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One of the fundamental tenets of finance is the relationship between risk and return. This research report contributes to the debate by testing the conditional risk-return relationship of shares on the Johannesburg Stock Exchange (JSE) for the period 2001 to 2011. More specifically, the extent to which beta, standard deviation, semi-deviation and value-at-risk (VaR) are individually able to explain total share return, taking into account the conditional framework of up and down markets and sub-periods, is investigated. Portfolios based on these risk measures have been tracked and regressed. The robustness of the relationships are tested by using value and equal weighted portfolios. The study indicates that standard deviation was able to explain the risk-return relationship across all scenarios (overall, up/down markets and sub-periods), while beta proved to be an ineffective measure of risk under all scenarios. The testing of downside risk measures revealed that semi-deviation produced weak results under all scenarios, while value-at-risk proved to be an effective measure of risk both during poor market conditions and on an overall basis.

The thesis is focused on a comprehensive analysis of a number of valuation models of shares that are classified as financial assets in the investor's financial statements. The analysis follows the classification according to the level of control and in the structure of the context the valuation models of shares in the existence of the minority influence, significant influence and control, and finally the joint control are considered. The both measurement of shares denominated in foreign currencies and measurement of shares in investor's separate financial statements are also discussed in the thesis. The accounting rules follows primarily the current wording of the IFRS and in certain passages are complemented by US GAAP rules or by Czech accounting regulations.

<p>The starting point of this Master Thesis have been utterances of well known investors during</p><p>the financial crisis which recommend to buy shares especially in the time of financial</p><p>downturn because one could buy good performing companies at a low price.</p><p>This arouse the question if broad fear of market participants during the financial crisis of 2007</p><p>to 2009 leads to undervaluation of companies which have not experienced influences of the</p><p>financial crisis.</p><p>The researchers found that this question must be answered positively.</p><p>The authors come to this result after they, in a first step, detected unaffected companies by</p><p>observing the key financial indicators (earnings, book value and operating cash flow) of the</p><p>600 constituents companies of the S&P 600 Small Cap Index during the time period from</p><p>2004 to 2008 (before and during the financial crisis).</p><p>In a second step the writers selected one company out of all unaffected companies and carried</p><p>out a valuation to find the fundamental (or intrinsic value) of this company. By comparing the</p><p>fundamental value of the company with its share price they found that this company was</p><p>undervalued.</p><p>In a third and last step the researchers discovered the indication that this undervaluation</p><p>results from investors' fear, as they could show that a confidence indicator that measures the</p><p>confidence of institutional investors correlates with the value of the S&P 600 Small Cap</p><p>Index but not with the financial indicators (in this case EBIT and Book Value) of the</p><p>constituents companies of the S&P 600 Small Cap Index.</p><p>Thus, the main research question if the broad fear of market participants leads to</p><p>undervaluation of companies which have not experienced influences of the financial crisis of</p><p>2007 – 2009 must be answered positively, as mentioned before.</p><p>Moreover, the hypothesis:</p><p>to 2009</p><p><em>Markets can be inefficient in the times of the financial crisis 2007, which the researchers established must be seen as true.</em></p>

The starting point of this Master Thesis have been utterances of well known investors during the financial crisis which recommend to buy shares especially in the time of financial downturn because one could buy good performing companies at a low price. This arouse the question if broad fear of market participants during the financial crisis of 2007 to 2009 leads to undervaluation of companies which have not experienced influences of the financial crisis. The researchers found that this question must be answered positively. The authors come to this result after they, in a first step, detected unaffected companies by observing the key financial indicators (earnings, book value and operating cash flow) of the 600 constituents companies of the S&amp;P 600 Small Cap Index during the time period from 2004 to 2008 (before and during the financial crisis). In a second step the writers selected one company out of all unaffected companies and carried out a valuation to find the fundamental (or intrinsic value) of this company. By comparing the fundamental value of the company with its share price they found that this company was undervalued. In a third and last step the researchers discovered the indication that this undervaluation results from investors' fear, as they could show that a confidence indicator that measures the confidence of institutional investors correlates with the value of the S&amp;P 600 Small Cap Index but not with the financial indicators (in this case EBIT and Book Value) of the constituents companies of the S&amp;P 600 Small Cap Index. Thus, the main research question if the broad fear of market participants leads to undervaluation of companies which have not experienced influences of the financial crisis of 2007 – 2009 must be answered positively, as mentioned before. Moreover, the hypothesis: to 2009 Markets can be inefficient in the times of the financial crisis 2007, which the researchers established must be seen as true.

