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Stockholder Distribution Decisions: Share Repurchases on Dividends?

Published online by Cambridge University Press:  19 October 2009

Donald H. Woods  and
Eugene F. Brigham
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Extract

In recent years, corporations have repurchased increasing amounts of their own common shares. The dollar value of repurchases increased from approximately $600 million in 1960 to $1.7 billion in 1964. To put these figures in better perspective, corporate repurchases were more than 50 percent of the net purchases of pension funds and twice the net purchases of mutual funds. From the viewpoint of the individual company, General Motors is a. striking example. Repurchases by General Motors accounted for over 20 percent of the total trading volume in that stock in 1963.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 1 , Issue 1 , March 1966 , pp. 15 - 26
Copyright
Copyright © School of Business Administration, University of Washington 1966

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References

1)Brigham, Eugene F. “The Profitability of a Firm's Purchase of Its Own Common Stock,” California Management Review, Winter 1964, pp. 69–76.CrossRefGoogle Scholar
2)Ellis, Charles D. “Repurchase Stock to Revitalize Equity,” Harvard Business Review, August 1965, pp. 119–128.Google Scholar
3)Guthart, Leo A. “More Companies are Buying Back Their Stock,” Harvard Business Review, April 1965, pp. 40–53.Google Scholar
4)Lintner, John. “Distributions of Incomes Among Dividends, Retained Earnings, and Taxes,” American Economic Review, May 1956, pp. 97–113.Google Scholar