Thesis (MBA)--Universiteit van Stellenbosch, 1997. / ENGLISH ABSTRACT: In this study an investigation has been made into the cash flow of delisted companies to determine whether any patterns appear.The hypothesis has been make that if companies, after their annual company taxation and finance charges have been paid, have a negative cash flow over two consecutive years, they will most probably be delisted the third year. In order to address the problem in the short term a rights issue can be done, but the problem is not necessarily solved. In lay language it would imply that the operating capital cycle is too high, or that the earnings before interest and taxation are too low, or that the growth rate is too high, or a combination of the three factors. Financing must therefor be arranged to meet the legal liabilities, such as interest and taxation, and also to finance any expansion, investment or growth. The short-term answer is indeed a rights issue to existing shareholders. If this option is exercised the cash-flow pattern could be disturbed since the extra capital can, in some cases. save the company despite the negative cash flow. In the long term it is not preferable since the company may run into financial difficulties due to excessive growth as a result of poor management, although the rights issue can keep the company alive in the short term. Nonna1 and preference shares are issued regularly to increase capital and the resulting costs are less than those of a long or short-term loan. Shareholders will lose dividends under these circumstances provided that the company grows and the share price rises in the process. This study has shown that even these companies, where the poor cash flow pattern is disturbed, could not be saved from financial disaster. / AFRIKAANSE OPSOMMING: In hierdie studie is ondersoek ingestel oa die kontantvloei van gedenoteerde maatskappye om te bepaal of daar enige patrone voorkom. Die hipotese is gemaak dat as maatskappye, nadat hulle jaarlikse maatskappybelasting en finansieringskostes betaal is, 'n negatiewe kontantvloei oor twee agtereenvolgende jare bet, hulle heel moontlik die derde jaar gedenoteer sal word. Om op die kort termyn die probleem aan te spreek sal 'n regte-uitgifte gedoeu kan word, maar die probleem word nie noodwendig opgelos nie. In leketaal sou dit impliseer dat die bedryfSkapitaa1siklus te groot is, of dat die verdienste voar rente en belasting te laag is, of dat die groeikoers te boog is, of 'n komhinasie van die drie faktore. Finansiering moet dus geree} word am die wetlike aanspreeklikhede, soos rente en belasting, Da te kom en ook am enige uitbreiding, investering of groei te finansier. Die korttermynantwoord Ie juis in 'n regte-uitgifte aan bestaande aandeelhouers. Indien hierdie opsie uitgeoefen word, sal die kontantvioeipatroon versteur kao word aangesien die ekstra kapitaal die maatskappy, ongeag die negatiewe kontantvloe~ in sommige gevalle kan red. Oor die lang termyn is dit rue wenslik rue aangesien die maatskappy homself kan doodgroei of bloot kan ondergaan as gevolg van swak bestuur, alhoewel die regte-uitgifte die maatskappy oor die kort termyn lewendig hou. Gewone en voorkeuraandele word geree1d uitgereik om kapitaal te verhoog en die voortspruitende verpligtinge is minder as die van 'n lang- of korttermynlening. Aandeelhouers sal onder omstandighede dividende inboet mits die maatskappy groei en die aandeelprys in die proses styg. Die ondersoek het getoon dat selfs die roaatskappye. waar die swak kontantvloeipatroon verst-eur word, nie van ondergang gered kon word rue.

Thesis (MBA)-- Stellenbosch University, 1973. / ENGLISH ABSTRACT: no abstract available / AFRIKAANSE OPSOMMING: geen opsomming

