Finance - Research Publications

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    Capital management in mutual financial institutions
    Brown, C ; Davis, K (ELSEVIER, 2009-03-01)
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    The sub-prime crisis down under
    BROWN, C. ; DAVIS, K. ( 2008)
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    The announcement effects of off-market share repurchases in Australia
    Brown, C (UNIV NEW SOUTH WALES, AUSTR GRAD SCH MANAGEMENT, 2007-12-01)
    This paper investigates the price and volume behaviour around the announcement of a type of off-market repurchase (equal access repurchases) in Australia. In contrast to US studies which document abnormal returns of around 8% for off-market repurchases, we find much smaller but significant abnormal returns of around 1.2% on the announcement date for equal access repurchases. The evidence suggests that the abnormal returns are related to the discount-to-market price at which the offer is made (which reflects special taxation arrangements). We also document a dramatic increase in trading volume on the announcement and subsequent day and argue that this trading may be motivated by the level of tax benefits passed on to participating shareholders.
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