Wealth transfers in off-market repurchases: institutional ownership influence and governance

Lawler, Thomas (2010). Wealth transfers in off-market repurchases: institutional ownership influence and governance Honours Thesis, UQ Business School, The University of Queensland.

       
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Author Lawler, Thomas
Thesis Title Wealth transfers in off-market repurchases: institutional ownership influence and governance
School, Centre or Institute UQ Business School
Institution The University of Queensland
Publication date 2010-11-22
Thesis type Honours Thesis
Supervisor Karen Alpert
Irene Tutticci
Total pages 100
Language eng
Subjects 1502 Banking, Finance and Investment
Abstract/Summary The inequitable distribution of the wealth created in equal access off-market repurchases creates a unique setting to examine influence of institutional ownership and internal governance. The following research derives a pricing model to quantify the wealth transfers between participating and non-participating shareholders in Australian equal access off-market repurchases. Prior pricing models have been inadequately specified to capture the nuances of the Australian setting. The magnitude of the wealth transfer is then analysed to examine the sensitivity of companies to institutional investors’ influence and their governance mechanisms. Principal components analysis is performed to develop unbiased factors of governance that capture the natural variation in the underlying variables. This thesis finds a positive association between the wealth transfer to the marginal participating institutional shareholder and the influence of institutional ownership. This result extends the body of literature that documents the sensitivity of corporate financial policy decisions to shareholders’ tax positions.

 
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Created: Mon, 16 Jul 2012, 13:32:50 EST by Karen Morgan on behalf of UQ Business School