Thesis (Ph. D.)--University of Missouri-Columbia, 2001. / Typescript. Vita. Includes bibliographical references (leaves 70-71). Also available on the Internet.

Yes / This paper examines the effect of textual risk disclosure on the amount of firm-specific information incorporated into share prices, as measured by stock price synchronicity, for Chinese listed firms during 2007-2011. We find that synchronicity is inversely associated with risk disclosure, suggesting that risk disclosure is firm specific and useful to investors. In addition, our results document that the usefulness of risk information is statistically and economically more pronounced among internationally oriented firms than their domestically oriented peers, consistent with the necessity for risk disclosure to be more meaningful when it relates to greater uncertainty. Finally, we find that internationally oriented firms tend to disclose more risk factors than their domestically oriented counterparts. Our findings are robust to a variety of specifications and the use of alternative measures of risk disclosure, stock price synchronicity and international orientation. Our paper has practical implications since its findings shed light on the current debate on whether or not narrative sections of annual reports convey useful information to investors.

Thesis (PhD (Business Management))--University of Stellenbosch, 1992. / ENGLISH ABSTRACT: In this dissertation the association between inflation-adjusted data and the behaviour of share prices is investigated. The primary purpose of this investigation is to make a contribution to the body of knowledge regarding share price behaviour, and more specifically with respect to the relationship between inflation accounting and the share market. The disclosure of inflation-adjusted data is not mandatory in South Africa, and few companies have disclosed supplementary current cost income statements. A somewhat larger number of companies make provision for inflation in their financial results by revaluing their assets and accounting for additional depreciation. Prior to 1984 a fair proportion of the companies listed on the Johannesburg Stock Exchange also used the LIFO method of inventory valuation. The disclosed inflation-adjusted data is very limited, necessitating the estimation of the inflation-adjusted data. To estimate the inflation adjustments, a number of inflation accounting models were developed based either on AC 201 or other suggestions found in the literature. These models were then applied to the financial results of listed industrial companies. In the first empirical analysis contained in this dissertation the inflation adjustments generated by the various models were compared to identify unique models for further use in the market related empirical work. From this analysis it was established that AC 201 is open to such a divergent interpretation that significantly different inflation adjustments are generated. From the literature reviewed, three research designs showed promise for application to the market related empirical analyses. The first design used was the event study which was used to evaluate the share market's reaction to the abolition of the tax benefits associated with the LIFO method of inventory valuation. The share market showed no significant reaction for a period of 21 weeks surrounding the announcement, making possible statements regarding the relative efficiency of the Johannesburg Stock Exchange impossible. It was, however, established that the research design used is very sensitive to sample formation, and it is recommended that special care should be used in market related studies to ensure that both operating and holding companies are not included in the same sample. The second research design used was the incremental information content design. Limited incremental information content was found in the inflation-adjusted income for companies which disclosed no inflation adjustments. For companies that did disclose some aspects of inflation accounting, the inflation-adjusted income was often the better explanatory variable of the residual share returns, but no incremental information content could be detected. Based on analyses performed on single years of data it was found that the inflation-adjusted income was as good an explanatory variable of the residual share returns as the historic cost variable. The final research design used was the income measurement