Venture capital trusts (VCTs) were introduced to provide private equity capital for small expanding companies and to promote innovation. Investors in IPOs are rewarded with tax relief on the cost of lock-up provisions to stabilise the market. This paper examines the market reaction and trading...

Can companies increase the liquidity of their shares through repurchases? On the one hand, the presence of informed insiders increases adverse selection costs; on the other hand, repurchasing firms increase the demand of shares and therefore improves the liquidity. This paper examines the...

With special institutional characteristics and regulatory requirements, what factors can motivate UK closed-end funds to engage in open-market repurchases? Investigating repurchase transactions on financial-year basis, I find that funds repurchase shares to reduce discounts and to increase the...