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Earnings in the South African and Zimbabwean mining industries have been severely impacted by these countries' socio-economic and political changes in the last decade. News reports and international research publications consistently rates Zimbabwe as a country with the highest political risks in the world. In South Africa (SA), the initial mining charter requiring 51% Black Economic Empowerment, was leaked to the press in 2002 before promulgation making international investors weary. The currency, the Rand (R) has strengthened from the US$ from R13.85 in 2002 to R 7.17 in 2007, significantly impacting on returns as investors to shift their portfolio to other sectors. The purpose of this research was to explore the implications of country risk and investor sentiment for Impala Platinum's valuation and provide strategy recommendations to improve its market rating whilst sustaining its competitive advantage as a platform for achieving its 2010 vision. In this study, a brief environmental scan of the mining industry was undertaken focusing on the platinum sector as well as a background review of the industry and a five year performance comparison between Impala and Anglo Platinum. It also reviewed corporate strategy literature as it relates to the research problem as well as theoretical models of investor sentiment and decision making processes. The specific research design was primarily exploratory in nature. The Implats valuation conundrum appears to be a phenomenon and the best way to achieve the main research objective was to identify any new ideas, preliminary explore some possible hypothesis and provide strategy recommendations to the board. The research adopted both quantitative and qualitative designs to focus on understanding the values, attitudes and perceptions of investors, which is interpretive and inductive in nature. A holistic case study was the specific vehicle used to conduct the research. The research population was made up of all investors in different regions of the world. Given that the study specifically related to the Implats valuation relative to Amplats, the sampling was tailored to their common investors. Data was collected using a questionnaire; the likert five scale was used to design the questionnaire. The following recommendations were made as a result of the research. Implats should implement measures to build its value chain and attempt to move to a cost quartile not easy to replicate without significant investment and time. In the short term Implats needs to continue improving on its fundamental values whilst crafting a take over defence strategy. It also needs to improve on its investor relations program to robustly communicate its political risk management strategy. / Thesis (MBA)-University of KwaZulu-Natal, 2006.

Yau Cheuk Man. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 46-47). / Lists of figure --- p.iii / Acknowledgment --- p.iv / Chapter / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Model1 --- p.6 / Chapter 2.1 --- The basic model --- p.7 / Chapter 2.2 --- The modified model --- p.11 / Chapter 2.3 --- Coordination policy --- p.19 / Chapter 2.4 --- Capital mobility --- p.21 / Chapter 3 --- Model2 --- p.23 / Chapter 3.1 --- The basic model --- p.24 / Chapter 3.2 --- The modified model --- p.28 / Chapter 3.3 --- Coordination policy --- p.35 / Chapter 3.4 --- Capital mobility --- p.37 / Chapter 4 --- Conclusion --- p.39 / REFERENCES --- p.46

