In this paper, we examine returns in the Chinese A and B stock markets for evidence of calendar anomalies. We find that both cultural and structural (segmentation) factors play an important role in influencing the pricing of both A- and B-shares in China. There is some evidence of a February...

Overseas on-market share buybacks are buybacks by domestic firms conducted wholly or partly on a foreign exchange. Compared with a 2.3 percent average abnormal market response on announcement for domestic buybacks, we find a significantly lower 0.7 percent response for overseas buybacks....

We use the high disclosure environment for on-market buybacks in Australia to investigate whether detailed disclosure is valuable. We find that company type, buyback duration, and management motivation are all valuable signalling elements in the announcement event. These variables, which are not...

Price clustering is the tendency of prices to be observed more frequently at some numbers than others. It results from human bias and from haziness or imprecise beliefs about underlying value. To many Chinese, the number quot;8quot; is salient because it is considered quot;luckyquot;, while...

Forty-four companies are identified as having conducted 67 buy-backs since legislation permitting this procedure was introduced in November 1989. This paper compares and contrasts potential relative to provided motivations of Australian listed companies effecting share buy-backs over the period...