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Two Essays on Corporate FinanceXie, Yutong 11 September 2019 (has links)
This Dissertation consists of two essays. The first essay examines how corporate financial policies depend on the properties of future cash flows. In contrast to prior literature, we investigate the role of asymmetries in the distributionof cash flows. We document the relevance of such asymmetries for firms' payout, liquidity, and capital structure policies. Policies are more sensitive to downside volatility and the directional effect of upside variation is often opposite that of downside. Controlling for cash flow volatility,policies significantly relate to measures of skewness. Firms adopt more conservative policies (lower propensity to pay, more cash, less leverage) when cash flow news is more negatively skewed.
The second essay addresses a mythical relationship between corporate payout and short-termism. Over the past 30 years, aggregate investment by US public corporations has declined, and corporate payout has increased. These facts are interpreted as evidence that public firms are plagued by short-termism and are foregoing valuable investment opportunities to support the large payouts. We find that large increases in corporate payout do not impact firm investment or innovative activities in the short run. In the long run, firms which increase their payout invest more in physical capital than control firms and that their RandD spending is comparable. Firms which increase their payout do not experience a decline in operating profitability or valuation in the long run. These conclusions hold when we restrict our attention to firms who persist in making large payouts and for those high payout firms that rely on internal funds. Our results are inconsistent with the view that unusually high payout harms the long-term viability of US firms. The evidence in the paper suggests that the high payers are from industries with declining growth opportunities but the firms themselves are expecting their high profitability and cash flow to persist. / Doctor of Philosophy / Large increases or decreases in a company’s earnings or stock returns are breathcatching. Do such large changes contain information about the company’s future performance? If so, what information do they carry? My first essay answers these questions by looking into the data. We find that extreme stock returns do carry information about firms’ long-run performance, and this information effectively predicts firms’ financial decisions including payout, cash balance, and leverage. U.S. public firms have been decreasing their capital investment and increasing their cash payout to shareholders in the past 30 years. This create a concern because these firms are supposed to support economy growth and create jobs. Some commenters would conclude that if public firms payout so much money to shareholders, they would not have enough resource to support economy growth and create jobs. We try to find evidence from the data to support or refute this argument. The data shows that firms that payout a large amount of cash to shareholders do not reduce investment relative to their otherwise similar peers, neither in the short run nor in the long run. We also find that the firms that payout high amount are from industries with declining growth opportunities but the firms themselves are expecting their high profitability and cash flow to persist.
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A cessão fiduciária do direito do acionista aos dividendos no direito privado brasileiro / The fiduciary assignment of shareholderss right to dividends under Brazilian private law.Contin, Rafael Arsie 31 March 2015 (has links)
A presente dissertação examina a cessão fiduciária do direito do acionista aos dividendos, bem como a titularidade fiduciária (garantia real) dela resultante. A razão para a análise desses institutos deve-se ao aumento no uso desta forma de garantia em operações financeiras complexas realizadas no mercado nacional. Primeiramente, é feita uma análise das diversas acepções (perfis) que o direito do acionista ao dividendo pode assumir no contexto do ordenamento jurídico nacional, para daí concluir que tal direito é passível de cessão tanto em sua condição de crédito, presente ou futuro (a depender, justamente, da existência ou não de lucros sociais já deliberados), quanto em sua condição de direito expectativo. Isto é, de direito que o acionista detém, a partir do momento em que se torna titular de ações, de vir a adquirir direitos de créditos de dividendos a serem distribuídos pela companhia de tempos em tempos. Em razão da necessidade da imediata constituição da garantia real, especialmente diante de uma eventual falência ou recuperação judicial do devedor, este trabalho conclui que a titularidade fiduciária deve recair sobre o direito expectativo aos dividendos, visto ser ele um direito já existente e que permite ao seu respectivo