perspective. It was found that in general the historic cost income behaved as expected, but the inflation adjustment to income seldom displayed any income measuring properties. The only inflation accounting model that displayed signs of income measurement properties contained as part of its adjustment unrealised holding gains on fixed assets. This could be a indication that the disclosure of unrealised holding gains could be useful. The lack of results found for AC 201 possibly points to its inadequacy. In general the relationship between the inflation-adjusted data and the share market was found to be very weak. / AFRIKAANSE OPSOMMING: In hierdie proefskrif word die verwantskap tussen inflasie-aangepaste data en die gedrag van aandeelpryse ondersoek. Die primere doel met hierdie studie is om by te dra tot die kennis oor die gedrag van aandeelpryse, en dan meer spesifiek met betrekking tot die verwantskap tussen inflasie-rekeningkunde en die aandelemark. In Suid-Afrika is dit nie verpligtend om inflasie-aangepaste data bekend te maak nie, en min maatskappye publiseer 'n aanvullende inkomstestaat van huidige koste. 'n Ietwat groter aantal maatskappye maak voorsiening vir inflasie in hul finansiele resultate deur hul bates te herwaardeer en addisionele waardevermindering af te skryf. Voor 1984 het 'n aantal maatskappye wat op die Johannesburgse Effektebeurs genoteer is, ook voorraad volgens die LIEU metode gewaardeer. Slegs beperkte inflasie-aangepaste data is dus beskikbaar, wat die skatting van sodanige data noodsaak. Om die inflasie-aangepaste data te kan skat, is 'n aantal inflasie-rekeningkunde modelle ontwikkel, op grond van of RE 201 of ander voorstelle in die literatuur. Hierdie modelle is daarna toegepas op die finansiele resultate van genoteerde nywerheidsmaatskappye. In die eerste empiriese ondersoek wat in hierdie proefskrif vervat is, is die inflasieaanpassings wat deur die onderskeie modelle gegenereer is, met mekaar vergelyk om te bepaal watter uniek is vir gebruik in die markverwante empiriese ondersoek wat volg. Met hierdie ondersoek is vasgestel dat RE 201 so uiteenlopend vertolk kan word dat inflasie-aanpassings wat statisties beduidend van mekaar verskil, gegenereer word. Uit die literatuur wat bestudeer is, blyk dit dat drie verskillende navorsingsontwerpe geskik vir toepassing in die markverwante ondersoeke is. Die eerste ontwerp wat gebruik is, is die gebeurtenisstudie waarmee die effektebeurs se reaksie bepaal is op die afskaffing van die belastingvoordeel wat aan die LIEU-voorraadwaardasie gekoppel was. Die effektebeurs het gedurende die 21 weke rondom hierdie aankondiging geen betekenisvolle reaksie getoon nie. Dit maak enige afleidings oor die relatiewe doeltreffendheid van die effektebeurs onmoontlik. Daar is wel vasgestel dat die navorsingsontwerp baie sensitief vir die samestelling van die steekproef is. Dit word aanbeveel dat sorg gedra behoort te word dat 'n bedryfsmaatskappy nie saam met sy houermaatskappy in dieselfde steekproef opgeneem word nie. Die tweede navorsingsontwerp wat gebruik is, berus op die inkrementele inligtingsinhoud. Die inflasie-aangepaste inkomstesyfers van maatskappye wat geen aanpassings vir inflasie toon nie, bevat beperkte inkrementele inligting. Vir maatskappye wat wel inflasieaanpassings openbaar maak, is die inflasie-aangepaste inkomstesyfer dikwels die beste beskrywende veranderlike van die residuele aandeelopbrengste, maar geen inkrementele inligting kon gevind word nie. Uit ontledings wat op 'n jaarbasis uitgevoer is, kan daar afgelei word dat die inflasie-aangepaste inkomstesyfer net so 'n goeie beskrywende veranderlike van die residuele aandeelopbrengste as die historiesekoste-inkomstesyfer is. Die laaste navorsingsontwerp wat gebruik is, berus op die inkomstemetingsperspektief. In die algemeen is daar gevind dat die historiesekoste-inkomstesyfer volgens verwagting reageer, maar dat die inflasie-aanpassing selde enige inkomstemetingseienskappe bevat. Die enigste inflasie-rekeningkunde model wat tekens van inkomstemetingseienskappe toon, bevat ongerealiseerde houwinste op vaste bates as deel van sy regstelling. Dit kan beskou word as 'n teken dat die openbaarmaking van ongerealiseerde houwinste nuttig kan wees. Die gebrek aan betekenisvolle resultate vir RE 201 hou die moontlikheid in dat dit ontoereikend is. In die algemeen is gevind dat die verwantskap tussen inflasie-aangepaste data en die gedrag van aandele op die effektebeurs baie swak is.

A Bolsa de Valores de São Paulo, com o intuito de fortalecer e promover o crescimento sustentado do mercado de capitais brasileiro implementou, em dezembro de 2000, as listagens dos Níveis Diferenciados de Governança Corporativa e o Novo Mercado. As empresas que ingressam nessas listagens se comprometem, voluntariamente, em conceder maiores direitos aos acionistas, prestar informações de melhor qualidade ao mercado, ser transparente e cumprir boas práticas de Governança Corporativa (G.C.), além do exigido pela legislação brasileira. Comprometem-se também a dar maior agilidade a litígios que envolvam acionistas e empresas, recorrendo, sempre que possível, à Câmara de Arbitragem do Mercado. O estudo tem como objetivo analisar o desempenho das empresas de celulose e papel que ingressaram no Nível 1 de Governança Corporativa, no período de 2000 a 2003 (Aracruz, Klabin, Ripasa, Suzano e VCP), bem como o desempenho do Índice de Governança Corporativa - IGC, que mede o desempenho de uma carteira teórica composta por ações de empresas que apresentem bons níveis de G.C. A hipótese que se pretende testar é que os acionistas estão dispostos a pagar mais por ações de empresas que cumprem boas práticas de G.C.. Para compreender melhor o assunto, fez-se uma breve análise do mercado acionário, dos princípios de G.C., das exigências das listagens da Bovespa e do mercado de celulose e papel no Brasil e no Mundo. Utilizaram-se modelos econométricos de regressão linear simples para o cálculo das taxas de crescimento das ações e índices estudados, bem como para o cálculo da tendência dos índices e dos valores das ações das empresas de celulose e papel que não aderiram a listagem. Fez-se ajuste de poligonal para os valores das ações das empresas de celulose e papel que ingressaram na listagem de Nível 1 de G.C. Utilizou-se regressão linear múltipla para explicar as variações ocorridas nos valores das ações das empresas listadas e utilizou-se as variáveis explicativas: índice Bovespa, produção brasileira de celulose e papel, volume negociado das ações e valor defasado em um período das ações das empresas, além de variável binária construída com o intuito de se verificar se houve crescimento significativo dos valores das ações das empresas após o ingresso na listagem. Por se tratarem de séries temporais, procedeu-se aos testes de raiz unitária (metodologia proposta por Dickey e Fuller) e de co-integração (metodologia proposta por Johansen) dessas variáveis. Ressalta-se que os parâmetros das variáveis binárias foram significativos para as empresas Aracruz, Ripasa e VCP e não significativos para a Klabin e Suzano. Não se conseguiu verificar os motivos da não significância do coeficiente para a Klabin, porém para a Suzano, suspeita-se do número reduzido de observações após o seu ingresso na listagem. / The São Paulo Stock Market, aiming to strengthen and promote the sustained development of the capital market in Brazil, implemented in December 2000, the list of Special Corporate Governance Levels and Novo Mercado (New Market). The enterprises which join this list commit themselves to, voluntarily, conceding more rights to shareholders, providing information of better quality to the market, being transparent and fulfilling decent practices of Corporate Governance (C.G.), besides what is required by the Brazilian legislation. They also commit themselves to having more agility to lawsuits which involve shareholders and enterprises, counting on, whenever possible, the Market Arbitration Panel. This study aims to analyse the performance of pulp and paper mills which have joined Nível 1 of Corporate Governance, in the years of 2000 to 2003 (Aracruz, Klabin, Ripasa, Suzano and VCP), as well as the performance of Special Corporate Governance Stock Index - ICG, which measures the performance of a theoretical list formed by shares of companies which present good levels of C.G. The hypothesis which is under study is that shareholders are willing to pay more for shares of companies which fulfill good Governance practices. For a better understanding of the subject, it was done a brief analysis of the stock market, of the principles of Governance practices, of the list of requirements of the Brazilian Stock Market and of the pulp and paper market in Brazil and in the world. Econometric models for simple linear regression were used for figuring the growth rates of shares and indexes studied, as well as for figuring the trends of indexes and share values of pulp (cellulose) and paper companies which did not join the list. A polygonal adjustment was made to the share values of pulp and paper companies which joined the list on level 1 of G.C. It was used the multiple linear regression to explain the variations occurred in the share values of the listed companies and it was used the explicable variables: the BOVESPA index, the Brazilian production of pulp (cellulose) and paper, the amount of shares traded and the difference in value of company shares in a period, besides the dummy variable created in order to verify if there has been a significant increase of share values after the companies join the list. Based on the fact that they are temporal series, it was proceeded the test of unit root (methodology proposed by Dickey and Fuller) and of co-integration (methodology proposed by Johansen) of these variables. It is pointed out that the binary variable was of great significance for the companies: Aracruz, Ripasa and VCP, and not for Klabin and Suzano. It was not possible to be certain of the reason for the lack of significance for Klabin, however for Suzano it is supposed to have something to do with the reduced number of observations after its joining that list

