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The analysis of the share discounts of UK investment trust companies : A time series approachWhiting, A. January 1984 (has links)
No description available.
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Seasoned equity offerings and market volatilityEom, Chanyoung 06 1900 (has links)
x, 51 p. : ill. / New equity shares are sold for raising capital via a primary seasoned equity offering (SEO). In their 2010 article, Murray Carlson, Adlai Fisher, and Ron Giammarino discovered an intriguing relationship between market volatility and primary SEOs, namely that the volatility decreases before a primary SEO and increases thereafter. This pattern contradicts the real options theory of equity issuance for investment. In this study, I examine in greater detail whether the pre- and post-issue volatility dynamics are related to the probability of issuing new equity. I find little evidence that the decision to conduct a primary SEO depends on changes in market volatility after controlling for previously recognized determinants of SEOs. This reconciles the volatility finding of Carlson et al. with the real options theory of equity issuance for investment. I also examine secondary SEOs, in which only existing equity shares are sold and therefore no capital is raised by the firm. For secondary SEOs, real options theory makes no predictions about risk changes around the events. I find that market volatility tends to decline before a secondary SEO, a finding which warrants further attention. / Committee in charge: Dr. Roberto Gutierrez, Chair;
Dr. Ekkehart Boehmer, Member;
Dr. Wayne Mikkelson, Member;
Dr. Jeremy Piger, Outside Member
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An international comparison - tax implication of a controlled foreign company ceased to be controlled in South AfricaVermeulen, Ansius M. January 2014 (has links)
As a result of globalisation there are endless business opportunities out there in the business world. South African tax residents may purchase shares in a foreign company as an investment which can lead to that company being effectively controlled in South Africa for South African tax purposes. When a controlled foreign company ceases to be a controlled by South African tax residents it is deemed to have disposed of its assets the day immediately before this event and certain exit tax charges should considered.
Sound tax policies are crucial to ensure stability in any tax system. Tax legislation may be amended from time to time in order to ensure this stability in the South African tax system. No research has been done on the practical implication of current amendments to legislation affecting a controlled foreign company when it ceases to be controlled in South Africa as a direct result of the issuing of new equity shares by the controlled foreign company to foreign investors.
The aim of this study was to discuss the current amendments to tax legislation affecting controlled foreign companies as well as the practical issues experienced by controlled foreign companies and South African tax residents. Furthermore, the study aims to demonstrate whether South Africa’s tax legislation is in line with the international norm by comparing the literature reviewed, the results of case study and information gathered through interviews to the United Kingdom’s tax legislation. / Dissertation (MCom)--University of Pretoria, 2014. / hb2014 / Taxation / unrestricted
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The impact of single stock futures on the South African equity marketDe Beer, Johannes Scheepers 30 November 2008 (has links)
Text in English with summaries in English and Afrikaans / The introduction of single stock futures to a market presents the opportunity to assess an individual
company's response to futures trading directly, in contrast to the market-wide impact obtained
from index futures studies. Thirty-eight South African companies were evaluated in terms of a
possible price, volume, and volatility effect due to the initial trading of their respective single
stock futures contracts. An event study revealed that SSF trading had little impact on the
underlying share prices. A normalised volume comparison pre to post SSF trading showed a
general increase in spot market trading volumes. The volatility effect was the main focus of this
study with a GARCH(1,1) model establishing a volatility structure (pattern of behaviour) per
company. Results showed a reduction in the level and changes in the structure of spot market
volatility. In addition, a dummy variable regression could find no evidence of an altered
company-market relationship (systematic risk) post futures. / Business Management / M.Com. (Business Management)
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The impact of single stock futures on the South African equity marketDe Beer, Johannes Scheepers 30 November 2008 (has links)
Text in English with summaries in English and Afrikaans / The introduction of single stock futures to a market presents the opportunity to assess an individual
company's response to futures trading directly, in contrast to the market-wide impact obtained
from index futures studies. Thirty-eight South African companies were evaluated in terms of a
possible price, volume, and volatility effect due to the initial trading of their respective single
stock futures contracts. An event study revealed that SSF trading had little impact on the
underlying share prices. A normalised volume comparison pre to post SSF trading showed a
general increase in spot market trading volumes. The volatility effect was the main focus of this
study with a GARCH(1,1) model establishing a volatility structure (pattern of behaviour) per
company. Results showed a reduction in the level and changes in the structure of spot market
volatility. In addition, a dummy variable regression could find no evidence of an altered
company-market relationship (systematic risk) post futures. / Business Management / M.Com. (Business Management)
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