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Treasury stock is a stock that has been reacquired by the issuing company. The issuing company often repurchases its own stocks on the open market in order to reduce the number of shares outstanding. This can be a benefit to remaining shareholders because it increases the value of shares owned. On the other hand, a company may conduct a buyback in order to improve its financial ratios, which is not in best interest of existing shareholders.
Treasury stocks are not included in shares outstanding calculation, do not pay dividends and bears no voting rights.