Share repurchases and employee stock options and their implications for S&P 500 share retirements and expected returns
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 1999 - Business & Economics - 23 pages
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38 percent Anne Wilson annual net share boost cash ﬂow cash outﬂow Compustat corporations data on stock dividend payments dividend payout rate dividend yield eamings per share Economics Discussion Series employee option employee stock options equity valuations estimate exercise of employee exercise proceeds exercised options expected value Federal Reserve Board ﬁgures Finance and Economics ﬁnancial ﬁnd ﬁrm’s historical income statement investment issuance from option issued to satisfy Louise Sheiner Monetary Policy number of shares offset option-related issuance outstanding shares pace of share percent annual percent in 1998 percent of eamings percent of market percent of outstanding percent per annum percentage points price-eamings price-earnings ratio proﬁtability recent repurchase shares Repurchases and Employee repurchases and stock retum on equity S&P 500 companies September 1999 share price share repurchases shareholder payouts shares issued shown in row stock option exercises stock prices stock repurchases strike price total market value total payout rate value of option