Share Buybacks and Information Asymmetry: Winners and Losers

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This study is the first to examine the effectiveness of existing regulations governing share buybacks in Australia. The results will be important for understanding how domestic capital market regulation affects the international competitiveness of Australian companies through their relative cost of capital. It will also assist in ensuring that capital market integrity is increased through the optimal design of regulation and improved market transparency, and thereby encourage greater participation by investors. The results will assist regulatory agencies in designing market surveillance that identifies signs of insider trading or market manipulation associated with corporate capital management activities.