titular se tornar, direta e imediatamente, proprietário dos créditos de dividendos que vierem a ser futuramente distribuídos pela companhia, desde que estes estejam limitados a certos valores e/ou períodos previamente acordados entre o credor/financiador e o devedor/acionista. Ademais, apesar de ser um direito inerente à participação social, o destaque e a cessão autônoma do direito expectativo aos dividendos não conflita com o disposto no art. 28 da LSA. O presente estudo argumenta também que o credor fiduciário pode, nos termos do art. 113 da LSA, exercer certos direitos de voto na companhia, desde que (1) o objeto da garantia seja o direito expectativo aos dividendos e (2) a sua influência nas deliberações sociais restrinja-se a estabelecer a forma como o lucro social será apurado e distribuído pela sociedade. Por fim, é argumentado também que, por ser uma garantia que recai sobre direitos patrimoniais pagos em dinheiro, duas consequências imediatas revelam- se aplicáveis: (i) durante o período em que não existe qualquer inadimplemento ou vencimento regular da dívida garantida, os dividendos que vierem a ser pagos pela companhia deverão ser destinados ao acionista devedor, podendo o credor deles se beneficiar apenas quando existir o efetivo vencimento ou inadimplemento da dívida; e (ii) durante o período de inadimplemento ou na data de vencimento regular da dívida, o credor pode reter os recursos necessários à satisfação de seu crédito, desde que restitua o eventual excedente ao acionista devedor, não havendo, por isso, razão que justifique o enquadramento da excussão da garantia como sendo uma violação à proibição do pacto comissório, conforme prevista no Direito brasileiro. / This dissertation examines the fiduciary assignment of shareholders rights to dividends, as well as the fiduciary ownership (security interest) resulting from it. The reason for the analysis of these legal institutes comes from the increasing use of this type of security interest in complex financial transactions carried out in the local markets. Firstly, this works conducts the analysis of the various meanings (perspectives) which shareholders\' rights to dividends may have in different contexts of the Brazilian legal system, concluding that this right may be transferred either as a credit right, existing in the present or in the future (depending precisely on the existence of corporate profits already distributed or not), or as an expectance right. By this last one, we mean the right held by the shareholder as soon as he/she/it becomes the owner of the shares issued by a certain company that enables him/her/it to become the owner of the dividends distributed by the company from time to time. Due to the importance of the immediate granting of the security interest, especially in light of a possible bankruptcy or judicial reorganization process involving the debtor, this paper concludes that the fiduciary ownership should have the expectance right to dividends as its underlying asset. This is so because such right is already an existing right that allows the shareholder to become, directly and immediately, the owner of the dividends to be distributed by the company in the future, as long as those dividends are limited to certain amounts or periods previously agreed between the creditor/financier and the debtor/shareholder. Furthermore, despite being an inherent right to the equity stake, the detach of the expectance right to dividends from the shares which comes from, following by its assignment to other parties, does not conflict with the provision set forth in Section 28 of the Brazilian Corporation Act. This study also argues that the secured creditor may exercise certain voting rights in the company responsible for the payment of the dividends, pursuant to Section 113 of the Brazilian Corporation Act, provided that: (1) the underlying asset of the security interest is the expectance right to dividends; and (2) his/her/its influence in the companys decisions is limited to the manner according to which the corporate profits will be accounted and distributed by the company. Finally, it is also argued that, for being a security interest that has receivables as its underlying assets, two consequences turn out to be applicable. (i) Over the period in which there is no default or regular maturity of the secured debt, dividends paid by the company shall be allocated in favor of the shareholder/debtor. The creditor will be able to receive them in the maturity date or upon the occurrence of a default only. (ii) Over a default period or on the regular maturity date, the creditor may retain the necessary amount of dividends to satisfy his/her/its credit, provided that any excess cash shall be transferred to the shareholder/debtor, reason for which there are reasonable grounds to sustain that this foreclosure mechanism does not violate the non-retention of collateral assets convention rule (pacto comissório) provided under Brazilian law.
