Seminar Listing

Is There Alpha in Stock Buybacks? A Case Study

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Friday, December 5 from 3:30 to 4:30 in Room 552; Refreshments 3:00 in Room 502
Abstract: Stock buybacks programs are a hot topic, as listed companies among the largest net purchasers in today's market. We will explore the mechanics of stock buyback programs, and consider their role in the context of management activities. But what are the performance implications for investors? How might we build an investment strategy to capture the alpha (if any)? What are the processes for collecting relevant market data, and what are the barriers to high-quality output?
Speaker: David Krein, Head of Research, MarketAxcess
Bio: David Krein is Head of Research for MarketAxess, the leading electronic bond trading platform. He plays a leading role in evaluating market microstructure, developing new trading capabilities and data products, and understanding client transaction costs and best execution metrics.Previously, he was Head of Research for Nasdaq Global Indexes and Senior Director of Product Development and Analytics for Dow Jones Indexes. In those roles, David led the research and development of new and existing indexes across asset classes, which were used as benchmarks for a wide array of active and passive investment funds globally.Prior to Dow Jones Indexes, Mr. Krein was president of DTB Capital, a firm he founded in 2006 to develop indexes and structured investment products for derivatives exchanges and the over-the-counter marketplace. Before establishing DTB Capital, Mr. Krein spent more than 10 years in various trading, structuring and technology positions at leading investment banks, including UBS and Merrill Lynch. ​​Mr. Krein earned an MBA with Honors from The University of Chicago and a bachelor’s degree in mechanical engineering with Distinction from Cornell University. In 2013, Mr. Krein wrote and taught “Indexing and ETFs,” the first-of-its-kind class focused on these markets, at Rutgers Business School where it was cross-listed for both MBA and Master of Quantitative Finance programs.