We estimate positive and significant wealth transfers from individuals to institutions following a share repurchase. It appears that institutional investors are informed shareholders that use share repurchases as an opportunity to magnify the effect of their informational advantage over...

Unpaid chairpersons prioritize other stakeholders resulting in shareholder wealth loss. Using a sample of Chinese listed firms from 2005 to 2018, we find that firms who have chairpersons that they do not directly pay, underperform counterparts with paid chairpersons. The results are robust after...