Share buybacks have returned with a vengeance following the COVID-19 pandemic.[1] The average proportion of buybacks out of aggregate shareholder payouts in 2019-2021 was higher than the historical average during 2005-2019 in the U.S. and Europe.[2] These developments have attracted broad criticism from academics and policymakers, with many seeking to curb share buybacks to reduce the risks of insider trading, market manipulation, the harm to long-term shareholder value, and other concerns.[3]… [read post]