Management choice of buyback method: Australian evidence
作者： Christine Brown , Daniel Norman
DOI: 10.1111/J.1467-629X.2010.00349.X
关键词:
摘要: This study investigates management choice of repurchase method for large Australian industrial companies from 1997 to 2007. We show that managers favour off-market buybacks distribute excess franking credits shareholders when the buyback is larger and firm generating more cash. On-market are likely undervalued. These findings have implications understanding how corporate approach decision, impact taxes on financial policy, transaction costs can influence between an on-market buyback.
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