This paper examines the effects that bank relations have on stock repurchases in Japan. Similar to US evidence, we find that stock repurchase announcements in Japan have positive announcement period returns. Announcement returns are positively related to equity ownership by main banks, but are...

We study CEO successions in China and focus on the decision to appoint outsiders as CEOs. In doing so, we also differentiate our sample into SOEs (state-owned enterprises) and non-SOEs. We find that firm-specific factors can predict external successions for SOEs, but not for non-SOEs. Further,...

This paper introduces the Journal of Multinational Financial Management's special issue on financial management in China. We provide a brief literature review of China's financial management policies, practices, and recent research findings, and describe how papers published in this special...

We first extend Baker and Wurgler's (2004a) catering theory of dividends to share repurchases. Consistent with the notion that firms cater to investor demand for share repurchases, we report evidence that the market's time-varying repurchase premium positively affects firms' choice to repurchase...