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Contributions by Agnes Grunfeld


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  1. PAPER

    Taking Stock: Share Buybacks and Shareholder Value 

    Jul 31, 2018 Ric Marshall , Panos Seretis , Agnes Grunfeld

    Investing (Investment Management) , Responsible Investing

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    Contrary to concerns expressed by many observers, we found no compelling evidence of a negative impact from share buybacks on long-term value creation for investors overall. We did find, however, that buybacks can impact long-term investment returns differently for active and index investors. Over the periods we observed, Companies where index investors were the largest shareholders included a much wider range of buyback impacts, good and bad, than companies where the largest shareholders were buy-and-hold investors; on average, total returns for companies where buy-and-hold investor were the largest shareholders were 18% higher than for index investor companies from 2007 to 2016.

  2. PAPER

    Global Pension Study 

    Sep 19, 2017 Agnes Grunfeld

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    Recently reported global pension data for 2016 shows only modest change in funding status from 2015 for the majority of companies. The measure of underfunded pension liabilities to revenues has improved in Japan, but deteriorated somewhat in each of the other developed market regions (North America, Western Europe, and Asia-Pacific ex Japan.) The highest average ratio and largest deterioration are both to be found in North America. The full report details variations in this ratio by country and sector, as well as reporting on key pension assumptions and some trends in the management of pension risks by corporate plan sponsors.