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A cessão fiduciária do direito do acionista aos dividendos no direito privado brasileiro / The fiduciary assignment of shareholderss right to dividends under Brazilian private law.Rafael Arsie Contin 31 March 2015 (has links)
A presente dissertação examina a cessão fiduciária do direito do acionista aos dividendos, bem como a titularidade fiduciária (garantia real) dela resultante. A razão para a análise desses institutos deve-se ao aumento no uso desta forma de garantia em operações financeiras complexas realizadas no mercado nacional. Primeiramente, é feita uma análise das diversas acepções (perfis) que o direito do acionista ao dividendo pode assumir no contexto do ordenamento jurídico nacional, para daí concluir que tal direito é passível de cessão tanto em sua condição de crédito, presente ou futuro (a depender, justamente, da existência ou não de lucros sociais já deliberados), quanto em sua condição de direito expectativo. Isto é, de direito que o acionista detém, a partir do momento em que se torna titular de ações, de vir a adquirir direitos de créditos de dividendos a serem distribuídos pela companhia de tempos em tempos. Em razão da necessidade da imediata constituição da garantia real, especialmente diante de uma eventual falência ou recuperação judicial do devedor, este trabalho conclui que a titularidade fiduciária deve recair sobre o direito expectativo aos dividendos, visto ser ele um direito já existente e que permite ao seu respectivo titular se tornar, direta e imediatamente, proprietário dos créditos de dividendos que vierem a ser futuramente distribuídos pela companhia, desde que estes estejam limitados a certos valores e/ou períodos previamente acordados entre o credor/financiador e o devedor/acionista. Ademais, apesar de ser um direito inerente à participação social, o destaque e a cessão autônoma do direito expectativo aos dividendos não conflita com o disposto no art. 28 da LSA. O presente estudo argumenta também que o credor fiduciário pode, nos termos do art. 113 da LSA, exercer certos direitos de voto na companhia, desde que (1) o objeto da garantia seja o direito expectativo aos dividendos e (2) a sua influência nas deliberações sociais restrinja-se a estabelecer a forma como o lucro social será apurado e distribuído pela sociedade. Por fim, é argumentado também que, por ser uma garantia que recai sobre direitos patrimoniais pagos em dinheiro, duas consequências imediatas revelam- se aplicáveis: (i) durante o período em que não existe qualquer inadimplemento ou vencimento regular da dívida garantida, os dividendos que vierem a ser pagos pela companhia deverão ser destinados ao acionista devedor, podendo o credor deles se beneficiar apenas quando existir o efetivo vencimento ou inadimplemento da dívida; e (ii) durante o período de inadimplemento ou na data de vencimento regular da dívida, o credor pode reter os recursos necessários à satisfação de seu crédito, desde que restitua o eventual excedente ao acionista devedor, não havendo, por isso, razão que justifique o enquadramento da excussão da garantia como sendo uma violação à proibição do pacto comissório, conforme prevista no Direito brasileiro. / This dissertation examines the fiduciary assignment of shareholders rights to dividends, as well as the fiduciary ownership (security interest) resulting from it. The reason for the analysis of these legal institutes comes from the increasing use of this type of security interest in complex financial transactions carried out in the local markets. Firstly, this works conducts the analysis of the various meanings (perspectives) which shareholders\' rights to dividends may have in different contexts of the Brazilian legal system, concluding that this right may be transferred either as a credit right, existing in the present or in the future (depending precisely on the existence of corporate profits already distributed or not), or as an expectance right. By this last one, we mean the right held by the shareholder as soon as he/she/it becomes the owner of the shares issued by a certain company that enables him/her/it to become the owner of the dividends distributed by the company from time to time. Due to the importance of the immediate granting of the security interest, especially in light of a possible bankruptcy or judicial reorganization process involving the debtor, this paper concludes that the fiduciary ownership should have the expectance right to dividends as its underlying asset. This is so because such right is already an existing right that allows the shareholder to become, directly and immediately, the owner of the dividends to be distributed by the company in the future, as long as those dividends are limited to certain amounts or periods previously agreed between the creditor/financier and the debtor/shareholder. Furthermore, despite being an inherent right to the equity stake, the detach of the expectance right to dividends from the shares which comes from, following by its assignment to other parties, does not conflict with the provision set forth in Section 28 of the Brazilian Corporation Act. This study also argues that the secured creditor may exercise certain voting rights in the company responsible for the payment of the dividends, pursuant to Section 113 of the Brazilian Corporation Act, provided that: (1) the underlying asset of the security interest is the expectance right to dividends; and (2) his/her/its influence in the companys decisions is limited to the manner according to which the corporate profits will be accounted and distributed by the company. Finally, it is also argued that, for being a security interest that has receivables as its underlying assets, two consequences turn out to be applicable. (i) Over the period in which there is no default or regular maturity of the secured debt, dividends paid by the company shall be allocated in favor of the shareholder/debtor. The creditor will be able to receive them in the maturity date or upon the occurrence of a default only. (ii) Over a default period or on the regular maturity date, the creditor may retain the necessary amount of dividends to satisfy his/her/its credit, provided that any excess cash shall be transferred to the shareholder/debtor, reason for which there are reasonable grounds to sustain that this foreclosure mechanism does not violate the non-retention of collateral assets convention rule (pacto comissório) provided under Brazilian law.