Thesis (MBA)--Stellenbosch University, 1984. / The capital market is a field of very specialised financial knowledge and expertise. The latter is concentrated in relatively few people who manage vast portfolios of such assets. I was introduced to the South African capital market early in 1983. In an effort to comprehend the intricacies of my new surroundings I started to look for something to read to answer the many questions I had. Very little is written about the South African capital market, even more so for readers who are not well acquainted with this subject. This technical report endeavours to fill such a need. It surveys risk, risk management and strategy formulation pertaining to the holding of a single or portfolio of bonds. Chapter 1 is a general introduction. It surveys the growth of the capital market, the reason for such growth and briefly points out the parameters of thereof. It introduces the financial intermediaries that are responsible for the matching of demand and supply and briefly points out the difference between the money- an capital markets. Three important concepts, yield to maturity, a yield curve and the price calculation of a bond is explained and three important general shapes that the yield curve might adopt, is introduced. Chapter 2 takes account of the risk that is presently associated with the holding of a single or a portfolio of bonds. The effects of inflation, changes in the level of applicable yield to maturities and the reinvestment risk is explained and quantified given a particular scenario of ex ante contingencies. Less quantifiable elements of risk, namely, marketability, political and default risk and the role of emotions and expectations, are discussed and possible problems in this regard are pointed out. Chapter 3 turns to a more theoretical discussion of risk. It looks at the expected rate of return on a single or portfolio of bonds and reviews the method of measuring expected risk in terms of a standard deviation. Chapter 3 concludes by making the important remark that risk is an esoteric concept which is based on an expected scenario of contingencies of each investor. Central to the discussion is the formation of a scenario pertaining to the relevant variables concerning the bond investment market. Chapters 4 and 5 are dedicated to two lesser known concepts, duration and immunisation. Each bond has its own unique duration. That is the time period during which a loss of capital value will be exactly equal to the gain in interest earned on invested coupons received in the case of an upwards move in the applicable yield to maturity curve, and vice versa. Chapter 5 uses this feature to immunise a bond portfolio against loss of return. This method, however, needs considerable study before it can be used as a portfolio management tool since it is based on parallel movements of the yield to maturity curve. Chapter 6 introduces a new· feature, namely options on bonds, of the South African bond market. It defines options and explains the strategic utilization thereof in both bear and bull markets. Chapter 7 is a practical discussion of strategy formulation in the bond market. It defines strategic decision making and describes the investment process, and its dynamics in terms of strategy formulation and execution. Active and passive portfolio management and the main problem encountered in South Africa pertaining to strategy execution are briefly discussed. Two different portfolio tactics that are employed, namely, options and switching, to enhance portfolio performance (earnings) are introduced. The chapter makes mention of the present state of the art of portfolio management and concludes that portfolio managers must above all be people who can cope with, and anticipate change.

Thesis (MBA)--Stellenbosch University, 1984. / INTRODUCTION: One of the methods utilized by the S.A. Government to stimulate ecomonic growth has been to grant tax incentives for the investment, by industrialists, in capital equipment for use "in a process of manufacture". These incentives comprised the investment allowance as at May 1984, an allowance of 30% of the cost of the capital asset, as an off balance sheet deduction from taxable income, and the initial allowance, currently an allowance of 25% of the cost of the capital asset, which can be written off as depreciation during the first tax year during which the asset is utilized.

Thesis (MBA)--Stellenbosch University, 1986. / INLEIDING: Maatskappye publiseer jaarliks finansiële state waarin o.a. items soos direkteursvergoeding, ouditfooie, belasting, ens. verskyn. Daar word op 'n gereelde basis by die Universiteit van Stellebosch Nagraadse Bestuurskool (USBS) navorsing gedoen om die tendense van hierdie en ander items te volg. Alhoewel items van belang en die gepaardgaande bedrae relatief maklik geïdentifiseer kan word in die finansiële state van elke maatskappy, onstaan die verskynsel "dubbeltelling" wanneer finansiële inligting van sommige maatskappye bestuur word.

Thesis (MBA)--Stellenbosch University, 1988. / INTRODUCTION: The object of this technical report is to enhance an already existing computer program which calculates the possible growth rate under certain given conditions. These enhancements would make the program more applicable to a variety of situations and possibly a more true indication of what would happen in real life. The existing program was initially written in the FORTRAN-77 language by J C d Bruin in 1982 and translated to the TRUE BASIC language in 1985. The main objective of the program is to determine the maximum growth % of a business subject to certain given parameters or constraints.

