This study explores whether and how controlling and institutional shareholdings shape payout policies. Both shareholdings are significantly associated with payouts consisting of repurchases and dividends. However, the two shareholder groups appear to have divergent preferences on payouts, as...

Chinese firms can suspend trading of their stocks when they announce major events. We find that stock-swap acquirers tend to suspend stock trading after a significant stock price run-up. Suspending bidders show significantly high returns both in the short and long run following the announcement...

We investigated the relation between changes in cash dividend payments, non-public tradable shares, and the percentage of ownership of the controlling shareholder in Chinese firms before and after the Split-share structure reform. We found a significant reduction in cash dividends before and...