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Dividend policy and share price volatility: evidence from the Johannesburg Stock ExchangeWehncke, Francois Cornelius 10 1900 (has links)
For many financial analysts the relationship between dividend policy and share price
volatility remains inconclusive. The purpose of this study was to ascertain whether
the relationship between dividend policy and share price volatility for JSE-listed firms
in South Africa differs from previous, similar research done on different markets. The
research study answered the research question and determined what the relationship
is between dividend policy and share price volatility for a representative sample of
JSE-listed firms. In addition, it met the objective of finding and evaluating the
relationship between dividend policy and share price volatility for a selection of JSElisted
firms, under various economic conditions. The research study spanned a 12-
year period with more than 1 065 observations noted. Quantitative, secondary data
was collected and descriptive statistics were used during the analysis phase. Two
standard multiple regression models were used to regress dividend policy and share
price volatility, with the first regression model only providing a crude test between the
variables. The second regression model accounted for factors that affect both
variables and was included to provide a more accurate test estimation. The
relationship between the dividend payout ratio and share price volatility and the
relationship between dividend yield and share price volatility were evaluated and
reported on, under various different economic conditions (pre, during and post the
2008 financial crisis). The study concluded that there is a negative correlation
between a firm’s dividend policy and share price volatility. It further found that a firm’s
dividend payout ratio, and not the dividend yield ratio, remains the single biggest
contributor in explaining the variance in share price volatility throughout the different
economic phases presented by pre, during and post the 2008 global financial crisis. / Finance, Risk Management and Banking / M. Com. (Financial Management)
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An investigation into the extent to which a share price is influenced by earnings per share, dividends per share and cash flow per share of industrial companies listed on the Johannesburg Stock ExchangeMara-Tjingaete, Cashandra Candice 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: This research involves the study of the relationship between share prices,
earnings per share, dividends per share and cash flow per share. The aim is to
estimate the extent of the effect of earnings per share, dividends per share and
cash flow per share on share prices.
A sample of industrial companies, all listed on the Johannesburg Stock
Exchange is used. The sample includes 17 sectors, containing a total of 326
companies.
The data relating to these companies is sourced from the database of the
University of Stellenbosch Business School.
Twenty consecutive years of reported financial results are used. This includes (i)
share prices as at the company's year-end, (ii) earnings per share, (iii) dividends
per share and (iv) cash flow per share for the financial year.
The data for each individual company is arranged in three separate structures.
One structure, known as levels, is created using the data in their original form. A
second structure, first differences, is constructed using the annual changes in the
original data. The third structure, first difference percentages, is created using the
annual changes in the original data calculated as a percentage of the previous
year's figure. Several methods are used to analyse data, by way of statistical models known as
linear regression, multiple regression and stepwise regression, which is a
variation of multiple regression. Regression analysis is used in deterministic
models because the value of one variable is predicted on the basis of other
variables. Such models are called deterministic because they allow users of data
to determine the value of the dependent variable from the value of the
independent variable(s).
