The City of Johannesburg is facing the simultaneous challenges of an increased generation of solid waste in the City, unemployment and the running out of land to dispose the waste. Of the solid waste that is generated, 50% is recyclable while only 10% is recycled (SOER, 2003: 69). Solid waste recycling is mainly performed through private sector initiatives in the City of Johannesburg. Consequently, there is no proper coordination with government initiatives. In order for South Africa to increase and sustain economic growth that would decrease unemployment, there should be a culture of entrepreneurship (Mass, G & Herrington M, 2006:7). Solid waste buy-back centres assist in addressing the challenges of dealing with the increased generation of solid waste and the scarcity of land for disposal. These centres also reduce the challenges of unemployment through promoting entrepreneurs to operate solid waste recycling businesses. Developed economies have managed to increase the rate of solid waste recycling to 60%. The problems associated with solid waste have been reduced by promoting recycling through a combination of legislation and setting-up of agencies to deal with solid waste recycling. South Africa has legislation and stated programmes to deal with solid waste recycling. Nevertheless, there has been complexity with implementing recycling. This is the result of a lack of co-ordination between the role-players involved in the value chain of solid waste recycling. In order for the City of Johannesburg to increase the recycling of solid waste from 10% to optimal rates of between 50% and 60%, there should be co-ordination of programmes amongst all the role players. In addition, there should also be skills provision to existing and potential entrepreneurs operating the solid waste buy-back centres. All spheres of government should promote solid waste recycling business to potential entrepreneurs and the public in order to recycle 40% of the recyclable solid waste that is not being recycled. The establishment of a solid waste buy-back centre in the City of Johannesburg is economically viable with some buy-back centre realising a net-profit of least R5 000 and some more than R30 000 per month. In order for the solid waste buy-back centre to realise a net-profit of more than R30 000 per month, there must be more than 40 tons of recyclable solid waste received by the buy-back centre per month. This study has indicated that solid waste buy-back centres rely on the economies of scale. This means that the more recyclable solid waste is received and sold by the solid waste buy-back centres, the more profitable it becomes. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

The City of Johannesburg is facing the simultaneous challenges of an increased generation of solid waste in the City, unemployment and the running out of land to dispose the waste. Of the solid waste that is generated, 50% is recyclable while only 10% is recycled (SOER, 2003: 69). Solid waste recycling is mainly performed through private sector initiatives in the City of Johannesburg. Consequently, there is no proper coordination with government initiatives. In order for South Africa to increase and sustain economic growth that would decrease unemployment, there should be a culture of entrepreneurship (Mass, G & Herrington M, 2006:7). Solid waste buy-back centres assist in addressing the challenges of dealing with the increased generation of solid waste and the scarcity of land for disposal. These centres also reduce the challenges of unemployment through promoting entrepreneurs to operate solid waste recycling businesses. Developed economies have managed to increase the rate of solid waste recycling to 60%. The problems associated with solid waste have been reduced by promoting recycling through a combination of legislation and setting-up of agencies to deal with solid waste recycling. South Africa has legislation and stated programmes to deal with solid waste recycling. Nevertheless, there has been complexity with implementing recycling. This is the result of a lack of co-ordination between the role-players involved in the value chain of solid waste recycling. In order for the City of Johannesburg to increase the recycling of solid waste from 10% to optimal rates of between 50% and 60%, there should be co-ordination of programmes amongst all the role players. In addition, there should also be skills provision to existing and potential entrepreneurs operating the solid waste buy-back centres. All spheres of government should promote solid waste recycling business to potential entrepreneurs and the public in order to recycle 40% of the recyclable solid waste that is not being recycled. The establishment of a solid waste buy-back centre in the City of Johannesburg is economically viable with some buy-back centre realising a net-profit of least R5 000 and some more than R30 000 per month. In order for the solid waste buy-back centre to realise a net-profit of more than R30 000 per month, there must be more than 40 tons of recyclable solid waste received by the buy-back centre per month. This study has indicated that solid waste buy-back centres rely on the economies of scale. This means that the more recyclable solid waste is received and sold by the solid waste buy-back centres, the more profitable it becomes. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

