Studies of share repurchases, or share buy-backs as they are referred to in Australia, have been an important part of financial research. In addition, there is increasing interest in the relationship between legal regulation and finance. In this Research Report, we combine these areas of...

There is growing interest in trying to explain differing corporate ownership structures in different countries. La Porta, Lopez-de-Silanes, Shleifer and Vishny (1998) find that the quality of legal protection of shareholders helps determine ownership concentration: in countries with relatively...

This paper provides the first comprehensive analysis of the dynamic relationships between the South African and major world equity markets during May 1988-May 2000. Using a multivariate cointegration framework and vector error-correction modeling the results indicate that there is a long-run...

Do changes in the legal and regulatory environment of a country affect companies' financing/investment decisions? In this paper, we address this question by examining the market's reaction to announcements of share buybacks in Australia. Before 1989, Australian companies were prohibited from...