One aspect of this paper is an in-depth analysis justifying and calculating the GIA factor, which was originally described in Peltier 2002, which is also cited by the CU sea level group.
Analysts studying companies buying back their own stock will also factor into their analysis that future earnings will now be spread over a smaller share count, thereby increasing the per-share earnings the remaining shares will enjoy, versus what that same number would have been absent the stock buyback activity.