The City of Johannesburg is facing the simultaneous challenges of an increased generation of solid waste in the City, unemployment and the running out of land to dispose the waste. Of the solid waste that is generated, 50% is recyclable while only 10% is recycled (SOER, 2003: 69). Solid waste recycling is mainly performed through private sector initiatives in the City of Johannesburg. Consequently, there is no proper coordination with government initiatives. In order for South Africa to increase and sustain economic growth that would decrease unemployment, there should be a culture of entrepreneurship (Mass, G & Herrington M, 2006:7). Solid waste buy-back centres assist in addressing the challenges of dealing with the increased generation of solid waste and the scarcity of land for disposal. These centres also reduce the challenges of unemployment through promoting entrepreneurs to operate solid waste recycling businesses. Developed economies have managed to increase the rate of solid waste recycling to 60%. The problems associated with solid waste have been reduced by promoting recycling through a combination of legislation and setting-up of agencies to deal with solid waste recycling. South Africa has legislation and stated programmes to deal with solid waste recycling. Nevertheless, there has been complexity with implementing recycling. This is the result of a lack of co-ordination between the role-players involved in the value chain of solid waste recycling. In order for the City of Johannesburg to increase the recycling of solid waste from 10% to optimal rates of between 50% and 60%, there should be co-ordination of programmes amongst all the role players. In addition, there should also be skills provision to existing and potential entrepreneurs operating the solid waste buy-back centres. All spheres of government should promote solid waste recycling business to potential entrepreneurs and the public in order to recycle 40% of the recyclable solid waste that is not being recycled. The establishment of a solid waste buy-back centre in the City of Johannesburg is economically viable with some buy-back centre realising a net-profit of least R5 000 and some more than R30 000 per month. In order for the solid waste buy-back centre to realise a net-profit of more than R30 000 per month, there must be more than 40 tons of recyclable solid waste received by the buy-back centre per month. This study has indicated that solid waste buy-back centres rely on the economies of scale. This means that the more recyclable solid waste is received and sold by the solid waste buy-back centres, the more profitable it becomes. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

<p>Bakgrund: Från och med den 10 mars 2000 är det tillåtet för publika svenska börsföretag att handla i egna aktier. Det är intressant att belysa hur möjligheten att återköpa aktier uppfattas i Sverige. </p><p>Syfte: Syftet med denna uppsats är att klargöra hur möjligheten att återköpa egna aktier påverkar ledningen och aktieägarna i ett aktiebolag. </p><p>Genomförande: Vi har studerat artiklar och litteratur om ämnet återköp. Besöksintervjuer har genomförts på Assa Abloy, Electrolux, Investor, Skanska, Robur Kapitalförvaltning och Handelsbanken Markets. En kombinerad telefon- och e-mailintervju har genomförts med Finansinspektionen. </p><p>Resultat: Det anses positivt att återköp av egna aktier nu är möjligt i Sverige. De främsta motiven till ett återköp är att hantera ett bolags kapitalstruktur och att använda aktierna för att hantera optionsprogram. Återköp anses som ett flexiblare instrument än inlösen och kompletterar utdelningen. Några större risker för missbruk anses det inte föreligga.</p>

Bakgrund: Från och med den 10 mars 2000 är det tillåtet för publika svenska börsföretag att handla i egna aktier. Det är intressant att belysa hur möjligheten att återköpa aktier uppfattas i Sverige. Syfte: Syftet med denna uppsats är att klargöra hur möjligheten att återköpa egna aktier påverkar ledningen och aktieägarna i ett aktiebolag. Genomförande: Vi har studerat artiklar och litteratur om ämnet återköp. Besöksintervjuer har genomförts på Assa Abloy, Electrolux, Investor, Skanska, Robur Kapitalförvaltning och Handelsbanken Markets. En kombinerad telefon- och e-mailintervju har genomförts med Finansinspektionen. Resultat: Det anses positivt att återköp av egna aktier nu är möjligt i Sverige. De främsta motiven till ett återköp är att hantera ett bolags kapitalstruktur och att använda aktierna för att hantera optionsprogram. Återköp anses som ett flexiblare instrument än inlösen och kompletterar utdelningen. Några större risker för missbruk anses det inte föreligga.

