Finance and Economics Discussion Series: Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns by J. Nellie Liang, Steven A. Sharpe, United States Federal Reserve Board

Finance and Economics Discussion Series: Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns

J. Nellie Liang, Steven A. Sharpe, United States Federal Reserve Board

24 pages • first pub 2013 (editions)

challenging informative slow-paced
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We estimate the effects of share repurchases and employee stock option exercises on net share retirements for large S&P 500 companies. We find that, over the past five years, gross repurchases have reduced shares outstanding 2 percent annuall...

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