Thesis (Ph. D.)--University of Missouri-Columbia, 2001. / Typescript. Vita. Includes bibliographical references (leaves 80-85). Also available on the Internet.

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

The problem addressed in this study is the lack of information relating to the viability of unbundling as a strategy for companies listed on the Zimbabwe Stock Exchange (ZSE). The study sought to determine whether the unbundling of listed companies on the ZSE has resulted in the maximisation of shareholder wealth and an improvement in the performance of the unbundled entities. The sample consists of spin-offs undertaken by listed companies between January 2000 and December 2005. The starting and ending points for the sample period were dictated by data availability. No spin-offs were identified prior to January 2000. The sample frame is composed of seven listed companies that have unbundled and whose unbundled entities were subsequently listed on the Zimbabwe Stock Exchange. In total sixteen companies emerged from the seven companies that unbundled and all sixteen companies were studied. Returns of parent and spun-off companies were computed to determine if unbundling resulted in cumulative abnormal returns. The value uplift of resultant firms was compared with the industrial index to determine if unbundling resulted in overall value uplift in the companies that unbundled. Questionnaires were also administered on financial executives of the parent and spun-off companies as well as stockbrokers to establish their views on the outcome of unbundling. The study finds that positive cumulative abnormal returns accrued as a result of unbundling and that value uplift in the resultant companies after unbundling is greater than the value uplift in the industrial index. The study also finds that significant drivers behind the decision to unbundle include the need to unlock shareholder value, focus on core competences and facilitation of future growth. Conclusions drawn from the study are that unbundling unlocks shareholder value, leads to performance improvement, results in value uplift of the unbundled entities and that it results in the elimination of information asymmetry. The study recommends that investors should position themselves in companies that have plans to unbundle as they tend to benefit significantly. It also concludes that unbundling is a viable strategy and consequently conglomerates that have experienced declines in performance as a result of diversification should unbundle. / Thesis (MBA)-University of KwaZulu-Natal, 2006.

Kumba Resources Ltd [Kumba], one of the largest South African-based mining companies listed on the JSE Securities Exchange, is a focused metals and mining company with a diverse commodity portfolio consisting of iron ore, heavy minerals, coal, base metals and industrial minerals. At the unbundling of Iscor Ltd [Iscor], all the mining assets were housed under the new mining company, Kumba Resources. The study therefore is an effort at evaluating the unbundling decision as well as options for the Kumba going forward. The literature reviewed covers restructuring and cases on restructuring in South Africa and internationally. It outlines various methods at arriving at the competitive strength and strategic fit of company business units in a diversified environment as well as evaluating the contribution of each business unit to the profitability of the company. All the tests applied to Kumba attest to the unbundling decision having been a good decision to take. However there are assets that have been identified that do not provide the right strategic fit in Kumba or too small and therefore destroying value like the information technology company, AST and Base Metals and Industrial Minerals Divisions. Analysis of Kumba going forward shows that the key drivers to its growth strategy will be a focus on those commodities and investments that offer above average growth and returns while spreading the risk associated with cyclicality and volatility that characterises the supply and demand of minerals and metals in the world's major markets. Whilst the attraction of being a single commodity player because of the performance of iron ore in relation to other commodities in Kumba's portfolio, experience shows that iron ore has in the past suffered same cyclical swings particularly when the steel prices are low. Lastly minerals and metals are a depleting resource and it is therefore advisable for the company to maintain a robust project pipeline in commodities where the company will achieve above average returns including considerations at mergers and acquisitions, critically investigate and divest in those commodities that do not provide the expected returns. / Thesis (MBA)-University of Natal, Durban, 2003.

The Southern Uplands of Scotland is interpreted as a Lower Palaeozoic accretionary complex which formed on the northern margin of the Iapetus Ocean. Seven conglomerates which contain detritus derived from the north-west, from sources on the Laurentian continental margin, were studied. Granite clasts in five of the conglomerates have distinct petrographic and geochemical characteristics which indicate that separate source areas supplied detritus to the Southern Uplands at different times. The Llandeilo Corsewall Point and Caradoc Glen Afton conglomerates, which occur in Tracts 1 and 2 of the Northern Belt, contain granite clasts that yield similar Rb-Sr whole-rock isochron ages (c. 1,200 Ma, 600-660 Ma and c. 475 Ma) and similar Sm-Nd model ages. This suggests that the clasts in the two conglomerates were derived from related sources. Some of the granite clasts in the early Ashgill Shinnel Formation conglomerate, which occurs in Tract 3 of the Northern Belt, resemble those in the Corsewall Point conglomerate, but most are petrographically and geochemically distinct, and yield younger Sm-Nd model ages. The lower Llandovery Pinstane Hill conglomerate occurs in Tract 4 of the Central Belt, and contains granitic detritus which yields a Rb-Sr whole-rock isochron age of 458 ± 26 Ma and has similar characteristics to the clasts in the Shinnel Formation conglomerate. The granite clasts in the Corsewall Point and Glen Afton conglomerates are of a different age to the granite intrusions of northern Scotland, and are unlikely to have been derived from this region. Conglomerates in the Midland Valley contain granite clasts with different petrographic and isotopic characteristics to those supplied to the Southern Uplands during the Llandeilo and Caradoc. However, north-west Newfoundland has a similar igneous history to that recorded by the Southern Uplands clasts, which could be derived from this region. The clasts supplied to the Shinnel Formation and Pinstane Hill conglomerates during the Ashgill and Llandovery have more in common with the granitic detritus in the Midland Valley. Thus, the Southern Uplands form a distinct Caledonian terrane which was south-east of Newfoundland in the Llandeilo, and was affected by sinistral strike-slip displacements during and after accretion.

Thesis (Ph. D.)--University of Washington, 2002. / Vita. Includes bibliographical references (leaves 308-333).

Thesis (Ph. D.)--University of Washington, 1995. / Vita. Includes bibliographical references (leaves [231]-244).

Thesis (Ph. D.)--Harvard University, 1998. / Subtitle on signature p.: The role of business groups. Includes bibliographical references.

Thesis (M. Phil.)--University of Hong Kong, 2005. / Title proper from title frame. Also available in printed format.

Thesis (Ph. D.)--University of Iowa, 1992. / Includes bibliographical references (leaves 183-199).