Fig. 2.

Estimated value of total shareholder returns relative to net income, as well as capital expenditure and research and development expenditure, for US-listed corporations, 1982–2021. Source: Compustat North America via Wharton Research Data Services. 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 + common dividends paid