Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 15 of 15 for “"Share Repurchase"”.
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Do Strategic Share Repurchase Programs Create Long-Run Firm Value
… in the paper do not support the theories that share repurchase programs are related to management signaling an increase in a firm's long-run performance in the market. Contrary to the hypothesized relationships, mean values of Tobin's Q were found to be slightly higher in the non-repurchasing …
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The buyback anomaly and using the undervaluation index on the Johannesburg Stock Exchange
… following the announcement of an open market share repurchase. 454 share repurchases across 160 companies were included in the total sample over the period January 2003 to December 2021. Using event study methodology, the buyback anomaly survives the recently developed Fama and French …
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An analysis of the requirements for the imposition of securities transfer tax with specific focus on the securities transfer tax consequences of a repurchase of uncertificated shares
… on a transaction involving an uncertificated share in the absence of registration of that share in the transferee’s name in accordance with the requirements of the Companies Act, 2008, even if that transaction results in a ‘change in beneficial ownership’ in that share. This is due to the fact …
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Three essays in corporate finance
… opening. In the second essay, Are Open Market Share Repurchase Programs Really Flexible, I show that open market share repurchase programs are not as flexible as expected, utilizing the financial crisis and predetermined variation in program ending dates. Firms with share repurchase programs …
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Open Market Share Repurchases in Europe: A Cross Country Analysis
This thesis addresses the topic of open market share repurchases in Europe over the period 1997 to 2006. This thesis strives to document and clarify the managerial motives as well as the market perception and respective reaction to open market share repurchases, in a cross country framework. …
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Optimal capital structure and share repurchases: a case study of Anglo American Plc
… 2006, AAL adopted and implemented its first share repurchase program, which continued up until its suspension in 2008. While management stated that share repurchases would only be done in the interest of shareholders, the repurchase program was disastrous for shareholder value. Management …
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The Effects of Taxation on Corporate Investment and Financial Policy
… Also analyzed is a legal constraint on share repurchase and the effect of taxing capital gains at realization on investment policy. In addition, the effects of taxation on a firm's financial policy are studied.
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Essays in Corporate Equity Transactions
… lockups, which restrict sales by pre-IPO shareholders. We improve upon the methodology for testing theory related to lockup length through the use of a multinomial logit as well as explore the reasons for and implications of multiple lockup agreements. We find that multiple lockups are …
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Political connections and corporate activities : seasoned equity offerings, share repurchases, and M&A
… examined are i) seasoned equity offerings, ii) share repurchases, and iii) mergers and acquisitions. First, the results of the study show the impact of political connection on seasoned equity offerings. Using seasoned equity offerings (SEOs) from 2005 to 2017 in the USA, the study shows that …
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The Effect of Dividend Policy on Market Value UK Empirical Study
… between dividend type (cash dividend, share dividend and share repurchase), earnings (EPS) and investment policy (retained earnings per share) with the market value of a company. This is achieved through the use of annual and semi-annual data for 362 companies in different UK sectors by …
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Essays in share repurchases of the UK
The thesis is centred on the open market share repurchases of the UK that were undertaken in the period 1985-2014. The investigation has been conducted through the production of three independent empirical essays, which individually focus on the different aspects related to repurchases. Thus, upon …
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Incentives and Firm Behaviors
… </p> <p>Stock illiquidity raises the cost of share ownership to outside investors. The sizable adverse price impact of trading increases transactions costs and stock volatility. The reduced gains from informed trading discourages the acquisition of private information and impedes the price …
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Essays in corporate finance and corporate management
This dissertation contains two chapters that study corporate cash holdings and corporate management. Below are the individual abstracts for each chapter.Chapter 1 is titled: Easy Come, Easy Go: Cheap Cash and Bad Corporate Decisions. This chapter investigates the relationship between the sources of …
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Acquisition of securities : section 48 of the Companies Act 71 of 2008
… South Africa, for a company to acquire its own shares and for a subsidiary to acquire shares in its holding company. The position introduced by the 1999 amendments was repealed in 2011 with the coming into effect of the Companies Act 71 of 2008. I have compared capital maintenance rule under the …
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Private Equity and Venture Capital Investors' Involvement in Firms Post Initial Public Offering
… governance, align interest of managers and shareholders, provide certification and improve performance (Jensen 1986, 1989; Baker and Wruck, 1989; Baker and Gompers, 2003; Hochberg, 2012; Acharya et al, 2009). These investors are likely to realize their highest returns by bringing their …