Linear regression is capable of calculating the relationship between variables,
which are dependent on each other and represents the dependency as a
percentage.
Multiple regression is a statistical model, which calculates and represents the
relationship between three or more variables as an equation. Multiple regression
is capable of calculating the relationship between the three or more variables
which are dependent on each other and represents the dependency as a
percentage.
The statistical models are applied to each company individually, based on the
three structures of the data. The conclusions of this research are based upon the
results of the dependency of the variables, calculated by the various statistical
models. The conclusions arrived at were that (1) the first differences structure is best
suited to this model, (2) by placing the data of individual companies together in
one pool, the problem of weighing each company was overcome, and (3) using
linear regression results together with the multiple and stepwise regression
results added value in terms of comparison of the accuracy of results.
A comparison was drawn between the findings of this study and those of
previous writers and is referred to in the text. Four researchers namely Strong,
Board and Day, Brown and Mara-Tjingaete, regressed the results of earnings
versus share price and produced R2 values of 12,8 percent, 13 percent, 7
percent and 7,8 percent respectively. Brown and Mara-Tjingaete found R2 results
of 14 percent and 0,6 percent respectively for dividends versus share price and
this study also produced an R2 result of 0,4 percent for cash flow versus share
price. / AFRIKAANSE OPSOMMING: Hierdie navorsing behels die studie van die verwantskap tussen aandeelpryse,
verdienste per aandeel, dividende per aandeel en kontantvloei per aandeel. Die
doel daarvan is om die uitwerking van verdienste per aandeel, dividend per
aandeel en kontantvloei per aandeel op aandeelpryse te bereken.
'n Steekproef van industriële maatskappye genoteer op die Johannesburgse
Effektebeurs is gebruik. Die steekproef strek oor 17 sektore en sluit 326
maatskappye in.
Die data van hierdie maatskappye is verkry van die databank van die Universiteit
van Stellenbosch Bestuurskool.
Twintig opeenvolgende jare se gepubliseerde finansiële state word in die
steekproef gebruik. Dit sluit in (i) aandeelpryse soos op die maatskappye se
finansiële jaareinde, (ii) verdienste per aandeel, (iii) dividende per aandeel en (iv)
kontantvloei per aandeel vir die finansiële jaar.
Die data vir elke maatskappy is in drie verskillende strukture gerangskik. Een
struktuur, bekend as vlakke, is geskep deur die data in hulle oorspronklike vorm
te gebruik. 'n Tweede struktuur, eerste verskille, is saamgestel deur die jaarlikse
verandering in die oorspronklike data te gebruik. Die derde struktuur, eerste verskille-persentasies, is geskep deur die jaarlikse veranderinge in die
oorspronklike data, bereken as 'n persentasie van die vorige jaar se syfer, te
gebruik.
Verskeie metodes word gebruik om data te ontleed, deur middel van statistiese
modelle bekend as lineêre regressie, meervoudige regressie en stapsgewyse
regressie, 'n variasie van meervoudige regressie. Regressie ontledings word
gebruik in bepalende modelle omdat die waarde van een veranderlike gebruik
word as basis om die waarde van die ander veranderlike te probeer voorspel.
Sulke modelle word bepalend genoem vanweë die feit dat dit gebruikers van
data in staat stel om die waarde van die afhanklike veranderlike te bepaal deur
middel van die waarde van die onafhanklike veranderlike(s).
Lineêre regressie kan die verwantskap tussen interafhanklike veranderlikes
bereken en die afhanklikheid as 'n persentasie uitdruk.
Meervoudige regressie is 'n statistiese model wat die verwantskap tussen drie of
meer veranderlikes as 'n vergelyking bereken en voorstel. Meervoudige
regressie kan die verwantskap tussen drie of meer interafhanklike veranderlikes
bereken en die afhanklikheid as 'n persentasie uitdruk.
