Buyback and lost targets

[GUnit]

If I have a skulking ghost in play and my opponent targets it with capsize, paying the buyback, where does the capsize end up, in my opponent's hand or his graveyard? My initial thought is that the ghost's trigger resolves, he dies and then when the capsize tries to resolve it no longer has a target and is countered, heading to my opponent's graveyard. Is this correct?

For reference, here are the oracle texts for the two cards:

Skulking Ghost
Oracle text: Flying
When Skulking Ghost becomes the target of a spell or ability, sacrifice it.

Capsize
 Buyback 3 (You may pay an additional 3 as you play this spell. If you do, put this card into your hand as it resolves.)
Return target permanent to its owner's hand.

[andrewpate]

That is correct.  Buyback is part of the effect of the spell, and a spell countered on resolution does not have any of its instructions followed.  It's exactly the same as when someone sacrifices the land targeted by an entwined Reap and Sow and his or her opponent does not search for a land.

[GUnit]

Thanks!