This research attempts to provide an explanation for the firm's choice of using either a dividend or a stock repurchase for distributing cash to its stockholders. It also provides an examination of the impact of the firm's disbursement decision on the stock market's resulting reassessment of the value of the firm. Before analyzing the disbursement decision, I examine the stock market effects of dividends and stock repurchases using an event study methodology that corrects for the possible variance change effects of cash distribution announcements. I find that the measured wealth effects are statistically significant and similar, for the most part, to that reported in earlier studies, notwithstanding increases in the variance of the abnormal returns distribution. I apply LIMDEP's full information maximum likelihood estimator (FIML) to investigate the factors influencing a firm's disbursement decision. I use proxies to represent the major theories put forward in the literature to explain firms' rationales for making cash disbursements, namely, signaling / asymmetric information, undervaluation hypothesis, agency theory, dividend clientele, corporate control, optimal capital structure theory, managerial incentives hypothesis, financial flexibility and cash flow permanence. I find that the firm's payout choice is related to the change in annual earnings per share, the residual volatility in daily stock returns prior to the distribution, the level of undervaluation, the free cash flows of the firm, the size of the firm, the extent of available managerial stock options, the average dividend yield, the volatility of operating earnings, the average daily stock return prior to announcement, the relative proportion of permanent cash flows, and the difference in the levels of permanent cash flows pre and post announcement. I evaluate the stock market impact of the disbursement choice by using a self-selectivity limited-dependent variables model. The findings indicate that while open market repurchasing firms make optimal disbursement choices, that is reflected in the reaction of the stock market to the disbursement announcement, firms using repurchase tender offers make disbursement decisions detrimental to the welfare of their stockholders. However, similar results were inconclusive with regard to firms choosing to utilize dividends as their cash payout mechanism.

<p>During the past year it has been made possible to buy back a company’s outstanding stock. This is done in order to change the capital structure towards a situation with less equity. A change in capital structure means a change in the cost of capital for a company and by that a change in the value for the stockholder. This Master Thesis studies the relation between capital structure and business risk. Studying the debt to equity ratio in a company captures capital structure. Studying the volatility in return on assets over a certain time period captures business risk. The Master Thesis also includes a study of what factors have an impact on the business risk when looking at the day-to-day business. By conducting a study of the pulp and paper industry and its nine listed companies a picture is created of what factors have an impact on the relation between capital structure and business risk. The business risk is in a very high degree dependant on factors like economic development for the product, raw material prices, number of product groups and what segments the company penetrates. A positive relation between capital structure and business risk has been identified. The study also indicates that other factors than just the business risk should be hold responsible for a company’s capital structure.</p>

During the past year it has been made possible to buy back a company’s outstanding stock. This is done in order to change the capital structure towards a situation with less equity. A change in capital structure means a change in the cost of capital for a company and by that a change in the value for the stockholder. This Master Thesis studies the relation between capital structure and business risk. Studying the debt to equity ratio in a company captures capital structure. Studying the volatility in return on assets over a certain time period captures business risk. The Master Thesis also includes a study of what factors have an impact on the business risk when looking at the day-to-day business. By conducting a study of the pulp and paper industry and its nine listed companies a picture is created of what factors have an impact on the relation between capital structure and business risk. The business risk is in a very high degree dependant on factors like economic development for the product, raw material prices, number of product groups and what segments the company penetrates. A positive relation between capital structure and business risk has been identified. The study also indicates that other factors than just the business risk should be hold responsible for a company’s capital structure.

Bakgrund: Den 10 mars 2000 blev Sverige ett av de sista västländerna att tillåta noterade bolag att återköpa egna aktier. Intresset för denna nya möjlighet har varit stort bland svenska börsbolag och fram till idag har ett femtiotal bolag återköpt egna till ett värde av åtskilliga miljarder. Syfte: Syftet med uppsatsen är att studera hur ett bolags återköp av egna aktier påverkar aktiekursen. Genomförande: Vi har studerat litteratur och artiklar om ämnet återköp. Vi har undersökt 48 företags återköp och dess kursutveckling en månad efter avslutat återköp. En jämförelse har gjorts med respektive företags branschindex. Därutöver har vi även undersökt om det går att se någon mer långsiktig effekt från starten av respektive återköpsprogram till det att de avslutades i varje företag. Resultat: I knappt hälften av de undersökta bolagen fann vi att återköpen haft en positiv effekt på aktiekursen.

<p>Bakgrund: Den 10 mars 2000 blev Sverige ett av de sista västländerna att tillåta noterade bolag att återköpa egna aktier. Intresset för denna nya möjlighet har varit stort bland svenska börsbolag och fram till idag har ett femtiotal bolag återköpt egna till ett värde av åtskilliga miljarder. </p><p>Syfte: Syftet med uppsatsen är att studera hur ett bolags återköp av egna aktier påverkar aktiekursen. </p><p>Genomförande: Vi har studerat litteratur och artiklar om ämnet återköp. Vi har undersökt 48 företags återköp och dess kursutveckling en månad efter avslutat återköp. En jämförelse har gjorts med respektive företags branschindex. Därutöver har vi även undersökt om det går att se någon mer långsiktig effekt från starten av respektive återköpsprogram till det att de avslutades i varje företag. </p><p>Resultat: I knappt hälften av de undersökta bolagen fann vi att återköpen haft en positiv effekt på aktiekursen.</p>