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Zirui Song

Zirui Song is a second-year PhD student in Accounting at MIT Sloan. Prior to joining MIT Sloan, Zirui worked as a research professional at Chicago Booth. Zirui holds a bachelor’s degree in mathematics, economics, and statistics from the University of Chicago.
Regulation

Why Stock Buybacks Increase Financial Stability in Banking

S.P. Kothari
New research from SP Kothari, Hamid Mehran and Zirui Song argues that share buybacks - rather than traditional dividends - may actually be safer for financial stability since they offer banks more flexibility and don't signal distress when reduced. The authors show that while dividends create pressure for consistent payments and industry-wide ripple effects when cut, buybacks allow banks to adjust their capital distribution to the present circumstances.

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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.