标题: Percent Change in Shares Outstanding [打印本页] 作者: Muddahudda 时间: 2011-7-11 19:11 标题: Percent Change in Shares Outstanding
This may already have been pointed out by others in AF:
For Grinold Kroner:
Guideline answers to q in 2007 exam clarify the term percent change in shares outstanding ( I got it wrong)
Delta S is the expected percent change in shares outstanding (the negative of the
repurchase yield )
So if they mention repurchase yield to be 1% , then - Delta S is 1%. Completely counterintuitive to me , but makes sense now:
Dividends Reduce capital, and hence the opportunities to earn higher returns per share.
Having +ve Repurchase yield means company buying back shares , so it is a net increase of earnings per share , i.e. more returns per share.作者: former 时间: 2011-7-11 19:11
Higher dividend = Higher return ( dividend yield income )
Higher Share Repurchases = Higher return ( Repurchase yield income )
Higher P/E = Higher ( Market confirmation by paying higher P for same E )
Higher inflation = Higher ( Company able to pass on inflation effects and grow)
Higher growth = Higher Return ( growing company)作者: thommo77 时间: 2011-7-11 19:11
ceteris peribus kid, I got it.作者: dyga 时间: 2011-7-11 19:11
i am changing my PS3 login name to Ceter1s Per1bus
