





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 
 
 
 
 
 
 
 
 


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 




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            
            
            
           


   





          
           


            
         

            

            




  
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




 


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    


 



            



           

          


          




 
           


  +         
 =    =  +  
   


              
            

 



∞
[  ] ∞  
 =   = 
 +   )   +   ) 
 = =





     
              

1                      


2
 





           
               
















 
             
             
            

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

            




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 
  
             
              

             



2                 


3
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




 




 





    
    
    

               
         



    
    
    

 

           




    
    
    

 

           


 

           

4
 



            
              


 


            


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    
    
    
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 

            
         

 


             
             

  

           


          


               

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
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



3 

5
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





               



D
ke = 1 + g 
P0







             


    
  =    =  
         

  
              

             
              






 

          


           


4 



6
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


 
             
         

           

             
           
               
         

 




 




            
                
            
         

              
           
        


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
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               

              


6 

 


7
 





               




 
              

            
             


  
   
  
  
  
  
  
  
  


 
                 
 

                   
             
            



          

             


             


             

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


             

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





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
               


            
          
           
             
          
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          


          
    




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  

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7                 
           


9
 



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
            
    
             




 


            

         


           

 

               


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
             





           

 


           
       

                 
             
             



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





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                 

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

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





            


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


              


            

             
          
          

       

            





              



 
           






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



          

           
            
              
            
         



 



             




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



           
              

 





          

          
          
            

             
             
          

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 



             

           
              

 



 



           



          


 
          


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







          




 

               
          

8              
              
          


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



            
         
            

          
            

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



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



             




 


         




 
          

         
              
             


9              


15
 





 
  


  
             
           

         

λ


βΔΔλ

            
           β    
ΔΔ

λ

             
           
             

 

λ

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          



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







            


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            
           
            


            

 
 


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





 

             

          
           
              



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              



12              


17
 






             



           
             

 

           

             
          
             

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 
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



       

      
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
          





            

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
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




          

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
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

           


 



13 
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

 
            

           

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


 
          
             


            
           
            



        







            

           


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




            

        

             




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 



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




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 


            

 

              

            

      
           


            



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14 


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






          
 
               
          

 



             

           
           
             
           

        


 



            


 

             



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






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













 
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ΔDt = α + β (b x BPAt – Dt-1) + εt
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Δ
β


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ΔDt = α + β1 x Dt-1+ β2 x BPAt + εt

   β1= - β y β2 = β          





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

         
            
            

            



             






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




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




              
            

             
           

           
         
             
           

 
            

            






              

 





          
         




               


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


          


             

            







 


            

 
             

 
             
           



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
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

           
           

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






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



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
          

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 


 
           


 
   
  
 
  

 

            
              

           




 




            




              







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



           
           
             
         

 
           





 



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            


           
            

           

          

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         


           
   



             



21           


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


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

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
           

           
           





          
         

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
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 

  


         
            
        
            



 


           

 




22 
                


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




           




        
          
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 


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           


               



             





             











           




 

23 Según Christine Jolls de la Harvard Law School, citada en The Economist “Share buybacks. A popular
option”. 25 de abril de 1998 pág.: 92

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

            



            

              

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



           

            


           



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      
                 


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




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               
                



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    
    
      
      
      
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





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               
               

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



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     






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

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               

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

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                



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



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


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b. 1,1125 millones €

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