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TSEC and OTC listed companies conduct capital increase by retained earnings and stock dividend distribution numerously and that weakens performance of return on equity (ROE), return on asset (ROA) and earnings per share (EPS) and increases stress on managements. Since Formosa International Hotels Corporation pioneered in reducing capital and returning cash to shareholders, this topic has commonly discussed in capital market. Has a company been unable to utilize cash efficiently, reducing capital followed by returning cash to shareholders is a practical option to elevate financial ratio. This study discusses the effect on stock price subsequent to announcement of reducing capital followed by returning cash to shareholders. This study adopts event study to discuss the effect on stock price after declaring reducing capital and returning cash to shareholders and the sample size covers 27 TSEC and OTC listed companies which conducted capital reduction followed by returning cash to shareholders. The results are as follows: 1.The stock price shows positive effect when a company announces reducing capital followed by returning cash to shareholders for the first time. On the date of announcement and the first date after announcement, the average abnormal returns are generated evidently. Accumulated abnormal returns reach the highest level on the date of announcement and the first two days after announcement. Therefore, announcement effect of reducing capital followed by returning cash to shareholders is effective in short term. 2.Based on regression model analysis, return on asset, ratio of reducing capital and P/E ratio are positively correlated with announcement of reducing capital followed by returning cash to shareholders.

<p>Background: Liquidity and the management of liquidity are of great importance for companies. Cash management is not a new term, but the need for it has increased recently, for one thing because of the internationalisation and growing harmonisation between the countries in Europe. Netting is a cash management technique, where receivables and liabilities are netted. This technique can be used to release capital and increase the company’s cash flow by reducing the number of transactions in the internal payment system. </p><p>Purpose: The purpose of this thesis is to study and describe the idea of netting, and to examine how netting can be used as a cash management tool. </p><p>Method: The study is based on literature as well as personal interviews with co- workers at the case company. </p><p>Result: Netting leads to a reduction in internal payments and hence a reduction of the transaction volume. Some conditions must however be fulfilled in order to make the implementation of this technique profitable. Among other things, the company’s internal transactions must be of considerable proportions.</p>

<p>The long-term external financing of a corporation is satisfied through the bond market where issues of index-linked bonds, which are discussed in this thesis, is one alternative. (Finnerty&Emery 2001) An index- linked bond is a debt instrument where the investor is guaranteed the principal and premium amount in real terms. As the bonds cash flows are indexed to the inflation this implies that the issuer of an index-linked bond assumes an inflation risk. Purpose: The purpose of this thesis is to describe and examine corporate motives for choosing index-linked bonds as way of financing their business. Realization: Primary data was collected through interviews with corporate issuers of non-swapped index-linked bonds. Results: From our research it has been acknowledged that both internal and external factors determine the decision to issue index-linked bonds. The most important internal reason for the issuance was that this type of financing implies matching advantages, which helps lowering the companies’ risks. This is achieved by balancing the size and time of the cash inflows with the cash out- flows. Of the external factors we found that it is primary the financing cost that is of interest. The cost savings are primarily achieved because of the lower liquidity premium demanded when using index-linked bonds as a way of financing the business. We believe that this depends partly on the character of the investors and on market imperfections.</p>

Univ., Diss.--Louvain-la-Neuve, 2006.

Zugl.: Berlin, Techn. Univ., Diss., 2009

<p>The Global South, and particularly Latin America, experienced a remarkable expansion in conditional cash transfer (CCT) programs in the last fifteen years. Although a large literature examines the effects of CCTs on human development, the political behavioral consequences remain underexplored. In the dissertation, I address this gap by analyzing the effects of CCTs on political participation and policy. I also explore the implications of these effects for human development. </p><p>My central argument is that CCTs increase political participation among beneficiaries, and both program transfers and conditionalities contribute to these positive effects. More specifically, CCTs provide beneficiaries with politically relevant resources, including civic skills and access to state officials and community leaders. These resources reduce the costs of political participation and facilitate more involvement in political activities, particularly in more demanding forms of participation. In addition, I argue that CCTs increase the private provision of local services and influence the outcomes of some non-national elections. </p><p>To test this argument, I use four main sources of data: (1) existing survey data from Latin America in 2012; (2) original survey data from Mexico in 2014; (3) experimental data from Mexico in 1998-2000; and (4) in-depth interviews and focus groups from Mexico in 2012. Multilevel models and linear regression models are used to estimate the effects of CCTs on political behavior and service provision. The in-depth interviews and focus groups help to unravel more of the causal mechanism that connects CCTs to political participation. </p><p>The evidence largely supports my argument. I find that CCTs increase participation in a wide variety of political activities, including electoral and non-electoral activities. In addition, the pathways to increased participation include improved civic skills and increased access to state officials and local leaders. Moreover, CCTs increase the private provision of sewerage services.</p><p>I conclude that CCTs have both desirable and undesirable consequences. On the one hand, CCTs increase democratic political participation, improve civic skills, reduce the distance between beneficiaries and government officials, and increase access to local services. The increased access to sewerage services creates an indirect pathway to improved human development outcomes. On the other hand, CCTs reduce the pressure on local officials to provide local services, and in some contexts contribute to electoral rewards for undeserving incumbent parties.</p> / Dissertation

M. Tech. Business Administration / Working capital management is an extremely important area of financial management as current assets normally represent more than half of the total assets of a business. Literature has shown that efficient management of working capital will lead to more profitability and creating more market value. This study sought to ascertain the impact of the working capital management on firm profitability in the retail sector of the South African Johannesburg Stock Exchange listed companies.

Economics

No description available.