A share buyback should be stock price neutral at the time it is done - there is no change in the value of the company. Cash goes out the door while also reducing shareholder equity.
Avoiding the shananigans that management play with the buybacks alone is a laudable reason to eliminate them. But the more important reason is they are long term detrimental to the well being of most companies. Funds used to finance a buyback could be otherwise spent on r&d, new products and/or services, hiring better talent, etc.
If the IRR of such activities is so low that a buyback is better, management is very poor or the company has no growth prospects (and possibly entering an end of life period).
Avoiding the shananigans that management play with the buybacks alone is a laudable reason to eliminate them. But the more important reason is they are long term detrimental to the well being of most companies. Funds used to finance a buyback could be otherwise spent on r&d, new products and/or services, hiring better talent, etc.
If the IRR of such activities is so low that a buyback is better, management is very poor or the company has no growth prospects (and possibly entering an end of life period).