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Types of shares in the Business Company and Cooperative Act The purpose of this thesis is to present a new legal regulation concerning the types of shares under the Business Company and Cooperative Act. The thesis especially focuses on a description of the new legal regulation and possible interpretation issues which may arise as a result of establishing of the entirely new legal institute which was not applied in the Czech Republic before. The thesis is divided into four chapters, each of them dealing with the different issues of the topic in question. The first chapter serves as a brief introduction to the following parts since it defines what a share actually is under the Czech law and explains its legal nature. The chapter two deals with the historical development of legal regulation of the types of shares in the Czech Republic the previous legal regulation of the Commercial Code included. The third chapter examines the types of shares which the business company is entitled to issue in compliance with the applicable provisions of the Business Company and Corporate Act. This chapter is divided into seven parts, in which the ordinary shares, preference shares, shares with special rights and special rights which may be incorporated into the share are discussed. Particularly the types of individual...

Summaries in Afrikaans and English / Text in Afrikaans / In South Africa the transfer and settlement processes associated with share transactions are essentially paper-based. The physical handling of the share certificate plays an important role in this regard. Foreign trends to reduce the movement of paper involve in broad terms the alternatives of dematerialisation and immobilisation of the share certificate. These developments cannot slavishly be followed without examining the legal nature of the South African share and share certificate. The process of immobilisation in a collective securities depository system involves no change in the nature of the shares. However, the use of a nominee where shares are held in safe custody forms a barrier between the shareholder and the issuer company which could dilute the shareholders' rights. This is even more applicable where shares are immobilised in a central depository. Further, although central depositories are based upon book-entries, they are still limited by the retention of the physical certificates. The development of electronic systems which dematerialise the share certificate must take into account the reasonable expectations of the public and should not be forced upon investors. The shareholder of a 'uncertificated' share must be placed, as far as possible, in the same position as if he had received a certificate. This requires legislation to amend present enactments and to define the rights of the shareholder. It is submitted that dematerialisation should gradually be phased in, starting with a voluntary dematerialisation in the case of holdings in the central securities depository. / In Suid-Afrika is die oordrag- en verrekeningsprosesse wat gepaardgaan met aandeletransaksies hoofsaaklik papiergebaseer. Die fisiese bantering van die aandelesertifikaat speel in die opsig 'n belangrike rol. Buitelandse pogings om die beweging van papier te verminder, neig in die algemene rigting van die dematerialisasie en immobilisasie van die aandelesertifikaat. Hierdie ontwikkelings kan nie slaafs nagevolg word sonder om die regsaard van die Suid-Afrikaanse aandeel en aandelesertifikaat te ondersoek nie. Die proses van immobilisasie in 'n kollektiewe bewaarnemerstelsel vir effekte wysig nie die aard van aandele nie. Nietemin plaas die gebruik van genomineerdes waar aandele in veilige bewaring gehou word 'n wig tussen die aandeelhouer en die uitreikermaatskappy wat die aandeelhouersregte kan verwater. Dit is selfs meer toepaslik waar aandele in 'n sentrale depot ge'lmmobiliseer word. Verder is dit so dat alhoewel sentrale depots op boekinskrywings gebaseer word, hul steeds beperk word deur die behoud van die fisiese sertifikate. Die ontwikkeling van elektroniese stelsels wat die aandelesertifikaat dematerialiseer moet rekening hou met die redelike verwagtinge van die publiek en behoort nie op beleggers afgedwing te word nie. Die aandeelhouer van 'n 'ongesertifiseerde' aandeel moet, so ver moontlik, in dieselfde posisie geplaas word asof hy 'n sertifikaat ontvang bet. Wetgewing is noodsaaklik om bestaande bepalings te wysig en die regte van die aandeelhouer te omskryf. Daar word aan die hand gedoen dat dematerialisasie stelselmatig infaseer word - aanvanklik met 'n vrywillige dematerialisasie in die geval waar aandeelhouding in sentrale bewaameming is. / Private Law / LL.D.