Thesis (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: When considering the expected returns from an investment, investors often focus on the appreciation of the share price (capital appreciation) and ignore the contribution of dividends paid, thus overlooking a potentially significant contributor to returns. The objectives of this study are to determine the respective contributions of dividends and capital appreciation to the total returns of South African equities over a 10-year period, beginning 31 July 1996 and ending 31 July 2006, by using the Top 40 index of shares listed on the Johannesburg Securities Exchange over that period. The study also aims to determine whether dividend policy should be considered as carefully as the share's potential capital appreciation by investors when constructing portfolios. The study determined that dividends paid contributed more than 50% of the total return for 10% of the shares in the sample tested. In total, dividends contributed more than 25% of the total return for 33% of the shares. The study also concludes that a share's dividend policy should be considered carefully, as dividends paid may be a significant contributor to a share's expected return. / AFRIKAANSE OPSOMMING: Wanneer die verwagte opbrengste van 'n belegging in ag geneem word, Ie beleggers dikwels klem op die waardestyging van die aandeleprys (kapitaalappresiasie) en ignoreer die bydrae van dividende wat betaal word. Hulle sien nie dividende as 'n potensieel belangrike bydraer tot opbrengste raak nie. Die doelwitte van hierdie studie is om die onderskeie bydraes van dividende en kapitaalappresiasie tot die totale opbrengs van Suid-Afrikaase aandele oor 'n tydperk van 10 jaar - vanaf 31 Julie 1996 tot 31 Julie 2006 - te bepaal deur die Top 40 indeks van aandele te gebruik wat in daardie tydperk op die Johannesburgse Aandelebeurs genoteer was. Die ondersoek wil ook bepaal of beleggers net so versigting na dividendbeleid as na aandele se potensiele kapitaalappresiasie behoort te kyk wanneer portefeuljes saamgestel word. Die studie het bepaal dat dividende wat betaal is, meer as 50% van die totale opbrengste vir 10% van die aandele in die toetsvoorbeeld uitgemaak het. Dividende het altesaam meer as 25% van die totale opbrengs vir 33% van die aandele uitgemaak. Die studie het ook tot die gevolgtrekking gekom dat 'n aandeel se dividendbeleid baie versigtig oorweeg moet word omdat dividende wat betaal word 'n belangrike bydraer tot 'n aandeel se verwagte opbrengs kan wees.

Thesis (MBA)--Stellenbosch University, 1991. / The contents of this study project is an annotated bibliography of research and articles on the Johannesburg Stock Market over the period 1974-1990. It is for this reason that only articles published in : 1. The South African Journal of Business Management, and 2. The Investment Analysts Journal over this 16 year period have featured in this study project.

Thesis (MBA)--Stellenbosch University, 1985. / Aangesien historiese data geredelik beskikbaar was, is 'n kwantitatiewe vooruitskattingsmetode gebruik met die doel om gebeure in die verlede te bestuur. Sodoende kon die onderliggende struktuur van die data beter begryp word en daarom kon 'n model daargestel word om die nodige inligting te verskaf vir bestuursbesluitneming. Die klassieke vermenigvuldigende tydreeks is gebruik om die toekomstige verkope van Stodels Nurseries (Edms.) Bpk. te projekteer. Aangesien die maatskappy se verkope onderhewig is aan hewige seisoenskommelings, is kontantvloeibeplanning van kardinale belang vir die finansiele bestuur van die maatskappy.