Die statistiese modelle word toegepas op elke individuele maatskappy, gebaseer
op die bogenoemde drie strukture. Die bevindinge van die navorsing is gebaseer op die resultate van die afhanklikheid van die veranderlikes soos deur die
verskillende statistiese modelle bereken.
Die uiteindelike gevolgtrekking was dat (1) die eerste verskille-struktuur die mees
gepaste vir hierdie model is, (2) deur die data van die afsonderlike maatskappye
in een poel te plaas, is die probleem van die gewig per maatskappy oorkom, (3)
die gebruik van lineêre, meervoudige en stapsgewyse regressie het baie waarde
ten opsigte van die vergelyking van akkuraatheid van die resultate toegevoeg.
Vergelykings is getref tussen bevindinge in hierdie werkstuk en die van ander
navorsers. Vier navorsers, naamlik Strong, Board en Day, Brown en Mara-
Tjingaete het R2 resultate vir verdienste per aandeel teenoor aandeelpryse van
onderskeidelik 12,8 persent, 13 persent, 7 persent en 7,8 persent gekry. Brown
en Mara-Tjingaete het R2 resultate van onderskeidelik 14 persent en 0,6 persent
bevind vir dividende per aandeel teenoor aandeelpryse en hierdie studie het ook
R2 resultate van 0,4 persent vir kontantvloei per aandeel teenoor aandeelpryse
gelewer.
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Die belasting van buitelandse dividende in die Republiek van Suid-AfrikaVan Wyk, Ellane 04 1900 (has links)
Thesis (MRek) -- Stellenbosch University, 2003. / ENGLISH ABSTRACT: The introduction of section 9E in the Income Tax Act, NO.58 of 1962 (hereafter
"the Act") became effective on 23 February 2000.
The main reasons for the introduction of this was, inter alia, to broaden the tax
base and to phase in the residency basis of taxation. Consequently are the
foreign dividend rules of section 9E interrelated to the foreign income rules of
section 90, being the application of the residence basis of taxation.
The main objective of this study is to investigate the taxation of foreign
dividends in the Republic of South Africa.
The introduction of section 9E saw new terminology introduced, which need
analysis. This analysis is made possible by supplying the definitions from the
Act, as well as making use of national and international case law.
Further investigation is also done as to the relevance of section 9E to other
sections in the Act, relevant anti-avoidance rules regarding foreign dividends,
the effect of section 9E on investment income from tax havens, with specific
reference to natural persons, the effect of taxation of foreign dividends on the
migration- and investment decisions of non-residents, relief provided
regarding double taxation and section 9E's effect on secondary taxation on
companies. Lastly, the collection of taxation on foreign dividends is
investigated. / AFRIKAANSE OPSOMMING: Die invoeging van artikel 9E in die Inkomstebelastingwet, No.58 van 1962
(hierna "die Wet") het van krag geword op 23 Februarie 2000.
Die hoofredes vir die invoeging van die artikel in die Wet was onder andere
om die belastingbasis te verbreed en om die verblyfbasis van belasting in te
faseer. Juis as gevolg van laasgenoemde, word reels rakende buitelandse
dividende in artikel 9E gekombineer met die buitelandse inkomste-reels van
artikel9D.
Die hoofdoel van hierdie studie is om belasting op buitelandse dividende in
die Republiek van Suid Afrika te ondersoek.
Met die invoeging van artikel 9E het daar 'n aantal nuwe terme te voorskyn
gekom, wat hul ontleding noodsaak. Hierdie ontleding word moontlik gemaak
deur bloot die definisies uit die Wet self weer te gee, asook deur die gebruik
van nasionale en internasionale regspraak .
