This study investigates the changes in the operating performance of public-to-private leveraged buyouts (LBOs) backed by one or more private equity firms. For this purpose, this dissertation focuses on a sample of 65 completed public-to-private LBOs in the United Kingdom, which were finalised between 2003 and 2015, and exited by 2018. Specifically, the changes in operating performance in terms of EBITDA/sales, EBIT/sales and EBITDA/total assets, as measured directly and relative to the industry median, before the LBO and at exit by the equity provider, is analysed. A regression methodology from the literature is used to determine the impact of various transaction and company-specific attributes on operating performance changes, based on the shareholder-related agency costs and free cash flow/benefits of debt theories. Surprisingly, the overall picture indicates a negative operating performance change of going-private LBOs in the post-buyout period. The main factors explaining the changes in operating performance seem to be changes in leverage. On the other hand, the hypotheses relating to improved management incentives and improved shareholder monitoring are not supported by the results, as these factors seem to have little to no effect on the operating performance changes related to the public-to-private LBOs in the sample.

Bibliography: leaves 96-98. / Agency theory suggests that separating the ownership and control of a firm results in areas of conflict between the owners and controllers. This defines the firm as a nexus of contracts between various stakeholders with conflicting objectives. Management's task is to align the stakeholders and their objectives, so that actions taken maximise shareholder wealth and minimise the loss that residual claimants incur. These losses arise from inappropriate management decisions, and the costs incurred by owners to prevent such decision being taken. This situation is intensified for multi-national corporations, in that there are conflict areas related to geographical separation, cultural differences, varying levels of economic developlment, different accounting standards, exchange rae fluctuations and specific financial and operating risks. Despite this, mulit-national corporations continue to invest in a variety of countries and developing economies. This dissertation attempts to improve understanding of how these corporations manage the agency conflicts in such scenarios, and in so doing, achieve shareholder value. Given the limited scope of this research, the objective is to analyse the phenomenon of agency conflict in an appropriate real life context, and in so doing, propose answers to the research question. The research can be viewed as a pilot study or precursor to further research.

Includes bibliography. / The study analyses the incentives and mechanisms of failing firms on the Johannesburg Stock Exchange that restructure their claims following a decline in performance and value. The study also analyses patterns for restructuring of failing firms. The sample contains firms that were delisted between 1986 and 1996. Firms that were delisted and re-instated number 28 and constitute the sample for firms that restructured successfully their claims. Firms that were delisted on the JSE following an unsuccessful debt restructuring number 32 and constitute the sample for unsuccessful firms. The study finds that firms that restructured successfully on the JSE have more intangible assets, less bank debt and few creditors. This finding means that South African corporate restructuring activities relies more on assets characteristics rather than financial characteristics.

Bibliography: leaves 68-71. / This study covers the period from 1990 to 1997 and investigates the relationship between the volume and value of index futures trading for the three main share indices and the volatility of the underlying assets on the JSE. The results of the regression tests indicate significant positive relationships between futures trading activity and the volatility of the underlying assets for the All Gold Index and the Industrial Index. This suggests that increased futures trading is associated with increased volatility in the underlying assets. The relationships were not significant for the All Share Index. The results support the hypothesis that index futures trading increases the volatility of the underlying assets.

Includes abstract. / Includes bibliographical references. / This paper examines whether application of the Piotroski F Score (Piotroski, 2000), to the South African market is feasible and whether or not the distribution of returns earned by an investor can be shifted upward through use of this investment screen.

Includes bibliographical references. / Most of the evidence on the determinants of capital structure is derived from the developed countries with advanced securities markets. Very little has been written about capital structure in developing countries. Thus, as noted by Drobetz and Fix (2003), the academic literature has not been very helpful in providing clear guidance on practical issues of capital structure. This paper investigates the determinants of capital structure in South Africa, a developing country with a well-developed capital market institution, the JSE. The sample constitutes 119 industrial firms each year from 1997-2002. Using a multiple regression model, size a trangibility have a postive effect on financial leverage, with the exception of the negative impact of tangibility when financial leverage is measured grossly with all liabilities. With this exception, the results on size and tangibility support the trade-off theory of capital structure.

This study analyses the relationship between the Dollar/Rand exchange rate and the interest yields rates in South Africa. It makes use of data available from 1998 through to 2010. Using statistical analysis of regression analysis and co integration, the study found that a positive correlation exists between the dollar/rand exchange rate and interest rate yields.

The purpose of this study is to investigate the performance of the value investing strategy commonly referred to as the "Magic Formula", which was first introduced by Greenblatt (2006) and uses the return on capital and earning yield ratios as the basis for stock selection, in the South African market. The study will build on the work previously performed by Howard (2015) by challenging the "Magic Formula" portfolio composition assumptions. In doing so, optimal combinations of holding period and portfolio size which: maximise the geometric mean return, minimise the volatility of returns and maximise the risk adjusted return, shall be determined. The scope of this study includes all companies, excluding financial services entities, listed on the Johannesburg Stock Exchange, which exceed a market capitalisation of R 100 million, for the period 1 October 2005 to 30 September 2015. The results showed that by adjusting certain portfolio parameters the overall performance of the "Magic Formula" on both a geometric mean and risk adjusted basis can be increased. However, the "Magic Formula" still provides an insufficient amount of evidence to conclude, on a statistically significant basis, an outperformance of the investment strategy relative to the Johannesburg Stock Exchange All Share Index. Accordingly, the study makes several contributions to the literature. Firstly, it provides direct evidence of the relationship between value investing portfolio composition and the returns generated, indicating that excess returns can be achieved when the portfolio composition is adjusted. Secondly, albeit not on a

Includes bibliographical references (leaves 82-88). / This thesis will examine the administration of executive compensation in listed companies in South Africa in order to understand the background to the topical emotion expressed by the public about the quantum of executive earnings. The Thesis attempts to explain how approaches are made to these vast payments. It commences with the history of the management of executive compensation. Before the 1990s, disclosure of directors' emoluments was limited to one amount. Companies suffered losses due to the Agency Theory where executives dominated boards. With the introduction of remuneration committees and corporate governance, control was moved to a committee of the board of -non-executive directors (a remuneration committee). The purpose of this research was to ascertain whether such a committee is effective. Interviews were held with leading executives and an analyst. An electronic survey was dispatched to the chief executive officers and chief financial officers of a large selection of listed companies. The results of the research are summarised and conclusions expressed on all such views with the addition of limited input of the author's views. The question requires an examination of the effectiveness of remuneration committees. Some suggestions are also made as to future research and actions which may be conducted. This thesis shows that remuneration committees are not as effective as they should be and will explain why this is so.

Includes bibliographical references. / Within the private equity spectrum of investment stages, venture capital and early stage investments are heralded as critical where it has been shown that an increase in private equity early-stage investments of 0.1% of GDP is associated with an increase in real economic growth of 0.96% (Meyer, 2010). This dissertation suggests that within the South African private equity industry fund managers are preoccupied with competing for later stage investments. The study also proposes that the early stage private equity spectrum is severely under-represented in South Africa. Even though there is a healthy distribution between investors as well as the stage of investment they prefer within venture capital, the study suggests that the lack of total funds committed to early stage investments could be a limiting factor for job creation and economic growth.