This paper represents the most comprehensive study to date of the control impact of stock repurchases, using Japanese data. It analyses the determinants of the three stages of repurchases, their holding in treasury stock or cancellation, and their subsequent resale in the market and to private purchasers. It evaluates the impact of the three stages on share prices and their overall effect on ownership changes. The evidence consistently points to control motivations of repurchases in Japan in response to the collapse of cross holdings during the ‘lost decade’. It stands in marked contrast to the financial motives that drive repurchases in the US and the UK.
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