The Great Buyback Boom Of '93Jeffrey M. Laderman
Back in the 1980s, it was a defensive move. Many companies bought back big chunks of their stock--often with borrowed money--as a way to keep the shares away from unfriendly takeover types. But the demise of the dealmeisters in the early 1990s made buybacks less urgent. The recession forced Corporate America to focus on shrinking debt, not equity.
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