CFOs are good market timers. Is that a bad thing?

There’s no reason long-term investors should be skeptical of corporations that are heavily repurchasing their shares.

That’s because these firms, on average, actually do a decent job of repurchasing more of their shares when their shares are undervalued, according to a new study. Contrary to the widespread narrative that these companies are mortgaging the long-term for a short-term price gain, they more often than not are actually boosting their long-term value.

The…