Share Buybacks and Information Asymmetry: Winners and Losers

这项研究是第一次考察澳大利亚现有股票回购法规的有效性。这一结果对于理解国内资本市场监管如何通过澳大利亚公司的相对资本成本影响其国际竞争力具有重要意义。它还将有助于确保通过最佳的监管设计和提高市场透明度来加强资本市场的完整性，从而鼓励投资者更多地参与。结果将有助于监管机构设计市场监控，以识别与企业资本管理活动有关的内幕交易或市场操纵迹象。

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.