![](https://clsbluesky.law.columbia.edu/wp-content/uploads/sites/2/2021/03/shilon-e1615305639521.jpg?w=150&h=194&crop=1)
Pay for Destruction: The Executive Compensation Arrangements That Encourage Value-Decreasing Stock Buybacks
We are living through a stock buyback revolution. Over the last decade, the amount that U.S. public firms have spent on buying back stock from their shareholders rose threefold to a record level of roughly $1 trillion in each of …