UK Only Article:  standard article Issue:  The rise of state capitalism Fly Title:  Buttonwood Rubric:  How executives spend their company’s cash Main image:  20120121_FND002_0.jpg IT IS easy to accept that small investors might be irrational—piling into dotcom stocks in late 1999, for example, or buying half-built Miami condominiums in 2006. But corporate executives are supposed to be “in the know”. That, after all, is why there are such stringent laws against insider dealing. Take share buy-backs. Investors often see a decision by a company to buy back its own shares as a positive indicator. If the executives think the shares are a bargain, everyone else should. In this sectionLosing altitude »Not so smart Volunteers wanted Vienna 2.0 Two twists in the dragon’s tail iPadded The hangover ReprintsRelated topicsBuybacks Business Stockmarkets Dividends Financial markets But are executives any good at market timing? Not according to the calculations of Andrew …

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Buttonwood: Not so smart