[vimota]

OSAM has a great data-driven analysis of this question and end up on the other side in the conclusion: https://www.osam.com/pdfs/whitepapers/_2_Commentary_Buybacks...

[entee]

So many problems with this analysis. 1.) main paper cited is from 2006, 2.) article is from 2016 3.) much of the data is older, several plots go to 2014 4.) almost no analysis that looks at long term profile of companies that do this over and over