[Pen-l] stock buy backs

["Perelman, Michael" <MPerelman@xxxxxxxxxxxx>]

On Monday the Wall Street Journal made the point I was trying to make

The main advantage buybacks are said to have over dividends is their
inherent flexibility. For many investors, dividends are sacrosanct.
Buybacks, however, are viewed more like discretionary bonuses. Oil
companies such as Exxon Mobil have hoovered up stock in recent years,
rather than boosting dividends to a similar degree, for fear of tying
themselves into an unsustainable payout when energy prices fall.


Michael Perelman
Economics Department
California State University
michael at ecst.csuchico.edu
Chico, CA 95929
530-898-5321
fax 530-898-5901
www.michaelperelman.wordpress.com
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