Fig. 1

Estimated value of open market share buybacks and dividends made by US-listed corporations in USD billion, 1982–2021. Source: Compustat North America via Wharton Research Data Services. Values in constant 2021 USD. Estimated annual value of ‘open market’ share buybacks = value of common and preferred stock purchases made minus the calculated reduction in the net value of preferred stocks outstanding (when a positive value). Total shareholder returns = open market share buybacks + dividends (common) paid