When COVID-19 first hit, Australian investors under-reacted. Why? In the weeks following the outbreak of the coronavirus, the Australian market drifted down. Then came the reaction. Dharmendra Naidu Department of Accounting Spotlight on Japan: shareholder activism’s new frontier Shareholder activism is on the rise in notoriously confrontation-averse Japan, with knock-on effects on share prices. Nga Pham Off-market share buybacks: clever schemes or rorts? COVID-19 has effectively put an end to off-market share buyback schemes, as companies look to conserve their cash holdings. It couldn’t come at a better time. Christine Brown Department of Banking and Finance