Aswath Damodaran on the Future of Business Education
Masters in Business
The Tax Efficiency of Buybacks
Last year, 67% of all cash return by companies took the form of buybacks. A trillion dollars was returned in the form of buying back shares compared to five hundred and fifty billion dollars in dividends. The shift away from dividends has been noticeable over the last four decades. It is less tax efficient now than it was in 1981 when you got dividends at 70%.
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