Buyback excise tax and corporate tax changes. Taxing buybacks shifts payout to dividends and changes the largest bid in the market.
What to watch: Excise rate; expensing rules; global minimum tax. It arrives event, and the effect typically lasts years.
It sits in tier 3 — Flows and mechanics: Moves prices without changing anything fundamental, on horizons from hours to weeks. Who is forced to buy or sell, and when. Ignore this tier and market moves will regularly look inexplicable.
Its neighbourhood
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