Like, it’s not that nothing has been done.
Note, the ratio values are over 0.08 (8%) – the max being 0.080 + 0.025 = 0.105 (10.5%). Graph made with GLE.
Super interesting question ! Also depends on how buybacks are funded! Acharya/Plantin show that lose monetary policy makes financial activities such as buybacks more attractive than investments even if they have positive npv; we have consistent evidence from ECB’s CSPP program https://t.co/5A4edXpAfI