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dc.contributor.authorBrown, C
dc.date.available2014-05-21T20:57:18Z
dc.date.issued2007-12-01
dc.identifierhttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000253850600010&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=d4d813f4571fa7d6246bdc0dfeca3a1c
dc.identifier.citationBrown, C. (2007). The announcement effects of off-market share repurchases in Australia. AUSTRALIAN JOURNAL OF MANAGEMENT, 32 (2), pp.369-385. https://doi.org/10.1177/031289620703200210.
dc.identifier.issn0312-8962
dc.identifier.urihttp://hdl.handle.net/11343/27933
dc.descriptionC1 - Refereed Journal Article
dc.description.abstract<jats:p> 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. </jats:p>
dc.languageEnglish
dc.publisherUNIV NEW SOUTH WALES, AUSTR GRAD SCH MANAGEMENT
dc.subjectBanking
dc.subjectFinance and Investment
dc.titleThe announcement effects of off-market share repurchases in Australia
dc.typeJournal Article
dc.identifier.doi10.1177/031289620703200210
melbourne.peerreviewPeer Reviewed
melbourne.affiliationThe University of Melbourne
melbourne.affiliation.departmentFinance
melbourne.source.titleAustralian Journal of Management
melbourne.source.volume32
melbourne.source.issue2
melbourne.source.pages369-385
melbourne.publicationid87312
melbourne.elementsid294595
melbourne.contributor.authorBROWN, CHRISTINE
dc.identifier.eissn1327-2020
melbourne.accessrightsThis item is currently not available from this repository


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