yes / This paper examines whether and how bidders' conservative tone in 10-K filings influences the subsequent mergers and acquisitions (M&A) investment decisions of these US firms from 1996 to 2013. Based on 39,260 firm-year observations, we find, consistent with behavioural consistency theory, that conservative bidders are less likely to engage in M&A deals. Further, those that decide to engage in M&As are likely to acquire public targets and within-industry firms. These bidders are inclined to employ more stock acquisitions than cash acquisitions. Our results also indicate that conservative bidders experience abnormally poor stock returns around the announcements of M&A investments. This provides new insights on the mechanism through which bidders' sentiments influence shareholders' wealth. Overall, these findings highlight the implications of the textual sentiment of corporate disclosure for the forecasting of corporate investment and financing decisions. Our results have practical implications, since they shed light on the value relevance of the information content of major Securities Exchange Commission (SEC)-mandated 10-K filings.

no / This paper utilises computerised textual analysis to explore the extent to which both firm and country characteristics influence mandatory and voluntary risk reporting (MRR and VRR) variations both within and between non-financial firms across Germany, the UK and the US, over the period from 2005 to 2010. We find significant variations in MRR and VRR between firms across the three countries. Further, we find, on average, that German firms tend to disclose significantly higher (lower) levels of risk information mandatorily than UK (US) firms. German firms, on average, tend to reveal considerably higher (lower) levels of VRR than US (UK) firms. Our results document that MRR and VRR variations are significantly influenced by systematic risk, the legal system and cultural values. We also find that country and firm characteristics have higher explanatory power over the observed variations in MRR than over those in VRR.

Companies trading in international markets and assigning their employees to these global positions has become a daily occurrence, also in the lives of many South Africans. The taxation planning around these assignments can become a complex matter which can either be beneficial to the employee or result in surprising tax liability. Although many articles have been written on the taxation effect on South African employees working abroad, little research has been performed combining not only the South African legislation, but also taking the effect of double taxation agreements and the legislation of other countries into consideration. This study extends on these prior articles by analysing the taxation of an individual from a South African perspective in combination with double taxation agreements and legislation of the United States of America, Australia and Saudi Arabia. The aim of this study is to create a structure for planning an employee’s taxation liability when sent on a secondment assignment and to provide all the relevant aspects that should be taken into consideration to determine the employee’s final tax liability. This study discusses the South African legislation relevant to employment income, determining the employee’s resident status, the relevant double taxation agreements articles and three countries: USA, Australia and Saudi Arabia, double taxation agreements and legislation on non-residents. The study concludes by summarising the taxation effect on a South African employee working in one of these countries. AFRIKAANS : Maatskappye wat in internasionale markte handeldryf en hulle werknemers in buitelandse poste aanstel het ʼn alledaagse deel van baie Suid-Afrikaners se lewens geword. Die belastingbeplanning rondom hierdie opdragte kan ‘n komplekse berekening word wat of gunstig vir die werknemer kan wees of in ‘n onverwagse belastingimplikasie kan ontaard. Alhoewel daar al baie artikels geskryf is ten opsigte van die belastingeffek vir Suid-Afrikaanse werknemers wat oorsee werk, is daar min navorsing gedoen wat die Suid-Afrikaanse wetgewing met die effek van dubbelbelastingooreenkomste asook die belastingwetgewing van ander lande kombineer. Hierdie studie is ‘n uitbreiding van hierdie artikels deurdat dit die belastingeffek van Suid-Afrikaanse individue analiseer deur Suid-Afrikaanse wetgewing te kombineer met dubbelbelastingooreenkomste en belastingwetgewing van die Verenigde State van Amerika, Australië en Saoedi-Arabië. Die doel van die studie is om ‘n struktuur daar te stel om ‘n individu se belastingaanspreeklikheid te beplan wanneer hy in ‘n internasionale pos aangestel word en om al die relevante aspekte in ag te neem om sy finale belastingaanspreeklikheid te bepaal. Die studie bespreek Suid-Afrikaanse wetgewing rakende werknemers inkomste, die bepaling van die individu se inwoner-status, die relevante dubbel belasting-ooreenkomste artikels en drie lande: VSA, Australië en Saoedi-Arabië, se dubbel belasting-ooreenkomste en wetgewing op nie-inwoners. Die studie kom tot die gevolgtrekking deur die belasting effek van ‘n Suid-Afrikaanse werknemer wat in een van die bogenoemde lande werk, op te som. Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Van Wyk, TC 2011, Critical analysis of the taxation of South African employees working abroad, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03092012-125019 / > F12/4/169/gm / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted

THE 1977 UNITED STATES ARMS EMBARGO AGAINST SOUTH AFRICA: INSTITUTION AND IMPLEMENTATION TO 1997 The institution and implementation of the 1977 mandatory United States arms embargo against South Africa and the impact thereof on relations between the United States and South Africa is investigated in this study. The investigation centers around the objectives of the United States in instituting the arms embargo, whether these objectives were met through the implementation and enforcement of the arms embargo, and whether the South African reaction to the embargo indicates the failure of the embargo to meet its objectives. The relation of the arms embargo to the foreign policy of the United States Government of the day, as well as the impact of the embargo on the South African military industry is discussed. The basis on which the problem statement is built is that close scrutiny of the implementation of the arms embargo would allow one to judge the seriousness that the United States assigned to the objectives of the arms embargo. The main objective of the embargo was to force the South African Government to abandon apartheid. Full compliance with the embargo would demonstrate the commitment of the United States to this objective, while non-compliance would be regarded by critics as a retreat from that objective. The United States’ implementation of the arms embargo would furthermore demonstrate the ability of major arms producers like the United States to reduce the threat of global violence by putting measures in place to successfully block arms and related items from being exported to potential belligerents. In conclusion to the study, it was found that the implementation of the embargo was linked to external objectives of the United States Government of the day. Thus, the strengthening or weakening of arms embargo regulations occurred according to the objectives that the Government of the day wanted to achieve. Nonetheless, the United States’ implementation of the arms embargo was generally very effective. It was also concluded that the arms embargo indeed acted as the main stimulant for the development of the world-renowned South African arms industry. This industry developed out of the determination of the white South African minority Government to remain in power, which in turn resulted in a defiant disregard for the arms embargo. Clandestine activities became the order of the day. These activities later had a major impact on the first democratically elected black government in South Africa. This government inherited a legacy of embargo violations, which led to much tension in relations with the United States in the first few years after the 1994 South African elections. The research therefore also paints a picture of the inherited struggles that the new South African Government had to face as a result of the arms embargo, and the resultant difficulties in normalizing relations with the United States. / Thesis (DPhil (History))--University of Pretoria, 2006. / Historical and Heritage Studies / unrestricted

The diploma thesis is focused on the area of Internet media, namely the monetization of advertising, which Internet provides through the programmatic purchase of an internet advertisements that are focused on Real Time Bidding (RTB). The theoretical part deals with a brief analysis of the US media landscape, especially the phenomenon of the programmatic way of buying online advertisements in connection with technological development and optimization strategies in the Internet environment. It represents the emergence of the programmatic purchase, deals with the various forms of online advertising and its development. There is an introduction to two different online media strategies of banking institutions, which are further explored within the exploratory comparative technique - experiment in the practical part. This section focuses on changing technical settings, along with changing ad buying when changing key settings as a part of the ad serving campaign. The aim of the diploma thesis is to introduce the possibilities offered by programmatic advertising within online media in the Czech Republic. It summarizes knowledge in the context of the development of electronic advertising in the application of the two online media strategies of the banking institution.

The diploma thesis is focused on the area of Internet media, namely the monetization of advertising, which Internet provides through the programmatic purchase of an internet advertisements that are focused on Real Time Bidding (RTB). The theoretical part deals with a brief analysis of the US media landscape, especially the phenomenon of the programmatic way of buying online advertisements in connection with technological development and optimization strategies in the Internet environment. It represents the emergence of the programmatic purchase, deals with the various forms of online advertising and its development. There is an introduction to two different online media strategies of banking institutions, which are further explored within the exploratory comparative technique - experiment in the practical part. This section focuses on changing technical settings, along with changing ad buying when changing key settings as a part of the ad serving campaign. The aim of the diploma thesis is to introduce the possibilities offered by programmatic advertising within online media in the Czech Republic. It summarizes knowledge in the context of the development of electronic advertising in the application of the two online media strategies of the banking institution.