FYI: In their famous 1961 paper, “Dividend Policy, Growth, and the Valuation of Shares,” Merton Miller and Franco Modigliani theorized that investors should be indifferent about whether they receive distributions via dividends or buybacks, as well as how they participate in a buyback (either by receiving cash from tendering their shares or by receiving an increased proportion in the company
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/swedroe-dont-underestimate-buyback-power