<p><strong>Background:</strong> The reasons why this study is conducted is because of the latest recession in the global economy. The current recession has made a lot of companies more aware of its cost, and in order to fit the new harsher economic climate the companies has to be more cost efficient. In order to do so many companies choose to reduce their amount of employees. When this happens in a recession, most of the layoffs are an effect of reactive causes, such as lower incoming orders, and fewer customers. This leads to a problem for the companies that don’t know how these kinds of layoffs will affect the value of the company’s stock. This leads to a question whether there is a significant pattern between layoffs that are a result of reactive reasons and the number of employees that are being laid off, in percentage of the total number of employees of the companies in question?</p><p><strong>Purpose:</strong> The reason for this study is to find out if there is any correlation between how many employees that is laid off, in percentage of the company’s total employees, and if different percentages have different impact in the valuations of the company’s stock.</p><p><strong>Approach:</strong> This study is made in the form of a modified event study and narrows down to the recession during 2008-01-01 to 2009-10-01, and only involves companies that are on trade on the stock market in Stockholm Sweden. The objects that are involved in this study are from the stock markets large and mid-cap sections. The criteria for companies in this study are that they should have made layoffs for reactive reasons in the time period that we are interested in. The variations in the company’s stock are compared to Stockholm’s stock markets OMX-index. The information needed to conduct this study is gathered from press realises and from financial reports made by the companies.</p><p><strong>Result and conclusions:</strong> The study shows that there is a correlation between how large percentage of the company’s total employees that are laid off and the effect of variations in the stock. The correlation is -0,306 but it is not statistical verified. This result was not in line with our hypotheses that we had concluded from earlier research and theories that are in the study. Earlier research on the American stock market shows a stronger connection between large percentage layoffs and how this makes the stock value to decrease.</p>

Background: The reasons why this study is conducted is because of the latest recession in the global economy. The current recession has made a lot of companies more aware of its cost, and in order to fit the new harsher economic climate the companies has to be more cost efficient. In order to do so many companies choose to reduce their amount of employees. When this happens in a recession, most of the layoffs are an effect of reactive causes, such as lower incoming orders, and fewer customers. This leads to a problem for the companies that don’t know how these kinds of layoffs will affect the value of the company’s stock. This leads to a question whether there is a significant pattern between layoffs that are a result of reactive reasons and the number of employees that are being laid off, in percentage of the total number of employees of the companies in question? Purpose: The reason for this study is to find out if there is any correlation between how many employees that is laid off, in percentage of the company’s total employees, and if different percentages have different impact in the valuations of the company’s stock. Approach: This study is made in the form of a modified event study and narrows down to the recession during 2008-01-01 to 2009-10-01, and only involves companies that are on trade on the stock market in Stockholm Sweden. The objects that are involved in this study are from the stock markets large and mid-cap sections. The criteria for companies in this study are that they should have made layoffs for reactive reasons in the time period that we are interested in. The variations in the company’s stock are compared to Stockholm’s stock markets OMX-index. The information needed to conduct this study is gathered from press realises and from financial reports made by the companies. Result and conclusions: The study shows that there is a correlation between how large percentage of the company’s total employees that are laid off and the effect of variations in the stock. The correlation is -0,306 but it is not statistical verified. This result was not in line with our hypotheses that we had concluded from earlier research and theories that are in the study. Earlier research on the American stock market shows a stronger connection between large percentage layoffs and how this makes the stock value to decrease.

The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period. Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period. Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

A Bolsa de Valores de São Paulo, com o intuito de fortalecer e promover o crescimento sustentado do mercado de capitais brasileiro implementou, em dezembro de 2000, as listagens dos Níveis Diferenciados de Governança Corporativa e o Novo Mercado. As empresas que ingressam nessas listagens se comprometem, voluntariamente, em conceder maiores direitos aos acionistas, prestar informações de melhor qualidade ao mercado, ser transparente e cumprir boas práticas de Governança Corporativa (G.C.), além do exigido pela legislação brasileira. Comprometem-se também a dar maior agilidade a litígios que envolvam acionistas e empresas, recorrendo, sempre que possível, à Câmara de Arbitragem do Mercado. O estudo tem como objetivo analisar o desempenho das empresas de celulose e papel que ingressaram no Nível 1 de Governança Corporativa, no período de 2000 a 2003 (Aracruz, Klabin, Ripasa, Suzano e VCP), bem como o desempenho do Índice de Governança Corporativa - IGC, que mede o desempenho de uma carteira teórica composta por ações de empresas que apresentem bons níveis de G.C. A hipótese que se pretende testar é que os acionistas estão dispostos a pagar mais por ações de empresas que cumprem boas