Stock options increasingly feature as part of CEO compensation, and there is evidence that CEOs of South African listed target companies engage in the practice of awarding themselves more options prior to takeover. This finding is consistent with CEO behaviour of foreign companies as explained by literature. After the recent financial crisis of 2008, there is a greater likelihood that financially stable companies might consider acquiring struggling companies with attractive potential future earnings. By gaining insight into the practices of stock option grants to CEOs, acquiring companies can ensure fair practice as well as not paying an undue premium for a target company. This study was conducted using a sample of 39 Johannesburg stock exchange (JSE) listed target companies, which were acquired during the period 2005- 2009. The focus was on the number of options awarded prior to the announcement date of the takeover in relation to subsequent options awarded. A median test, together with a Chi-squared test was used to evaluate the independence of option grants prior to acquisition and the actual acquisition transaction. Strong evidence was found that these two activities are not independent. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

在企業經營中，策略的制定是重大的決策，而要制定策略則須考慮競爭行為的影響。市場上的資訊可以幫助策略擬定，利用市場訊號來看市場上的資訊與競爭應該可以使得經營者更瞭解競爭的現象。而有關市場訊號的作用並為有共識，因此本研究想利用預售屋為研究對象，探討以下問題： 一､在預售屋市場中，廠商是否會考慮競爭者市場訊號發放之影響？ 二､廠商對競爭者市場訊號處理過程為何？ 三､廠商對競爭者市場訊號的反應為何？ 四､廠商對市場訊號的反應受到那些因素的影響？ 經由市場訊號相關理論､訊號反應以及遊戲理論等文獻的探討，得到本研究的觀念架構，最後再由個案的訪談與分析中，與觀念架構的互相印證，得出本研究的命題 。而本研究主要結論如下： 一､預售屋市場中，銷售業者會隨時注意競爭者，而且競爭者的影響在整個推案期間都會存在。 二､訊號內容的不利程度是公司評估訊號的重點。 三､在整個訊號反應過程中，發射者特性與接收者特性會都會對於反應過程有所影響。 四､反應可以用形態､量與速度三個構面來表示。 並且對管理者提出建議： 一､瞭解各種不同的訊號可能引起的反應，有助於對決策的制定。 二､對於本身的反應速度，如果想要有更快反應的能力，可從減少組織惰性與增加外部導向著手。

This dissertation consists of three chapters, which focus jointly on the effects of education policy on the functioning of labor markets.De-industrialization and technological progress have changed job markets fundamentally. The most fundamental change is that the concept of a worker as a unit of production relatively insensitive to inherent characteristics has been overthrown. Service sectors that have taken over from manufacturing as the engines of economic activity rely primarily on human capital for autonomous production. This is especially true for internationally tradable services. Their stark development was rendered possible by the informationcommunication revolution. Skills and talent, as well as their allocation to suitable tasks matter for production, now more than ever. We argue in this dissertation that the ability of education policy to facilitate optimal task allocation plays a role in maximizing aggregate production and in influencing education earnings premia, as well as employment volumes in various sectors of activity. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished