Oct

16

There is an ETF that invests in buyback companies. It is PowerShares Buyback Achievers Portfolio (PKW )

The following are regression stats for daily change PKW vs daily change SPY, from PKW inception 12/2006:

.                 Intercept SPY change

Coefficients      -0.0002    0.8596

Standard Error     0.0003    0.0169

t Stat            -0.8081    50.7573

Conclusion: Alpha slightly negative (N.S) with beta of 0.85.

Either the buyback anomaly has been arbed away, or the market is playing one of its dirty tricks.


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