While share buybacks in the classical perfect markets context are well understood, tax rules often distort the wealth transfer in non-obvious ways. Unique Australian tax rules for off-market share buybacks allow buyback participants to receive tax credits and reduced capital gains tax. These...

The extensive literature on target characteristics predominantly focuses on takeover likelihood; or, given the event of a bid, the likelihood of the success of a bid. This study endeavours to shed light on the role of the CEO around takeover activity, and the influences on the target board's...