Not So Smart: How Executives Spend Their Company’s Cash PoorSatisfactoryGoodVery GoodExcellent Be the first. (0 ratings) Log in to rate this article. CFA Digest May 2012 | Vol. 42 | No. 2 | 2 pages Source: CFA InstituteMark A. Harrison, CFA (Reviewer) Read Abstract Recent evidence for S&P 500 Index companies seems to confirm studies that show that companies are bad at timing their share buybacks. Companies are also too optimistic about equity market returns for their pension plans. The result is that company executives are buying back stock when markets are high and underfunding their pension plans based on unrealistic forecasts of equity returns. View more information Topics Equity Investments : Equity Market Valuation and Return Analysis · Special Applications of Fundamental Analysis | Financial Statement Analysis : Analysis of Pensions, Stock Compensation, and Other Employee Benefits Credits · About the CE Program 0 CE (including 0 SER) Record credits Credits recorded Members, log in to record your credits. Manage CE Credits Loading ...