Submitted by Milena Rubi (milenarubi@ufscar.br) on 2017-02-15T13:30:37Z No. of bitstreams: 1 MACHADO_Kalleb_2016.pdf: 48624204 bytes, checksum: 4cae9fdde445ba126352b89311a44d25 (MD5) / Approved for entry into archive by Milena Rubi (milenarubi@ufscar.br) on 2017-02-15T13:30:50Z (GMT) No. of bitstreams: 1 MACHADO_Kalleb_2016.pdf: 48624204 bytes, checksum: 4cae9fdde445ba126352b89311a44d25 (MD5) / Approved for entry into archive by Milena Rubi (milenarubi@ufscar.br) on 2017-02-15T13:30:59Z (GMT) No. of bitstreams: 1 MACHADO_Kalleb_2016.pdf: 48624204 bytes, checksum: 4cae9fdde445ba126352b89311a44d25 (MD5) / Made available in DSpace on 2017-02-15T13:31:09Z (GMT). No. of bitstreams: 1 MACHADO_Kalleb_2016.pdf: 48624204 bytes, checksum: 4cae9fdde445ba126352b89311a44d25 (MD5) Previous issue date: 2016-04-05 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Modigliani and Miller`s seminal article, published in 1958, gave great contribution to modern financial theory. The assumptions that guided this article stated that in a perfect capital market, the capital structure of the company did not interfere in its investment decision because the internal and external financing costs were perfect substitutes, as well as the fact that the company operates an investment opportunity if the rate of return on the investment is equal to or greater than the average cost of capital. Many authors, refuting the assumptions of Modigliani and Miller, and considering the existence of problems related to market imperfections and asymmetry information, now it has started to include variables in their models that capture these imperfections and demonstrated that some companies had restrictions on access to foreign credit market. Fazzari, Hubbard and Petersen (1988) are among the authors and have developed a model that aimed to demonstrate that the market imperfections could limit the gain of external funding for some companies. The results showed that there was investment sensitivity to cash flow, assuring the hypothesis of financial constraint in the companies analyzed. Due to this fact, the present research has as its goals to analyze the investment-cash flow sensitivities for Brazilian companies in the industries manufacture and extractive listed on the BM&FBOVESPA from 2004 and 2014 and the following two sub-periods of 2004 to 2008 and 2009 to 2014. To test the financial constraint hypothesis was used panel data, wherein data from the secondary system Economática were used. Thus, obtained results by the method of OLS, proved inconsistent, do not corroborate for all periods analyzed, the hypothesis defended by Fazzari, Hubbard and Petersen (1988) / O artigo seminal publicado por Modigliani e Miller em 1958 prestou grande colaboração à teoria financeira moderna. Os pressupostos que nortearam o artigo afirmavam que em um mercado perfeito de capitais, a estrutura de capital da empresa não interferia na sua decisão de investimento, pois os custos do financiamento interno e externos eram substitutos perfeitos, assim como o fato de que a empresa explora uma oportunidade de investimento se a taxa de retorno sobre o investimento realizado for igual ou maior do que o custo médio do capital. Muitos autores, refutando os pressupostos de Modigliani e Miller, e considerando a existência de problemas de assimetria de informação e imperfeições de mercado passaram a incluir variáveis em seus modelos que captassem essas imperfeições e demonstrassem que algumas empresas possuíam restrições no acesso ao mercado de crédito externo. Fazzari, Hubbard e Petersen (1988) estão entre esses autores e desenvolveram um modelo que tinha como objetivo demonstrar que as imperfeições de mercado podiam limitar a obtenção de financiamento externo para algumas empresas. Os resultados obtidos demonstraram que existia sensibilidade do investimento em relação ao fluxo de caixa, afirmando a hipótese de existência de restrição financeira entre as empresas analisadas. A partir do exposto, o objetivo desta pesquisa foi analisar a sensibilidade do investimento ao fluxo de caixa entre as empresas brasileiras dos setores industriais de transformação e extrativo listadas na BM&FBOVESPA, entre os anos de 2004 e 2014 e os subperíodos de 2004 a 2008 e 2009 a 2014. Para testar a hipótese de restrição financeira foi utilizado dados em painel, em que, foram utilizados dados secundários retirados do sistema Economática. Desta forma, os resultados encontrados, por meio do Método dos Mínimos Quadrados Ordinários, revelaram-se contrários ao esperado, não corroborando, para todos os períodos analisados, a hipótese defendida por Fazzari, Hubbard e Petersen (1988).

Thesis (MA)--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: This thesis explores the relationship between the state and mining capital in South Africa since the beginning of gold mining. It provides a historical analysis centered around the notion that neither state nor capital have been able to dominate each other wholly but retained their respective relative strength and independence. By applying a qualitative approach, this thesis seeks to determine whether this notion still holds true today, how the relationship between the state and mining capital has evolved over time and by what factors was it determined. I suggest that structurally the nature of the state-capital relationship continues to endure fifteen years after apartheid. Accordingly the thesis is organized in terms of two critical junctures, one in the 1920s and one in the long 1970s when the balance of power between the state and mining capital experienced a number of shifts. Recent developments in post-apartheid South Africa seem, as of now at least, to represent more of a continuation of the shift that materialized in the long 1970s rather than a new conjuncture of its own or one in the making. Contrasting these findings with the adamant calls of the ANCYL for a nationalization of mines indicates that nationalization as the ANCYL foresees it does not seem to be informed by a historical understanding of the mining capital-state relations and that it is ceteris paribus unlikely to materialize. / AFRIKAANSE OPSOMMING: Die tesis ondersoek die verhouding tussen die staat en mynbou kapitaal in Suid-Afrika sedert die begin van die goudwedloop. Op grond van ’n historiese oorsig word daar aan die hand gedoen dat nòg die staat nóg mynbou kapitaal mekaar oorheers het en dat hierdie tendens vyftien jaar na apartheid steeds voortduur. Die magsbalans tussen die staat en kapitaal word egter gekenmerk deur twee uiteenlopende periodes, naamlik die Twintiger jare en die langdurige Sewentigs. Verwikkelinge in post-apartheid Suid-Afrika suggereer ’n voortsetting van die dinamika van die Sewentigs. Volgens onlangse uitlatings deur die ANC Jeugliga blyk dit asof die beweging nie bewus is van die kompleksiteit van hierdie historiese verhouding nie en dat dit dus hoogs onwaarskynlik is dat nasionalisering in terme van ANC Jeugliga beleid die lig sal sien.