práticas de G.C.. Para compreender melhor o assunto, fez-se uma breve análise do mercado acionário, dos princípios de G.C., das exigências das listagens da Bovespa e do mercado de celulose e papel no Brasil e no Mundo. Utilizaram-se modelos econométricos de regressão linear simples para o cálculo das taxas de crescimento das ações e índices estudados, bem como para o cálculo da tendência dos índices e dos valores das ações das empresas de celulose e papel que não aderiram a listagem. Fez-se ajuste de poligonal para os valores das ações das empresas de celulose e papel que ingressaram na listagem de Nível 1 de G.C. Utilizou-se regressão linear múltipla para explicar as variações ocorridas nos valores das ações das empresas listadas e utilizou-se as variáveis explicativas: índice Bovespa, produção brasileira de celulose e papel, volume negociado das ações e valor defasado em um período das ações das empresas, além de variável binária construída com o intuito de se verificar se houve crescimento significativo dos valores das ações das empresas após o ingresso na listagem. Por se tratarem de séries temporais, procedeu-se aos testes de raiz unitária (metodologia proposta por Dickey e Fuller) e de co-integração (metodologia proposta por Johansen) dessas variáveis. Ressalta-se que os parâmetros das variáveis binárias foram significativos para as empresas Aracruz, Ripasa e VCP e não significativos para a Klabin e Suzano. Não se conseguiu verificar os motivos da não significância do coeficiente para a Klabin, porém para a Suzano, suspeita-se do número reduzido de observações após o seu ingresso na listagem. / The São Paulo Stock Market, aiming to strengthen and promote the sustained development of the capital market in Brazil, implemented in December 2000, the list of Special Corporate Governance Levels and Novo Mercado (New Market). The enterprises which join this list commit themselves to, voluntarily, conceding more rights to shareholders, providing information of better quality to the market, being transparent and fulfilling decent practices of Corporate Governance (C.G.), besides what is required by the Brazilian legislation. They also commit themselves to having more agility to lawsuits which involve shareholders and enterprises, counting on, whenever possible, the Market Arbitration Panel. This study aims to analyse the performance of pulp and paper mills which have joined Nível 1 of Corporate Governance, in the years of 2000 to 2003 (Aracruz, Klabin, Ripasa, Suzano and VCP), as well as the performance of Special Corporate Governance Stock Index – ICG, which measures the performance of a theoretical list formed by shares of companies which present good levels of C.G. The hypothesis which is under study is that shareholders are willing to pay more for shares of companies which fulfill good Governance practices. For a better understanding of the subject, it was done a brief analysis of the stock market, of the principles of Governance practices, of the list of requirements of the Brazilian Stock Market and of the pulp and paper market in Brazil and in the world. Econometric models for simple linear regression were used for figuring the growth rates of shares and indexes studied, as well as for figuring the trends of indexes and share values of pulp (cellulose) and paper companies which did not join the list. A polygonal adjustment was made to the share values of pulp and paper companies which joined the list on level 1 of G.C. It was used the multiple linear regression to explain the variations occurred in the share values of the listed companies and it was used the explicable variables: the BOVESPA index, the Brazilian production of pulp (cellulose) and paper, the amount of shares traded and the difference in value of company shares in a period, besides the dummy variable created in order to verify if there has been a significant increase of share values after the companies join the list. Based on the fact that they are temporal series, it was proceeded the test of unit root (methodology proposed by Dickey and Fuller) and of co-integration (methodology proposed by Johansen) of these variables. It is pointed out that the binary variable was of great significance for the companies: Aracruz, Ripasa and VCP, and not for Klabin and Suzano. It was not possible to be certain of the reason for the lack of significance for Klabin, however for Suzano it is supposed to have something to do with the reduced number of observations after its joining that list

Much has been written, by academics, about the impact sponsorship announcements have on the share price performance of sponsoring firms. The objective of this study was to investigate if this phenomenon was true for JSE listed companies with particular focus on three announcement categories i.e. (i) new, (ii) renew and (iii) termination. The Efficient Market Hypothesis as an aspect of Investment Finance behaviour was explored to understand why sponsorship announcements would or would not have an impact on the share price performance. For this study, descriptive research was done with a causal design as the study tested the relationship between two or more variables. The study analysed 118 sponsorship announcements made by 19 JSE listed companies over a period of eleven years and five months. The study then assessed the share price performance for the period 120 days prior to and 120 days after the announcement date. The share price holding periods were adjusted for that of the average Financial Services (J212) Index, the Industrial (J212) Index and the Resources (J258) Index respectively to ascertain whether the returns were abnormal or not. The results have shown that there were no evidence that the announcement of a (i) new, (ii) renewed or (iii) terminated sponsorship do have a significant impact on the performance of share prices for JSE listed companies. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted