>\n<td>118</td>\n<td>841</td>\n<td>75</td>\n<td>4097</td>\n<td>12278</td>\n</tr>\n<tr>\n<td>2002</td>\n<td>942</td>\n<td>131</td>\n<td>666</td>\n<td>92</td>\n<td>3635</td>\n<td>9565</td>\n</tr>\n<tr>\n<td>2003</td>\n<td>972</td>\n<td>129</td>\n<td>681</td>\n<td>84</td>\n<td>3528</td>\n<td>7934</td>\n</tr>\n<tr>\n<td>2004</td>\n<td>1110</td>\n<td>152</td>\n<td>562</td>\n<td>131</td>\n<td>3511</td>\n<td>9934</td>\n</tr>\n<tr>\n<td>2005</td>\n<td>1190</td>\n<td>220</td>\n<td>722</td>\n<td>278</td>\n<td>3479</td>\n<td>10886</td>\n</tr>\n<tr>\n<td>2006</td>\n<td>1168</td>\n<td>210</td>\n<td>817</td>\n<td>305</td>\n<td>3458</td>\n<td>11641</td>\n</tr>\n<tr>\n<td>2007</td>\n<td>1150</td>\n<td>253</td>\n<td>890</td>\n<td>471</td>\n<td>3393</td>\n<td>12760</td>\n</tr>\n<tr>\n<td>2008</td>\n<td>1066</td>\n<td>249</td>\n<td>1073</td>\n<td>451</td>\n<td>3158</td>\n<td>13071</td>\n</tr>\n<tr>\n<td>2009</td>\n<td>927</td>\n<td>223</td>\n<td>723</td>\n<td>123</td>\n<td>2891</td>\n<td>8995</td>\n</tr>\n<tr>\n<td>2010</td>\n<td>929</td>\n<td>249</td>\n<td>738</td>\n<td>231</td>\n<td>2904</td>\n<td>10176</td>\n</tr>\n<tr>\n<td>2011</td>\n<td>996</td>\n<td>284</td>\n<td>946</td>\n<td>514</td>\n<td>2836</td>\n<td>12180</td>\n</tr>\n<tr>\n<td>2012</td>\n<td>1049</td>\n<td>293</td>\n<td>951</td>\n<td>381</td>\n<td>2751</td>\n<td>12260</td>\n</tr>\n<tr>\n<td>2013</td>\n<td>1026</td>\n<td>317</td>\n<td>912</td>\n<td>395</td>\n<td>2716</td>\n<td>14219</td>\n</tr>\n<tr>\n<td>2014</td>\n<td>1086</td>\n<td>390</td>\n<td>990</td>\n<td>563</td>\n<td>2787</td>\n<td>17552</td>\n</tr>\n<tr>\n<td>2015</td>\n<td>1118</td>\n<td>432</td>\n<td>1136</td>\n<td>508</td>\n<td>2806</td>\n<td>18956</td>\n</tr>\n<tr>\n<td>2016</td>\n<td>1086</td>\n<td>408</td>\n<td>1114</td>\n<td>424</td>\n<td>2760</td>\n<td>18366</td>\n</tr>\n<tr>\n<td>2017</td>\n<td>1061</td>\n<td>411</td>\n<td>1098</td>\n<td>449</td>\n<td>2736</td>\n<td>20052</td>\n</tr>\n<tr>\n<td>2018</td>\n<td>1054</td>\n<td>436</td>\n<td>1191</td>\n<td>639</td>\n<td>2712</td>\n<td>22992</td>\n</tr>\n<tr>\n<td>2019</td>\n<td>1065</td>\n<td>463</td>\n<td>1264</td>\n<td>571</td>\n<td>2737</td>\n<td>24136</td>\n</tr>\n<tr>\n<td>2020</td>\n<td>1099</td>\n<td>490</td>\n<td>1211</td>\n<td>420</td>\n<td>2835</td>\n<td>25002</td>\n</tr>\n</tbody>\n</table>\n</div>\n<div tabindex=\"0\">\n<table>\n<thead>\n<tr>\n<th colspan=\"7\">Panel B: Inflation-adjusted values</th>\n</tr>\n<tr>\n<td></td>\n<th colspan=\"2\" style=\"top: 40.5px;\">Dividends</th>\n<th colspan=\"2\" style=\"top: 40.5px;\">Repurchases</th>\n<th colspan=\"2\" style=\"top: 40.5px;\">Market cap</th>\n</tr>\n<tr>\n<th style=\"top: 80.5px;\">Year</th>\n<th style=\"top: 80.5px;\"># of firms</th>\n<th style=\"top: 80.5px;\">Aggregate 2015 $ in billions</th>\n<th style=\"top: 80.5px;\"># of firms</th>\n<th style=\"top: 80.5px;\">Aggregate 2015 $ in billions</th>\n<th style=\"top: 80.5px;\"># of firms</th>\n<th style=\"top: 80.5px;\">Aggregate 2015 $ in billions</th>\n</tr>\n</thead>\n<tbody>\n<tr>\n<td>1988</td>\n<td>1322</td>\n<td>148</td>\n<td>695</td>\n<td>60</td>\n<td>3370</td>\n<td>4252</td>\n</tr>\n<tr>\n<td>1989</td>\n<td>1388</td>\n<td>143</td>\n<td>604</td>\n<td>48</td>\n<td>3437</td>\n<td>4082</td>\n</tr>\n<tr>\n<td>1990</td>\n<td>1356</td>\n<td>140</td>\n<td>687</td>\n<td>47</td>\n<td>3254</td>\n<td>4452</td>\n</tr>\n<tr>\n<td>1991</td>\n<td>1321</td>\n<td>131</td>\n<td>504</td>\n<td>21</td>\n<td>3321</td>\n<td>4280</td>\n</tr>\n<tr>\n<td>1992</td>\n<td>1379</td>\n<td>135</td>\n<td>458</td>\n<td>30</td>\n<td>3672</td>\n<td>5056</td>\n</tr>\n<tr>\n<td>1993</td>\n<td>1423</td>\n<td>138</td>\n<td>493</td>\n<td>30</td>\n<td>4023</td>\n<td>5461</td>\n</tr>\n<tr>\n<td>1994</td>\n<td>1474</td>\n<td>139</td>\n<td>563</td>\n<td>38</td>\n<td>4403</td>\n<td>5921</td>\n</tr>\n<tr>\n<td>1995</td>\n<td>1495</td>\n<td>134</td>\n<td>681</td>\n<td>76</td>\n<td>4592</td>\n<td>6303</td>\n</tr>\n<tr>\n<td>1996</td>\n<td>1466</td>\n<td>139</td>\n<td>736</td>\n<td>68</td>\n<td>4879</td>\n<td>8119</td>\n</tr>\n<tr>\n<td>1997</td>\n<td>1458</td>\n<td>176</td>\n<td>900</td>\n<td>188</td>\n<td>5182</td>\n<td>9426</td>\n</tr>\n<tr>\n<td>1998</td>\n<td>1481</td>\n<td>228</td>\n<td>1110</td>\n<td>224</td>\n<td>5127</td>\n<td>12419</td>\n</tr>\n<tr>\n<td>1999</td>\n<td>1342</td>\n<td>182</td>\n<td>1193</td>\n<td>195</td>\n<td>4790</td>\n<td>14275</td>\n</tr>\n<tr>\n<td>2000</td>\n<td>1216</td>\n<td>171</td>\n<td>1053</td>\n<td>156</td>\n<td>4567</td>\n<td>18666</td>\n</tr>\n<tr>\n<td>2001</td>\n<td>1063</td>\n<td>158</td>\n<td>841</td>\n<td>100</td>\n<td>4097</td>\n<td>16436</td>\n</tr>\n<tr>\n<td>2002</td>\n<td>942</td>\n<td>173</td>\n<td>666</td>\n<td>121</td>\n<td>3635</td>\n<td>12603</td>\n</tr>\n<tr>\n<td>2003</td>\n<td>972</td>\n<td>166</td>\n<td>681</td>\n<td>108</td>\n<td>3528</td>\n<td>10222</td>\n</tr>\n<tr>\n<td>2004</td>\n<td>1110</td>\n<td>191</td>\n<td>562</td>\n<td>164</td>\n<td>3511</td>\n<td>12465</td>\n</tr>\n<tr>\n<td>2005</td>\n<td>1190</td>\n<td>267</td>\n<td>722</td>\n<td>337</td>\n<td>3479</td>\n<td>13212</td>\n</tr>\n<tr>\n<td>2006</td>\n<td>1168</td>\n<td>247</td>\n<td>817</td>\n<td>359</td>\n<td>3458</td>\n<td>13687</td>\n</tr>\n<tr>\n<td>2007</td>\n<td>1150</td>\n<td>289</td>\n<td>890</td>\n<td>538</td>\n<td>3393</td>\n<td>14587</td>\n</tr>\n<tr>\n<td>2008</td>\n<td>1066</td>\n<td>274</td>\n<td>1073</td>\n<td>496</td>\n<td>3158</td>\n<td>14390</td>\n</tr>\n<tr>\n<td>2009</td>\n<td>927</td>\n<td>246</td>\n<td>723</td>\n<td>136</td>\n<td>2891</td>\n<td>9938</td>\n</tr>\n<tr>\n<td>2010</td>\n<td>929</td>\n<td>271</td>\n<td>738</td>\n<td>251</td>\n<td>2904</td>\n<td>11061</td>\n</tr>\n<tr>\n<td>2011</td>\n<td>996</td>\n<td>299</td>\n<td>946</td>\n<td>542</td>\n<td>2836</td>\n<td>12834</td>\n</tr>\n<tr>\n<td>2012</td>\n<td>1049</td>\n<td>302</td>\n<td>951</td>\n<td>393</td>\n<td>2751</td>\n<td>12656</td>\n</tr>\n<tr>\n<td>2013</td>\n<td>1026</td>\n<td>323</td>\n<td>912</td>\n<td>402</td>\n<td>2716</td>\n<td>14466</td>\n</tr>\n<tr>\n<td>2014</td>\n<td>1086</td>\n<td>390</td>\n<td>990</td>\n<td>564</td>\n<td>2787</td>\n<td>17573</td>\n</tr>\n<tr>\n<td>2015</td>\n<td>1118</td>\n<td>432</td>\n<td>1136</td>\n<td>508</td>\n<td>2806</td>\n<td>18956</td>\n</tr>\n<tr>\n<td>2016</td>\n<td>1086</td>\n<td>403</td>\n<td>1114</td>\n<td>419</td>\n<td>2760</td>\n<td>18137</td>\n</tr>\n<tr>\n<td>2017</td>\n<td>1061</td>\n<td>397</td>\n<td>1098</td>\n<td>434</td>\n<td>2736</td>\n<td>19389</td>\n</tr>\n<tr>\n<td>2018</td>\n<td>1054</td>\n<td>412</td>\n<td>1191</td>\n<td>603</td>\n<td>2712</td>\n<td>21702</td>\n</tr>\n<tr>\n<td>2019</td>\n<td>1065</td>\n<td>429</td>\n<td>1264</td>\n<td>529</td>\n<td>2737</td>\n<td>22376</td>\n</tr>\n<tr>\n<td>2020</td>\n<td>1099</td>\n<td>449</td>\n<td>1211</td>\n<td>385</td>\n<td>2835</td>\n<td>22897</td>\n</tr>\n</tbody>\n</table>\n</div>\n<div>\n<ul>\n<li><i>Note</i>: Panel A of this table shows the number of US public firms making dividend and repurchase payouts as well as aggregate dividend and repurchase payouts ($ in billions) from 1988 to 2020. We also present the number of firms in our sample as well as the aggregate equity market capitalization of the firms in our sample for comparison. Panel B shows the amounts after inflation-adjusting using the Consumer Price Index, with 2015 taken as the reference point.</li>\n</ul>\n</div>\n<div></div>\n</div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"32 1","pages":""},"PeriodicalIF":2.9000,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Financial Management","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/fima.12440","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
The corresponding author's name is Nicholas Guest, and their e-mail address is nguest@cornell.edu.
Volume 52, Issue 1, 19–40, article first published online 02 February 2023
In the article, Figure 1, Figure 2, and Table 1 need to be updated. The correct figures and table should read as follows:
FIGURE 1
Open in figure viewerPowerPoint
Aggregate payouts. The top panel of this figure shows aggregate US corporate dividend and repurchase payouts ($ in billions) from 1988 to 2020. The bottom panel is inflation-adjusted using the Consumer Price Index, with 2015 taken as the reference point.
FIGURE 2
Open in figure viewerPowerPoint
Payout-to-price ratios. This figure shows average payout-to-price ratios across repurchase portfolios from 1988 to 2020. The “Positive Repurchase” portfolio includes all firms with positive repurchase amounts, and the “All Firms” portfolio includes all firms. The “Small Positive Repurchase” and “Large Positive Repurchase” portfolios are the result of splitting the firms with positive amounts of repurchases based on the median (i.e., below median, and above median) for the year. The “Infrequent Repurchase” and “Frequent Repurchase” portfolios are the result of splitting the firms with positive amounts of repurchases based on whether they repurchase during one or two quarters (i.e., infrequently) or three or four quarters (i.e., frequently) of the year.
TABLE 1. Aggregate payouts
Panel A: Nominal values
Dividends
Repurchases
Market cap
Year
# of firms
Aggregate $ in billions
# of firms
Aggregate $ in billions
# of firms
Aggregate $ in billions
1988
1322
74
695
30
3370
2122
1989
1388
75
604
25
3437
2135
1990
1356
77
687
26
3254
2454
1991
1321
75
504
12
3321
2460
1992
1379
80
458
18
3672
2993
1993
1423
84
493
18
4023
3328
1994
1474
87
563
24
4403
3703
1995
1495
86
681
49
4592
4052
1996
1466
92
736
45
4879
5373
1997
1458
119
900
127
5182
6384
1998
1481
157
1110
154
5127
8541
1999
1342
128
1193
137
4790
10033
2000
1216
124
1053
113
4567
13562
2001
1063
118
841
75
4097
12278
2002
942
131
666
92
3635
9565
2003
972
129
681
84
3528
7934
2004
1110
152
562
131
3511
9934
2005
1190
220
722
278
3479
10886
2006
1168
210
817
305
3458
11641
2007
1150
253
890
471
3393
12760
2008
1066
249
1073
451
3158
13071
2009
927
223
723
123
2891
8995
2010
929
249
738
231
2904
10176
2011
996
284
946
514
2836
12180
2012
1049
293
951
381
2751
12260
2013
1026
317
912
395
2716
14219
2014
1086
390
990
563
2787
17552
2015
1118
432
1136
508
2806
18956
2016
1086
408
1114
424
2760
18366
2017
1061
411
1098
449
2736
20052
2018
1054
436
1191
639
2712
22992
2019
1065
463
1264
571
2737
24136
2020
1099
490
1211
420
2835
25002
Panel B: Inflation-adjusted values
Dividends
Repurchases
Market cap
Year
# of firms
Aggregate 2015 $ in billions
# of firms
Aggregate 2015 $ in billions
# of firms
Aggregate 2015 $ in billions
1988
1322
148
695
60
3370
4252
1989
1388
143
604
48
3437
4082
1990
1356
140
687
47
3254
4452
1991
1321
131
504
21
3321
4280
1992
1379
135
458
30
3672
5056
1993
1423
138
493
30
4023
5461
1994
1474
139
563
38
4403
5921
1995
1495
134
681
76
4592
6303
1996
1466
139
736
68
4879
8119
1997
1458
176
900
188
5182
9426
1998
1481
228
1110
224
5127
12419
1999
1342
182
1193
195
4790
14275
2000
1216
171
1053
156
4567
18666
2001
1063
158
841
100
4097
16436
2002
942
173
666
121
3635
12603
2003
972
166
681
108
3528
10222
2004
1110
191
562
164
3511
12465
2005
1190
267
722
337
3479
13212
2006
1168
247
817
359
3458
13687
2007
1150
289
890
538
3393
14587
2008
1066
274
1073
496
3158
14390
2009
927
246
723
136
2891
9938
2010
929
271
738
251
2904
11061
2011
996
299
946
542
2836
12834
2012
1049
302
951
393
2751
12656
2013
1026
323
912
402
2716
14466
2014
1086
390
990
564
2787
17573
2015
1118
432
1136
508
2806
18956
2016
1086
403
1114
419
2760
18137
2017
1061
397
1098
434
2736
19389
2018
1054
412
1191
603
2712
21702
2019
1065
429
1264
529
2737
22376
2020
1099
449
1211
385
2835
22897
Note: Panel A of this table shows the number of US public firms making dividend and repurchase payouts as well as aggregate dividend and repurchase payouts ($ in billions) from 1988 to 2020. We also present the number of firms in our sample as well as the aggregate equity market capitalization of the firms in our sample for comparison. Panel B shows the amounts after inflation-adjusting using the Consumer Price Index, with 2015 taken as the reference point.
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Financial Management (FM) serves both academics and practitioners concerned with the financial management of nonfinancial businesses, financial institutions, and public or private not-for-profit organizations.
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