EBay has recently announced its first ever dividend payment. Please answer the following using the yearly financial statements of EBay.

a) Draw two graphs to show the amount spent on repurchasing and the percentage change in the amount spent on repurchasing from 2011 to 2018. What can you comment from these graphs?

b) What might be the reason for not spending any amount on share repurchases in 2008? Was this a good decision?

c) Calculate the stock return for the 5-day period (between Jan 29 and Feb 05) following the announcement of dividend initiation.

d) Does this price movement following the announcement of dividend initiation conform to any theories?

e) What has been the impact of buyback on number of shares outstanding from 2006 onwards? Draw a graph to illustrate this.

f) What were the amount of buybacks authorized by the board for year 2017-2019? This can be found in the 10K statement.

g ) How has the EPS (Basic EPS, GAAP) changed as a result of buybacks from 2006 onwards? Draw a graph to illustrate this.

h) Was it justified for EBay to initiate dividend payment? Try to answer this with the help of the financial statements and ratio analysis (all 4 major groups of ratios can be used for this).