Theses (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: This study project concentrated on the investment approach of one individual that consistently achieved above average investment returns over a period of fifty years and became the second richest person in America primarily through the use of his unique investment skill and philosophy. He managed to increase a $100 personal investment in 1956 into a personal net worth of $46 billion in 2006. This person is Warren Buffett, and the primary goal of the study project was to integrate and summarise the main features of his investment approach and philosophy as described in the many books, articles and essays written about him . The study project further strove to use findings from contemporary scientific works to support and validate the scientific soundness of his investment approach and principles. Finally, the investment approach and techniques described in the study project were used to systematically analyse and select a common stock for future investment. In the author's opinion, the study project was successful at identifying and highlighting the essential principles of Warren Buffett's investment approach . The investment framework presented in Chapter 3 could serve as a guideline for an investor to apply Buffett's investment approach in a systematic manner. The framework was successfully utilized by the author to analyse and identify a so-called "Buffett company" that was trading at a significant discount to its underlying value. A hypothetical purchase decision by an investor in this company's common stock would have yielded a significant return on investment over the long term. An investor that had knowledge of this investment framework at the time could have "spotted" this opportunity and capitalised on it. The above conclusion assumed that this hypothetical investor had been operating within the same "circle of competence" as the author. What might seem "simple" or "logical" to one investor, might seem completely complex or irrational to another. In the author's opinion, Buffett's unique "circle of competence" is the missing "ingredient" to his success formula. A person's "circle of competence" evolves as a result of the unique blending of that person's knowledge, experience, personality, attitude, intelligence and external influences. It is thus unique to an individual and almost impossible to duplicate by others. Buffett's "circle of competence" could be viewed as his durable competitive advantage that gave him the insight to invest successfully. To lend credibility to the merits of Buffett's approach, the author presented scientific literature that supported Buffett's investment principles. Many of Buffett's principles were related to concepts that were named differently, but essentially had the same meaning. It appeared that Buffett's investment success stemmed from integrating and utilizing these concepts in an effective and coherent way, consistent with his "circle of competence" principle. / AFRIKAANSE OPSOMMING: Hierdie studieprojek fokus op die beleggingsbenadering van 'n individu wat konstant oor 'n tydperk van vyftig jaar bogemiddelde beleggingsopbrengste behaal het. Hy het deur sy unieke beleggingsvermoens en filosofie die tweede rykste man in Amerika geword. Hy het dit reggekry om 'n $100 persoonlike belegging in 1956 te vermeerder na 'n persoonlike nettobatewaarde van $46 biljoen in 2006. Sy naam is Warren Buffett en die primere doel van hierdie studie is om die belangrikste kenmerke van sy beleggingsbenadering en filosofie, soos beskryf in vele boeke, artikels en verhandelings te integreer en op te som. Hierdie studie streef ook om van kontemporere wetenskaplike bevindings gebruik te maak om te bewys en te ondersteun dat sy beleggingsbenadering wetenskaplik gegrond is. Daarna is hierdie beleggingsbenadering en tegnieke prakties gebruik in die stelselmatige analise en seleksie van 'n gewone aandeel vir 'n moontlike toekomstige belegging. Volgens die skrywer se mening slaag hierdie studie daarin om die belangrikste beginsels van Buffett se beleggingsbenadering te identifiseer en uit te lig. Die beleggingsraamwerk in Hoofstuk 3 kan dien as 'n riglyn vir 'n belegger om Buffett se beleggingsbeginsels stelselmatig toe te pas. Hierdie beleggingsraamwerk is suksesvol deur die skrywer toegepas om 'n sogenaamde "Buffett maatskappy", wat verhandel het teen 'n aansienlike afslag tot sy onderliggende waarde, te analiseer en te identifiseer. 'n Hipotetiese aankoopbesluit deur 'n belegger van hierdie maatskappy se gewone aandele sou oor die lang termyn 'n beduidende opbrengs gelewer het. 'n Belegger wat kennis gedra het van hierdie beleggingsraamwerk kon die beleggingsmoontlikheid ge"identifiseer het en so daarop gekapitaliseer het. Die bogenoemde gevolgtrekking veronderstel dat die hipotetiese belegger binne dieselfde "kring van bevoegdheid" as die skrywer funksioneer. Wat logies en eenvoudig vir een belegger voorkom, Iyk dalk totaal kompleks en irrasioneel vir 'n ander. Na die skrywer se mening is Buffett se unieke insigte en vermoens (kring van bevoegdheid) die ontbrekende bestanddeel tot sy suksesformule. 'n Persoon se "kring van bevoegdheid" ontwikkel as gevolg van 'n unieke vermenging van daardie persoon se kennis, ervarings, persoonlikheid/ houding, intelligensievlak en eksterne invloede. Dit is dus uniek tot elke individu en bykans onmoontlik om deur 'n ander te dupliseer. Buffett se "kring van bevoegdheid" kan dus gesien word as sy volhoubare kompeterende voordeel wat aan hom die insig verskaf om suksesvol te belê. Om geloofwaardigheid aan Buffett se benadering te verleen, het die skrywer wetenskaplike literatuur verskaf wat sy beleggingsbeginsels ondersteun. Baie van Buffett se beginsels stem ooreen met reeds bestaande konsepte, slegs met ander benamings. Dit wil voorkom of Buffett se beleggingssukses uitvloei vanaf sy integrasie en gebruik van hierdie konsepte in 'n doelmatige en samehangende manier, wat verenigbaar met sy "kring van bevoegdheid" beginsel is.