Verdere ondersoek word ook gedoen na die toepaslikheid van artikel 9E op
ander artikels in die Wet, relevante teenvermydingsbepalings met betrekking
tot buitelandse dividende, die invloed van artikel 9E op beleggingsinkomste uit
belastinghawens, met spesifieke verwysing na belegging deur natuurlike
persone, die invloed van belasting op buitelandse dividende op die migrasieen
beleggingsbesluite van nie-inwoners, verligting wat beskikbaar is ten
opsigte van dubbelbelasting en die verband wat artikel 9E hou met sekondere
belasting op maatskappye. Laastens word die invordering van belasting op
buitelandse dividende ondersoek.
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Verification of the calculated cumulative factors of the USB with the implicit cumulative factors used by listed industrial JSE companiesMpendu-Mningiswa, Nwabisa January 2003 (has links)
Study project (MBA)--University of Stellenbosch, 2003. / ENGLISH ABSTRACT: The objective of this study is to verify the cumulative factors developed by the Graduate
School of Business of the University of Stellenbosch when calculating prices per share
(price) over the period 1970 to 2000, earnings per share (EPS), cash flows per share
(CFS) and net asset values per share(NA V). All four are done in a time series format.
This study project forms part ofa larger research project of the Graduate School of
Business ofthe University of Stellenbosch (USB).
The data was extracted from the database of the USB and also from companies' financial
annual reports and/or directors' reports of the annual financial statements of each
company included in the research for the specified periods.
The aim of this study is to compare the calculated implicit cumulative factors used in
practice with the specific cumulative factor calculated/used by the USB. The !NET prices
were compared with the prices of the USB (after using the USB specific cumulative
factors). The study also compares the NAV published by companies with the NAV
obtained by the USB by dividing equity/weighted average number of shares duly adjusted
by the cumulative factor.
Companies with minor and major differences were observed but for the purpose of this
study only the examples of companies with major differences have been indicated and
properly documented. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om die kumulatiewe faktore wat deur die Nagraadse
Bestuurskool van die Universiteit van Stellenbosch ontwikkel is, te verifieer, wanneer
pryse per aandeel (prys) oor tydperk 1970 tot 2000, verdienste per aandeel, kontantvloei
per aandeel en netto batewaardes per aandeel bereken word. Al vier word in 'n
tydreeksformaat gedoen. Hierdie studieprojek vorm deel van 'n groter navorsingsprojek
van die Nagraadse Bestuurskool van die Universiteit van Stellenbosch (USB).
Die data is van die USB databasis verkry, asook van maatskappye se finansiële
jaarverslae en/of direkteure se verslae van die jaarlikse finansiële state van elke
maatskappy wat in die navorsing vir die spesifieke tydperke ingesluit is.
Die doelwit van hierdie studie is om die berekende implisiete kumulatiewe faktore wat
in die praktyk gebruik word met die spesifieke kumulatiewe faktore wat deur die USB
bereken/gebruik word, te vergelyk. Die !NET pryse is met die pryse van die USB
(nadat die USB spesifieke kumulatiewe faktore gebruik is) vergelyk. Die studie
vergelyk ook die netto batewaardes per aandeel wat deur die maatskappye gepubliseer is
met die netto batewaardes per aandeel wat deur die USB verkry is, deur die
aandeelhouersbelang/geweegde gemiddelde aantal aandele wat behoorlik aangepas is,
met die kumulatiewe faktore te deel.
Maatskappye met groter of kleiner verskille is waargeneem, maar vir die doel van
hierdie studie is slegs die voorbeelde van maatskappye met groter verskille aangedui en
behoorlik voorsien.
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Divided payout and future earnings growth : a South African studyVermeulen, Marise 07 1900 (has links)
Thesis (MDF)--Stellenbosch University, 2011. / In the past it was believed that the payment of dividends would decrease the funds available to
finance growth, and would therefore lead to lower future earnings growth. This belief was
challenged in recent years with research that tested the relationship between dividend payout and
future earnings growth, both on the individual company and aggregate market level in different
countries. The results contradicted popular belief, and showed that companies with high payout
ratios tend to realise stronger future earnings growth. This study tested the same relationship in
South Africa and concluded that even in a developing country, dividend payout will still lead to
higher future earnings growth.
