Determinants of Share Buyback Policy

Student: Gelashvili Georgy

Educational Programme: Financial Engineering (Master)

Year of Graduation: 2021

This paper is devoted to assessment of the impact of various group factors on the share repurchases for companies being a part of S&P 500 technology sector. Historically, dividend payments were the most popular option for value distribution to shareholders, though recently there has been a steady upward trend in the volume of share repurchases being an alternative to dividends. In particular, the U.S. stock market among S&P 500 index companies experiences a significant increase in buyback volumes - technology companies announce record volumes of buyback programs, which may be supported either by improving operating margins or the stock price movements. Moreover, due to recent COVID pandemic the impact of negative exogenous shocks on buyback program gains high importance.

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