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Cut the Pay-Out, Boost the Buy-Back?

The pros and cons of dividend pay-out reductions and stock repurchase programs in uncertain economic times.
Fortnightly Magazine - October 15 2002
  1. Spring 2000.
  2. See Stanley Block, "A Study of Financial Analysts: Practice and Theory," Financial Analysts Journal, July/August 1999.
  3. A negative correlation indicates that companies with lower payout ratios have a higher percent of institutional ownership and that companies with higher payout ratios have a lower percent of institutional ownership, other things being equal. The interpretation of this analysis is somewhat confounded by the fact that some institutions have tax-free investment accounts, while others do not.
  4. John McKinnon, "Bush Endorses Tax-Law Changes Intended To Boost Jittery Investors," The Wall Street Journal, August 14, 2002, p. A4.

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