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Dividend stability, dividend yield and stock returns on the Johannesburg Stock ExchangeKruger, Theunis Lodewicus 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: This study investigates the relationship between dividends and stock returns on the
Johannesburg Stock Exchange (JSE). In this mini study project a regression model is used to
investigate the relationship between dividend yield portfolios and stock returns. Each of these
dividend yield portfolios are further subdivided into dividend stability portfolios which
together with a regression model are used to investigate the relationship between dividend
stability and stock returns on the JSE.
It follows from this study that there is a non-linear relationship between the risk-adjusted
returns and dividend yields. A significant finding of this study is the fact that there is an
inverse linear relationship between the dividend yield and average stock returns for dividend
paying portfolios on the JSE. Investors on the JSE appear to place a premium on capital gains
as opposed to dividends.
It follows from this study that there is an inverse correlation between dividend stability and
the risk-adjusted return with the beta coefficient increasing as dividend stability decreases.
Within a particular yield portfolio, it is evident that higher systematic risk is associated with
shares with unstable dividend yielding histories. It is clear from the results that this dividend
signalling is not limited to high yielding stocks alone. As dividends are not entirely
controlled by managers, a low stable dividend yield could signal a low exposure to systematic
risk to outsiders. / AFRIKAANSE OPSOMMING: In hierdie studie word die verband tussen dividende en aandeelopbrengste op die
Johannesburgse Effektebeurs ondersoek. 'n Regressiemodel is in hierdie mini werkstuk
gebruik om die verwantskap tussen dividend opbrengsportfolios en aandeelopbrengs te
ondersoek. Elk van hierdie opbrengsportfolios is vervolgens verder verdeel in
dividendstabiliteitsportfolios wat tesame met 'n regressiemodel gebruik is om die verband
tussen dividendstabiliteit en aandeelopbrengs te bepaal.
Dit volg uit hierdie studie dat daar 'n nie-lineêre verband tussen risiko aangepaste
aandeelopbrengs en dividendopbrengs bestaan. 'n Noemenswaardige bevinding is die inverse
lineêre verwantskap tussen dividend en gemiddelde aandeelopbrengs vir dividend betalende
aandele op die Johannesburgse Effektebeurs. Dit blyk asof beleggers op die Johannesburgse
Effektebeurs 'n premie plaas op kapitaalgroei ten koste van dividendopbrengs.
Dit volg ook uit hierdie studie dat daar 'n inverse korrelasie is tussen dividendstabiliteit en
risiko aangepaste aandeelopbrengs met die beta koëffissiënte wat toeneem soos
dividendstabiliteit afneem. Binne 'n spesifieke dividendopbrengsportfolio is dit duidelik dat
hoër sistematiese risiko geassosieer word met onstabiele historiese dividendopbrengste. Dit
volg uit die resultate dat hierdie inligtingoordrag deur middel van dividende, nie beperk is tot
hoë dividendopbrengs aandele nie. Aangesien dividende nie uitsluitlik deur bestuurders
beheer word nie, kan 'n aandeel met lae maar stabiele dividendopbrengs, 'n boodskap van lae
blootstelling aan sistematiese risiko aan die mark oordra.
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A study between the actual dividend as stated in the financial statements and the calculated dividend using the shares outstanding multiplied by the dividend per share of listed industrial companies on the Johannesburg Stock ExchangeFrank, Leon Charles 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: The objective of this mini study project is to examine whether data that has been
entered into the databank of the Graduate School of Business of the University of
Stellenbosch is correctly recorded. This mini study project forms part of a larger
research project undertaken by the USB to keep a databank of listed South
African industrial companies. / AFRIKAANSE OPSOMMING: Die doel van die mini studieprojek is om data wat in die databank van die
Universiteit van Stellenbosch se Besigheidsskool ingevoer is, vir korrektheid na
te gaan. Die mini studieprojek is deel van 'n groter navorsingsprojek van die
Besigheidsskool om 'n databank van genoteerde Suid- Afrikaanse industriële
maatskappye daar te stel.
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